Company Valuation: SGS SA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 22,837 16,107 13,370 16,937 17,587 18,294 - -
Change - -29.47% -16.99% 26.68% 3.84% 4.02% - -
Enterprise Value (EV) 1 24,528 18,930 16,209 19,607 20,153 21,297 20,818 20,675
Change - -22.82% -14.38% 20.97% 2.78% 5.67% -2.25% -0.69%
P/E 37.3x 27.3x 24.3x 29.4x 26.3x 24.9x 22.3x 20.8x
PBR 20.4x 23.5x 29.1x 21.4x 19.5x 13.5x 10.5x 8.58x
PEG - -7.16x -4.88x 8.79x 2.2x 3.42x 1.9x 2.79x
Capitalization / Revenue 3.57x 2.43x 2.02x 2.49x 2.53x 2.41x 2.27x 2.14x
EV / Revenue 3.83x 2.85x 2.45x 2.89x 2.9x 2.81x 2.58x 2.42x
EV / EBITDA 16.2x 12.7x 11.4x 13.3x 13.1x 12.6x 11.5x 10.7x
EV / EBIT 23.2x 18.5x 16.7x 18.9x 18.2x 17.4x 15.7x 14.5x
EV / FCF 38.6x 37.3x 25.5x 26.2x 24x 25.2x 21.6x 19.9x
FCF Yield 2.59% 2.68% 3.92% 3.81% 4.17% 3.97% 4.62% 5.02%
Dividend per Share 2 3.2 3.2 3.2 3.2 3.2 3.19 3.266 3.372
Rate of return 2.63% 3.72% 4.41% 3.52% 3.52% 3.45% 3.53% 3.64%
EPS 2 3.272 3.147 2.99 3.09 3.46 3.712 4.149 4.458
Distribution rate 97.8% 102% 107% 104% 92.5% 85.9% 78.7% 75.6%
Net sales 1 6,405 6,642 6,622 6,794 6,945 7,587 8,069 8,535
EBITDA 1 1,515 1,489 1,424 1,478 1,539 1,688 1,810 1,925
EBIT 1 1,055 1,023 971 1,040 1,108 1,222 1,327 1,428
Net income 1 613 588 553 581 668 728.9 830 902.7
Net Debt 1 1,691 2,823 2,839 2,670 2,566 3,003 2,524 2,381
Reference price 2 121.88 86.00 72.54 90.88 90.86 92.58 92.58 92.58
Nbr of stocks (in thousands) 187,376 187,292 184,309 186,371 193,566 197,600 - -
Announcement Date 27/01/22 26/01/23 26/01/24 11/02/25 11/02/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.94x2.81x12.62x3.45% 22.37B
25x4.34x15.92x0.83% 14.03B
20.92x3.09x12.65x1.29% 3.74B
-33.89x1.49x9.61x-.--% 2.07B
12.29x - - 2.5% 2.03B
21.72x - - 2.27% 1.55B
40.97x - - - 1.42B
Average 15.99x 2.93x 12.70x 1.72% 6.74B
Weighted average by Cap. 21.89x 3.28x 13.57x 2.23%

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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