DUNOD EDITEUR : revenue, balance sheet and financial ratios

In 2024, DUNOD EDITEUR achieves revenue of 27.6 M€. Activity remains stable over the period (CAGR: -0.1%). Slight decline of -6% vs 2023. After deducting consumption (2.4 M€), gross margin stands at 25.2 M€, i.e. a rate of 91%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.1 M€, representing 11.4% of revenue. Warning negative scissor effect: despite revenue change (-6%), EBITDA varies by -45%, reducing margin by 8.1 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 572 k€, i.e. 2.1% 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 17%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 119.99. 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 0.5x. 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: 95 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 59 days. The gap of 36 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 73 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 65 days of revenue, i.e. 5.0 M€ to permanently finance. Notable WCR improvement over the period (-47%), freeing up cash.

Based on 104 transactions of similar company sales (all years), the value of DUNOD EDITEUR is estimated at 4 330 423 € (range 2 049 399€ - 12 150 240€). With an EBITDA of 3 137 750€, the sector multiple of 1.1x is applied. The price/revenue ratio is 0.24x (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.