Company Valuation: Stef

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,262 1,122 1,419 1,611 1,648 1,586 - -
Change - -11.11% 26.43% 13.56% 2.25% -3.72% - -
Enterprise Value (EV) 1 2,207 2,195 2,464 2,952 3,181 3,085 3,040 2,997
Change - -0.56% 12.27% 19.78% 7.76% -3.01% -1.45% -1.42%
P/E 11.6x 7.82x 7.53x 10.5x 19.7x 10.9x 9.1x 8.49x
PBR 1.38x 1.08x 1.31x 1.35x 1.27x 1.11x 1.02x 0.95x
PEG - 0.2x 0.2x -0.6x -0.4x 0.2x 0.5x 1.19x
Capitalization / Revenue 0.36x 0.26x 0.32x 0.34x 0.32x 0.29x 0.28x 0.27x
EV / Revenue 0.63x 0.51x 0.55x 0.61x 0.62x 0.57x 0.54x 0.52x
EV / EBITDA 6.16x 5.29x 5.77x 6.09x 7.31x 5.91x 5.41x 5.1x
EV / EBIT 14.3x 10.8x 9.74x 12.9x 18.4x 12.6x 11.4x 10.9x
EV / FCF 10.6x 42.8x 22x -58.9x -47.7x 27.1x 20.7x 17.2x
FCF Yield 9.46% 2.33% 4.54% -1.7% -2.1% 3.69% 4.84% 5.8%
Dividend per Share 2 3 4 5.1 4.15 2.7 4.367 5.273 5.66
Rate of return 2.94% 4.42% 4.47% 3.16% 2.05% 3.48% 4.21% 4.51%
EPS 2 8.78 11.58 15.16 12.46 6.66 11.49 13.78 14.77
Distribution rate 34.2% 34.5% 33.6% 33.3% 40.5% 38% 38.3% 38.3%
Net sales 1 3,507 4,264 4,442 4,801 5,120 5,458 5,631 5,801
EBITDA 1 358.1 414.8 426.8 484.3 435.2 521.9 561.5 587.2
EBIT 1 153.9 203.5 253 228.4 173 244.2 266.6 275.3
Net income 1 110 146.4 191.6 157.2 84.3 139.8 169.6 185.4
Net Debt 1 944.8 1,073 1,046 1,340 1,533 1,499 1,454 1,411
Reference price 2 102.00 90.60 114.20 131.20 131.40 125.40 125.40 125.40
Nbr of stocks (in thousands) 12,377 12,387 12,424 12,281 12,538 12,649 - -
Announcement Date 10/3/22 9/3/23 7/3/24 13/3/25 12/3/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
21.28x7.06x13.94x2.02% 163B
23.38x6.86x14.32x1.22% 86.93B
25.23x8.06x15.76x0.81% 75.96B
20.98x6.79x13.97x2.15% 72.82B
25.18x6.41x14.42x1.73% 70.3B
30.53x6.12x18.27x0.64% 36.8B
30.33x1.66x12.79x0.79% 21.53B
36.67x2.6x15.44x-.--% 20.77B
24.7x1.02x17.42x1.68% 17.49B
Average 26.47x 5.18x 15.15x 1.23% 62.83B
Weighted average by Cap. 24.20x 6.43x 14.71x 1.5%

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