SA DRUET : revenue, balance sheet and financial ratios

In 2024, SA DRUET achieves revenue of 24.9 M€. Revenue is growing positively over 9 years (CAGR: +0.5%). Slight decline of -3% vs 2023. After deducting consumption (9.6 M€), gross margin stands at 15.3 M€, i.e. a rate of 61%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.4 M€, representing 5.6% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 592 k€, i.e. 2.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 74%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 30%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 4.3 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 181.20. 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 28.9x. 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: 10 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 79 days. Excellent situation: suppliers finance 69 days of the operating cycle (retail model). Inventory turnover is 31 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 102 days of revenue, i.e. 7.1 M€ to permanently finance. Over 2016-2024, WCR increased by +28%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of SA DRUET is estimated at 2 599 943 € (range 1 139 334€ - 4 791 180€). With an EBITDA of 1 384 121€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.20x (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.