HM-B.ST Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 31.05.2026	Q1 '26 28.02.2026	Q4 '25 30.11.2025
Market & Enterprise Value
Market Cap	264.36B EUR	262.04B EUR	307.89B EUR	274.5B EUR
Enterprise Value	317.3B EUR	299.71B EUR	345.77B EUR	331.14B EUR
Valuation Multiples
Trailing P/E	20.07x	21.3x	25.05x	23.73x
Forward P/E	18.71x	--	--	--
Price to Sales	1.2x	1.19x	1.38x	1.59x
Price to Book	6.69x	7.72x	7.43x	6.4x
EV/Revenue	1.44x	1.36x	1.55x	1.91x
EV/EBITDA	12.71x	7.59x	8.68x	9.9x
Price to FCF (P/FCF)	13.27x	11.36x	15.24x	15.06x
EV/FCF	15.93x	12.99x	17.11x	18.17x
FCF Yield	7.54%	8.8%	6.56%	6.64%