Company Valuation: Ipsos SA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,832 2,598 2,451 1,977 1,478 1,659 - -
Change - 41.8% -5.68% -19.33% -25.22% 12.24% - -
Enterprise Value (EV) 1 2,150 2,598 2,695 2,147 1,837 2,016 1,921 1,755
Change - 20.84% 3.72% -20.34% -14.45% 9.74% -4.67% -8.65%
P/E 10.2x 12.3x 15.8x 9.85x 8.02x 8.15x 7.46x 6.99x
PBR 1.37x 1.75x 1.73x 1.25x 0.94x 0.99x 0.95x 0.87x
PEG - 0.7x -0.7x 0.3x -0.96x 0.6x 0.81x 1.05x
Capitalization / Revenue 0.85x 1.08x 1.03x 0.81x 0.59x 0.65x 0.63x 0.61x
EV / Revenue 1x 1.08x 1.13x 0.88x 0.73x 0.79x 0.73x 0.64x
EV / EBITDA 6.02x 6.45x 6.21x 5.23x 4.47x 5.04x 4.53x 3.94x
EV / EBIT 7.75x 8.26x 8.63x 6.72x 5.94x 6.55x 5.84x 5.05x
EV / FCF 7.11x 9.62x 11.9x 8.01x 8.39x 10.2x 8.74x 7.26x
FCF Yield 14.1% 10.4% 8.37% 12.5% 11.9% 9.82% 11.4% 13.8%
Dividend per Share 2 1.15 1.35 1.65 1.85 2 2.134 2.303 2.45
Rate of return 2.79% 2.31% 2.91% 4.03% 5.84% 5.4% 5.82% 6.2%
EPS 2 4.04 4.74 3.59 4.66 4.27 4.854 5.302 5.654
Distribution rate 28.5% 28.5% 46% 39.7% 46.8% 44% 43.4% 43.3%
Net sales 1 2,147 2,405 2,390 2,441 2,525 2,566 2,642 2,723
EBITDA 1 357.2 402.9 434.1 410.7 410.6 399.8 424.1 445.3
EBIT 1 277.4 314.7 312.4 319.5 309.3 307.8 329.3 347.4
Net income 1 183.9 215.2 159.7 204.5 186.6 196 222 237.1
Net Debt 1 317.8 - 244.3 169.8 358.3 356.1 262 95.75
Reference price 2 41.25 58.50 56.75 45.92 34.26 39.54 39.54 39.54
Nbr of stocks (in thousands) 44,424 44,419 43,186 43,057 43,153 41,968 - -
Announcement Date 23/02/22 15/02/23 21/02/24 26/02/25 24/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.8x1.63x7.4x3.78% 3.01TCr
9.82x1.1x6.11x4.05% 2.32TCr
11.91x5.21x9.1x7.07% 1.04TCr
16.26x1.32x4.16x2.85% 600.88Cr
-58.51x1.88x7.89x0% 555.11Cr
43.21x0.72x4.28x3.94% 556.99Cr
15.01x0.5x5.07x1.6% 414.91Cr
36.31x4.73x12.86x-.--% 353.25Cr
Average 11.10x 2.13x 7.11x 2.91% 1.11TCr
Weighted average by Cap. 11.31x 1.92x 6.98x 3.69%

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