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 32.19 - -
Change - -43.86% 24.01% -4.58% -10.71% 13.07% - -
Enterprise Value (EV) 1 43.99 23.64 28.81 25.87 24.41 25.99 22.59 18.39
Change - -46.26% 21.88% -10.21% -5.63% 6.44% -13.08% -18.6%
P/E -33.3x - 50x 15.9x 17x 16x 12x 8.75x
PBR 2.13x 1.15x 1.34x 1.33x 1.15x 1.28x 1.23x 1.08x
PEG - - - 0x -1x 0.8x 0.4x 0.2x
Capitalization / Revenue 1.7x 0.74x 0.94x 0.94x 0.9x 0.96x 0.92x 0.88x
EV / Revenue 1.55x 0.65x 0.81x 0.77x 0.77x 0.77x 0.65x 0.51x
EV / EBITDA 10.2x 3.46x 3.69x 3.07x 4.14x 4.19x 3.37x 2.55x
EV / EBIT -10x -11.1x 72x 12.4x 12.8x 8.96x 6.27x 4.09x
EV / FCF -299x 30.2x 7.11x 7.99x 13.6x 13x 4.34x 3.06x
FCF Yield -0.33% 3.32% 14.1% 12.5% 7.36% 7.7% 23% 32.6%
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% 5.2% 5.2% 5.2%
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 0.9620 0.9620 0.9620
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.($)
15.9x0.76x4.15x5.24% 3.69Cr
25.07x9.26x15.15x0.8% 3,72500Cr
116.4x50.67x82.24x-.--% 44TCr
410.75x17.46x69.02x-.--% 8.8TCr
58.87x12.44x26.23x-.--% 8.12TCr
96.92x8.29x21x-.--% 7.7TCr
34.34x1.66x13.29x-.--% 6.29TCr
194.07x6.2x23.93x-.--% 4.95TCr
111.51x4.4x21.39x-.--% 3.93TCr
28.38x5.87x28.18x-.--% 4.09TCr
Average 109.22x 11.70x 30.46x 0.6% 46.03TCr
Weighted average by Cap. 45.68x 13.20x 23.12x 0.65%

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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