SMA 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	1.88B EUR	1.8B EUR	1.68B EUR	1.71B EUR
Enterprise Value	3B EUR	2.88B EUR	2.73B EUR	2.76B EUR
Valuation Multiples
Trailing P/E	61.94x	62.42x	129.17x	502.88x
Forward P/E	53.21x	--	--	--
Price to Sales	6.65x	5.87x	5.7x	7.94x
Price to Book	1.57x	1.56x	1.44x	1.45x
EV/Revenue	10.57x	9.4x	9.29x	12.78x
EV/EBITDA	20.96x	17.45x	18.66x	26.79x
Price to FCF (P/FCF)	16.66x	16.31x	17x	23.02x
EV/FCF	26.48x	26.11x	27.69x	37.04x
FCF Yield	6%	6.13%	5.88%	4.34%