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 1.30 2.32 2.12 3.52 5.51 7.43
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 118M
39.52x1.45x22.78x0.5% 6.61B
8.67x0.34x3.23x1.65% 3.29B
41.3x - - - 2.7B
13.93x1.04x7.75x-.--% 2.25B
26.88x3.31x10.43x3.42% 2.19B
41.83x1.45x25.87x0.44% 1.79B
6.22x0.39x2.46x6.45% 1.78B
10.65x - - - 1.41B
Average 23.63x 1.33x 12.09x 2.08% 2.46B
Weighted average by Cap. 26.90x 1.32x 14.07x 1.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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