DVELOS : revenue, balance sheet and financial ratios

In 2024, DVELOS achieves revenue of 12.1 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.2%. Significant drop of -28% vs 2023. After deducting consumption (9.8 M€), gross margin stands at 2.3 M€, i.e. a rate of 19%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 337 k€, representing 2.8% of revenue. Warning negative scissor effect: despite revenue change (-28%), EBITDA varies by -73%, reducing margin by 4.8 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 208 k€, i.e. 1.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 111%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 36%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 4.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 7.6% 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 172.03. 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 70.5x. 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: 90 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. The company must finance 26 days of gap between collections and payments. Overall, WCR represents 112 days of revenue, i.e. 3.7 M€ to permanently finance. Over 2016-2024, WCR increased by +211%, requiring additional financing.

Based on 145 transactions of similar company sales (all years), the value of DVELOS is estimated at 1 270 647 € (range 577 836€ - 3 248 927€). With an EBITDA of 336 724€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (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.