Company Valuation: SAF-Holland SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 558.3 400.2 690 670.9 688.9 997.9 - -
Change - -28.33% 72.43% -2.76% 2.68% 44.84% - -
Enterprise Value (EV) 1 756.4 910.7 1,140 1,144 1,194 1,422 1,359 1,310
Change - 20.41% 25.19% 0.37% 4.35% 19.06% -4.43% -3.6%
P/E 15.2x 6.53x 8.64x 8.69x 13.7x 13.4x 11.5x 10.5x
PBR 1.51x 0.91x 1.46x 1.28x 1.41x 1.88x 1.73x 1.63x
PEG - 0.1x 0.3x -2.55x -0.4x 0.3x 0.7x 1.16x
Capitalization / Revenue 0.45x 0.26x 0.33x 0.36x 0.4x 0.55x 0.52x 0.5x
EV / Revenue 0.61x 0.58x 0.54x 0.61x 0.69x 0.79x 0.71x 0.66x
EV / EBITDA 5.73x 5.6x 4.32x 4.44x 5.17x 6.02x 5.3x 4.8x
EV / EBIT 8.12x 7.31x 5.64x 6.01x 7.28x 8.21x 7.15x 6.61x
EV / FCF 50.4x 7.77x 8.08x 7.99x 11x 17.1x 13.6x 12.8x
FCF Yield 1.98% 12.9% 12.4% 12.5% 9.07% 5.84% 7.37% 7.84%
Dividend per Share 2 0.35 0.6 0.85 0.85 0.65 0.8537 0.9925 1.035
Rate of return 2.85% 6.81% 5.59% 5.75% 4.25% 3.82% 4.44% 4.63%
EPS 2 0.81 1.35 1.76 1.7 1.12 1.663 1.949 2.126
Distribution rate 43.2% 44.4% 48.3% 50% 58% 51.3% 50.9% 48.7%
Net sales 1 1,247 1,565 2,106 1,877 1,734 1,811 1,917 1,978
EBITDA 1 132.1 162.7 264.1 258 231.1 236.2 256.4 273.1
EBIT 1 93.13 124.6 202.1 190.4 164 173.1 189.9 198.3
Net income 1 36.74 61.08 79.93 77.35 50.95 75.71 88.35 95.67
Net Debt 1 198 510.6 450.2 473.5 505.3 423.9 360.9 312
Reference price 2 12.30 8.82 15.20 14.78 15.30 22.35 22.35 22.35
Nbr of stocks (in thousands) 45,394 45,394 45,394 45,394 45,028 44,647 - -
Announcement Date 3/17/22 3/30/23 3/14/24 3/21/25 3/18/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.86x0.97x5.07x4.28% 3.59B
11.71x0.45x2.76x3.38% 2.75B
53.42x - - 0.21% 2.55B
7.95x0.3x3.06x4.49% 1.93B
13.26x0.78x5.96x3.87% 1.13B
4.88x0.74x4.57x10.06% 1.01B
Average 16.51x 0.65x 4.28x 4.38% 2.16B
Weighted average by Cap. 17.90x 0.66x 4.13x 3.73%

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

-40%: Exceptional extension
d
:
:
SEIZE THE OFFER!