LABORATOIRES DELBERT : revenue, balance sheet and financial ratios

In 2023, LABORATOIRES DELBERT achieves revenue of 17.3 M€. Over the period 2019-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +24.1%. Significant drop of -20% vs 2023. After deducting consumption (8.5 M€), gross margin stands at 8.8 M€, i.e. a rate of 51%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.9 M€, representing 28.2% of revenue. Warning negative scissor effect: despite revenue change (-20%), EBITDA varies by -42%, reducing margin by 10.5 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -1.0 M€ (-6.0% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 705%. 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 11%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 15.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 20.3% 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 441.78. 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 43.6x. 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: 174 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 151 days. The company must finance 23 days of gap between collections and payments. Inventory turnover is 241 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 472 days of revenue, i.e. 22.7 M€ to permanently finance.

Based on 124 transactions of similar company sales (all years), the value of LABORATOIRES DELBERT is estimated at 3 525 777 € (range 1 762 819€ - 11 989 075€). With an EBITDA of 4 874 532€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.