SAS DAVID : revenue, balance sheet and financial ratios

In 2025, SAS DAVID achieves revenue of 29.4 M€. Revenue is growing positively over 10 years (CAGR: +4.3%). Significant drop of -13% vs 2024. After deducting consumption (25.6 M€), gross margin stands at 3.9 M€, i.e. a rate of 13%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 765 k€, representing 2.6% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 94 k€, i.e. 0.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 182%. 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 28%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 8.1 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 2.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 450.81. 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 36.8x. 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: 51 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 17 days. The gap of 34 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 54 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 108 days of revenue, i.e. 8.8 M€ to permanently finance. Over 2016-2025, WCR increased by +70%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of SAS DAVID is estimated at 1 546 275 € (range 1 025 761€ - 2 396 699€). With an EBITDA of 764 596€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.