D'UN VERSANT A L'AUTRE : revenue, balance sheet and financial ratios

In 2023, D'UN VERSANT A L'AUTRE achieves revenue of 92 k€. Vs 2018, growth of +28% (72 k€ -> 92 k€). After deducting consumption (64 k€), gross margin stands at 27 k€, i.e. a rate of 30%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 14 k€, representing 15.8% of revenue. Warning negative scissor effect: despite revenue change (+28%), EBITDA varies by -54%, reducing margin by 27.8 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 12 k€, i.e. 13.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 2%. 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 2%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 13.4% 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 2372.53. 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 16.2x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 36 days. Excellent situation: suppliers finance 36 days of the operating cycle (retail model). Inventory turnover is 167 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 118 days of revenue, i.e. 30 k€ to permanently finance.

Based on 100 transactions of similar company sales in 2023, the value of D'UN VERSANT A L'AUTRE is estimated at 49 505 € (range 24 320€ - 105 082€). With an EBITDA of 14 434€, the sector multiple of 3.9x is applied. The price/revenue ratio is 0.42x (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.