Company Valuation: Bechtle AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 7,930 4,166 5,719 3,919 5,504 4,213 - -
Change - -47.47% 37.3% -31.48% 40.45% -23.44% - -
Enterprise Value (EV) 1 7,844 4,309 5,794 3,861 5,598 4,232 4,071 3,850
Change - -45.06% 34.45% -33.36% 44.98% -24.4% -3.8% -5.41%
P/E 34.2x 16.6x 21.5x 15.9x 24x 16.9x 15.4x 14.1x
PBR 5.86x 2.71x 3.28x 2.05x 2.68x 1.91x 1.77x 1.63x
PEG - 2.04x 3.57x -2.1x -3.6x 1.98x 1.6x 1.51x
Capitalization / Revenue 1.27x 0.69x 0.89x 0.62x 0.86x 0.61x 0.57x 0.54x
EV / Revenue 1.26x 0.71x 0.9x 0.61x 0.87x 0.61x 0.55x 0.49x
EV / EBITDA 18.3x 9.22x 11.4x 7.85x 11.3x 7.92x 7.06x 6.21x
EV / EBIT 24.1x 12.1x 15.2x 11x 16.7x 11.6x 10.1x 8.83x
EV / FCF 44.3x 69.1x 15.5x 8.22x 33.2x 21x 15.7x 13.6x
FCF Yield 2.26% 1.45% 6.47% 12.2% 3.01% 4.75% 6.36% 7.37%
Dividend per Share 2 0.55 0.65 0.7 0.7 0.7 0.741 0.793 0.83
Rate of return 0.87% 1.97% 1.54% 2.25% 1.6% 2.22% 2.37% 2.48%
EPS 2 1.84 1.99 2.11 1.95 1.82 1.976 2.166 2.369
Distribution rate 29.9% 32.7% 33.2% 35.9% 38.5% 37.5% 36.6% 35%
Net sales 1 6,246 6,028 6,423 6,306 6,406 6,936 7,376 7,807
EBITDA 1 428.7 467.5 508.9 491.6 494.6 534.5 576.6 619.7
EBIT 1 325.7 355.4 382.3 351.3 335.3 365.8 401.9 436.2
Net income 1 231.4 251.1 265.5 245.5 229.2 249.6 273.6 297.1
Net Debt 1 -86.27 143.7 74.76 -57.66 93.86 18.09 -142.7 -363.1
Reference price 2 62.94 33.06 45.39 31.10 43.68 33.44 33.44 33.44
Nbr of stocks (in thousands) 126,000 126,000 126,000 126,000 126,000 126,000 - -
Announcement Date 18/3/22 17/3/23 15/3/24 13/3/25 19/3/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.54x3.69x12.88x2.95% 216B
-130.35x18.18x100.79x-.--% 117B
13.46x1.48x7.8x3.56% 111B
13.63x2.48x9.35x6.03% 79.37B
19.51x5.17x12.71x2.91% 58.38B
13.79x1.99x8.45x5.65% 44.37B
22.36x1.83x11.42x1.31% 43.97B
21.06x1.6x10.17x0.89% 40.66B
17.22x2.17x10.3x5.08% 35.23B
Average 1.47x 4.29x 20.43x 3.15% 82.93B
Weighted average by Cap. -4.86x 5.23x 24.92x 2.95%

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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