Company Valuation: SGS SA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 22,837 16,107 13,370 16,937 17,587 18,855 - -
Change - -29.47% -16.99% 26.68% 3.84% 7.21% - -
Enterprise Value (EV) 1 24,528 18,930 16,209 19,607 20,153 21,858 21,379 21,236
Change - -22.82% -14.38% 20.97% 2.78% 8.46% -2.19% -0.67%
P/E 37.3x 27.3x 24.3x 29.4x 26.3x 25.7x 23x 21.4x
PBR 20.4x 23.5x 29.1x 21.4x 19.5x 13.9x 10.8x 8.84x
PEG - -7.16x -4.88x 8.79x 2.2x 3.53x 2x 2.87x
Capitalization / Revenue 3.57x 2.43x 2.02x 2.49x 2.53x 2.49x 2.34x 2.21x
EV / Revenue 3.83x 2.85x 2.45x 2.89x 2.9x 2.88x 2.65x 2.49x
EV / EBITDA 16.2x 12.7x 11.4x 13.3x 13.1x 13x 11.8x 11x
EV / EBIT 23.2x 18.5x 16.7x 18.9x 18.2x 17.9x 16.1x 14.9x
EV / FCF 38.6x 37.3x 25.5x 26.2x 24x 25.9x 22.2x 20.5x
FCF Yield 2.59% 2.68% 3.92% 3.81% 4.17% 3.87% 4.5% 4.89%
Dividend per Share 2 3.2 3.2 3.2 3.2 3.2 3.19 3.266 3.372
Rate of return 2.63% 3.72% 4.41% 3.52% 3.52% 3.34% 3.42% 3.53%
EPS 2 3.272 3.147 2.99 3.09 3.46 3.712 4.149 4.458
Distribution rate 97.8% 102% 107% 104% 92.5% 85.9% 78.7% 75.6%
Net sales 1 6,405 6,642 6,622 6,794 6,945 7,587 8,069 8,535
EBITDA 1 1,515 1,489 1,424 1,478 1,539 1,688 1,810 1,925
EBIT 1 1,055 1,023 971 1,040 1,108 1,222 1,327 1,428
Net income 1 613 588 553 581 668 728.9 830 902.7
Net Debt 1 1,691 2,823 2,839 2,670 2,566 3,003 2,524 2,381
Reference price 2 121.88 86.00 72.54 90.88 90.86 95.42 95.42 95.42
Nbr of stocks (in thousands) 187,376 187,292 184,309 186,371 193,566 197,600 - -
Announcement Date 1/27/22 1/26/23 1/26/24 2/11/25 2/11/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.45x2.86x12.84x3.38% 22.73B
23.85x4.14x15.19x0.87% 13.39B
20.55x3.03x12.42x1.31% 3.69B
-33.21x1.47x9.49x-.--% 2.03B
11.77x - - 2.61% 1.95B
46.51x - - - 1.61B
22.05x - - 2.24% 1.58B
Average 16.71x 2.87x 12.48x 1.74% 6.71B
Weighted average by Cap. 22.12x 3.22x 13.39x 2.25%

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
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