MSIF 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	532.81M EUR	524.64M EUR	552.3M EUR	612.17M EUR
Enterprise Value	1.17B EUR	1.16B EUR	1.19B EUR	1.19B EUR
Valuation Multiples
Trailing P/E	5.52x	5.3x	6.42x	8.4x
Forward P/E	8.1x	--	--	--
Price to Sales	3.8x	4.76x	5.73x	7.49x
Price to Book	0.71x	0.7x	0.77x	0.83x
EV/Revenue	8.33x	10.5x	12.3x	14.6x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	22.59x	--	--	285.53x
EV/FCF	49.48x	--	--	557.04x
FCF Yield	4.43%	-6.16%	-2.94%	0.35%