Company Valuation: Bogart S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 158 186.1 137.3 95.48 81.71 58.6
Change - 17.83% -26.22% -30.47% -14.42% -28.29%
Enterprise Value (EV) 1 262.9 320 277.4 234.4 250.3 224.9
Change - 21.72% -13.32% -15.5% 6.81% -10.14%
P/E 67.1x 246x -13.2x 25.2x -185x -2.58x
PBR 1.58x 1.9x 1.57x 1.13x 1x 1.02x
PEG - -3.6x 0x -0x 2x -0x
Capitalization / Revenue 0.7x 0.75x 0.47x 0.33x 0.28x 0.22x
EV / Revenue 1.17x 1.3x 0.95x 0.8x 0.86x 0.85x
EV / EBITDA -202x -64.6x -111x 50x 28.6x -23.9x
EV / EBIT -28.9x -29.7x -32.5x -916x 453x -16.5x
EV / FCF 6.13x 14.8x 33.3x 66.8x 11x 14.7x
FCF Yield 16.3% 6.78% 3% 1.5% 9.05% 6.82%
Dividend per Share 2 0.23 0.23 0.18 0.2 0.16 -
Rate of return 2.19% 1.84% 1.93% 3.08% 2.87% -
EPS 2 0.1565 0.0509 -0.7085 0.2576 -0.0301 -1.549
Distribution rate 147% 452% -25.4% 77.6% -532% -
Net sales 1 224.3 246.6 292.1 293.4 289.7 264.9
EBITDA 1 -1.304 -4.954 -2.5 4.69 8.744 -9.394
EBIT 1 -9.098 -10.77 -8.523 -0.256 0.553 -13.67
Net income 1 2.34 0.754 -10.43 3.78 -0.441 -22.64
Net Debt 1 104.9 133.8 140 138.9 168.6 166.3
Reference price 2 10.500 12.500 9.320 6.500 5.580 4.000
Nbr of stocks (in thousands) 15,043 14,890 14,734 14,690 14,644 14,649
Announcement Date 4/29/21 4/25/22 4/28/23 4/30/24 4/30/25 4/28/26
1EUR in Million2EUR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.29x4.07x14.88x3.03% 337B
28.62x4.41x18.16x2.08% 223B
17.73x2.66x11.72x3.6% 128B
23.18x3.45x14.51x2.52% 67.17B
51.2x7.23x27.86x0.31% 45.15B
38.12x6.13x26.61x2.45% 44.87B
31.81x2.4x13.47x1.69% 33.27B
18.12x2.57x10.73x4.91% 33.04B
14.14x2.31x10.68x5.47% 31.38B
Average 27.13x 3.91x 16.51x 2.9% 104.73B
Weighted average by Cap. 24.93x 3.99x 16.05x 2.79%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA