2320.SR Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	3.36B EUR	4.14B EUR	4.21B EUR	4.11B EUR
Enterprise Value	4.17B EUR	4.69B EUR	4.89B EUR	4.75B EUR
Valuation Multiples
Trailing P/E	5.99x	7.36x	8.29x	11.28x
Forward P/E	15.7x	--	--	--
Price to Sales	1.09x	1.34x	1.42x	1.85x
Price to Book	2.14x	2.63x	2.91x	3.14x
EV/Revenue	1.35x	1.51x	1.64x	2.13x
EV/EBITDA	5.92x	6.49x	7.3x	9.72x
Price to FCF (P/FCF)	129.32x	10.33x	12.45x	11.67x
EV/FCF	160.45x	11.7x	14.43x	13.47x
FCF Yield	0.77%	9.68%	8.03%	8.57%