PH 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	121.39B EUR	123.34B EUR	112.88B EUR	110.94B EUR
Enterprise Value	127.6B EUR	131.36B EUR	121.98B EUR	120.38B EUR
Valuation Multiples
Trailing P/E	33.8x	33.81x	32.43x	43.06x
Forward P/E	24.27x	--	--	--
Price to Sales	5.65x	5.74x	5.38x	7.16x
Price to Book	7.88x	8.01x	7.73x	7.75x
EV/Revenue	5.94x	6.11x	5.81x	7.77x
EV/EBITDA	22.53x	22.42x	21.72x	28.81x
Price to FCF (P/FCF)	40.99x	31.59x	30.69x	39.66x
EV/FCF	43.08x	33.64x	33.16x	43.03x
FCF Yield	2.44%	3.17%	3.26%	2.52%