Company Valuation: Risma

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2023 2024 2025 2026 2027 2028
Market Cap 1 1,572 2,966 3,210 5,301 5,084 - -
Change - - 8.24% 65.14% -4.1% - -
Enterprise Value (EV) 1 3,363 2,966 4,296 7,269 6,129 6,134 6,120
Change - - 44.85% 69.23% -15.69% 0.08% -0.23%
P/E -9.15x 12.2x - 19.5x 24.1x 19.5x 17.6x
PBR - - - - - - -
PEG - - - - -0.8x 0.8x 1.7x
Capitalization / Revenue 3x - 2.54x 3.76x 3x 2.89x 2.76x
EV / Revenue 6.41x - 3.4x 5.15x 3.61x 3.49x 3.33x
EV / EBITDA 58.4x - 9.31x 11.5x 8.93x 8.63x 8.18x
EV / EBIT -40.3x - 14.7x 17.1x 13.2x 12.8x 12.1x
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Dividend per Share 2 - - 7 9 10 11 12
Rate of return - - 3.12% 2.43% 3.15% 3.46% 3.78%
EPS 2 -12 17 - 19 13.2 16.3 18
Distribution rate - - - 47.4% 75.8% 67.5% 66.7%
Net sales 1 524.9 - 1,264 1,411 1,696 1,758 1,839
EBITDA 1 57.59 - 461.2 631.3 686 711 748
EBIT 1 -83.52 - 292.8 424.6 463 479 506
Net income 1 -171.8 244.1 - 280.5 405 261 288
Net Debt 1 1,790 - 1,086 1,968 1,045 1,050 1,036
Reference price 2 109.75 207.00 224.05 370.00 317.50 317.50 317.50
Nbr of stocks (in thousands) 14,327 14,327 14,327 14,327 16,012 - -
Announcement Date 29/04/22 30/04/24 28/04/25 06/05/26 - - -
1MAD in Million2MAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.05x3.61x8.93x3.15% 534M
16.55x2.96x8.42x4.84% 13.36B
12.86x3.11x8.66x4.04% 5.16B
15.34x5.16x10.27x2.54% 5.05B
14.56x1.99x8.21x3.06% 4.42B
18.36x3.84x9.78x1.19% 4.32B
17.04x1.68x7.39x3.54% 2.73B
17.31x1.27x7.69x2.01% 2.42B
Average 17.01x 2.95x 8.67x 3.05% 4.75B
Weighted average by Cap. 16.05x 3.07x 8.72x 3.51%

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

-40%: Exceptional extension
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