NCMI 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	199.43M EUR	357.18M EUR	285.38M EUR	363.15M EUR
Enterprise Value	186.7M EUR	334.48M EUR	257.58M EUR	349.85M EUR
Valuation Multiples
Trailing P/E	--	--	--	17.98x
Forward P/E	17.67x	--	--	--
Price to Sales	0.8x	1.43x	1.18x	1.74x
Price to Book	0.6x	1.07x	0.83x	0.97x
EV/Revenue	0.75x	1.34x	1.06x	1.68x
EV/EBITDA	8.77x	11.08x	8.82x	7.27x
Price to FCF (P/FCF)	6.57x	18.51x	18.65x	--
EV/FCF	6.15x	17.33x	16.84x	--
FCF Yield	15.22%	5.4%	5.36%	-0.69%