DOC 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	13.33B EUR	14.75B EUR	11.42B EUR	11.18B EUR
Enterprise Value	23.1B EUR	23.45B EUR	20.97B EUR	20.85B EUR
Valuation Multiples
Trailing P/E	53.71x	60.64x	51.42x	391.89x
Forward P/E	134.29x	--	--	--
Price to Sales	4.52x	5x	3.98x	5.27x
Price to Book	1.65x	1.88x	1.46x	1.49x
EV/Revenue	7.83x	7.95x	7.3x	9.84x
EV/EBITDA	14.71x	13.05x	11.91x	17.15x
Price to FCF (P/FCF)	8.1x	11.99x	9.26x	11.49x
EV/FCF	14.04x	19.05x	17x	21.44x
FCF Yield	12.34%	8.34%	10.8%	8.7%