Industry · Retail & consumer goods
Distribution networks, fast-moving consumer goods, organised retail and e-commerce: a low-unit-margin, high-volume sector where control of inventory, shrinkage and working capital makes the difference.
Reference valuation: 6× EBITDA (indicative median).
Inventory is the retailer's central asset. Its physical count, its valuation, the treatment of known and unknown shrinkage, and impairment provisions based on turnover and expiry dates make up most of the sector's accounting risk.
Supplier terms, inventory turnover, collections: the retail operating cycle creates cash tensions that only a precise measurement of working capital can anticipate. It is also a major driver of valuation in a disposal.
The very large number of transactions requires automated controls and a rigorous reconciliation between point-of-sale systems, sales management and the accounts. Electronic invoicing reinforces this integration requirement.
Our audits in the sector cover inventory observation, counting and shrinkage procedures, the correct cut-off of purchases and sales, the review of commercial cooperation agreements and the reconciliation between point-of-sale systems and the accounts.
High-volume bookkeeping, multi-site payroll, tax filings, e-invoicing compliance, management reporting by store or by product family.
Valuation, acquisition due diligence with a detailed analysis of normative working capital, support for external growth and disposal transactions. Indicative median EV/EBITDA multiple for the sector: around 6 times.
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