Company Valuation: Noratis AG

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Market Cap 1 77.44 85.76 92.51 54.93 30.84 13.31
Change - 10.74% 7.87% -40.63% -43.86% -56.85%
Enterprise Value (EV) 1 249.8 342.1 429.5 441.6 397.6 356.9
Change - 36.96% 25.52% 2.83% -9.97% -10.23%
P/E 8.95x 25.8x 9.77x 6.67x -2.9x -0.41x
PBR 1.46x 1.16x 1.14x 0.64x 0.54x 0.22x
PEG - -0.4x 0x -0.5x 0x -0x
Capitalization / Revenue 1.02x 2.99x 1.26x 0.64x 0.51x 0.2x
EV / Revenue 3.29x 11.9x 5.84x 5.16x 6.61x 5.36x
EV / EBITDA 15.7x 37.9x 26.8x 29.5x 40.4x 66.2x
EV / EBIT 15.9x 39.6x 27.1x 29.7x 40.7x 66.8x
EV / FCF -11.3x -3.47x -6.01x -9.91x 27.8x 8.15x
FCF Yield -8.85% -28.9% -16.6% -10.1% 3.6% 12.3%
Dividend per Share 2 0.8 0.5 0.55 - - -
Rate of return 3.72% 2.81% 2.86% - - -
EPS 2 2.401 0.69 1.966 1.709 -2.21 -3.74
Distribution rate 33.3% 72.5% 28% - - -
Net sales 1 75.95 28.7 73.6 85.61 60.18 66.56
EBITDA 1 15.95 9.032 16 14.98 9.837 5.394
EBIT 1 15.76 8.633 15.83 14.85 9.76 5.343
Net income 1 8.649 2.784 9.472 8.232 -10.94 -28.05
Net Debt 1 172.4 256.4 337 386.7 366.8 343.6
Reference price 2 21.5000 17.8000 19.2000 11.4000 6.4000 1.5400
Nbr of stocks (in thousands) 3,602 4,818 4,818 4,818 4,818 8,640
Announcement Date 30/04/20 10/05/21 11/05/22 22/06/23 27/05/24 13/06/25
1EUR in Million2EUR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 781K
56.93x - - - 60.89B
8.17x16.4x19.37x5.96% 20.8B
10.03x3.41x9.07x-.--% 20.57B
4.23x0.09x0.19x8.2% 14.37B
8.63x17.11x - 6.12% 8.46B
8.1x0.83x6.81x2.42% 5.89B
-1.83x1.77x129.89x-.--% 5.2B
5.58x13.89x20.66x5.7% 4.6B
9.66x0.57x7.63x3.93% 3.95B
Average 12.17x 6.76x 27.66x 4.04% 14.47B
Weighted average by Cap. 28.18x 7.60x 19.01x 4.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Noratis AG