002946.SZ 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	13.16B EUR	12.12B EUR	15.47B EUR	15.95B EUR
Enterprise Value	15.09B EUR	13.97B EUR	17.5B EUR	18.03B EUR
Valuation Multiples
Trailing P/E	16.44x	21.14x	27.73x	31.59x
Forward P/E	12.64x	--	--	--
Price to Sales	1.14x	1.41x	1.81x	1.92x
Price to Book	3.62x	3.34x	3.95x	4.09x
EV/Revenue	1.31x	1.62x	2.05x	2.17x
EV/EBITDA	10x	11.76x	15.47x	20.45x
Price to FCF (P/FCF)	26.09x	16.45x	20.71x	24.85x
EV/FCF	29.91x	18.97x	23.42x	28.09x
FCF Yield	3.83%	6.08%	4.83%	4.02%