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 1,526 - -
Change - -11.11% 26.43% 13.56% 2.25% -7.41% - -
Enterprise Value (EV) 1 2,207 2,195 2,464 2,952 3,181 3,024 2,979 2,936
Change - -0.56% 12.27% 19.78% 7.76% -4.92% -1.48% -1.44%
P/E 11.6x 7.82x 7.53x 10.5x 19.7x 10.5x 8.75x 8.17x
PBR 1.38x 1.08x 1.31x 1.35x 1.27x 1.07x 0.98x 0.92x
PEG - 0.2x 0.2x -0.6x -0.4x 0.1x 0.4x 1.14x
Capitalization / Revenue 0.36x 0.26x 0.32x 0.34x 0.32x 0.28x 0.27x 0.26x
EV / Revenue 0.63x 0.51x 0.55x 0.61x 0.62x 0.55x 0.53x 0.51x
EV / EBITDA 6.16x 5.29x 5.77x 6.09x 7.31x 5.8x 5.31x 5x
EV / EBIT 14.3x 10.8x 9.74x 12.9x 18.4x 12.4x 11.2x 10.7x
EV / FCF 10.6x 42.8x 22x -58.9x -47.7x 26.5x 20.3x 16.9x
FCF Yield 9.46% 2.33% 4.54% -1.7% -2.1% 3.77% 4.93% 5.92%
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% 3.62% 4.37% 4.69%
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 90.60 114.20 131.20 131.40 120.60 120.60 120.60
Nbr of stocks (in thousands) 12,377 12,387 12,424 12,281 12,538 12,649 - -
Announcement Date 10/03/22 09/03/23 07/03/24 13/03/25 12/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.62x7.14x14.12x1.99% 17TCr
23.64x6.91x14.43x1.21% 8.79TCr
25.27x8.04x15.75x0.82% 7.55TCr
20.92x6.78x13.94x2.16% 7.23TCr
25.64x6.49x14.6x1.71% 7.13TCr
31.08x6.22x18.6x0.64% 3.74TCr
31.13x1.69x13.09x0.77% 2.2TCr
38.44x2.71x16.11x-.--% 2.18TCr
25.99x1.07x18.33x1.59% 1.84TCr
Average 27.08x 5.23x 15.44x 1.21% 6.36TCr
Weighted average by Cap. 24.59x 6.46x 14.89x 1.48%

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