USIMEUBLES DEVELOPPEMENT : revenue, balance sheet and financial ratios

In 2024, USIMEUBLES DEVELOPPEMENT achieves revenue of 1.4 M€. Activity remains stable over the period (CAGR: -0.6%). Slight decline of -1% vs 2023. After deducting consumption (800 k€), gross margin stands at 586 k€, i.e. a rate of 42%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 150 k€, representing 10.8% of revenue. Positive scissor effect: EBITDA margin improves by +4.1 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 53 k€, i.e. 3.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 229%. 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 27%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 11.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 7.9% 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 548.52. 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 17.4x. 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: 37 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 35 days. The company must finance 2 days of gap between collections and payments. Inventory turnover is 205 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 228 days of revenue, i.e. 878 k€ to permanently finance. Notable WCR improvement over the period (-47%), freeing up cash.

Based on 61 transactions of similar company sales in 2024, the value of USIMEUBLES DEVELOPPEMENT is estimated at 495 779 € (range 345 369€ - 755 242€). With an EBITDA of 149 872€, the sector multiple of 4.7x is applied. The price/revenue ratio is 0.22x (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.