Company Valuation: Ernst Russ AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 204.3 144.7 136.5 192.7 234.5 317.4 - -
Change - -29.21% -5.63% 41.16% 21.68% 35.34% - -
Enterprise Value (EV) 1 257.1 144.7 82.85 93.57 122 311.4 270.5 243.3
Change - -43.73% -42.72% 12.93% 30.38% 155.27% -13.15% -10.06%
P/E 12.9x 3.05x 2.45x 4.54x 3.19x 7.79x 11.7x 11.4x
PBR 2.83x - 0.8x 0.74x 0.94x 1.08x 1.01x 0.94x
PEG - 0x 0.2x -0.2x 0x -0.2x -0.4x 4.8x
Capitalization / Revenue 2.21x - 0.67x 1.12x 1.48x 2.02x 1.88x 1.81x
EV / Revenue 2.79x - 0.41x 0.54x 0.77x 1.98x 1.6x 1.39x
EV / EBITDA 6.51x - 0.71x 1.01x 0.97x 3.46x 3.54x 3.13x
EV / EBIT 8.35x - 0.96x 1.38x 1.27x 4.99x 6.61x 5.75x
EV / FCF 7.03x - - - 2.96x 6.03x 7.08x 5.93x
FCF Yield 14.2% - - - 33.8% 16.6% 14.1% 16.9%
Dividend per Share 2 - - 1 0.2 0.25 0.2833 0.2667 0.275
Rate of return - - 24.5% 3.5% 3.59% 3.01% 2.83% 2.92%
EPS 2 0.49 1.46 1.66 1.26 2.18 1.209 0.8075 0.8267
Distribution rate - - 60.2% 15.9% 11.5% 23.4% 33% 33.3%
Net sales 1 92.28 - 202.7 172.7 158.1 156.9 168.8 175.4
EBITDA 1 39.49 - 116.6 93 126.2 90.04 76.4 77.63
EBIT 1 30.8 - 86.6 67.7 96.4 62.38 40.93 42.33
Net income 1 15.78 47.27 55.08 42.47 73.48 40.76 27.14 27.87
Net Debt 1 52.75 - -53.66 -99.14 -112.5 -5.95 -46.9 -74.1
Reference price 2 6.300 4.460 4.075 5.720 6.960 9.420 9.420 9.420
Nbr of stocks (in thousands) 32,434 32,434 33,500 33,689 33,689 33,689 - -
Announcement Date 3/24/22 3/22/23 3/18/24 3/25/25 3/24/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.32x5.52x11.8x2.16% 164B
13.71x3.37x - 2.57% 146B
15.75x7.18x - 1.59% 98.65B
18.64x6.58x11.94x4.6% 89.39B
24.21x7.78x11.44x0.87% 81.05B
21.05x11.27x18.06x4.49% 71.54B
13.09x5.13x - 1.99% 48.34B
10.77x1.59x4.92x1.36% 43.36B
Average 17.07x 6.05x 11.63x 2.45% 92.8B
Weighted average by Cap. 17.45x 5.99x 12.10x 2.48%

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