Company Valuation: NETGEM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 47.99 26.94 33.41 31.88 28.46 26.43 - -
Change - -43.86% 24.01% -4.58% -10.71% -7.14% - -
Enterprise Value (EV) 1 43.99 23.64 28.81 25.87 24.41 20.23 16.83 12.63
Change - -46.26% 21.88% -10.21% -5.63% -17.13% -16.81% -24.95%
P/E -33.3x - 50x 15.9x 17x 13.2x 9.88x 7.18x
PBR 2.13x 1.15x 1.34x 1.33x 1.15x 1.05x 1.01x 0.89x
PEG - - - 0x -1x 0.7x 0.3x 0.2x
Capitalization / Revenue 1.7x 0.74x 0.94x 0.94x 0.9x 0.78x 0.76x 0.73x
EV / Revenue 1.55x 0.65x 0.81x 0.77x 0.77x 0.6x 0.48x 0.35x
EV / EBITDA 10.2x 3.46x 3.69x 3.07x 4.14x 3.26x 2.51x 1.75x
EV / EBIT -10x -11.1x 72x 12.4x 12.8x 6.98x 4.68x 2.81x
EV / FCF -299x 30.2x 7.11x 7.99x 13.6x 10.1x 3.24x 2.11x
FCF Yield -0.33% 3.32% 14.1% 12.5% 7.36% 9.89% 30.9% 47.5%
Dividend per Share 2 0.03 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Rate of return 1.8% 5.42% 5% 5.25% 5.88% 6.33% 6.33% 6.33%
EPS 2 -0.05 - 0.02 0.06 0.05 0.06 0.08 0.11
Distribution rate -60% - 250% 83.3% 100% 83.3% 62.5% 45.5%
Net sales 1 28.3 36.3 35.6 33.77 31.7 33.7 35 36.4
EBITDA 1 4.3 6.825 7.8 8.424 5.9 6.2 6.7 7.2
EBIT 1 -4.4 -2.122 0.4 2.078 1.9 2.9 3.6 4.5
Net income 1 -1.3 0.108 0.5 1.953 1.534 2.2 2.8 3.5
Net Debt 1 -4 -3.303 -4.6 -6.01 -4.051 -6.2 -9.6 -13.8
Reference price 2 1.6650 0.9220 1.0000 0.9520 0.8500 0.7900 0.7900 0.7900
Nbr of stocks (in thousands) 28,821 29,221 33,412 33,488 33,488 33,457 - -
Announcement Date 31/03/22 28/04/23 28/03/24 30/04/25 26/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.17x0.6x3.26x6.33% 3.07Cr
25.76x9.51x15.51x0.77% 3,76700Cr
123.05x53.23x86.4x-.--% 45TCr
70.5x14.88x31.37x-.--% 9.33TCr
420.2x18.03x71.28x-.--% 8.51TCr
108.16x9.37x23.73x-.--% 8.42TCr
38.28x1.92x15.3x-.--% 6.95TCr
196.24x6.27x24.21x-.--% 4.92TCr
114.63x4.71x22.88x-.--% 4.11TCr
27.42x5.66x27.17x-.--% 3.62TCr
Average 113.74x 12.42x 32.11x 0.71% 46.73TCr
Weighted average by Cap. 47.42x 13.74x 24.02x 0.62%

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