ES 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	24.76B EUR	27.21B EUR	26.05B EUR	25.28B EUR
Enterprise Value	52.89B EUR	27.21B EUR	56.12B EUR	55.26B EUR
Valuation Multiples
Trailing P/E	17.03x	19.49x	14.9x	14.94x
Forward P/E	13.33x	--	--	--
Price to Sales	1.77x	2.45x	1.87x	1.87x
Price to Book	1.51x	--	1.58x	1.56x
EV/Revenue	3.78x	2.45x	4.03x	4.08x
EV/EBITDA	10.72x	5.92x	9.64x	9.73x
Price to FCF (P/FCF)	30.49x	122.89x	110.04x	--
EV/FCF	65.14x	122.89x	237.07x	--
FCF Yield	3.28%	0.81%	0.91%	-0.18%