Company Valuation: Messer Tehnogas AD

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Market Cap 1 14,118 14,513 16,276 12,931 16,423 36,742
Change - 2.8% 12.14% -20.55% 27% 123.73%
Enterprise Value (EV) 1 9,037 8,876 9,971 8,384 9,217 25,959
Change - -1.79% 12.34% -15.92% 9.94% 181.64%
P/E 6.1x 6.07x 5.06x 5.64x 4.62x 7.41x
PBR 0.69x 0.66x 0.66x 0.49x 0.55x 1.08x
PEG - 1.83x 0.1x -0.2x 0.1x 0.2x
Capitalization / Revenue 1.17x 1.15x 1.1x 0.78x 0.77x 1.72x
EV / Revenue 0.75x 0.7x 0.67x 0.51x 0.43x 1.21x
EV / EBITDA 2.21x 2.06x 1.93x 1.71x 1.33x 3.5x
EV / EBIT 3.35x 3.17x 2.68x 2.55x 1.87x 4.52x
EV / FCF 36.8x 10.4x 8.31x -5.46x 4.07x 7.88x
FCF Yield 2.72% 9.61% 12% -18.3% 24.6% 12.7%
Dividend per Share 2 - 425 - - - 1,115
Rate of return - 3.04% - - - 3.15%
EPS 2 2,232 2,306 3,101 2,211 3,431 4,782
Distribution rate - 18.4% - - - 23.3%
Net sales 1 12,058 12,612 14,806 16,584 21,417 21,389
EBITDA 1 4,090 4,318 5,179 4,895 6,907 7,420
EBIT 1 2,698 2,802 3,724 3,284 4,926 5,748
Net income 1 2,314 2,391 3,214 2,292 3,557 4,958
Net Debt 1 -5,081 -5,637 -6,304 -4,547 -7,206 -10,783
Reference price 2 13,619.00 14,000.00 15,700.00 12,474.00 15,842.00 35,443.00
Nbr of stocks (in thousands) 1,037 1,037 1,037 1,037 1,037 1,037
Announcement Date 5/4/20 4/28/21 5/4/23 5/4/23 5/7/24 4/30/25
1RSD in Million2RSD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 510M
28.97x6.72x17.15x1.34% 221B
89.49x6.62x15.39x2.38% 67.52B
202.99x - - - 22.79B
18.46x2.27x9.11x1.11% 16.26B
108.54x18.16x52.74x0.3% 7.97B
93.74x - - - 6.34B
95.27x19.39x56.99x0.21% 5.99B
26.28x2.76x10.72x0.93% 5.61B
13.45x0.85x6.87x2.75% 3.69B
Average 75.25x 8.11x 24.14x 1.29% 35.73B
Weighted average by Cap. 54.90x 6.85x 17.75x 1.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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