DELTACARE : revenue, balance sheet and financial ratios

In 2023, DELTACARE achieves revenue of 232 k€. Over the period 2020-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +14.4%. Vs 2022, growth of +23% (189 k€ -> 232 k€). After deducting consumption (121 k€), gross margin stands at 111 k€, i.e. a rate of 48%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 16 k€, representing 7.0% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 4 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 6%. 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 65%. 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 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.0% 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 303.26. 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 27.9x. 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: 62 days. Excellent situation: suppliers finance 62 days of the operating cycle (retail model). Inventory turnover is 190 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 211 days of revenue, i.e. 136 k€ to permanently finance. Notable WCR improvement over the period (-58%), freeing up cash.

Based on 124 transactions of similar company sales (all years), the value of DELTACARE is estimated at 21 191 € (range 10 991€ - 68 070€). With an EBITDA of 16 206€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.