AUTOMOBILES DELAHAYE : revenue, balance sheet and financial ratios

In 2024, AUTOMOBILES DELAHAYE achieves revenue of 26.5 M€. Revenue is growing positively over 9 years (CAGR: +4.9%). Slight decline of -7% vs 2023. After deducting consumption (22.4 M€), gross margin stands at 4.1 M€, i.e. a rate of 15%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 580 k€, representing 2.2% of revenue. Warning negative scissor effect: despite revenue change (-7%), EBITDA varies by -57%, reducing margin by 2.6 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 337 k€, i.e. 1.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 41%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 28%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.7 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 1.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 154.32. 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 34.2x. 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: 14 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 84 days. Excellent situation: suppliers finance 70 days of the operating cycle (retail model). Inventory turnover is 108 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 115 days of revenue, i.e. 8.5 M€ to permanently finance. Over 2016-2024, WCR increased by +108%, requiring additional financing.

Based on 148 transactions of similar company sales in 2024, the value of AUTOMOBILES DELAHAYE is estimated at 1 918 244 € (range 851 040€ - 3 503 838€). With an EBITDA of 580 347€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.16x (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.