Company Valuation: Tax-Net S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3.823 6.098 7.036 9.147 6.191 5.019
Change - 59.51% 15.38% 30% -32.31% -18.94%
Enterprise Value (EV) 1 3.872 5.805 5.987 7.06 5.236 4.109
Change - 49.94% 3.14% 17.93% -25.84% -21.53%
P/E Ratio 7.69x -10.1x 9.73x 20.1x 38.9x -171x
PBR 0.94x 1.75x 1.67x 2.18x 2.14x 1.75x
PEG - 0x -0x -0.5x -0.6x 1x
Capitalization / Revenue 0.39x 0.62x 0.64x 0.75x 0.46x 0.34x
EV / Revenue 0.39x 0.59x 0.55x 0.58x 0.39x 0.27x
EV / EBITDA 3.2x 6.9x 4.84x 11x 11.3x 10.2x
EV / EBIT 4.7x 13.2x 6.31x 16.8x 20.4x 31.4x
EV / FCF 5.6x 22.4x 9.36x 13.8x 12.6x 20.2x
FCF Yield 17.9% 4.46% 10.7% 7.26% 7.96% 4.94%
Dividend per Share 2 - - 0.2 0.62 - -
Rate of return - - 6.67% 15.9% - -
EPS 2 0.212 -0.2562 0.3084 0.1939 0.0679 -0.0125
Distribution rate - - 64.8% 320% - -
Net sales 1 9.918 9.759 10.93 12.19 13.57 14.97
EBITDA 1 1.208 0.8418 1.237 0.6437 0.4649 0.4044
EBIT 1 0.8235 0.4403 0.9489 0.421 0.2573 0.131
Net income 1 0.4972 -0.6009 0.7234 0.4549 0.1593 -0.0293
Net Debt 1 0.0488 -0.2926 -1.049 -2.086 -0.9556 -0.91
Reference price 2 1.630 2.600 3.000 3.900 2.640 2.140
Nbr of stocks (in thousands) 2,345 2,345 2,345 2,345 2,345 2,345
Announcement Date 5/26/21 5/25/22 5/12/23 5/17/24 5/16/25 5/19/26
1PLN in Million2PLN
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.18M
35.76x6.42x23.2x0.96% 69.91B
38.28x4.56x14.9x1.17% 20.57B
28.76x1.18x12.03x1.14% 14.71B
18.25x1.97x9.73x3.81% 13.46B
24.48x2.76x11.86x3.06% 11.69B
26.84x3.67x14.16x2.17% 8.45B
13.78x0.62x8.9x1.57% 6.46B
8.74x1x5.3x2.42% 5.25B
17.58x0.38x8.73x4.14% 5.18B
Average 23.61x 2.51x 12.09x 2.27% 15.57B
Weighted average by Cap. 30.16x 4.25x 16.86x 1.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

  1. Stock Market
  2. Stocks
  3. TXN Stock
  4. Valuation Tax-Net S.A.
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