Company Valuation: Ipsos SA

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 1,487 - -
Change - 41.8% -5.68% -19.33% -25.22% 0.55% - -
Enterprise Value (EV) 1 2,150 2,598 2,695 2,147 1,837 1,841 1,717 1,582
Change - 20.84% 3.72% -20.34% -14.45% 0.25% -6.73% -7.86%
P/E 10.2x 12.3x 15.8x 9.85x 8.02x 7.34x 6.72x 6.3x
PBR 1.37x 1.75x 1.73x 1.25x 0.94x 0.88x 0.84x 0.75x
PEG - 0.7x -0.7x 0.3x -0.96x 0.6x 0.73x 0.95x
Capitalization / Revenue 0.85x 1.08x 1.03x 0.81x 0.59x 0.58x 0.56x 0.55x
EV / Revenue 1x 1.08x 1.13x 0.88x 0.73x 0.72x 0.65x 0.58x
EV / EBITDA 6.02x 6.45x 6.21x 5.23x 4.47x 4.62x 4.06x 3.56x
EV / EBIT 7.75x 8.26x 8.63x 6.72x 5.94x 6.08x 5.25x 4.58x
EV / FCF 7.11x 9.62x 11.9x 8.01x 8.39x 9.3x 7.81x 6.54x
FCF Yield 14.1% 10.4% 8.37% 12.5% 11.9% 10.8% 12.8% 15.3%
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% 6.02% 6.5% 6.92%
EPS 2 4.04 4.74 3.59 4.66 4.27 4.825 5.273 5.624
Distribution rate 28.5% 28.5% 46% 39.7% 46.8% 44.2% 43.7% 43.6%
Net sales 1 2,147 2,405 2,390 2,441 2,525 2,557 2,632 2,713
EBITDA 1 357.2 402.9 434.1 410.7 410.6 398.8 422.9 444
EBIT 1 277.4 314.7 312.4 319.5 309.3 303.1 327.2 345.3
Net income 1 183.9 215.2 159.7 204.5 186.6 198.2 220.9 235.2
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 35.42 35.42 35.42
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.($)
13.67x1.48x6.76x4.15% 26.8B
8.89x0.98x5.55x4.5% 20.2B
11.98x5.2x9.02x7.18% 10.18B
131.89x0.54x89.06x - 6.62B
16.37x1.34x4.66x2.83% 5.95B
11.09x0.77x4.86x-.--% 5.89B
16.65x0.72x4.35x4% 5.39B
-52.88x1.76x7.39x0% 5.02B
Average 19.71x 1.60x 16.45x 3.24% 10.76B
Weighted average by Cap. 17.76x 1.64x 12.68x 3.95%

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