GROUPE DELCOURT : revenue, balance sheet and financial ratios

In 2024, GROUPE DELCOURT achieves revenue of 65.2 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.3%. Slight decline of -0% vs 2023. After deducting consumption (3 k€), gross margin stands at 65.2 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 23.5 M€, representing 36.0% of revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -1.2 M€ (-1.9% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 27%. 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 54%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 129.6% 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 277.89. 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 21.8x. 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: 109 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 69 days. The gap of 40 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 106 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 193 days of revenue, i.e. 35.0 M€ to permanently finance. Over 2016-2024, WCR increased by +56%, requiring additional financing.

Based on 104 transactions of similar company sales (all years), the value of GROUPE DELCOURT is estimated at 22 810 876 € (range 11 625 795€ - 80 329 186€). With an EBITDA of 23 468 130€, 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.