DEFI GASCOGNE : revenue, balance sheet and financial ratios

In 2024, DEFI GASCOGNE achieves revenue of 1.0 M€. Over the period 2020-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +86.8%. Significant drop of -15% vs 2023. After deducting consumption (274 k€), gross margin stands at 750 k€, i.e. a rate of 73%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 139 k€, representing 13.6% of revenue. Warning negative scissor effect: despite revenue change (-15%), EBITDA varies by -51%, reducing margin by 10.0 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 114 k€, i.e. 11.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 193%. 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 26%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 9.7% 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 574.26. 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 3.0x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 147 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 24 days. The gap of 123 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 19 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 174 days of revenue, i.e. 496 k€ to permanently finance. Over 2020-2024, WCR increased by +5110%, requiring additional financing.

Based on 51 transactions of similar company sales in 2024, the value of DEFI GASCOGNE is estimated at 229 310 € (range 113 212€ - 373 902€). With an EBITDA of 138 774€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.14x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.