DURAND : revenue, balance sheet and financial ratios

In 2025, DURAND achieves revenue of 38.5 M€. Revenue is growing positively over 10 years (CAGR: +2.8%). Significant drop of -21% vs 2024. After deducting consumption (32.1 M€), gross margin stands at 6.4 M€, i.e. a rate of 17%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 912 k€, representing 2.4% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 68 k€, i.e. 0.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 203%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 30%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 14.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 214.43. 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 50.2x. 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: 85 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 13 days. The gap of 72 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 58 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 154 days of revenue, i.e. 16.5 M€ to permanently finance. Over 2016-2025, WCR increased by +207%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of DURAND is estimated at 1 988 809 € (range 1 324 968€ - 3 006 323€). With an EBITDA of 911 951€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.