CW 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	18.93B EUR	27.98B EUR	25.17B EUR	20.32B EUR
Enterprise Value	19.41B EUR	28.66B EUR	25.97B EUR	21.12B EUR
Valuation Multiples
Trailing P/E	35.3x	51.71x	49.24x	53.07x
Forward P/E	29.88x	--	--	--
Price to Sales	5.18x	7.66x	6.98x	7.55x
Price to Book	6.83x	10.1x	9.56x	8.02x
EV/Revenue	5.31x	7.84x	7.2x	7.84x
EV/EBITDA	23.02x	33.48x	31.59x	33.78x
Price to FCF (P/FCF)	34.23x	44.76x	42.6x	33.41x
EV/FCF	35.09x	45.83x	43.96x	34.72x
FCF Yield	2.92%	2.23%	2.35%	2.99%