PAAS.TO 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	27.39B EUR	26.52B EUR	32.07B EUR	30.02B EUR
Enterprise Value	25.99B EUR	25.79B EUR	31.42B EUR	29.66B EUR
Valuation Multiples
Trailing P/E	14.14x	19.2x	25.33x	37.1x
Forward P/E	9.77x	--	--	--
Price to Sales	6.35x	6.15x	8.02x	10.55x
Price to Book	2.72x	3.6x	4.36x	4.29x
EV/Revenue	6.03x	5.98x	7.86x	10.42x
EV/EBITDA	12.24x	10.66x	14.58x	21.28x
Price to FCF (P/FCF)	20.78x	20.39x	24.42x	32.87x
EV/FCF	19.72x	19.84x	23.93x	32.47x
FCF Yield	4.81%	4.9%	4.09%	3.04%