Company Valuation: Cogent Communications Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,382 2,663 3,586 3,656 1,023 481.7 - -
Change - -21.26% 34.65% 1.96% -72.01% -52.93% - -
Enterprise Value (EV) 1 4,200 3,577 4,907 5,423 3,172 2,408 2,368 2,437
Change - -14.82% 37.16% 10.52% -41.51% -24.08% -1.66% 2.91%
P/E 71x 519x 2.86x -18x -5.67x -9.96x -3.59x -4.41x
PBR -9.35x -5.28x 6.07x 17x -16.9x -4.28x -2.14x -1.42x
PEG - -5.8x 0x 0x 0.5x 0.1x -0x 0.2x
Capitalization / Revenue 5.73x 4.44x 3.81x 3.53x 1.05x 0.51x 0.5x 0.47x
EV / Revenue 7.12x 5.97x 5.21x 5.23x 3.25x 2.55x 2.47x 2.39x
EV / EBITDA 18.4x 15.4x 13.9x 15.6x 10.8x 8.12x 7.39x 8.88x
EV / EBIT 35.2x 31.4x -37.9x -27.4x -31.4x 50.9x -63.5x 75.1x
EV / FCF 41.9x 37.8x -43.7x -26.6x -16x 36.8x 15.7x -583x
FCF Yield 2.39% 2.65% -2.29% -3.76% -6.25% 2.72% 6.39% -0.17%
Dividend per Share 2 3.17 3.555 3.76 3.92 3.05 0.08 0.08 0.08
Rate of return 4.33% 6.23% 4.94% 5.09% 14.1% 0.8% 0.8% 0.8%
EPS 2 1.03 0.11 26.62 -4.28 -3.8 -1.009 -2.798 -2.28
Distribution rate 308% 3,232% 14.1% -91.6% -80.3% -7.93% -2.86% -3.51%
Net sales 1 589.8 599.6 940.9 1,036 975.8 944.3 957.9 1,018
EBITDA 1 227.9 232.9 352.5 348.4 292.8 296.5 320.3 274.5
EBIT 1 119.2 114 -129.3 -197.6 -101.1 47.29 -37.3 32.47
Net income 1 48.18 5.146 1,273 -204.1 -182.2 -53.63 -139.7 -111
Net Debt 1 817.7 914.2 1,321 1,766 2,149 1,927 1,887 1,955
Reference price 2 73.18 57.08 76.06 77.07 21.56 10.05 10.05 10.05
Nbr of stocks (in thousands) 46,220 46,658 47,148 47,441 47,464 47,926 - -
Announcement Date 24/02/22 23/02/23 29/02/24 27/02/25 20/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-9.96x2.55x8.12x0.8% 482M
11.32x1.33x4.22x6.97% 225B
11.04x2.59x6.85x5.63% 208B
13.81x2.21x5.68x3.97% 158B
13.6x1.84x7.89x3.1% 90.06B
12.17x0.92x3.46x6.36% 82.01B
11.55x1.77x4.48x2.83% 69.23B
15.42x2.69x8.42x5.03% 58.32B
24.35x5.48x20.04x4.48% 58.26B
15.51x2.74x6.13x4.47% 50.19B
Average 11.88x 2.41x 7.53x 4.36% 99.98B
Weighted average by Cap. 13.15x 2.17x 6.55x 5.14%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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