VERCORS OPTIC : revenue, balance sheet and financial ratios

In 2024, VERCORS OPTIC achieves revenue of 1.1 M€. Revenue is growing positively over 9 years (CAGR: +3.7%). Slight decline of -10% vs 2023. After deducting consumption (365 k€), gross margin stands at 712 k€, i.e. a rate of 66%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 148 k€, representing 13.8% of revenue. Warning negative scissor effect: despite revenue change (-10%), EBITDA varies by -24%, reducing margin by 2.6 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 105 k€, i.e. 9.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 76%. 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 1.3 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 402.28. 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 1.3x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 46 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 107 days. Excellent situation: suppliers finance 61 days of the operating cycle (retail model). Inventory turnover is 63 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 218 days of revenue, i.e. 653 k€ to permanently finance. Over 2016-2024, WCR increased by +93%, requiring additional financing.

Based on 117 transactions of similar company sales in 2024, the value of VERCORS OPTIC is estimated at 516 786 € (range 324 344€ - 968 647€). With an EBITDA of 148 242€, the sector multiple of 4.0x is applied. The price/revenue ratio is 0.53x (in line with sector norms). 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.