Company Valuation: Sulzer AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 3,036 2,438 2,915 4,439 4,972 4,885 - -
Change - -19.69% 19.56% 52.28% 12.02% -1.75% - -
Enterprise Value (EV) 1 3,103 2,673 3,087 4,539 5,240 4,977 4,784 4,573
Change - -13.86% 15.51% 47.03% 15.43% -5.02% -3.87% -4.41%
P/E ratio 2.18x 86.7x 12.9x 17.1x 17.2x 15.2x 13.6x 12.5x
PBR 2.38x 2.37x 2.65x 3.61x 3.85x 3.33x 2.91x 2.54x
PEG - -0.9x 0x 1.2x 1.4x 1.4x 1.2x 1.41x
Capitalization / Revenue 0.96x 0.77x 0.89x 1.26x 1.4x 1.35x 1.31x 1.27x
EV / Revenue 0.98x 0.84x 0.94x 1.29x 1.47x 1.38x 1.29x 1.19x
EV / EBITDA 7.04x 9.87x 7.05x 9.03x 9.42x 8.44x 7.42x 6.62x
EV / EBIT 14x 24x 9.36x 11.9x 12.1x 10.4x 9.15x 8.22x
EV / FCF 13x 54.2x 10.4x 19.6x 25x 15.8x 14.4x 11.7x
FCF Yield 7.69% 1.84% 9.61% 5.1% 4% 6.35% 6.97% 8.58%
Dividend per Share 2 3.5 3.5 3.75 4.25 4.75 5.15 5.627 6.05
Rate of return 3.9% 4.86% 4.37% 3.24% 3.22% 3.56% 3.89% 4.18%
EPS 2 41.28 0.83 6.67 7.64 8.57 9.502 10.62 11.56
Distribution rate 8.48% 422% 56.2% 55.6% 55.4% 54.2% 53% 52.4%
Net sales 1 3,155 3,180 3,282 3,531 3,555 3,612 3,717 3,835
EBITDA 1 441 270.7 437.9 502.7 556.2 590 645 691.2
EBIT 1 221.8 111.4 329.7 382.5 433.1 477 522.6 556.5
Net income 1 1,417 28.6 229.1 261.9 292.8 321.1 362.3 395.5
Net Debt 1 66.8 234.6 172.3 100.4 267.4 91.56 -101.3 -312.4
Reference price 2 89.85 72.00 85.90 131.00 147.40 144.80 144.80 144.80
Nbr of stocks (in thousands) 33,788 33,862 33,934 33,883 33,733 33,738 - -
Announcement Date 18/02/22 20/02/23 22/02/24 26/02/25 26/02/26 - - -
1CHF in Million2CHF
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.24x1.38x8.44x3.56% 618.31Cr
31.33x5.42x20.15x0.86% 11TCr
44.47x7.67x28.72x1.37% 4.49TCr
22.76x3.36x14.41x1.02% 2.79TCr
19.39x1.59x11.77x2.5% 2.75TCr
28.28x3.7x13.66x0.12% 2.68TCr
26.55x4.33x15.5x1.5% 2.66TCr
23.61x2.8x12.2x1.62% 2.53TCr
25.36x3.27x15.68x1.81% 2.39TCr
29.53x2.61x16.78x1.81% 2.3TCr
Average 26.65x 3.61x 15.73x 1.62% 3.4TCr
Weighted average by Cap. 29.37x 4.41x 17.91x 1.3%

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