Company Valuation: Spirent Communications plc

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Market Cap 1 2,034 2,197 2,275 1,902 894 1,276
Change - 8.03% 3.54% -16.39% -53% 42.7%
Enterprise Value (EV) 1 1,884 1,984 2,130 1,715 807.3 1,154
Change - 5.34% 7.35% -19.5% -52.92% 42.98%
P/E 26.4x 26.3x 25.7x 19.2x 36.9x 99.8x
PBR 5.05x 4.95x 5.07x 4.06x 2.39x 3.25x
PEG - 3.08x 4.25x 1.5x -0.5x -2.1x
Capitalization / Revenue 4.04x 4.21x 3.95x 3.13x 1.88x 2.77x
EV / Revenue 3.74x 3.8x 3.7x 2.82x 1.7x 2.51x
EV / EBITDA 17.9x 17.6x 16.9x 12.9x 16.5x 25.4x
EV / EBIT 21.3x 20x 19.5x 14.6x 24.3x 36.3x
EV / FCF 21.4x 22.7x 29.6x 16.9x 34.2x 18.5x
FCF Yield 4.68% 4.41% 3.38% 5.92% 2.92% 5.41%
Dividend per Share 2 0.0539 0.0604 0.0676 0.0757 0.0276 -
Rate of return 1.62% 1.68% 1.81% 2.41% 1.76% -
EPS 2 0.1263 0.1371 0.1454 0.1636 0.0426 0.0222
Distribution rate 42.7% 44.1% 46.5% 46.3% 64.8% -
Net sales 1 503.6 522.4 576 607.5 474.3 460.2
EBITDA 1 105.1 112.6 126.4 133.4 48.8 45.5
EBIT 1 88.3 99 109 117.1 33.2 31.8
Net income 1 78 84.4 89.2 99.9 25.2 12.9
Net Debt 1 -150.2 -213 -145 -187.5 -86.7 -121.5
Reference price 2 3.331 3.604 3.740 3.135 1.571 2.216
Nbr of stocks (in thousands) 610,642 609,642 608,342 606,742 569,246 575,746
Announcement Date 3/24/20 3/24/21 3/30/22 4/3/23 3/27/24 5/21/25
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.56B
34.51x7.23x18.66x1.48% 442B
51.84x17.64x36.83x-.--% 220B
37.49x12.01x29.86x0.28% 183B
19.79x0.82x14.35x2.27% 178B
30.48x5.82x17.04x1.17% 67.12B
167.98x21.62x63.39x-.--% 64.55B
36x2.31x15x1.65% 58.69B
76.3x8.89x41.03x-.--% 56.22B
20.28x2.85x13.49x3.01% 48.22B
Average 52.74x 8.80x 27.74x 1.09% 132B
Weighted average by Cap. 43.49x 9.09x 25.38x 1.08%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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