Valuation UCB Deutsche Boerse AG

Stocks

Real-time Estimate Tradegate 15:59:59 2026-08-13 EDT			5-day change	1st Jan Change
219.60 ^EUR	-1.44%		-2.55%	-7.15%

08-11	Berenberg Adjusts UCB Forecasts After H1 Beat; Buy Reaffirmed	MT
08-11	UCB barely moves despite positive calls from ING and Berenberg

Data adjusted to current consolidation scope

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Market Cap ¹	18,947	13,973	14,969	36,464	45,333	42,289	-	-
Change	-	-26.25%	7.12%	143.6%	24.32%	-6.72%	-	-
Enterprise Value (EV) ¹	19,807	15,973	17,146	37,918	45,326	42,771	40,490	37,908
Change	-	-19.36%	7.34%	121.15%	19.54%	-5.64%	-5.33%	-6.38%
P/E	17.9x	33.4x	44.8x	34.3x	29.1x	22.2x	18.3x	15x
PBR	2.32x	1.58x	1.67x	3.64x	4.18x	3.51x	3.06x	2.53x
PEG	-	-0.6x	-2.2x	0x	0.6x	1x	0.8x	0.7x
Capitalization / Revenue	3.28x	2.53x	2.85x	5.93x	5.86x	4.87x	4.36x	3.92x
EV / Revenue	3.43x	2.9x	3.26x	6.16x	5.86x	4.92x	4.18x	3.51x
EV / EBITDA	12.1x	12.7x	12.7x	25.7x	17.2x	14.1x	11.1x	8.84x
EV / EBIT	15x	23.7x	26.1x	45.4x	22.6x	17.5x	13.5x	10.3x
EV / FCF	15.6x	18.4x	38.5x	41.2x	24.6x	22.4x	15.3x	12.2x
FCF Yield	6.42%	5.43%	2.6%	2.43%	4.06%	4.47%	6.53%	8.23%
Dividend per Share ²	1.3	1.33	1.36	1.39	1.45	1.457	1.502	1.534
Rate of return	1.3%	1.81%	1.72%	0.72%	0.61%	0.66%	0.68%	0.69%
EPS ²	5.6	2.2	1.76	5.61	8.2	9.986	12.14	14.79
Distribution rate	23.2%	60.5%	77.3%	24.8%	17.7%	14.6%	12.4%	10.4%
Net sales ¹	5,777	5,517	5,252	6,152	7,741	8,688	9,690	10,785
EBITDA ¹	1,641	1,260	1,349	1,476	2,636	3,038	3,648	4,291
EBIT ¹	1,318	675	657	836	2,009	2,444	3,001	3,675
Net income ¹	1,058	418	343	1,065	1,558	1,925	2,327	2,827
Net Debt ¹	860	2,000	2,177	1,454	-7	482.4	-1,799	-4,381
Reference price ²	100.35	73.56	78.90	192.20	238.60	221.80	221.80	221.80
Nbr of stocks (in thousands)	188,812	189,959	189,721	189,720	189,996	190,663	-	-
Announcement Date	2/24/22	2/22/23	2/28/24	2/27/25	2/24/26	-	-	-