DVB CONSTRUCTION : revenue, balance sheet and financial ratios

In 2022, DVB CONSTRUCTION achieves revenue of 17.2 M€. Over the period 2016-2022, the company shows strong growth with a CAGR (compound annual growth rate) of +14.5%. Vs 2021, growth of +12% (15.3 M€ -> 17.2 M€). After deducting consumption (55 €), gross margin stands at 17.2 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.3 M€, representing 7.4% of revenue. Warning negative scissor effect: despite revenue change (+12%), EBITDA varies by -18%, reducing margin by 2.8 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 893 k€, i.e. 5.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 5%. 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 16%. 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 5.0% 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 163.78. 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 0.0x. 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: 90 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 69 days. The company must finance 21 days of gap between collections and payments. Inventory turnover is 15 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 53 days of revenue, i.e. 2.5 M€ to permanently finance. Notable WCR improvement over the period (-34%), freeing up cash.

Based on 113 transactions of similar company sales (all years), the value of DVB CONSTRUCTION is estimated at 3 342 520 € (range 1 424 023€ - 6 880 613€). With an EBITDA of 1 277 972€, the sector multiple of 3.6x 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.