DUBOIS : revenue, balance sheet and financial ratios

In 2024, DUBOIS achieves revenue of 881 k€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.8%. Slight decline of -4% vs 2023. After deducting consumption (16 k€), gross margin stands at 865 k€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 79 k€, representing 9.0% of revenue. Warning negative scissor effect: despite revenue change (-4%), EBITDA varies by -46%, reducing margin by 7.1 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 39 k€, i.e. 4.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 12%. 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 43%. 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 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.6% 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 97.76. 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 0.1x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 83 days. Excellent situation: suppliers finance 81 days of the operating cycle (retail model). Overall, WCR represents 33 days of revenue, i.e. 81 k€ to permanently finance. Over 2016-2024, WCR increased by +374%, requiring additional financing.

Based on 261 transactions of similar company sales (all years), the value of DUBOIS is estimated at 454 338 € (range 273 266€ - 864 256€). With an EBITDA of 78 825€, the sector multiple of 5.3x is applied. The price/revenue ratio is 0.75x (in line with sector norms). 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.