Company Valuation: BEST S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 437.3 575.4 443.2 517.4 614.6 966.4
Change - 31.58% -22.98% 16.75% 18.79% 57.24%
Enterprise Value (EV) 1 587.2 670.9 513 1,138 1,357 1,676
Change - 14.26% -23.53% 121.9% 19.17% 23.54%
P/E 12.8x 21.2x 3.21x 10.2x 5.99x 9.63x
PBR 0.87x 1.07x 0.64x 0.69x 0.68x 0.84x
PEG - -1x 0x -0.2x 0x -0.4x
Capitalization / Revenue 1.48x 2.35x 1.68x 1.8x 1.93x 1.95x
EV / Revenue 1.99x 2.74x 1.94x 3.96x 4.25x 3.39x
EV / EBITDA 4.27x 4.87x 2.24x 8.62x 7.54x 7.76x
EV / EBIT 4.42x 5.06x 2.29x 8.97x 7.79x 8.06x
EV / FCF 7.75x 5.72x 4.18x 536x 14.5x 20.9x
FCF Yield 12.9% 17.5% 23.9% 0.19% 6.91% 4.79%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 1.48 1.18 6.19 2.24 4.51 3.51
Distribution rate - - - - - -
Net sales 1 295.1 245 264.5 287.3 319.2 495.1
EBITDA 1 137.6 137.8 229.5 132.1 179.9 216.1
EBIT 1 132.8 132.6 224.1 126.9 174.1 208
Net income 1 34.33 27.37 142.3 50.39 102.7 97.03
Net Debt 1 149.9 95.55 69.86 621 742 709.5
Reference price 2 19.00 25.00 19.90 22.80 27.00 33.80
Nbr of stocks (in thousands) 23,015 23,015 22,270 22,694 22,764 28,593
Announcement Date 4/14/21 4/12/22 4/4/23 4/5/24 3/26/25 4/2/26
1PLN in Million2PLN
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
Average
Weighted average by Cap.

Y-o-Y evolution of P/E

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

Historical PBR trend

Valuation ratios - PBR - BEST S.A.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - BEST S.A.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - BEST S.A.