RAY.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	1.06B EUR	1B EUR	982.55M EUR	982.77M EUR
Enterprise Value	1.62B EUR	1.57B EUR	1.51B EUR	1.51B EUR
Valuation Multiples
Trailing P/E	--	--	--	27.26x
Forward P/E	6.9x	--	--	--
Price to Sales	2.03x	1.93x	2.15x	2.94x
Price to Book	5.24x	4.9x	4.64x	3.45x
EV/Revenue	3.12x	3.02x	3.3x	4.52x
EV/EBITDA	12.08x	11.22x	12.24x	17.13x
Price to FCF (P/FCF)	9.44x	12.57x	9.82x	14x
EV/FCF	14.52x	19.73x	15.08x	21.5x
FCF Yield	10.6%	7.95%	10.19%	7.14%