Company Valuation: Klabin S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 28,186 21,975 24,516 28,208 23,020 23,959 - -
Change - -22.04% 11.56% 15.06% -18.39% 4.08% - -
Enterprise Value (EV) 1 49,102 43,014 44,709 60,382 48,565 50,091 48,543 47,595
Change - -12.4% 3.94% 35.06% -19.57% 3.14% -3.09% -1.95%
P/E 9.32x 4.93x 9.1x 15.4x 16.4x 14.4x 13.3x 11.8x
PBR 5.02x 2.3x 2.12x 4.24x 2.92x 2.3x 2.17x 2.07x
PEG - 0.1x -0.2x -0.5x -0.7x 0.8x 1.61x 0.9x
Capitalization / Revenue 1.71x 1.1x 1.36x 1.44x 1.11x 1.13x 1.08x 1.03x
EV / Revenue 2.98x 2.15x 2.48x 3.07x 2.35x 2.35x 2.18x 2.05x
EV / EBITDA 7.15x 5.53x 7.14x 8.23x 6.19x 6.47x 5.96x 5.62x
EV / EBIT 8.96x 6.47x 10.6x 13.4x 10.8x 13.1x 10.9x 9.84x
EV / FCF 48.4x -42.3x 14.2x 15.6x 13.6x 17.9x 11x 9.7x
FCF Yield 2.06% -2.37% 7.06% 6.42% 7.34% 5.59% 9.06% 10.3%
Dividend per Share 2 0.126 1.2 1.093 1.271 - 1.076 1.155 1.27
Rate of return 0.55% 6.68% 5.47% 5.53% - 5.53% 5.93% 6.52%
EPS 2 2.477 3.649 2.199 1.49 1.143 1.354 1.466 1.651
Distribution rate 5.09% 32.9% 49.7% 85.3% - 79.5% 78.8% 77%
Net sales 1 16,481 20,033 18,024 19,645 20,698 21,297 22,286 23,197
EBITDA 1 6,865 7,784 6,259 7,333 7,848 7,741 8,143 8,462
EBIT 1 5,481 6,647 4,235 4,497 4,480 3,837 4,466 4,836
Net income 1 3,020 4,692 2,695 1,831 1,678 1,534 1,643 1,993
Net Debt 1 20,916 21,038 20,193 32,174 25,545 26,131 24,584 23,636
Reference price 2 23.10 17.97 20.00 22.97 18.76 19.47 19.47 19.47
Nbr of stocks (in thousands) 1,220,375 1,222,560 1,225,805 1,228,028 1,227,086 1,230,579 - -
Announcement Date 10/02/22 08/02/23 07/02/24 26/02/25 11/02/26 - - -
1BRL in Million2BRL
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.38x2.35x6.47x5.53% 4.68B
17.1x1.65x10.4x6.33% 14.85B
7.15x2.26x5.66x3.52% 11.28B
21.91x2.48x12.23x2.87% 5.13B
19.94x0.86x11.04x4.11% 4.76B
16.84x1.81x8.21x5.69% 2.69B
11.04x - - 5.53% 1.98B
5.82x0.85x4.26x2.76% 1.94B
-849.94x15.08x-4348.53x0.18% 1.62B
Average -81.75x 3.42x -536.28x 4.06% 5.44B
Weighted average by Cap. -14.14x 2.32x -141.96x 4.61%

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