FSV.TO 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	8.08B EUR	8.9B EUR	8.9B EUR	9.76B EUR
Enterprise Value	9.9B EUR	10.29B EUR	10.07B EUR	10.99B EUR
Valuation Multiples
Trailing P/E	38.01x	55.16x	54.85x	68.61x
Forward P/E	19.44x	--	--	--
Price to Sales	1.44x	1.59x	1.6x	2.3x
Price to Book	4.71x	7.31x	6.23x	7.09x
EV/Revenue	1.77x	1.84x	1.81x	2.59x
EV/EBITDA	18.35x	19.02x	18.69x	24.87x
Price to FCF (P/FCF)	25.28x	26.55x	24.29x	31.84x
EV/FCF	30.96x	30.68x	27.5x	35.85x
FCF Yield	3.96%	3.77%	4.12%	3.14%