DEVCSI (DEVELOPPEMENT ET CONCEPTION DE SYSTEME D'INFORMATION) : revenue, balance sheet and financial ratios

In 2024, DEVCSI (DEVELOPPEMENT ET CONCEPTION DE SYSTEME D'INFORMATION) achieves revenue of 300 k€. Activity remains stable over the period (CAGR: -0.3%). Vs 2023, growth of +13% (265 k€ -> 300 k€). After deducting consumption (0 €), gross margin stands at 300 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 172 k€, representing 57.2% of revenue. Positive scissor effect: EBITDA margin improves by +32.8 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 204 k€, i.e. 67.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 249%. 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 20%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 71.7% 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 54.67. 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 2.3x. 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: 91 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 28 days. The gap of 63 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 (-170 days): operations structurally generate cash. Notable WCR improvement over the period (-167%), freeing up cash.

Based on 120 transactions of similar company sales (all years), the value of DEVCSI (DEVELOPPEMENT ET CONCEPTION DE SYSTEME D'INFORMATION) is estimated at 302 990 € (range 134 687€ - 826 982€). With an EBITDA of 171 629€, the sector multiple of 2.2x is applied. The price/revenue ratio is 0.27x (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.