ZIGNANO VETRO FRANCE SAS : revenue, balance sheet and financial ratios

In 2024, ZIGNANO VETRO FRANCE SAS achieves revenue of 64.0 M€. Revenue is growing positively over 9 years (CAGR: +2.8%). Significant drop of -13% vs 2023. After deducting consumption (7.3 M€), gross margin stands at 56.7 M€, i.e. a rate of 89%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 5.8 M€, representing 9.1% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -44%, reducing margin by 4.8 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 1.1 M€, i.e. 1.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 88%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 43%. 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 3.3 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 8.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 379.50. 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 9.3x. 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: 53 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 49 days. The company must finance 4 days of gap between collections and payments. Inventory turnover is 124 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 140 days of revenue, i.e. 24.9 M€ to permanently finance.

Based on 228 transactions of similar company sales (all years), the value of ZIGNANO VETRO FRANCE SAS is estimated at 7 319 838 € (range 3 194 761€ - 19 812 468€). With an EBITDA of 5 793 777€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.13x (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.