SNC KAUFMAN AND BROAD PROMOTION 8 : revenue, balance sheet and financial ratios

In 2024, SNC KAUFMAN AND BROAD PROMOTION 8 achieves revenue of 133.0 M€. Revenue is growing positively over 9 years (CAGR: +4.8%). Vs 2023, growth of +13% (117.6 M€ -> 133.0 M€). After deducting consumption (125.5 M€), gross margin stands at 7.6 M€, i.e. a rate of 6%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 8.5 M€, representing 6.4% of revenue. Warning negative scissor effect: despite revenue change (+13%), EBITDA varies by -20%, reducing margin by 2.7 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 8.2 M€, i.e. 6.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 6%. 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 6%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 110.50. 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 43.9x. 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: 120 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 219 days. Excellent situation: suppliers finance 99 days of the operating cycle (retail model). Inventory turnover is 133 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 236 days of revenue, i.e. 87.3 M€ to permanently finance. Over 2016-2024, WCR increased by +139%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of SNC KAUFMAN AND BROAD PROMOTION 8 is estimated at 19 274 505 € (range 6 970 729€ - 51 010 869€). With an EBITDA of 8 510 865€, the sector multiple of 1.0x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.