Company Valuation: Toplofikatsia-Ruse AD

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024
Market Cap 1 90.75 99.21 158.8 198.8
Change - 9.33% 60.04% 25.22%
Enterprise Value (EV) 1 130.4 270.6 286.4 293.6
Change - 107.46% 5.85% 2.5%
P/E Ratio -2.35x 6.73x -3.75x 14.1x
PBR 1.98x 1.64x 8.92x 6.22x
PEG 0x -0x 0x -0x
Capitalization / Revenue 0.94x 0.73x 0.95x 1.32x
EV / Revenue 1.36x 2x 1.72x 1.95x
EV / EBITDA -2.67x -15.2x -2.87x 11.4x
EV / EBIT -2.41x -12.4x -2.76x 14.4x
EV / FCF -1.8x -1.69x 8.13x 6.16x
FCF Yield -55.6% -59.2% 12.3% 16.2%
Dividend per Share 2 - - - -
Rate of return - - - -
EPS 2 -1.359 0.5194 -1.492 0.497
Distribution rate - - - -
Net sales 1 96.15 135.3 166.4 150.7
EBITDA 1 -48.89 -17.86 -99.66 25.68
EBIT 1 -54.07 -21.89 -104 20.35
Net income 1 -38.53 14.72 -42.3 14.09
Net Debt 1 39.69 171.4 127.7 94.79
Reference price 2 3.200 3.497 5.600 7.000
Nbr of stocks (in thousands) 28,349 28,349 28,349 28,349
Announcement Date 4/26/22 A 5/2/23 A 4/19/24 A 2/26/25 A
1BGN in Million2BGN
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 148M
31.68x5.62x41.19x0.2% 264B
21.74x9.12x15.01x2.87% 180B
20.57x4.25x11.55x3.53% 159B
13.81x1.96x6.89x5.19% 116B
21.21x5.96x13.17x3.22% 106B
18.68x5.67x11.3x3.47% 98.28B
22.01x3.3x13.05x0.64% 95.7B
20.34x5.21x12.52x2.98% 70.6B
19.03x6.34x13.56x3.9% 60.25B
Average 21.01x 5.27x 15.36x 2.89% 115.01B
Weighted average by Cap. 22.55x 5.47x 18.84x 2.54%

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 Toplofikatsia-Ruse AD
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