Company Valuation: Technos S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 100.5 172.8 154.1 244.1 348.8 455.5
Change - 72.01% -10.85% 58.44% 42.87% 30.57%
Enterprise Value (EV) 1 177.7 223 180 217.7 340.1 467.1
Change - 25.51% -19.26% 20.93% 56.2% 37.35%
P/E -3.57x 6.46x 4.22x 4.79x 6.03x 7x
PBR 0.32x 0.52x 0.43x 0.6x 0.85x 1.03x
PEG - -0x 0.1x 0.1x 0.2x 0.4x
Capitalization / Revenue 0.41x 0.55x 0.44x 0.71x 0.87x 0.95x
EV / Revenue 0.73x 0.71x 0.51x 0.64x 0.85x 0.98x
EV / EBITDA 10.6x 4.05x 3x 3.31x 4.76x 5.85x
EV / EBIT 18.1x 4.4x 3.24x 3.53x 5.09x 6.24x
EV / FCF 57.9x 14.4x 28.8x 4.57x 31.4x -755x
FCF Yield 1.73% 6.96% 3.48% 21.9% 3.19% -0.13%
Dividend per Share 2 - 0.081 0.082 0.1484 0.2388 0.4105
Rate of return - 3.49% 3.87% 4.22% 4.33% 5.52%
EPS 2 -0.3643 0.3593 0.5019 0.7349 0.9132 1.062
Distribution rate - 22.5% 16.3% 20.2% 26.1% 38.7%
Net sales 1 244.6 314.4 351.2 342.3 400.3 478.4
EBITDA 1 16.74 55.08 60.02 65.8 71.38 79.8
EBIT 1 9.796 50.65 55.6 61.72 66.76 74.85
Net income 1 -28.16 28.08 39.92 56.21 64.83 71.48
Net Debt 1 77.18 50.15 25.95 -26.42 -8.72 11.68
Reference price 2 1.300 2.320 2.120 3.520 5.510 7.430
Nbr of stocks (in thousands) 77,298 74,502 72,684 69,359 63,306 61,299
Announcement Date 3/19/21 3/15/22 3/14/23 3/4/24 3/10/25 3/10/26
1BRL in Million2BRL
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 110M
49.89x1.92x28.24x0.4% 6.63B
9.7x0.39x3.74x1.49% 3.65B
41.03x - - - 2.67B
14.29x1.06x7.72x-.--% 2.29B
29.56x3.29x10.69x3.3% 1.85B
39.79x1.38x24.63x0.36% 1.7B
8.23x1.64x6.15x2.6% 1.03B
Average 27.50x 1.61x 13.53x 1.36% 2.49B
Weighted average by Cap. 32.25x 1.56x 16.71x 1.02%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Technos S.A.