DEFI - HOUILLIERES DE CRUEJOULS : revenue, balance sheet and financial ratios

In 2024, DEFI - HOUILLIERES DE CRUEJOULS achieves revenue of 8.4 M€. Revenue is growing positively over 9 years (CAGR: +3.6%). Slight decline of -1% vs 2023. After deducting consumption (3.0 M€), gross margin stands at 5.4 M€, i.e. a rate of 64%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 576 k€, representing 6.8% of revenue. Warning negative scissor effect: despite revenue change (-1%), EBITDA varies by -26%, reducing margin by 2.3 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 2.4 M€, i.e. 28.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 58%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 54%. 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 1.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 32.6% 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 372.36. 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 17.8x. 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: 38 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 61 days. Favorable situation: supplier credit is longer than customer credit by 23 days. 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 129 days of revenue, i.e. 3.0 M€ to permanently finance. Over 2016-2024, WCR increased by +36%, requiring additional financing.

Based on 74 transactions of similar company sales (all years), the value of DEFI - HOUILLIERES DE CRUEJOULS is estimated at 714 712 € (range 351 439€ - 3 070 029€). With an EBITDA of 576 192€, the sector multiple of 0.6x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.