PM 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	313.58B EUR	281.97B EUR	257.69B EUR	249.69B EUR
Enterprise Value	357.56B EUR	325.08B EUR	304.19B EUR	293.65B EUR
Valuation Multiples
Trailing P/E	28.91x	25.93x	23.22x	28.84x
Forward P/E	21.91x	--	--	--
Price to Sales	7.37x	6.63x	6.21x	7.97x
Price to Book	--	--	--	--
EV/Revenue	8.4x	7.64x	7.33x	9.37x
EV/EBITDA	19.85x	17.37x	16.99x	21.76x
Price to FCF (P/FCF)	32.28x	22.16x	24.16x	21.87x
EV/FCF	36.81x	25.55x	28.52x	25.72x
FCF Yield	3.1%	4.51%	4.14%	4.57%