Company Valuation: Stef

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,262 1,122 1,419 1,611 1,648 1,604 - -
Change - -11.11% 26.43% 13.56% 2.25% -2.65% - -
Enterprise Value (EV) 1 2,207 2,195 2,464 2,952 3,181 3,103 3,058 3,015
Change - -0.56% 12.27% 19.78% 7.76% -2.46% -1.44% -1.41%
P/E 11.6x 7.82x 7.53x 10.5x 19.7x 11x 9.2x 8.59x
PBR 1.38x 1.08x 1.31x 1.35x 1.27x 1.12x 1.03x 0.96x
PEG - 0.2x 0.2x -0.6x -0.4x 0.2x 0.5x 1.2x
Capitalization / Revenue 0.36x 0.26x 0.32x 0.34x 0.32x 0.29x 0.28x 0.28x
EV / Revenue 0.63x 0.51x 0.55x 0.61x 0.62x 0.57x 0.54x 0.52x
EV / EBITDA 6.16x 5.29x 5.77x 6.09x 7.31x 5.95x 5.45x 5.13x
EV / EBIT 14.3x 10.8x 9.74x 12.9x 18.4x 12.7x 11.5x 11x
EV / FCF 10.6x 42.8x 22x -58.9x -47.7x 27.2x 20.8x 17.3x
FCF Yield 9.46% 2.33% 4.54% -1.7% -2.1% 3.67% 4.81% 5.76%
Dividend per Share 2 3 4 5.1 4.15 2.7 4.367 5.273 5.66
Rate of return 2.94% 4.42% 4.47% 3.16% 2.05% 3.44% 4.16% 4.46%
EPS 2 8.78 11.58 15.16 12.46 6.66 11.49 13.78 14.77
Distribution rate 34.2% 34.5% 33.6% 33.3% 40.5% 38% 38.3% 38.3%
Net sales 1 3,507 4,264 4,442 4,801 5,120 5,458 5,631 5,801
EBITDA 1 358.1 414.8 426.8 484.3 435.2 521.9 561.5 587.2
EBIT 1 153.9 203.5 253 228.4 173 244.2 266.6 275.3
Net income 1 110 146.4 191.6 157.2 84.3 139.8 169.6 185.4
Net Debt 1 944.8 1,073 1,046 1,340 1,533 1,499 1,454 1,411
Reference price 2 102.00 90.60 114.20 131.20 131.40 126.80 126.80 126.80
Nbr of stocks (in thousands) 12,377 12,387 12,424 12,281 12,538 12,649 - -
Announcement Date 3/10/22 3/9/23 3/7/24 3/13/25 3/12/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
30.93x6.21x18.57x0.63% 37.28B
34.56x1.95x14.73x0.67% 25.4B
25.18x2.38x12.96x - 19.18B
24.48x1.54x10.2x1.47% 10.77B
30.79x2.57x13.97x-.--% 9.34B
29.13x1.02x18.21x1.24% 5.86B
33.83x2.6x17.15x2.2% 4.11B
-79.99x0.53x26.55x-.--% 3.21B
44.47x0.84x6.99x1.53% 2.24B
Average 19.26x 2.18x 15.48x 0.97% 13.04B
Weighted average by Cap. 27.41x 3.30x 15.62x 0.78%

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

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