BCDREST : revenue, balance sheet and financial ratios

In 2023, BCDREST achieves revenue of 4.8 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +11.1%. Slight decline of -2% vs 2022. After deducting consumption (1.5 M€), gross margin stands at 3.3 M€, i.e. a rate of 69%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 144 k€, representing 3.0% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -79%, reducing margin by 10.9 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 586 k€, i.e. 12.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 20%. 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 51%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 14.0% 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 133.06. 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 0.8x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 21 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 38 days. Favorable situation: supplier credit is longer than customer credit by 17 days. Inventory turnover is 12 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 45 days of revenue, i.e. 603 k€ to permanently finance. Over 2016-2023, WCR increased by +224%, requiring additional financing.

Based on 689 transactions of similar company sales in 2023, the value of BCDREST is estimated at 2 188 921 € (range 1 158 904€ - 4 183 636€). With an EBITDA of 143 820€, the sector multiple of 6.3x is applied. The price/revenue ratio is 0.66x (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.