ARF.TA 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	1.85B EUR	126.19B EUR	110.95B EUR	73.71B EUR
Enterprise Value	1.82B EUR	126.15B EUR	111.05B EUR	73.74B EUR
Valuation Multiples
Trailing P/E	20.25x	4,351.29x	--	--
Forward P/E	--	--	--	--
Price to Sales	0.54x	37.07x	37.22x	32.19x
Price to Book	371.1x	251.87x	256.82x	154.54x
EV/Revenue	0.54x	37.06x	37.25x	32.2x
EV/EBITDA	11.31x	977.9x	2,135.58x	933.37x
Price to FCF (P/FCF)	17.85x	751.12x	4,109.08x	722.68x
EV/FCF	17.54x	750.88x	4,112.97x	722.91x
FCF Yield	5.6%	0.13%	0.02%	0.14%