Valuation
Firstly we are coming with valuation based on a relative comparison. We are currently preparing a deeper analysis
and fundamental valuation based on discounted cash flows.
Our valuation is based on a relative valuation compared with publicly listed peers in the sector: Ahlstrom,
Suominen, Thrarreau Industries and Fiberweb. We have based our valuation on the EV/EBITDA multiple since
this ratio reflects operating performance and debt levels.
Applying an EV/EBITDA multiple of 9.5 (the median of the three peers mentioned) to Pegas's last published 12-
month EBITDA (1H2006) of 46 mn EUR returns a value of 31.7 EUR to Pegas Nonwovens.
Calcuation of PEGAS share value:
46 mn. EUR (last published 12-month EBITDA) x 9.5 (EV/EBITDA) - 138.9 mn. EUR (ND) = 299