Company Valuation: Ipsos SA

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 1,479 - -
Change - 41.8% -5.68% -19.33% -25.22% 0.04% - -
Enterprise Value (EV) 1 2,150 2,598 2,695 2,147 1,837 1,834 1,710 1,575
Change - 20.84% 3.72% -20.34% -14.45% -0.16% -6.76% -7.9%
P/E 10.2x 12.3x 15.8x 9.85x 8.02x 7.28x 6.67x 6.25x
PBR 1.37x 1.75x 1.73x 1.25x 0.94x 0.88x 0.83x 0.75x
PEG - 0.7x -0.7x 0.3x -0.96x 0.5x 0.72x 0.94x
Capitalization / Revenue 0.85x 1.08x 1.03x 0.81x 0.59x 0.58x 0.56x 0.54x
EV / Revenue 1x 1.08x 1.13x 0.88x 0.73x 0.71x 0.65x 0.58x
EV / EBITDA 6.02x 6.45x 6.21x 5.23x 4.47x 4.59x 4.03x 3.54x
EV / EBIT 7.75x 8.26x 8.63x 6.72x 5.94x 6.03x 5.21x 4.55x
EV / FCF 7.11x 9.62x 11.9x 8.01x 8.39x 9.26x 7.77x 6.51x
FCF Yield 14.1% 10.4% 8.37% 12.5% 11.9% 10.8% 12.9% 15.4%
Dividend per Share 2 1.15 1.35 1.65 1.85 2 2.134 2.302 2.45
Rate of return 2.79% 2.31% 2.91% 4.03% 5.84% 6.05% 6.53% 6.95%
EPS 2 4.04 4.74 3.59 4.66 4.27 4.839 5.285 5.637
Distribution rate 28.5% 28.5% 46% 39.7% 46.8% 44.1% 43.6% 43.5%
Net sales 1 2,147 2,405 2,390 2,441 2,525 2,566 2,641 2,722
EBITDA 1 357.2 402.9 434.1 410.7 410.6 399.7 424 445.1
EBIT 1 277.4 314.7 312.4 319.5 309.3 303.9 328.1 346.2
Net income 1 183.9 215.2 159.7 204.5 186.6 198.9 221.6 235.9
Net Debt 1 317.8 - 244.3 169.8 358.3 354.8 230.8 95.75
Reference price 2 41.25 58.50 56.75 45.92 34.26 35.24 35.24 35.24
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.15x1.54x7.01x4% 27.85B
9.19x1.01x5.7x4.35% 20.89B
11.73x5.1x8.88x7.29% 10.03B
16.63x1.36x4.28x2.79% 6.05B
17.42x0.74x4.46x3.82% 5.62B
-55.43x1.81x7.62x0% 5.26B
14.64x0.49x4.93x1.63% 4.03B
35.34x4.61x12.45x-.--% 3.44B
Average 7.96x 2.08x 6.92x 2.99% 10.4B
Weighted average by Cap. 9.51x 1.86x 6.70x 3.85%

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