Company Valuation: Progres a.d.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 73.43 79.55 42.83 42.83 61.19 97.9
Change - 8.33% -46.15% 0% 42.86% 60%
Enterprise Value (EV) 1 34.98 83.22 42.05 46.8 60.99 94.07
Change - 137.92% -49.47% 11.29% 30.31% 54.24%
P/E 0.05x -1.16x -0.32x -0.34x -0.5x -0.8x
PBR 0.03x 0.04x 0.02x 0.02x 0.02x 0.04x
PEG - 0x -0x 0.06x 0.16x 9.04x
Capitalization / Revenue 1.97x 2.05x 1.69x 2.06x 5.41x 10.4x
EV / Revenue 0.94x 2.14x 1.66x 2.25x 5.39x 9.95x
EV / EBITDA -0.46x -0.96x -0.59x -0.61x -3.53x -4.31x
EV / EBIT -0.26x -0.6x -0.34x -0.36x -0.86x -1.04x
EV / FCF -0.01x -0.96x 1.6x 1.45x 1.82x 1.86x
FCF Yield -7,204% -105% 62.5% 68.9% 55% 53.8%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 247.9 -11.22 -22.07 -20.79 -20.13 -20.11
Distribution rate - - - - - -
Net sales 1 37.22 38.8 25.32 20.78 11.32 9.45
EBITDA 1 -75.45 -86.29 -71.51 -76.58 -17.27 -21.83
EBIT 1 -135 -139.9 -125.2 -129.9 -70.52 -90.4
Net income 1 1,517 -68.63 -135 -127.2 -123.2 -123.1
Net Debt 1 -38.45 3.672 -0.781 3.966 -0.205 -3.838
Reference price 2 12.00 13.00 7.00 7.00 10.00 16.00
Nbr of stocks (in thousands) 6,119 6,119 6,119 6,119 6,119 6,119
Announcement Date 28/04/22 28/04/22 09/05/23 09/05/24 15/05/25 06/05/26
1RSD in Million2RSD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 703K
13.51x1.66x7.03x2.53% 674B
18.2x1.51x8.84x0.5% 164B
6.82x0.57x2.58x4.63% 114B
8.06x0.78x5.3x1.19% 118B
7.24x0.84x5.1x0.97% 118B
8.67x0.72x6.43x1.92% 105B
9.9x1.93x4.93x2.46% 80.68B
11.96x1.46x7.76x1.94% 60.27B
16.61x0.71x8.83x1.24% 49.73B
Average 11.22x 1.13x 6.31x 1.93% 148.32B
Weighted average by Cap. 12.09x 1.33x 6.53x 2.12%

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 Progres a.d.