Company Valuation: AFMA S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,116 1,360 1,300 1,200 1,101 1,225
Change - 21.86% -4.41% -7.69% -8.25% 11.26%
Enterprise Value (EV) 1 1,188 1,445 1,437 1,330 1,223 1,363
Change - 21.61% -0.55% -7.44% -8.01% 11.39%
P/E 26.2x 23.5x 21.9x 20x 15.2x 16.9x
PBR 37.4x 33.6x 28.4x 23.6x 16.1x 17.4x
PEG - 0.7x 8.62x 17.45x 0.7x 39.44x
Capitalization / Revenue 5.48x 6.13x 5.33x 4.64x 3.85x 3.87x
EV / Revenue 5.83x 6.51x 5.89x 5.14x 4.27x 4.31x
EV / EBITDA 13x 14.8x 13.6x 11.9x 9.81x 10.2x
EV / EBIT 13.6x 15.5x 14.4x 12.6x 10.5x 11x
EV / FCF 11.4x 33.1x 62.6x 20.9x 13.3x 20.3x
FCF Yield 8.77% 3.02% 1.6% 4.78% 7.5% 4.93%
Dividend per Share 2 47 54 55 55 60 62
Rate of return 4.21% 3.97% 4.23% 4.58% 5.45% 5.06%
EPS 2 42.56 57.85 59.32 60 72.35 72.66
Distribution rate 110% 93.3% 92.7% 91.7% 82.9% 85.3%
Net sales 1 203.6 221.9 243.7 258.8 286.2 316.4
EBITDA 1 91.29 97.66 105.4 112 124.7 133.2
EBIT 1 87.37 93.36 99.75 105.8 117 123.7
Net income 1 42.56 57.85 59.32 60 72.35 72.66
Net Debt 1 71.88 84.52 136.5 129.7 122.2 137.6
Reference price 2 1,116.00 1,360.00 1,300.00 1,200.00 1,101.00 1,225.00
Nbr of stocks (in thousands) 1,000 1,000 1,000 1,000 1,000 1,000
Announcement Date 4/30/21 6/13/22 4/28/23 4/30/24 4/30/25 4/29/26
1MAD in Million2MAD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 127M
14.17x - - 4.27% 181B
12.67x3.11x10.94x1.13% 136B
15.72x1.87x - 5.19% 113B
10.35x0.9x - 5.89% 96.04B
22.35x3.81x13.46x1.95% 91.44B
33.71x4.71x14.54x1.07% 66.76B
22x4.41x12.62x1% 67B
11.34x0.71x - 3.51% 36.27B
8.78x1.37x - 1.88% 34.77B
Average 16.79x 2.61x 12.89x 2.88% 82.26B
Weighted average by Cap. 16.47x 2.73x 12.56x 3.15%

Y-o-Y evolution of P/E

Valuation ratios - P/E - AFMA S.A.

Historical PBR trend

Valuation ratios - PBR - AFMA S.A.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - AFMA S.A.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - AFMA S.A.