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 22,483 - -
Change - -22.04% 11.56% 15.06% -18.39% -2.33% - -
Enterprise Value (EV) 1 49,102 43,014 44,709 60,382 48,565 47,745 47,266 46,421
Change - -12.4% 3.94% 35.06% -19.57% -1.69% -1% -1.79%
P/E 9.32x 4.93x 9.1x 15.4x 16.4x 13.5x 12.5x 11.1x
PBR 5.02x 2.3x 2.12x 4.24x 2.92x 2.02x 2.03x 1.94x
PEG - 0.1x -0.2x -0.5x -0.7x 0.7x 1.51x 0.9x
Capitalization / Revenue 1.71x 1.1x 1.36x 1.44x 1.11x 1.06x 1.01x 0.97x
EV / Revenue 2.98x 2.15x 2.48x 3.07x 2.35x 2.25x 2.13x 2.01x
EV / EBITDA 7.15x 5.53x 7.14x 8.23x 6.19x 6.19x 5.82x 5.5x
EV / EBIT 8.96x 6.47x 10.6x 13.4x 10.8x 12.7x 10.5x 9.54x
EV / FCF 48.4x -42.3x 14.2x 15.6x 13.6x 15.2x 11.2x 9.67x
FCF Yield 2.06% -2.37% 7.06% 6.42% 7.34% 6.56% 8.93% 10.3%
Dividend per Share 2 0.126 1.2 1.093 1.271 0.9119 1.039 1.156 1.266
Rate of return 0.55% 6.68% 5.47% 5.53% 4.86% 5.68% 6.33% 6.93%
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% 79.8% 76.7% 78.8% 76.7%
Net sales 1 16,481 20,033 18,024 19,645 20,698 21,214 22,193 23,078
EBITDA 1 6,865 7,784 6,259 7,333 7,848 7,714 8,124 8,433
EBIT 1 5,481 6,647 4,235 4,497 4,480 3,749 4,516 4,866
Net income 1 3,020 4,692 2,695 1,831 1,678 1,534 1,743 2,033
Net Debt 1 20,916 21,038 20,193 32,174 25,545 25,263 24,783 23,939
Reference price 2 23.10 17.97 20.00 22.97 18.76 18.27 18.27 18.27
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 2/10/22 A 2/8/23 A 2/7/24 A 2/26/25 A 2/11/26 A - - -
1BRL in Million2BRL
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.45x1.69x10.56x6.14% 14.9B
6.03x2.3x5.51x3.8% 10.45B
10.22x1.38x8.24x2.98% 5.64B
22.07x2.47x12.26x2.83% 4.87B
19.68x0.84x10.76x4.31% 4.5B
13.49x2.25x6.19x5.68% 4.29B
16.66x1.8x8.14x5.75% 2.59B
17.37x1x6.55x1.66% 2.48B
4.25x - - - 2.46B
Average 14.14x 1.72x 8.53x 4.14% 5.8B
Weighted average by Cap. 14.02x 1.80x 8.72x 4.51%

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