Company Valuation: Carmat SA

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Market Cap 1 242.7 358.5 312.3 204.2 165.8 45.81
Change - 47.68% -12.87% -34.61% -18.83% -72.36%
Enterprise Value (EV) 1 203.6 361.4 325.2 208.2 215.4 98.91
Change - 77.48% -10.03% -35.98% 3.48% -54.08%
P/E -5.7x -9.93x -5.13x -4.4x -3.09x -0.95x
PBR 6.24x 47.1x 331x 14.3x -6.15x -1.35x
PEG - 0.6x -0.1x 0.1x 0.37x 0x
Capitalization / Revenue 17,338x 38,410x 140x 428x 43.2x 6.24x
EV / Revenue 14,546x 38,727x 145x 436x 56.1x 13.5x
EV / EBITDA -4.94x -10.2x -6.38x -4.14x -4.24x -2.09x
EV / EBIT -4.8x -9.93x -6.22x -4.01x -4.1x -2.01x
EV / FCF -7.34x -10.2x -8.24x -5.25x -5.64x -3.33x
FCF Yield -13.6% -9.78% -12.1% -19% -17.7% -30.1%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -3.38 -2.85 -3.97 -2.37 -2.17 -1.15
Distribution rate - - - - - -
Net sales 1 0.014 0.009333 2.237 0.477 3.837 7.344
EBITDA 1 -41.23 -35.48 -50.99 -50.24 -50.83 -47.23
EBIT 1 -42.39 -36.41 -52.31 -51.92 -52.52 -49.24
Net income 1 -42.65 -36.96 -61.87 -53.68 -53.87 -51.4
Net Debt 1 -39.09 2.956 12.83 3.931 49.64 53.1
Reference price 2 19.2800 28.3000 20.3500 10.4300 6.7000 1.0900
Nbr of stocks (in thousands) 12,590 12,667 15,349 19,581 24,742 42,030
Announcement Date 3/16/20 2/25/21 4/22/22 4/24/23 4/30/24 4/30/25
1EUR in Million2EUR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 7.08M
23.69x4.56x15.93x1.2% 115B
18.7x2.37x9.08x2.73% 12.85B
-141.34x11.53x-427.58x-.--% 7.48B
20.1x9.46x15.33x2.13% 4.06B
17.17x4.58x8.94x3.57% 1.6B
87.35x13.57x48.23x0.06% 1.54B
Average 4.28x 7.68x -55.01x 1.61% 20.43B
Weighted average by Cap. 15.11x 4.96x -7.64x 1.31%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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