Company Valuation: Ipsos

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,832 2,598 2,451 1,977 1,478 1,638 - -
Change - 41.8% -5.68% -19.33% -25.22% 10.82% - -
Enterprise Value (EV) 1 2,150 2,598 2,695 2,147 1,837 1,995 1,900 1,734
Change - 20.84% 3.72% -20.34% -14.45% 8.59% -4.72% -8.75%
P/E 10.2x 12.3x 15.8x 9.85x 8.02x 8.04x 7.36x 6.9x
PBR 1.37x 1.75x 1.73x 1.25x 0.94x 0.97x 0.94x 0.86x
PEG - 0.7x -0.7x 0.3x -0.96x 0.6x 0.8x 1.04x
Capitalization / Revenue 0.85x 1.08x 1.03x 0.81x 0.59x 0.64x 0.62x 0.6x
EV / Revenue 1x 1.08x 1.13x 0.88x 0.73x 0.78x 0.72x 0.64x
EV / EBITDA 6.02x 6.45x 6.21x 5.23x 4.47x 4.99x 4.48x 3.89x
EV / EBIT 7.75x 8.26x 8.63x 6.72x 5.94x 6.48x 5.77x 4.99x
EV / FCF 7.11x 9.62x 11.9x 8.01x 8.39x 10.1x 8.64x 7.17x
FCF Yield 14.1% 10.4% 8.37% 12.5% 11.9% 9.93% 11.6% 14%
Dividend per Share 2 1.15 1.35 1.65 1.85 2 2.134 2.303 2.45
Rate of return 2.79% 2.31% 2.91% 4.03% 5.84% 5.47% 5.9% 6.28%
EPS 2 4.04 4.74 3.59 4.66 4.27 4.854 5.302 5.654
Distribution rate 28.5% 28.5% 46% 39.7% 46.8% 44% 43.4% 43.3%
Net sales 1 2,147 2,405 2,390 2,441 2,525 2,566 2,642 2,723
EBITDA 1 357.2 402.9 434.1 410.7 410.6 399.8 424.1 445.3
EBIT 1 277.4 314.7 312.4 319.5 309.3 307.8 329.3 347.4
Net income 1 183.9 215.2 159.7 204.5 186.6 196 222 237.1
Net Debt 1 317.8 - 244.3 169.8 358.3 356.1 262 95.75
Reference price 2 41.25 58.50 56.75 45.92 34.26 39.04 39.04 39.04
Nbr of stocks (in thousands) 44,424 44,419 43,186 43,057 43,153 41,968 - -
Announcement Date 2/23/22 2/15/23 2/21/24 2/26/25 2/24/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
7.95x0.77x4.94x5.53% 1.88B
14.4x1.58x7.19x3.89% 29.28B
10.14x1.13x6.28x3.92% 24.01B
12.28x5.38x9.4x6.86% 10.67B
16.03x1.28x4.04x2.94% 5.82B
-59.25x1.89x7.96x0% 5.62B
43.33x0.72x4.29x3.93% 5.59B
15.95x0.55x5.5x1.5% 4.3B
34.63x4.51x12.28x-.--% 3.37B
Average 10.61x 1.98x 6.87x 3.18% 10.06B
Weighted average by Cap. 11.03x 1.90x 6.94x 3.72%

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