VILMORIN-MIKADO : revenue, balance sheet and financial ratios

In 2024, VILMORIN-MIKADO achieves revenue of 164.1 M€. Revenue is growing positively over 4 years (CAGR: +3.8%). Vs 2023: +2%. After deducting consumption (40.9 M€), gross margin stands at 123.2 M€, i.e. a rate of 75%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 26.0 M€, representing 15.9% of revenue. Warning negative scissor effect: despite revenue change (+2%), EBITDA varies by -19%, reducing margin by 4.2 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 18.2 M€, i.e. 11.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 33%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 13.6% 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 98.98. 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 20.4x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 87 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 65 days. The company must finance 22 days of gap between collections and payments. Inventory turnover is 161 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 39 days of revenue, i.e. 17.7 M€ to permanently finance.

Based on 138 transactions of similar company sales (all years), the value of VILMORIN-MIKADO is estimated at 72 817 876 € (range 25 290 591€ - 128 685 011€). With an EBITDA of 26 014 343€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.41x (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.