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 1,569 - -
Change - -11.11% 26.43% 13.56% 2.25% -4.8% - -
Enterprise Value (EV) 1 2,207 2,195 2,464 2,952 3,181 3,067 3,022 2,979
Change - -0.56% 12.27% 19.78% 7.76% -3.57% -1.46% -1.42%
P/E 11.6x 7.82x 7.53x 10.5x 19.7x 10.8x 9x 8.4x
PBR 1.38x 1.08x 1.31x 1.35x 1.27x 1.1x 1.01x 0.94x
PEG - 0.2x 0.2x -0.6x -0.4x 0.1x 0.5x 1.18x
Capitalization / Revenue 0.36x 0.26x 0.32x 0.34x 0.32x 0.29x 0.28x 0.27x
EV / Revenue 0.63x 0.51x 0.55x 0.61x 0.62x 0.56x 0.54x 0.51x
EV / EBITDA 6.16x 5.29x 5.77x 6.09x 7.31x 5.88x 5.38x 5.07x
EV / EBIT 14.3x 10.8x 9.74x 12.9x 18.4x 12.6x 11.3x 10.8x
EV / FCF 10.6x 42.8x 22x -58.9x -47.7x 26.9x 20.6x 17.1x
FCF Yield 9.46% 2.33% 4.54% -1.7% -2.1% 3.72% 4.86% 5.83%
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% 3.52% 4.25% 4.56%
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 90.60 114.20 131.20 131.40 124.00 124.00 124.00
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.($)
10.76x0.56x5.87x3.53% 1.79B
29.77x5.97x17.86x0.66% 35.87B
30.88x1.7x13.03x0.77% 22B
23.58x2.25x12.25x - 17.96B
23.36x1.48x9.82x1.54% 10.28B
30.02x2.5x13.62x-.--% 9.1B
28.71x1x17.94x1.26% 5.78B
34.03x2.61x17.24x2.19% 4.05B
-83.15x0.55x27.48x-.--% 3.34B
42.56x0.81x6.77x1.6% 2.14B
Average 17.05x 1.94x 14.19x 1.28% 11.23B
Weighted average by Cap. 25.11x 3.12x 14.80x 0.87%

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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