Company Valuation: Amber Grid

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 173.9 217.6 223.9 196.2 206.9 231.9
Change - 25.13% 2.87% -12.35% 5.45% 12.07%
Enterprise Value (EV) 1 286.4 325.5 328.3 291.4 290.3 357.1
Change - 13.64% 0.87% -11.25% -0.36% 23%
P/E 9.57x 9.38x 14.3x 15.1x 24.9x 171x
PBR 1.12x 1.22x 1.22x 1.05x 1.18x 1.39x
PEG - 0.3x -0.4x -0.9x -0.7x -2x
Capitalization / Revenue 3.33x 3.17x 2.28x 2.39x 2.78x 3.33x
EV / Revenue 5.48x 4.75x 3.35x 3.55x 3.9x 5.13x
EV / EBITDA 11.6x 9.64x 10.9x 11.6x 11.7x 23.8x
EV / EBIT 19.2x 14x 17.5x 21.5x 25.1x 208x
EV / FCF -3.62x -22.5x 11.6x -56.4x 9.44x -5.49x
FCF Yield -27.6% -4.44% 8.58% -1.77% 10.6% -18.2%
Dividend per Share 2 - 0.0555 0.0676 0.1131 0.0599 0.056
Rate of return - 4.55% 5.39% 10.3% 5.16% 4.31%
EPS 2 0.1019 0.1301 0.0878 0.0729 0.0466 0.007624
Distribution rate - 42.7% 77% 155% 129% 735%
Net sales 1 52.29 68.6 98.01 82.12 74.53 69.64
EBITDA 1 24.75 33.77 30.2 25.21 24.82 14.99
EBIT 1 14.95 23.21 18.78 13.57 11.55 1.719
Net income 1 18.17 23.21 15.66 13.01 8.306 1.36
Net Debt 1 112.5 107.9 104.5 95.18 83.43 125.2
Reference price 2 0.975 1.220 1.255 1.100 1.160 1.300
Nbr of stocks (in thousands) 178,383 178,383 178,383 178,383 178,383 178,383
Announcement Date 3/31/21 3/18/22 3/24/23 3/28/24 4/8/25 4/8/26
1EUR in Million2EUR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.59x1.16x7.31x6.5% 72.48B
13.5x9.53x12.35x5.42% 22.42B
29.28x13x14.38x2.57% 13.97B
28.95x6.94x16.67x1.76% 3.91B
14.36x6.59x13.16x5.4% 2.41B
Average 19.74x 7.44x 12.77x 4.33% 23.04B
Weighted average by Cap. 15.38x 4.53x 9.59x 5.63%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA