Company Valuation: SGS SA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 22,837 16,107 13,370 16,937 17,587 18,598 - -
Change - -29.47% -16.99% 26.68% 3.84% 5.75% - -
Enterprise Value (EV) 1 24,528 18,930 16,209 19,607 20,153 21,601 21,122 20,979
Change - -22.82% -14.38% 20.97% 2.78% 7.18% -2.22% -0.68%
P/E 37.3x 27.3x 24.3x 29.4x 26.3x 25.4x 22.7x 21.1x
PBR 20.4x 23.5x 29.1x 21.4x 19.5x 13.7x 10.7x 8.72x
PEG - -7.16x -4.88x 8.79x 2.2x 3.49x 1.9x 2.83x
Capitalization / Revenue 3.57x 2.43x 2.02x 2.49x 2.53x 2.45x 2.3x 2.18x
EV / Revenue 3.83x 2.85x 2.45x 2.89x 2.9x 2.85x 2.62x 2.46x
EV / EBITDA 16.2x 12.7x 11.4x 13.3x 13.1x 12.8x 11.7x 10.9x
EV / EBIT 23.2x 18.5x 16.7x 18.9x 18.2x 17.7x 15.9x 14.7x
EV / FCF 38.6x 37.3x 25.5x 26.2x 24x 25.6x 22x 20.2x
FCF Yield 2.59% 2.68% 3.92% 3.81% 4.17% 3.91% 4.55% 4.95%
Dividend per Share 2 3.2 3.2 3.2 3.2 3.2 3.19 3.266 3.372
Rate of return 2.63% 3.72% 4.41% 3.52% 3.52% 3.39% 3.47% 3.58%
EPS 2 3.272 3.147 2.99 3.09 3.46 3.712 4.149 4.458
Distribution rate 97.8% 102% 107% 104% 92.5% 85.9% 78.7% 75.6%
Net sales 1 6,405 6,642 6,622 6,794 6,945 7,587 8,069 8,535
EBITDA 1 1,515 1,489 1,424 1,478 1,539 1,688 1,810 1,925
EBIT 1 1,055 1,023 971 1,040 1,108 1,222 1,327 1,428
Net income 1 613 588 553 581 668 728.9 830 902.7
Net Debt 1 1,691 2,823 2,839 2,670 2,566 3,003 2,524 2,381
Reference price 2 121.88 86.00 72.54 90.88 90.86 94.12 94.12 94.12
Nbr of stocks (in thousands) 1,87,376 1,87,292 1,84,309 1,86,371 1,93,566 1,97,600 - -
Announcement Date 27/01/22 26/01/23 26/01/24 11/02/25 11/02/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.46x2.86x12.84x3.38% 2.25TCr
20.15x2.97x12.15x1.34% 360.49Cr
-31.95x1.43x9.26x-.--% 194.89Cr
11.8x - - 2.61% 194.77Cr
23.22x - - 2.13% 165.76Cr
45.51x - - - 157.47Cr
Average 15.70x 2.42x 11.42x 1.89% 554.42Cr
Weighted average by Cap. 21.56x 2.77x 12.51x 2.82%

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