VENDEE FUNERAIRE : revenue, balance sheet and financial ratios

In 2024, VENDEE FUNERAIRE achieves revenue of 2.4 M€. Over the period 2019-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +23.6%. Slight decline of -3% vs 2023. After deducting consumption (1.3 M€), gross margin stands at 1.1 M€, i.e. a rate of 45%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 333 k€, representing 13.7% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -23%, reducing margin by 3.6 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 219 k€, i.e. 9.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 39%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 66%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 11.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 615.99. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 3.2x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 49 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 16 days. The gap of 33 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 47 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 96 days of revenue, i.e. 649 k€ to permanently finance.

Based on 108 transactions of similar company sales (all years), the value of VENDEE FUNERAIRE is estimated at 804 154 € (range 318 352€ - 1 709 546€). With an EBITDA of 332 886€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.36x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.