Company Valuation: Ipsos

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,832 2,598 2,451 1,977 1,478 1,507 - -
Change - 41.8% -5.68% -19.33% -25.22% 1.91% - -
Enterprise Value (EV) 1 2,150 2,598 2,695 2,147 1,837 1,861 1,737 1,602
Change - 20.84% 3.72% -20.34% -14.45% 1.34% -6.66% -7.77%
P/E 10.2x 12.3x 15.8x 9.85x 8.02x 7.4x 6.77x 6.35x
PBR 1.37x 1.75x 1.73x 1.25x 0.94x 0.89x 0.85x 0.76x
PEG - 0.7x -0.7x 0.3x -0.96x 0.5x 0.73x 0.96x
Capitalization / Revenue 0.85x 1.08x 1.03x 0.81x 0.59x 0.59x 0.57x 0.55x
EV / Revenue 1x 1.08x 1.13x 0.88x 0.73x 0.73x 0.66x 0.59x
EV / EBITDA 6.02x 6.45x 6.21x 5.23x 4.47x 4.66x 4.1x 3.6x
EV / EBIT 7.75x 8.26x 8.63x 6.72x 5.94x 6.05x 5.28x 4.61x
EV / FCF 7.11x 9.62x 11.9x 8.01x 8.39x 9.4x 7.9x 6.62x
FCF Yield 14.1% 10.4% 8.37% 12.5% 11.9% 10.6% 12.7% 15.1%
Dividend per Share 2 1.15 1.35 1.65 1.85 2 2.134 2.302 2.45
Rate of return 2.79% 2.31% 2.91% 4.03% 5.84% 5.94% 6.41% 6.82%
EPS 2 4.04 4.74 3.59 4.66 4.27 4.853 5.301 5.653
Distribution rate 28.5% 28.5% 46% 39.7% 46.8% 44% 43.4% 43.3%
Net sales 1 2,147 2,405 2,390 2,441 2,525 2,566 2,642 2,723
EBITDA 1 357.2 402.9 434.1 410.7 410.6 399.7 424.1 445.3
EBIT 1 277.4 314.7 312.4 319.5 309.3 307.7 329.2 347.4
Net income 1 183.9 215.2 159.7 204.5 186.6 196 222 237.1
Net Debt 1 317.8 - 244.3 169.8 358.3 354.8 230.8 95.75
Reference price 2 41.25 58.50 56.75 45.92 34.26 35.90 35.90 35.90
Nbr of stocks (in thousands) 44,424 44,419 43,186 43,057 43,153 41,968 - -
Announcement Date 2/23/22 2/15/23 2/21/24 2/26/25 2/24/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.88x1.52x6.91x4.04% 28.25B
9.21x1.04x5.8x4.32% 21.8B
12.11x5.28x9.18x7.06% 10.35B
16.3x1.34x4.2x2.85% 6.05B
41.32x0.7x4.2x4.07% 5.39B
-54.87x1.8x7.57x0% 5.21B
14.5x0.48x4.86x1.64% 4.07B
34.72x4.52x12.24x-.--% 3.38B
Average 10.90x 2.09x 6.87x 3% 10.56B
Weighted average by Cap. 11.01x 1.88x 6.69x 3.87%

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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