CONSTRUCTIONS DASSE : revenue, balance sheet and financial ratios

In 2024, CONSTRUCTIONS DASSE achieves revenue of 31.6 M€. Over the period 2015-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +14.4%. Vs 2023, growth of +71% (18.4 M€ -> 31.6 M€). After deducting consumption (4.5 M€), gross margin stands at 27.1 M€, i.e. a rate of 86%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.9 M€, representing 9.2% of revenue. Positive scissor effect: EBITDA margin improves by +5.5 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.1 M€, i.e. 6.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 4%. 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 36%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.0% 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 157.43. 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 0.2x. 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: 93 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 63 days. The company must finance 30 days of gap between collections and payments. Inventory turnover is 120 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 112 days of revenue, i.e. 9.8 M€ to permanently finance. Over 2015-2024, WCR increased by +211%, requiring additional financing.

Based on 113 transactions of similar company sales (all years), the value of CONSTRUCTIONS DASSE is estimated at 7 372 564 € (range 3 070 470€ - 14 795 413€). With an EBITDA of 2 888 534€, the sector multiple of 3.6x is applied. The price/revenue ratio is 0.11x (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.