DALACH MASSENA : revenue, balance sheet and financial ratios

In 2023, DALACH MASSENA achieves revenue of 2.0 M€. Over the period 2021-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +38.9%. Vs 2022: +9%. After deducting consumption (1.8 M€), gross margin stands at 222 k€, i.e. a rate of 11%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 158 k€, representing 7.8% of revenue. Warning negative scissor effect: despite revenue change (+9%), EBITDA varies by -72%, reducing margin by 22.2 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 34 k€, 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 2948%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 73%. 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 30.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 412.61. 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 78.6x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 23 days. Favorable situation: supplier credit is longer than customer credit by 23 days. Inventory turnover is 251 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 191 days of revenue, i.e. 1.1 M€ to permanently finance. Notable WCR improvement over the period (-61%), freeing up cash.

Based on 215 transactions of similar company sales in 2023, the value of DALACH MASSENA is estimated at 753 285 € (range 257 778€ - 1 433 502€). With an EBITDA of 157 512€, the sector multiple of 5.2x is applied. The price/revenue ratio is 0.51x (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.