KAUFMAN & BROAD REAL ESTATE : revenue, balance sheet and financial ratios

In 2024, KAUFMAN & BROAD REAL ESTATE achieves revenue of 7.4 M€. Activity remains stable over the period (CAGR: -1.0%). Significant drop of -81% vs 2023. After deducting consumption (38 k€), gross margin stands at 7.4 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.4 M€, representing 19.2% of revenue. Warning negative scissor effect: despite revenue change (-81%), EBITDA varies by -96%, reducing margin by 65.4 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 79.7 M€, i.e. 1077.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 69%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 1105.9% 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 314.73. 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 295.4x. 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: 909 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 153 days. The gap of 756 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 261 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 5297 days of revenue, i.e. 108.9 M€ to permanently finance. Over 2016-2024, WCR increased by +2135%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of KAUFMAN & BROAD REAL ESTATE is estimated at 38 783 202 € (range 12 150 932€ - 106 733 356€). With an EBITDA of 1 420 737€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.28x (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.