Company Valuation: Tessenderlo Group nv

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,439 1,438 1,787 1,156 1,552 1,375 - -
Change - -0.07% 24.22% -35.31% 34.28% -11.42% - -
Enterprise Value (EV) 1 1,514 1,498 1,787 1,231 1,511 1,276 1,179 1,230
Change - -1.08% 19.29% -31.11% 22.74% -15.55% -7.57% 4.28%
P/E 7.65x 6.34x 16.2x 27x -19.6x 18.2x 14x 13.2x
PBR 1.27x 1.03x - 0.61x 0.94x 0.74x 0.72x 0.77x
PEG - 0.3x -0.2x -0.5x 0x -0x 0.5x 2.24x
Capitalization / Revenue 0.69x 0.56x 0.61x 0.44x 0.56x 0.48x 0.46x 0.45x
EV / Revenue 0.73x 0.58x 0.61x 0.46x 0.55x 0.45x 0.4x 0.41x
EV / EBITDA 4.27x 3.44x 5.61x 4.63x 5.24x 4.08x 3.56x 3.38x
EV / EBIT 6.77x 4.99x 14.9x 19.3x 19.4x 13.2x 8.71x 7.77x
EV / FCF - - 20.6x 8.06x 16.8x 13.5x 11.1x 10.3x
FCF Yield - - 4.85% 12.4% 5.96% 7.42% 8.99% 9.69%
Dividend per Share 2 - 0.75 - 0.75 0.75 0.765 0.79 0.85
Rate of return - 2.25% - 3.97% 2.86% 3.28% 3.39% 3.65%
EPS 2 4.36 5.26 1.74 0.7 -1.34 1.278 1.663 1.761
Distribution rate - 14.3% - 107% -56% 59.8% 47.5% 48.3%
Net sales 1 2,082 2,588 2,928 2,648 2,763 2,849 2,973 3,027
EBITDA 1 354.2 434.8 318.7 265.6 288.1 312.3 331 363.8
EBIT 1 223.8 300.1 120.1 63.8 77.9 96.8 135.4 158.2
Net income 1 - - 109.5 42.8 -81.1 55.93 70.94 97.21
Net Debt 1 74.8 59.5 - 75 -41.3 -98.9 -195.4 -145
Reference price 2 33.35 33.35 28.25 18.90 26.20 23.30 23.30 23.30
Nbr of stocks (in thousands) 43,155 43,123 63,241 61,147 59,230 58,993 - -
Announcement Date 24/03/22 23/03/23 27/03/24 26/03/25 26/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.23x0.45x4.08x3.28% 159.51Cr
19.83x3.53x9.99x2% 6.98TCr
12.4x0.94x7.83x4.34% 5.25TCr
58.06x9.32x39.69x0.94% 1.74TCr
13.09x0.87x6.12x2.8% 1.36TCr
16.09x0.73x7.86x3.07% 1.03TCr
13.3x0.75x5.15x2.7% 1.01TCr
38.15x1.73x9.13x2.01% 962.63Cr
32.3x4.41x18.87x0.36% 804.78Cr
5.43x0.69x3.26x-.--% 749.16Cr
Average 22.69x 2.34x 11.20x 2.15% 2TCr
Weighted average by Cap. 21.05x 2.71x 11.40x 2.53%

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

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