SHEN 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	576.07M EUR	834.89M EUR	852.75M EUR	634.63M EUR
Enterprise Value	1.44B EUR	1.54B EUR	1.52B EUR	1.25B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	-10.3x	--	--	--
Price to Sales	1.57x	2.27x	2.35x	2.35x
Price to Book	0.67x	0.97x	0.98x	0.72x
EV/Revenue	3.92x	4.19x	4.19x	4.63x
EV/EBITDA	12.39x	12.86x	12.77x	13.62x
Price to FCF (P/FCF)	--	--	--	--
EV/FCF	--	--	--	--
FCF Yield	-40.97%	-27.23%	-28.93%	-30.76%