Company Valuation: Spadel SA

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 796.9 763.7 664.1 651.6 726.3 946.3
Change - -4.17% -13.04% -1.88% 11.46% 30.29%
Enterprise Value (EV) 1 743.6 692.7 586.7 541.4 581.6 778.9
Change - -6.85% -15.3% -7.72% 7.43% 33.91%
P/E Ratio 29.2x 28.7x 51.9x 23.1x 17.7x 18.5x
PBR 3.47x 3.04x 2.58x 2.33x 2.34x 2.72x
PEG - -11.35x -1x 0x 0.4x 0.7x
Capitalization / Revenue 2.99x 2.71x 2.07x 1.88x 1.91x 2.37x
EV / Revenue 2.79x 2.45x 1.83x 1.57x 1.53x 1.95x
EV / EBITDA 14.8x 12.7x 14.8x 9.92x 8.37x 9.17x
EV / EBIT 23.3x 19.2x 29.1x 15.8x 12.2x 12.7x
EV / FCF 34.1x 28.5x 30.6x 18x 17.2x 30.2x
FCF Yield 2.94% 3.51% 3.27% 5.56% 5.82% 3.31%
Dividend per Share 2 2 2 1.5 2.2 3.2 4
Rate of return 1.04% 1.09% 0.94% 1.4% 1.83% 1.75%
EPS 2 6.587 6.42 3.08 6.8 9.886 12.33
Distribution rate 30.4% 31.2% 48.7% 32.4% 32.4% 32.4%
Net sales 1 266.6 282.2 320.8 345.9 379.3 399.5
EBITDA 1 50.14 54.69 39.76 54.59 69.52 84.96
EBIT 1 31.97 36.03 20.2 34.2 47.63 61.44
Net income 1 27.33 26.65 12.79 28.24 41.03 51.19
Net Debt 1 -53.27 -70.97 -77.32 -110.2 -144.7 -167.4
Reference price 2 192.00 184.00 160.00 157.00 175.00 228.00
Nbr of stocks (in thousands) 4,150 4,150 4,150 4,150 4,150 4,150
Announcement Date 4/30/21 4/22/22 4/21/23 4/19/24 4/18/25 4/17/26
1EUR in Million2EUR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.73B
25.06x7.8x22.13x2.58% 355B
16.1x2.72x11.24x2.95% 43.14B
18.51x1.64x10.29x2.43% 22.44B
16.75x1.53x7.5x4.3% 20.65B
50.46x6.8x29.51x0.37% 18.58B
9.87x1.77x10.12x4.79% 13B
26.98x1.96x9.05x2% 8.76B
14.75x0.62x4.63x2.82% 8.28B
Average 22.31x 3.11x 13.06x 2.78% 54.67B
Weighted average by Cap. 24.04x 6.38x 19.45x 2.65%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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