SABENA TECHNICS DNR : revenue, balance sheet and financial ratios

In 2023, SABENA TECHNICS DNR achieves revenue of 158.0 M€. Over the period 2017-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +5.3%. Vs 2022, growth of +32% (119.6 M€ -> 158.0 M€). After deducting consumption (42.4 M€), gross margin stands at 115.6 M€, i.e. a rate of 73%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 9.3 M€, representing 5.9% of revenue. Warning negative scissor effect: despite revenue change (+32%), EBITDA varies by -7%, reducing margin by 2.4 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 4.6 M€, i.e. 2.9% 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 22%. The balance between equity and debt is satisfactory. 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 4.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 130.52. 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 6.6x. 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: 153 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 57 days. The gap of 96 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 204 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 93 days of revenue, i.e. 41.0 M€ to permanently finance. Over 2017-2023, WCR increased by +46%, requiring additional financing.

Based on 197 transactions of similar company sales (all years), the value of SABENA TECHNICS DNR is estimated at 26 571 351 € (range 11 135 819€ - 57 009 741€). With an EBITDA of 9 267 521€, the sector multiple of 2.4x 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.