J.D.B. : revenue, balance sheet and financial ratios

In 2024, J.D.B. achieves revenue of 2.9 M€. Revenue is growing positively over 8 years (CAGR: +0.1%). Significant drop of -11% vs 2022. After deducting consumption (733 k€), gross margin stands at 2.2 M€, i.e. a rate of 75%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 13 k€, representing 0.5% of revenue. Warning negative scissor effect: despite revenue change (-11%), EBITDA varies by -94%, reducing margin by 7.0 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 75 k€, i.e. 2.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 324%. 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 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 33.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 65.36. 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 30.4x. 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: 7 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 245 days. Excellent situation: suppliers finance 238 days of the operating cycle (retail model). Inventory turnover is 5 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 39 days of revenue, i.e. 317 k€ to permanently finance. Over 2016-2024, WCR increased by +278%, requiring additional financing.

Based on 698 transactions of similar company sales in 2024, the value of J.D.B. is estimated at 635 296 € (range 357 367€ - 1 035 448€). With an EBITDA of 13 416€, the sector multiple of 5.4x is applied. The price/revenue ratio is 0.57x (in line with sector norms). 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.