4123.TWO 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	23.47B EUR	28.74B EUR	30.23B EUR	31.06B EUR
Enterprise Value	25.29B EUR	29.49B EUR	31.8B EUR	35.52B EUR
Valuation Multiples
Trailing P/E	84.73x	28.21x	2.82x	3.54x
Forward P/E	--	--	--	--
Price to Sales	14.16x	17.35x	18.86x	27.31x
Price to Book	1.45x	1.68x	1.07x	1.17x
EV/Revenue	15.27x	17.8x	19.83x	31.23x
EV/EBITDA	113.64x	--	--	--
Price to FCF (P/FCF)	12.68x	229.24x	--	--
EV/FCF	13.67x	235.2x	--	--
FCF Yield	7.89%	0.44%	-0.29%	-0.59%