Company Valuation: Toplofikatsia-Ruse AD

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024
Market Cap 1 90.75 99.21 158.8 198.8
Change - 9.33% 60.04% 25.22%
Enterprise Value (EV) 1 130.4 270.6 286.4 293.6
Change - 107.46% 5.85% 2.5%
P/E -2.35x 6.73x -3.75x 14.1x
PBR 1.98x 1.64x 8.92x 6.22x
PEG 0x -0x 0x -0x
Capitalization / Revenue 0.94x 0.73x 0.95x 1.32x
EV / Revenue 1.36x 2x 1.72x 1.95x
EV / EBITDA -2.67x -15.2x -2.87x 11.4x
EV / EBIT -2.41x -12.4x -2.76x 14.4x
EV / FCF -1.8x -1.69x 8.13x 6.16x
FCF Yield -55.6% -59.2% 12.3% 16.2%
Dividend per Share 2 - - - -
Rate of return - - - -
EPS 2 -1.359 0.5194 -1.492 0.497
Distribution rate - - - -
Net sales 1 96.15 135.3 166.4 150.7
EBITDA 1 -48.89 -17.86 -99.66 25.68
EBIT 1 -54.07 -21.89 -104 20.35
Net income 1 -38.53 14.72 -42.3 14.09
Net Debt 1 39.69 171.4 127.7 94.79
Reference price 2 3.200 3.497 5.600 7.000
Nbr of stocks (in thousands) 28,349 28,349 28,349 28,349
Announcement Date 26/04/22 02/05/23 19/04/24 26/02/25
1BGN in Million2BGN
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 149M
37.49x6.62x48.48x0.17% 310B
21.84x9.2x15.21x2.82% 182B
20.84x4.32x11.71x3.47% 159B
14.06x1.99x7x5.08% 116B
21.59x5.99x13.24x3.16% 108B
18.65x5.66x11.29x3.48% 98.21B
20.07x3.1x12.15x0.69% 87.8B
21.33x5.36x12.86x2.84% 73.99B
19.24x6.37x13.64x3.86% 60.92B
Average 21.68x 5.40x 16.17x 2.84% 119.69B
Weighted average by Cap. 24.42x 5.77x 21.60x 2.42%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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