Company Valuation: 235 Holdings AD

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 125.6 217.4 247.3 248.3 249 248.5
Change - 73.09% 13.72% 0.42% 0.29% -0.21%
Enterprise Value (EV) 1 121.9 213.8 243.6 243.9 245.2 244.1
Change - 75.39% 13.98% 0.12% 0.52% -0.44%
P/E 61.8x -12,744x 27,484x 288x -1,150x -1,043x
PBR 18.1x 31.3x 35.9x 31.9x 31.7x 32.7x
PEG - 126x -180x 0x 9x -102.4x
Capitalization / Revenue 347x 1,350x 844x 249x - -
EV / Revenue 337x 1,328x 832x 244x - -
EV / EBITDA 2,708x -16,443x 1,262x 273x -1,291x -1,227x
EV / EBIT 2,770x -15,269x 1,269x 273x -1,271x -1,209x
EV / FCF 3,086x -21,924x 2,707x 643x -887x -65.8x
FCF Yield 0.03% -0% 0.04% 0.16% -0.11% -1.52%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.3983 -0.003327 0.001761 0.1683 -0.0423 -0.0466
Distribution rate - - - - - -
Net sales 1 0.362 0.161 0.293 0.998 - -
EBITDA 1 0.045 -0.013 0.193 0.895 -0.19 -0.199
EBIT 1 0.044 -0.014 0.192 0.894 -0.193 -0.202
Net income 1 2.035 -0.017 0.009 0.86 -0.216 -0.238
Net Debt 1 -3.737 -3.665 -3.613 -4.362 -3.817 -4.367
Reference price 2 24.60 42.40 48.40 48.53 48.60 48.60
Nbr of stocks (in thousands) 5,109 5,109 5,109 5,109 5,109 5,109
Announcement Date 2/25/21 2/28/22 2/22/23 3/1/24 4/28/25 4/30/26
1BGN in Million2BGN
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 143M
62.72x - - - 66.91B
13.62x4.45x11.96x3.72% 38.77B
5.6x0.73x1.5x8.79% 27.39B
8.05x1.45x8.04x4.41% 26.72B
17.12x3.86x15.52x1.43% 26.39B
13.12x3.01x14.41x2.66% 24.19B
9.16x3.36x7.7x-.--% 21.58B
10.07x1.97x8.12x4.17% 20.23B
7.99x0.88x3.22x2.8% 20.44B
Average 16.38x 2.46x 8.81x 3.5% 27.27B
Weighted average by Cap. 23.58x 2.61x 9.11x 3.63%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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