SOCIETE DES BUS HYBRIDES DIJONNAIS : revenue, balance sheet and financial ratios

In 2024, SOCIETE DES BUS HYBRIDES DIJONNAIS achieves revenue of 5.6 M€. Revenue is growing positively over 9 years (CAGR: +0.4%). Slight decline of -0% vs 2023. After deducting consumption (0 €), gross margin stands at 5.6 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.1 M€, representing 73.5% of revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 253 k€, i.e. 4.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 689%. 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 6%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 60.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 144.72. 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 16.0x. 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: 694 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 55 days. The gap of 639 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 213 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 125 days of revenue, i.e. 1.9 M€ to permanently finance. Over 2016-2024, WCR increased by +143%, requiring additional financing.

Based on 292 transactions of similar company sales (all years), the value of SOCIETE DES BUS HYBRIDES DIJONNAIS is estimated at 23 366 186 € (range 5 552 535€ - 40 076 544€). With an EBITDA of 4 122 283€, the sector multiple of 9.5x is applied. The price/revenue ratio is 2.04x (premium 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.