Company Valuation: Less S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 11.98 30.94 64.79 24.92 25.85 34.28
Change - 158.21% 109.38% -61.54% 3.75% 32.62%
Enterprise Value (EV) 1 11.74 24.41 66.88 26.24 28.96 34.28
Change - 107.97% 174.05% -60.77% 10.38% 18.36%
P/E Ratio -2.13x -34.1x -3.63x -3.17x -16.3x -21.4x
PBR 2.15x 30.8x 39.6x -15.3x -7.9x -
PEG - 0.4x -0x 0.1x 0.2x 1.2x
Capitalization / Revenue - 300,403,563x 227,317,158x - - -
EV / Revenue - - - - - -
EV / EBITDA -3.52x -5.06x -6.99x -22.1x -27.3x -30.6x
EV / EBIT -3.37x -5.04x -6.94x -18.6x -27.3x -30.6x
EV / FCF -5.97x -36.2x -7.58x -78x -32.2x -
FCF Yield -16.8% -2.76% -13.2% -1.28% -3.11% -
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.4866 -0.0722 -0.1433 -0.063 -0.0123 -0.01
Distribution rate - - - - - -
Net sales - 0.103 0.285 - - -
EBITDA 1 -3.336 -4.825 -9.575 -1.189 -1.061 -1.119
EBIT 1 -3.482 -4.838 -9.643 -1.407 -1.062 -1.12
Net income 1 -5.601 -7.41 -17.6 -7.989 -1.585 -0.996
Net Debt 1 -0.248 -6.536 2.099 1.322 3.113 -
Reference price 2 1.0350 2.4600 0.5200 0.2000 0.2000 0.2140
Nbr of stocks (in thousands) 11,578 12,578 124,587 124,587 129,254 160,199
Announcement Date 4/30/21 4/29/22 4/28/23 4/30/24 5/1/25 4/30/26
1PLN in Million2PLN
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 29.26M
13.02x1.98x8.69x1.86% 5.51B
17.25x1.65x11.05x1.75% 4.92B
25.25x - - 3.28% 3.97B
15.22x0.7x6.49x2.92% 3.24B
15.37x1.02x7.22x1.39% 3.15B
21.26x - - 2.39% 2.59B
18.19x2.55x12.43x4.28% 2.45B
26.25x - - 0.76% 2.44B
Average 18.98x 1.58x 9.18x 2.33% 3.15B
Weighted average by Cap. 18.33x 1.60x 9.16x 2.27%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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