RAY-B.ST 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	5.72B EUR	7.4B EUR	6.56B EUR	7.82B EUR
Enterprise Value	6.59B EUR	7.54B EUR	6.5B EUR	7.8B EUR
Valuation Multiples
Trailing P/E	30.84x	34.72x	29.27x	45.71x
Forward P/E	28.58x	--	--	--
Price to Sales	4.5x	5.82x	5.04x	7.72x
Price to Book	6.31x	9.38x	6.29x	7.93x
EV/Revenue	5.19x	5.94x	4.99x	7.71x
EV/EBITDA	19.15x	27.26x	22.81x	35.93x
Price to FCF (P/FCF)	43.67x	44.1x	56.81x	118.43x
EV/FCF	50.37x	44.97x	56.27x	118.24x
FCF Yield	2.29%	2.27%	1.76%	0.84%