P S F DISTRIBUTION PO FO DIS : revenue, balance sheet and financial ratios

In 2023, P S F DISTRIBUTION PO FO DIS achieves revenue of 96.4 M€. Revenue is growing positively over 10 years (CAGR: +1.3%). Slight decline of -1% vs 2022. After deducting consumption (74.1 M€), gross margin stands at 22.3 M€, i.e. a rate of 23%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.7 M€, representing 4.9% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.2 M€, i.e. 1.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 17%. 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 61%. 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 1.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 197.85. 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 5.4x. 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: 3 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 32 days. Favorable situation: supplier credit is longer than customer credit by 29 days. Inventory turnover is 25 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 40 days of revenue, i.e. 10.7 M€ to permanently finance. Over 2014-2023, WCR increased by +35%, requiring additional financing.

Based on 357 transactions of similar company sales in 2023, the value of P S F DISTRIBUTION PO FO DIS is estimated at 24 671 082 € (range 14 755 312€ - 45 941 416€). With an EBITDA of 4 699 838€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.33x (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.