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 1,576 - -
Change - -11.11% 26.43% 13.56% 2.25% -4.34% - -
Enterprise Value (EV) 1 2,207 2,195 2,464 2,952 3,181 3,081 3,044 3,008
Change - -0.56% 12.27% 19.78% 7.76% -3.12% -1.22% -1.17%
P/E 11.6x 7.82x 7.53x 10.5x 19.7x 11.6x 9.35x 8.81x
PBR 1.38x 1.08x 1.31x 1.35x 1.27x 1.12x 1.03x 0.96x
PEG - 0.2x 0.2x -0.6x -0.4x 0.2x 0.4x 1.45x
Capitalization / Revenue 0.36x 0.26x 0.32x 0.34x 0.32x 0.29x 0.28x 0.28x
EV / Revenue 0.63x 0.51x 0.55x 0.61x 0.62x 0.57x 0.55x 0.53x
EV / EBITDA 6.16x 5.29x 5.77x 6.09x 7.31x 6.15x 5.55x 5.25x
EV / EBIT 14.3x 10.8x 9.74x 12.9x 18.4x 13.5x 11.5x 11x
EV / FCF 10.6x 42.8x 22x -58.9x -47.7x 27.6x 23.2x 19.5x
FCF Yield 9.46% 2.33% 4.54% -1.7% -2.1% 3.63% 4.31% 5.12%
Dividend per Share 2 3 4 5.1 4.15 2.7 4.067 5.107 5.427
Rate of return 2.94% 4.42% 4.47% 3.16% 2.05% 3.26% 4.1% 4.36%
EPS 2 8.78 11.58 15.16 12.46 6.66 10.73 13.33 14.14
Distribution rate 34.2% 34.5% 33.6% 33.3% 40.5% 37.9% 38.3% 38.4%
Net sales 1 3,507 4,264 4,442 4,801 5,120 5,392 5,555 5,722
EBITDA 1 358.1 414.8 426.8 484.3 435.2 500.9 548.1 573.3
EBIT 1 153.9 203.5 253 228.4 173 228.9 263.7 272.3
Net income 1 110 146.4 191.6 157.2 84.3 136.6 163.3 175.9
Net Debt 1 944.8 1,073 1,046 1,340 1,533 1,505 1,468 1,432
Reference price 2 102.00 90.60 114.20 131.20 131.40 124.60 124.60 124.60
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.($)
11.76x0.58x6.19x3.22% 185.25Cr
34.22x6.88x20.57x0.58% 4.12TCr
33.35x1.88x14.24x0.69% 2.45TCr
26.16x2.49x13.5x - 2TCr
24.92x1.56x10.35x1.44% 1.1TCr
30.87x2.58x14.01x-.--% 937.16Cr
30.35x1.06x18.98x1.19% 610.97Cr
34.46x2.74x17.96x2.11% 422.94Cr
-88.9x0.58x29.61x-.--% 361.35Cr
45.76x0.86x7.15x1.49% 230.43Cr
Average 18.30x 2.12x 15.26x 1.19% 1.24TCr
Weighted average by Cap. 27.79x 3.57x 16.42x 0.79%

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