Company Valuation: Evolution AB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,876 19,433 23,026 15,372 11,605 14,640 - -
Change - -27.69% 18.49% -33.24% -24.5% 26.15% - -
Enterprise Value (EV) 1 26,522 18,980 22,120 14,664 10,878 13,818 13,632 13,115
Change - -28.44% 16.55% -33.71% -25.81% 27.02% -1.34% -3.8%
P/E 46x 23.5x 21.9x 12.6x 11.1x 14.4x 12.7x 11.6x
PBR 8.42x 5.62x 5.74x 3.87x 2.85x 3.69x 3.46x 3.16x
PEG - 0.6x 0.8x 0.6x -1x 7.53x 1x 1.1x
Capitalization / Revenue 25.1x 13.3x 12.8x 7.45x 5.62x 6.98x 6.56x 6.17x
EV / Revenue 24.8x 13x 12.3x 7.11x 5.26x 6.59x 6.11x 5.53x
EV / EBITDA 36.1x 18.8x 17.5x 10.4x 7.97x 10x 9.29x 8.41x
EV / EBIT 40.6x 20.9x 19.4x 10.3x 8.65x 11.4x 10.6x 9.56x
EV / FCF 46.9x 24.3x 20.6x 12.6x 9.71x 13x 12.3x 11.1x
FCF Yield 2.13% 4.11% 4.86% 7.94% 10.3% 7.71% 8.13% 8.99%
Dividend per Share 2 1.42 2 2.65 2.8 - 2.697 3.062 3.397
Rate of return 1.13% 2.19% 2.45% 3.76% - 3.51% 3.98% 4.42%
EPS 2 2.73 3.88 4.93 5.91 5.23 5.33 6.041 6.651
Distribution rate 52% 51.5% 53.8% 47.4% - 50.6% 50.7% 51.1%
Net sales 1 1,069 1,457 1,799 2,063 2,067 2,098 2,232 2,373
EBITDA 1 734.6 1,008 1,267 1,411 1,366 1,380 1,467 1,560
EBIT 1 654 908.1 1,143 1,420 1,257 1,210 1,289 1,372
Net income 1 605.4 843.4 1,071 1,244 1,062 1,027 1,090 1,154
Net Debt 1 -353.6 -453 -906.3 -708 -726.9 -822.2 -1,008 -1,525
Reference price 2 125.58 91.15 108.15 74.42 58.25 76.87 76.87 76.87
Nbr of stocks (in thousands) 214,010 213,205 212,911 206,562 199,227 190,466 - -
Announcement Date 2/9/22 2/2/23 2/1/24 1/30/25 2/5/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.52x6.08x14.25x1.66% 25.85B
14.36x6.56x9.97x3.52% 16.72B
-97.51x1.43x9.75x-.--% 15.54B
214.29x1.69x15.57x-.--% 10.8B
29.44x3.47x16.53x3.58% 7.59B
20.63x3.53x8.77x2.04% 7.29B
14.86x2.21x8.1x2.44% 6.44B
-31.56x1.38x4.43x-.--% 6.04B
Average 23.50x 3.29x 10.92x 1.66% 12.03B
Weighted average by Cap. 20.00x 3.97x 11.67x 1.66%

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

-40%: Exceptional extension
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