TD SYNNEX FRANCE : revenue, balance sheet and financial ratios

In 2024, TD SYNNEX FRANCE achieves revenue of 2.6 Bn€. Revenue is growing positively over 9 years (CAGR: +1.3%). Vs 2023: +1%. After deducting consumption (2.5 Bn€), gross margin stands at 169.1 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 12.4 M€, representing 0.5% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 16.7 M€, i.e. 0.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 4%. 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 31%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 0.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 121.97. 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 332.1x. 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: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 85 days. Excellent situation: suppliers finance 83 days of the operating cycle (retail model). Inventory turnover is 33 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 104 days of revenue, i.e. 764.8 M€ to permanently finance. Over 2016-2024, WCR increased by +47%, requiring additional financing.

Based on 61 transactions of similar company sales (all years), the value of TD SYNNEX FRANCE is estimated at 288 279 178 € (range 82 370 375€ - 404 484 152€). With an EBITDA of 12 444 641€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.33x (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.