Company Valuation: Ernst Russ AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 204.3 144.7 136.5 192.7 234.5 336.9 - -
Change - -29.21% -5.63% 41.16% 21.68% 43.68% - -
Enterprise Value (EV) 1 257.1 144.7 82.85 93.57 122 330.9 290 262.8
Change - -43.73% -42.72% 12.93% 30.38% 171.29% -12.37% -9.38%
P/E 12.9x 3.05x 2.45x 4.54x 3.19x 8.26x 12.4x 12.1x
PBR 2.83x - 0.8x 0.74x 0.94x 1.14x 1.07x 1x
PEG - 0x 0.2x -0.2x 0x -0.2x -0.4x 4.88x
Capitalization / Revenue 2.21x - 0.67x 1.12x 1.48x 2.15x 2x 1.92x
EV / Revenue 2.79x - 0.41x 0.54x 0.77x 2.11x 1.72x 1.5x
EV / EBITDA 6.51x - 0.71x 1.01x 0.97x 3.67x 3.79x 3.39x
EV / EBIT 8.35x - 0.96x 1.38x 1.27x 5.31x 7.1x 6.21x
EV / FCF 7.03x - - - 2.96x 6.41x 7.59x 6.41x
FCF Yield 14.2% - - - 33.8% 15.6% 13.2% 15.6%
Dividend per Share 2 - - 1 0.2 0.25 0.2833 0.2667 0.275
Rate of return - - 24.5% 3.5% 3.59% 2.83% 2.67% 2.75%
EPS 2 0.49 1.46 1.66 1.26 2.18 1.21 0.8067 0.8267
Distribution rate - - 60.2% 15.9% 11.5% 23.4% 33.1% 33.3%
Net sales 1 92.28 - 202.7 172.7 158.1 156.9 168.8 175.4
EBITDA 1 39.49 - 116.6 93 126.2 90.13 76.53 77.63
EBIT 1 30.8 - 86.6 67.7 96.4 62.35 40.87 42.33
Net income 1 15.78 47.27 55.08 42.47 73.48 40.6 27.23 27.87
Net Debt 1 52.75 - -53.66 -99.14 -112.5 -5.95 -46.9 -74.1
Reference price 2 6.30 4.46 4.08 5.72 6.96 10.00 10.00 10.00
Nbr of stocks (in thousands) 32,434 32,434 33,500 33,689 33,689 33,689 - -
Announcement Date 3/24/22 3/22/23 3/18/24 3/25/25 3/24/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.55x3.74x - 2.27% 167B
19.68x5.6x11.98x2.12% 167B
17.65x7.7x - 1.42% 110B
22.9x11.95x20.5x4.26% 75.38B
14.45x5.44x - 1.81% 53.13B
12.23x1.89x5.78x1.2% 49.26B
5.11x5.29x3.8x3.58% 35.92B
14.84x5.37x16.73x1.77% 34.6B
Average 15.30x 5.87x 11.76x 2.3% 86.64B
Weighted average by Cap. 16.78x 5.87x 12.55x 2.25%

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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