SUDCAR : revenue, balance sheet and financial ratios

In 2024, SUDCAR achieves revenue of 32 k€. Revenue is declining over the period 2016-2024 (CAGR: -21.3%). Significant drop of -49% vs 2023. After deducting consumption (-53 k€), gross margin stands at 86 k€, i.e. a rate of 266%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 10 k€, representing 31.7% of revenue. Positive scissor effect: EBITDA margin improves by +252.3 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -22 k€ (-69.0% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 37%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 53%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 50.9% 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 223.17. 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 25.4x. 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: 997 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 257 days. The gap of 740 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 11942 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 11986 days of revenue, i.e. 1.1 M€ to permanently finance.

Based on 148 transactions of similar company sales in 2024, the value of SUDCAR is estimated at 12 231 € (range 4 715€ - 18 745€). With an EBITDA of 10 210€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.16x (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.