Company Valuation: Stef

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,262 1,122 1,419 1,611 1,648 1,670 - -
Change - -11.11% 26.43% 13.56% 2.25% 1.35% - -
Enterprise Value (EV) 1 2,207 2,195 2,464 2,952 3,181 3,168 3,124 3,081
Change - -0.56% 12.27% 19.78% 7.76% -0.39% -1.41% -1.38%
P/E 11.6x 7.82x 7.53x 10.5x 19.7x 11.5x 9.58x 8.94x
PBR 1.38x 1.08x 1.31x 1.35x 1.27x 1.17x 1.08x 1x
PEG - 0.2x 0.2x -0.6x -0.4x 0.2x 0.5x 1.25x
Capitalization / Revenue 0.36x 0.26x 0.32x 0.34x 0.32x 0.31x 0.3x 0.29x
EV / Revenue 0.63x 0.51x 0.55x 0.61x 0.62x 0.58x 0.55x 0.53x
EV / EBITDA 6.16x 5.29x 5.77x 6.09x 7.31x 6.07x 5.56x 5.25x
EV / EBIT 14.3x 10.8x 9.74x 12.9x 18.4x 13x 11.7x 11.2x
EV / FCF 10.6x 42.8x 22x -58.9x -47.7x 27.8x 21.2x 17.7x
FCF Yield 9.46% 2.33% 4.54% -1.7% -2.1% 3.6% 4.71% 5.64%
Dividend per Share 2 3 4 5.1 4.15 2.7 4.367 5.273 5.66
Rate of return 2.94% 4.42% 4.47% 3.16% 2.05% 3.31% 3.99% 4.29%
EPS 2 8.78 11.58 15.16 12.46 6.66 11.49 13.78 14.77
Distribution rate 34.2% 34.5% 33.6% 33.3% 40.5% 38% 38.3% 38.3%
Net sales 1 3,507 4,264 4,442 4,801 5,120 5,458 5,631 5,801
EBITDA 1 358.1 414.8 426.8 484.3 435.2 521.9 561.5 587.2
EBIT 1 153.9 203.5 253 228.4 173 244.2 266.6 275.3
Net income 1 110 146.4 191.6 157.2 84.3 139.8 169.6 185.4
Net Debt 1 944.8 1,073 1,046 1,340 1,533 1,499 1,454 1,411
Reference price 2 102.00 90.60 114.20 131.20 131.40 132.00 132.00 132.00
Nbr of stocks (in thousands) 12,377 12,387 12,424 12,281 12,538 12,649 - -
Announcement Date 10/03/22 09/03/23 07/03/24 13/03/25 12/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
32.2x6.47x19.33x0.61% 38.78B
35.11x1.98x14.96x0.66% 25.81B
25.33x2.4x13.02x - 19.3B
25.08x1.57x10.41x1.43% 11.04B
31.12x2.6x14.12x-.--% 9.44B
29.92x1.05x18.73x1.21% 6.02B
33.95x2.61x17.21x2.19% 4.11B
-80.76x0.54x27.25x-.--% 3.29B
47.43x0.88x7.34x1.43% 2.39B
Average 19.93x 2.23x 15.82x 0.94% 13.35B
Weighted average by Cap. 28.14x 3.42x 16.02x 0.75%

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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