MSA 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	6.97B EUR	6.74B EUR	6.35B EUR	6.23B EUR
Enterprise Value	7.32B EUR	6.74B EUR	6.83B EUR	6.69B EUR
Valuation Multiples
Trailing P/E	22.48x	29.58x	21.85x	22.34x
Forward P/E	18.13x	--	--	--
Price to Sales	3.58x	4.67x	3.31x	3.32x
Price to Book	4.99x	--	4.69x	4.56x
EV/Revenue	3.76x	4.67x	3.56x	3.57x
EV/EBITDA	14.11x	17.25x	13.51x	13.64x
Price to FCF (P/FCF)	22.03x	24.81x	20.52x	21.09x
EV/FCF	23.12x	24.81x	22.06x	22.66x
FCF Yield	4.54%	4.03%	4.87%	4.74%