DEVELOPMENT AERO CONSULTING INTERNATIONAL - D.A.C INTERNATIONAL : revenue, balance sheet and financial ratios

In 2024, DEVELOPMENT AERO CONSULTING INTERNATIONAL - D.A.C INTERNATIONAL achieves revenue of 541 k€. Revenue is declining over the period 2016-2024 (CAGR: -7.6%). Vs 2023, growth of +146% (219 k€ -> 541 k€). After deducting consumption (317 k€), gross margin stands at 224 k€, i.e. a rate of 41%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 41 k€, representing 7.5% of revenue. Positive scissor effect: EBITDA margin improves by +13.7 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 39 k€, i.e. 7.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 142%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 33%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 110.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 396.91. 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 69.9x. 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: 111 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 6 days. The gap of 105 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 151 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 64 days of revenue, i.e. 96 k€ to permanently finance. Notable WCR improvement over the period (-56%), freeing up cash.

Based on 131 transactions of similar company sales (all years), the value of DEVELOPMENT AERO CONSULTING INTERNATIONAL - D.A.C INTERNATIONAL is estimated at 182 616 € (range 66 325€ - 355 935€). With an EBITDA of 40 690€, 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.