Company Valuation: Budimex S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 5,795 7,251 15,982 11,912 16,283 18,131 - -
Change - 25.11% 120.42% -25.46% 36.69% 11.35% - -
Enterprise Value (EV) 1 3,317 4,220 12,286 8,968 13,824 15,694 15,036 14,644
Change - 27.23% 191.1% -27% 54.15% 13.52% -4.19% -2.61%
P/E 5.96x 13.6x 21.7x 19.3x 21.8x 22.8x 20.4x 17.4x
PBR 4.39x - 10.4x 9.67x 12.2x 13.2x 12x 11.3x
PEG - -0.3x 0.6x -1.2x 1x 3.52x 1.7x 1x
Capitalization / Revenue 0.73x 0.84x 1.63x 1.31x 1.73x 1.8x 1.5x 1.32x
EV / Revenue 0.42x 0.49x 1.25x 0.98x 1.46x 1.56x 1.25x 1.07x
EV / EBITDA 4.52x 5.9x 13.1x 9.93x 12.7x 13.8x 11.3x 10.1x
EV / EBIT 5.65x 7.5x 15.7x 12.1x 15.5x 16.8x 13.8x 12x
EV / FCF 5.02x - 10.5x 30.5x 35x 18.2x 12.5x 11.2x
FCF Yield 19.9% - 9.52% 3.28% 2.86% 5.49% 8.01% 8.96%
Dividend per Share 2 38.37 17.99 35.69 25.43 - 29.2 31.86 35.54
Rate of return 16.9% 6.33% 5.7% 5.45% - 4.11% 4.49% 5%
EPS 2 38.06 20.93 28.91 24.13 29.3 31.2 34.85 40.7
Distribution rate 101% 86% 123% 105% - 93.6% 91.4% 87.3%
Net sales 1 7,911 8,619 9,802 9,118 9,439 10,064 12,063 13,740
EBITDA 1 733.7 714.8 938.4 903.1 1,084 1,137 1,330 1,455
EBIT 1 587.1 562.4 781.1 743.8 892.3 935 1,088 1,220
Net income 1 971.6 534.4 738.2 615.9 748 783.7 889.2 1,038
Net Debt 1 -2,478 -3,030 -3,696 -2,944 -2,459 -2,438 -3,095 -3,488
Reference price 2 227.00 284.00 626.00 466.60 637.80 710.20 710.20 710.20
Nbr of stocks (in thousands) 25,530 25,530 25,530 25,530 25,530 25,530 - -
Announcement Date 3/25/22 3/31/23 4/10/24 4/10/25 3/30/26 - - -
1PLN in Million2PLN
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.76x1.56x13.8x4.11% 4.86B
52.99x2.43x23.19x0.07% 91.27B
12.44x1.07x5.83x4.7% 72.82B
27.08x2.07x20.37x1.13% 58.27B
31.82x3.99x21.65x0.21% 54.31B
51.97x4.18x26.57x1.71% 42.21B
29.09x0.71x11.86x2.13% 36.56B
23.84x0.49x7.69x2.47% 32.86B
22.43x1.53x14.09x0.21% 32.4B
5.38x0.33x5.06x5.36% 26.61B
Average 27.98x 1.83x 15.01x 2.21% 45.22B
Weighted average by Cap. 31.12x 2.04x 16.30x 1.83%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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