DSM NUTRITIONAL PRODUCTS FRANCE : revenue, balance sheet and financial ratios

In 2024, DSM NUTRITIONAL PRODUCTS FRANCE achieves revenue of 372.5 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +12.5%. Vs 2023: +10%. After deducting consumption (222.3 M€), gross margin stands at 150.2 M€, i.e. a rate of 40%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 43.7 M€, representing 11.7% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 15.8 M€, i.e. 4.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 13%. 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 69%. 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 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.3% 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 219.89. 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 6.8x. 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: 21 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 51 days. Favorable situation: supplier credit is longer than customer credit by 30 days. Inventory turnover is 91 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 106 days of revenue, i.e. 109.5 M€ to permanently finance. Over 2016-2024, WCR increased by +139%, requiring additional financing.

Based on 74 transactions of similar company sales (all years), the value of DSM NUTRITIONAL PRODUCTS FRANCE is estimated at 27 646 042 € (range 12 917 146€ - 72 832 794€). With an EBITDA of 43 749 864€, 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.