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.($)
23.11x3.13x12.82x5.87% 104B
27.44x9.46x13.66x3.1% 83.14B
11.84x1.73x10.03x6.3% 76.9B
11.53x1.11x7.12x6.93% 68.07B
19.4x5.44x10.97x3.95% 67.14B
22.27x9.14x12.31x4.26% 60.47B
24x4.13x13.1x1.84% 57.96B
13.05x6.27x11.33x8.08% 57.1B
34.7x3.36x9.33x0.86% 55.56B
Average 20.81x 4.86x 11.19x 4.58% 70.02B
Weighted average by Cap. 20.77x 4.80x 11.31x 4.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA