Company Valuation: Maxcom S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 33.62 30.64 24.57 25 20.9 12.2
Change - -8.84% -19.82% 1.76% -16.41% -41.6%
Enterprise Value (EV) 1 41.53 54.74 40.97 37.91 30.74 16.06
Change - 31.79% -25.14% -7.47% -18.93% -47.74%
P/E 11.4x 9.59x -5.96x 40.7x -18.3x -7.74x
PBR 0.52x 0.47x 0.42x 0.42x 0.38x 0.23x
PEG - 1.2x 0x -0x 0x -0.2x
Capitalization / Revenue 0.26x 0.2x 0.17x 0.18x 0.19x 0.12x
EV / Revenue 0.32x 0.36x 0.29x 0.27x 0.27x 0.16x
EV / EBITDA 6.86x 7.36x -30.5x 6.22x 18.4x 7.82x
EV / EBIT 8.66x 8.33x -16.8x 7.59x 35.5x 13x
EV / FCF -5.03x -4.91x 3.13x 9.61x 4.66x 2.2x
FCF Yield -19.9% -20.4% 32% 10.4% 21.5% 45.4%
Dividend per Share 2 1 1 - 1 1 1
Rate of return 8.03% 8.81% - 10.8% 12.9% 22.1%
EPS 2 1.096 1.184 -1.527 0.2278 -0.4222 -0.5841
Distribution rate 91.2% 84.5% - 439% -237% -171%
Net sales 1 129.9 150.7 142.1 139.4 112.9 102.3
EBITDA 1 6.05 7.44 -1.345 6.092 1.67 2.054
EBIT 1 4.795 6.569 -2.446 4.996 0.866 1.234
Net income 1 2.96 3.196 -4.123 0.615 -1.14 -1.577
Net Debt 1 7.918 24.09 16.4 12.91 9.837 3.859
Reference price 2 12.450 11.350 9.100 9.260 7.740 4.520
Nbr of stocks (in thousands) 2,700 2,700 2,700 2,700 2,700 2,700
Announcement Date 4/30/21 4/29/22 4/29/23 4/30/24 4/28/25 4/28/26
1PLN in Million2PLN
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 4.19M
5.99x2.06x3.54x0.58% 1,200B
24.21x4.76x18.72x0.37% 1.2B
19.54x0.39x9.56x3.06% 1.11B
17.86x3.77x13.94x - 678M
11.33x1.01x7.14x-.--% 187M
Average 15.79x 2.40x 10.58x 1% 200.47B
Weighted average by Cap. 6.03x 2.06x 3.56x 0.58%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Maxcom S.A.