DUNKERQUE BONDED STORES : revenue, balance sheet and financial ratios

In 2023, DUNKERQUE BONDED STORES achieves revenue of 9.6 M€. Over the period 2018-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +60.1%. Vs 2022, growth of +63% (5.9 M€ -> 9.6 M€). After deducting consumption (8.0 M€), gross margin stands at 1.6 M€, i.e. a rate of 16%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 638 k€, representing 6.7% of revenue. Positive scissor effect: EBITDA margin improves by +5.1 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 3.5 M€, i.e. 36.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 26%. 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 49%. 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 0.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 11.4% 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 224.29. 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 1.9x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 106 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 59 days. The gap of 47 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 92 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 191 days of revenue, i.e. 5.1 M€ to permanently finance.

Based on 167 transactions of similar company sales (all years), the value of DUNKERQUE BONDED STORES is estimated at 1 036 438 € (range 562 473€ - 2 522 719€). With an EBITDA of 638 112€, the sector multiple of 0.9x 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.