DERET SA : revenue, balance sheet and financial ratios

In 2024, DERET SA achieves revenue of 8.2 M€. Revenue is growing positively over 9 years (CAGR: +3.3%). Vs 2023, growth of +20% (6.8 M€ -> 8.2 M€). After deducting consumption (384 k€), gross margin stands at 7.8 M€, i.e. a rate of 95%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.2 M€, representing 27.4% of revenue. Warning negative scissor effect: despite revenue change (+20%), EBITDA varies by +2%, reducing margin by 4.8 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.4 M€, i.e. 29.4% 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 59%. 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 47.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 30.5% 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 128.58. 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 248.2x. 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: 136 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 56 days. The gap of 80 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. WCR is negative (-71 days): operations structurally generate cash. Notable WCR improvement over the period (-596%), freeing up cash.

Based on 131 transactions of similar company sales (all years), the value of DERET SA is estimated at 7 872 780 € (range 2 535 909€ - 15 637 341€). With an EBITDA of 2 231 469€, the sector multiple of 4.8x is applied. The price/revenue ratio is 0.36x (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.