Company Valuation: Tax-Net S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3.823 6.098 7.036 9.147 6.191 5.019
Change - 59.51% 15.38% 30% -32.31% -18.94%
Enterprise Value (EV) 1 3.872 5.805 5.987 7.06 5.236 4.109
Change - 49.94% 3.14% 17.93% -25.84% -21.53%
P/E 7.69x -10.1x 9.73x 20.1x 38.9x -171x
PBR 0.94x 1.75x 1.67x 2.18x 2.14x 1.75x
PEG - 0x -0x -0.5x -0.6x 1x
Capitalization / Revenue 0.39x 0.62x 0.64x 0.75x 0.46x 0.34x
EV / Revenue 0.39x 0.59x 0.55x 0.58x 0.39x 0.27x
EV / EBITDA 3.2x 6.9x 4.84x 11x 11.3x 10.2x
EV / EBIT 4.7x 13.2x 6.31x 16.8x 20.4x 31.4x
EV / FCF 5.6x 22.4x 9.36x 13.8x 12.6x 20.2x
FCF Yield 17.9% 4.46% 10.7% 7.26% 7.96% 4.94%
Dividend per Share 2 - - 0.2 0.62 - -
Rate of return - - 6.67% 15.9% - -
EPS 2 0.212 -0.2562 0.3084 0.1939 0.0679 -0.0125
Distribution rate - - 64.8% 320% - -
Net sales 1 9.918 9.759 10.93 12.19 13.57 14.97
EBITDA 1 1.208 0.8418 1.237 0.6437 0.4649 0.4044
EBIT 1 0.8235 0.4403 0.9489 0.421 0.2573 0.131
Net income 1 0.4972 -0.6009 0.7234 0.4549 0.1593 -0.0293
Net Debt 1 0.0488 -0.2926 -1.049 -2.086 -0.9556 -0.91
Reference price 2 1.630 2.600 3.000 3.900 2.640 2.140
Nbr of stocks (in thousands) 2,345 2,345 2,345 2,345 2,345 2,345
Announcement Date 26/05/21 25/05/22 12/05/23 17/05/24 16/05/25 19/05/26
1PLN in Million2PLN
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 10.53L
37.19x6.78x24.07x0.92% 8.17TCr
39.66x1.31x14.14x0.94% 1.76TCr
20.13x2.06x10.14x3.66% 1.42TCr
25.42x2.84x12.15x2.94% 1.22TCr
25.22x3.52x13.53x2.29% 817.43Cr
15.56x0.66x9.31x1.38% 708.93Cr
10.58x1.24x6.63x1.98% 630.63Cr
22.47x2.42x11.42x-.--% 578.86Cr
18.72x0.4x9.34x3.98% 534.1Cr
Average 23.88x 2.36x 12.30x 2.01% 1.58TCr
Weighted average by Cap. 31.23x 4.41x 17.95x 1.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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  4. Valuation Tax-Net S.A.