600018.SS Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	128.04B EUR	109.88B EUR	118.5B EUR	126.18B EUR
Enterprise Value	158.37B EUR	123.93B EUR	131.85B EUR	142.66B EUR
Valuation Multiples
Trailing P/E	9.17x	10.16x	11.36x	12.21x
Forward P/E	8.38x	--	--	--
Price to Sales	3.09x	3.53x	3.95x	4.32x
Price to Book	0.87x	0.75x	0.82x	0.9x
EV/Revenue	3.82x	3.99x	4.4x	4.88x
EV/EBITDA	10.78x	6.31x	6.61x	9.82x
Price to FCF (P/FCF)	52.03x	46.15x	30.59x	42.29x
EV/FCF	64.35x	52.05x	34.04x	47.82x
FCF Yield	1.92%	2.17%	3.27%	2.36%