SNC KAUFMAN & BROAD PROMOTION 1 : revenue, balance sheet and financial ratios

In 2024, SNC KAUFMAN & BROAD PROMOTION 1 achieves revenue of 72.9 M€. Revenue is declining over the period 2016-2024 (CAGR: -5.1%). Significant drop of -20% vs 2023. After deducting consumption (54.8 M€), gross margin stands at 18.1 M€, i.e. a rate of 25%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6.8 M€, representing 9.3% of revenue. Warning negative scissor effect: despite revenue change (-20%), EBITDA varies by -35%, reducing margin by 2.2 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 7.0 M€, i.e. 9.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 3%. 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 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). 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 9.3% 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 110.94. 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 33.8x. 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: 95 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 278 days. Excellent situation: suppliers finance 183 days of the operating cycle (retail model). Inventory turnover is 92 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 233 days of revenue, i.e. 47.2 M€ to permanently finance. Notable WCR improvement over the period (-26%), freeing up cash.

Based on 80 transactions of similar company sales (all years), the value of SNC KAUFMAN & BROAD PROMOTION 1 is estimated at 12 806 905 € (range 4 626 500€ - 34 437 394€). With an EBITDA of 6 789 520€, 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.