Company Valuation: Fairplay Properties REIT

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 10.94 36.29 51.1 70.68 73.23 123.5
Change - 231.74% 40.8% 38.32% 3.6% 68.69%
Enterprise Value (EV) 1 16.3 50.33 71.73 98.4 121.9 133.5
Change - 208.7% 42.53% 37.18% 23.91% 9.49%
P/E 54.2x -56.9x 6.49x 23x 7.55x 6.36x
PBR 0.21x 0.53x 0.52x 0.67x 0.64x 0.93x
PEG - 0x -0x -0.4x 0x 0x
Capitalization / Revenue 3.28x 3.81x 4.9x 6.73x 5.92x 2.46x
EV / Revenue 4.89x 5.29x 6.88x 9.37x 9.85x 2.66x
EV / EBITDA -34.8x -2,188x 17x 21x 18.8x 9.06x
EV / EBIT -24.3x -131x 20.9x 25.7x 21.8x 9.49x
EV / FCF -51.1x -2.36x -1.38x -86.9x -5.88x 20.6x
FCF Yield -1.96% -42.3% -72.2% -1.15% -17% 4.86%
Dividend per Share 2 - 0.0084 0.0127 0.0102 0.02 -
Rate of return - 1.14% 1.81% 1.13% 2.15% -
EPS 2 0.006094 -0.013 0.1079 0.0391 0.1232 0.2467
Distribution rate - -64.6% 11.8% 26.1% 16.2% -
Net sales 1 3.335 9.521 10.43 10.51 12.38 50.22
EBITDA 1 -0.469 -0.023 4.213 4.69 6.473 14.74
EBIT 1 -0.671 -0.384 3.429 3.824 5.598 14.07
Net income 1 0.202 -0.652 5.694 3.003 9.682 19.38
Net Debt 1 5.364 14.04 20.63 27.72 48.7 9.977
Reference price 2 0.3300 0.7400 0.7000 0.9000 0.9300 1.5700
Nbr of stocks (in thousands) 33,145 49,045 73,045 78,545 78,545 78,545
Announcement Date 1/29/21 1/26/22 3/30/23 3/29/24 3/31/25 3/30/26
1BGN in Million2BGN
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 45.57M
15.78x4.97x13.37x3.21% 44.9B
20.45x4.21x17.18x1.22% 30.13B
8.47x1.48x7.57x4.16% 29.81B
5.69x0.63x1.31x8.85% 27.19B
14.69x3.15x15.08x2.39% 26.11B
9.19x2.37x7.3x3.8% 21.66B
15.17x6.87x18.36x1.4% 21.34B
10.27x1.65x14.29x3.68% 18.7B
Average 12.46x 3.17x 11.81x 3.59% 24.43B
Weighted average by Cap. 12.87x 3.28x 11.78x 3.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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