KEOLIS DROUAIS : revenue, balance sheet and financial ratios

In 2024, KEOLIS DROUAIS achieves revenue of 1.6 M€. Revenue is declining over the period 2016-2024 (CAGR: -11.6%). Vs 2023: +4%. After deducting consumption (9 k€), gross margin stands at 1.6 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 304 k€, representing 18.4% of revenue. Warning negative scissor effect: despite revenue change (+4%), EBITDA varies by -20%, reducing margin by 5.6 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 55 k€, i.e. 3.3% 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 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). 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 1.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 119.11. 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: 48 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 61 days. Favorable situation: supplier credit is longer than customer credit by 13 days. Inventory turnover is 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 398 days of revenue, i.e. 1.8 M€ to permanently finance. Over 2016-2024, WCR increased by +456%, requiring additional financing.

Based on 206 transactions of similar company sales (all years), the value of KEOLIS DROUAIS is estimated at 916 210 € (range 414 943€ - 1 712 479€). With an EBITDA of 303 789€, the sector multiple of 4.2x is applied. The price/revenue ratio is 0.48x (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.