Head Office
32 A Cherni vrah blvd., fl. 4 | 1407 Sofia, Bulgaria
tel. +359 2 962 11 50 | fax: +359 2 962 11 46
e-mail: contact@monbat.com
Key Performance Indicators
- EXECUTIVE SUMMARY
- ENTERPRISE VALUE
- SHAREHOLDERS EARNINGS
- OPERATIONAL PERFORMANCE
- CORPORATE VALUATION
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q1 2026 | |
| Adjusted Sales from continuing operations | €/000 | 103,457 | 202,541 | 198,948 | 206,743 | 203,166 | |
| Net Profit from continuing operations | €/000 | 7,520 | 5,332 | 685 | 2,580 | 1,558 | |
| Gain on investments | €/000 | – | 2,950 | – | – | – | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 2,382 | 685 | 2,580 | 1,558 | |
| EBITDA from continuing operations | €/000 | 15,441 | 20,523 | 18,157 | 19,228 | 17,583 | |
| Adjustments | €/000 | – | 196 | 3,067 | 687 | 687 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 20,719 | 21,224 | 19,915 | 18,270 | |
| Net Profit Ratio from continiuing operations % (Without Gain on investment) | % | 7.3% | 1.2% | 0.3% | 1.2% | 0.8% | |
| Adjusted EBITDA from continuing operations Ratio % | % | 14.9% | 10.2% | 10.7% | 9.6% | 9.0% | |
| Average Share Price | € | 2.50 | 2.21 | 1.58 | 1.17 | 1.07 | |
| Earnings per Share from continiuing operations (EPS) | € | 0.21 | 0.14 | 0.02 | 0.07 | 0.04 | |
| Average Daily Market Cap | €/000 | 91,541 | 85,958 | 61,421 | 45,665 | 41,793 | |
| Enterprise Value (EV) | €/000 | 120,217 | 194,380 | 162,023 | 134,079 | 130,718 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 9.38x | 7.63x | 6.73x | 7.15x | ||
| Price-Earnings Ratio (P/E) | 12.17x | 16.12x | 89.65x | 17.70x | 26.82x | ||
| Market-Book Ratio (M/B) | 1.42x | 0.76x | 0.54x | 0.40x | 0.37x | ||
| Net Debt | €/000 | 28,815 | 101,089 | 92,701 | 79,747 | 79,748 | |
| CAPEX | €/000 | 5,048 | 10,964 | 12,348 | 9,945 | 9,052 | |
| Assets Acquired Through Business Combinations | €/000 | – | – | – | – | – | |
| Net Debt/Adj. EBITDA | 1.87x | 4.88x | 4.37x | 4.00x | 4.36x |
| TTM Q1 2026 to Baseline 2012 | Evolution % | TTM Q1 2026 vs 2025 | TTM Q1 2026 vs 2025 % |
| 99 708 | 96.4% | (3 577) | (1.7%) |
| (5 961) | (79.3%) | (1 022) | (39.6%) |
| n.a. | n.a. | n.a. | 0.0% |
| (5 961) | (79.3%) | (1 022) | (39.6%) |
| 2 142 | 13.9% | (1 645) | (8.6)% |
| 687 | 100% | 0 | 0 |
| 2 829 | 18.3% | (1 645) | (8.3)% |
| (6.50%) | (89.4%) | (0.5%) | (38.5)% |
| (5.9%) | (39.7%) | (0.6%) | (6.6)% |
| (1.43) | (57.1%) | (0.10) | (8.5%) |
| (0.17) | (80.5%) | (0.03) | (39.6%) |
| (49 749) | (54.3%) | (15 756) | (34.5%) |
| 10 500 | 8.7% | (3 409) | (2.5%) |
| (0.63x) | (8.1%) | 0.42x | 6.2% |
| 14.65x | 120.3% | 9.12x | 51.6% |
| (1.05x) | (74.2%) | (0.03x) | (7.9%) |
| 50 933 | >100% | 1 | 0% |
| 3 699 | 69.1% | (894) | (9%) |
| n.a. | n.a. | n.a | 0 |
| 2.50x | >100% | 0.36x | 9% |
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q1 2026 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 20,719 | 21,224 | 19,915 | 18,270 | |
| Average Daily Market Cap | €/000 | 91,541 | 85,958 | 61,421 | 45,665 | 41,793 | |
| Net Debt | €/000 | 28,815 | 101,089 | 92,701 | 79,747 | 79,748 | |
| Minority Interest | €/000 | (140) | 7,333 | 7,900 | 8,715 | 9,177 | |
| Enterprise Value (EV) | €/000 | 120,217 | 194,380 | 162,023 | 134,127 | 130,718 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 9.38x | 7.63x | 6.74x | 7.15x |
| TTM Q1 2026 to Baseline 2012 | Evolution % | TTM Q1 2026 to Baseline 2012 | TTM Q1 2026 към база 2012_bg |
| 2 829 | 18.3% | (1 645) | (8.3%) |
| (49 749) | (54.3%) | (3 873) | (8.5%) |
| 50 933 | >100% | 1 | 0.0% |
| 9 317 | >(100%) | 462 | 5.3% |
| 10 500 | 8.7% | (3 409) | (2.5%) |
| (0.63x) | (8.1%) | (0.42x) | 6.2% |
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q1 2026 | |
| Average Share Price | € | 2.50 | 2.21 | 1.58 | 1.17 | 1.07 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 2,382 | 685 | 2,580 | 1,558 | |
| Gain on investments | €/000 | – | 2,950 | – | – | – | |
| Net Profit from continuing operations | €/000 | 7,520 | 5,332 | 685 | 2,580 | 1,558 | |
| Distributed Dividend | €/000 | 1,010 | 4,000 | – | – | – | |
| Earnings per Share from continuing operations (EPS) | € | 0.21 | 0.14 | 0.02 | 0.07 | 0.04 | |
| Dividend per Share (DPS) | € | 0.03 | 0.10 | – | – | – | |
| Dividend Cover | 7.44 | 0.60 | – | 0.0% | 0.0% | ||
| Dividend Payout Ratio | % | 13.4% | 75.0% | 0.0% | 0.0% | 0.0% | |
| Earnings Yield | % | 8.2% | 6.2% | 1.1% | 5.7% | 3.7% | |
| Dividend Yield | % | 1.1% | 4.7% | 0.0% | 0.0% | 0.0% |
| TTM Q1 2026 to Baseline 2012 | Evolution % | TTM Q1 2026 vs 2025 | TTM Q1 2026 vs 2025 % |
| (1.43) | (57.1%) | (0.10) | (8.5%) |
| (5 961) | (79.3%) | (1 022) | (39.6%) |
| – | n.a. | 0 | 0.0% |
| (5 961) | (79.3%) | (1 022) | (39.6%) |
| (1 976) | (100%) | 0 | 0 |
| (0.17) | (80.5%) | (0.03) | (39.6%) |
| (0.05) | (100%) | 0 | n.a. |
| (3.81) | (100%) | 0 | n.a. |
| (26.3%) | (100%) | 0% | n.a. |
| (4.5%) | (54.6%) | 0.2% | 3.5% |
| (2.2%) | (100%) | 0.0% | n.a. |
EBITDA and NET PROFIT
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q1 2026 | |
| Net sales from continuing operations | €/000 | 103,457 | 202,541 | 198,948 | 206,743 | 203,166 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 2,382 | 685 | 2,580 | 1,558 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 20,719 | 21,224 | 19,915 | 18,270 | |
| Net Profit from continuing operations Ratio (%) | % | 7.3% | 1.2% | 0.3% | 1.2% | 0.8% | |
| Adjusted EBITDA from continuing operations Ratio (%) | % | 14.9% | 10.2% | 10.7% | 9.6% | 9.0% |
| TTM Q1 2026 to Baseline 2012 | Evolution % | TTM Q1 2026 vs 2025 | TTM Q1 2026 vs 2025 % |
| 99 708 | 96.4% | (3 577) | (1.7%) |
| (5 961) | (79.3%) | (1 022) | (39.6%) |
| 2 829 | 18.3% | (1 645) | (8.3%) |
| (6.5%) | -89.45% | (0.5%) | -38.55% |
| (5.9%) | -39.75% | (0.6%) | -6.64% |
NET DEBTS
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q1 2026 | |
| Short-Term Loans | €/000 | 21,000 | 67,176 | 60,529 | 62,636 | 66,023 | |
| Long-Term Loans | €/000 | 5,571 | 15,390 | 24,719 | 24,827 | 21,360 | |
| Leasing | €/000 | 1,273 | 2,177 | 2,128 | 2,936 | 2,827 | |
| Bond Obligation | €/000 | – | 22,848 | 14,410 | – | – | |
| Factoring | €/000 | 2,315 | – | – | – | – | |
| Cash and Cash Equivalents | €/000 | 1,343 | 6,502 | 9,085 | 10,652 | 10,462 | |
| Net Debt | €/000 | 28,815 | 101,089 | 92,701 | 79,747 | 79,748 |
| TTM Q1 2026 to Baseline 2012 | Evolution % | TTM Q1 2026 vs 2025 | TTM Q1 2026 vs 2025 % |
| 45 023 | >100% | 3 387 | 5.4% |
| 15 789 | >100% | (3 467) | (14.0%) |
| 1 554 | 122.1% | (109) | (3.7%) |
| 0 | n.a. | 0 | 0% |
| (2 315) | (100.0%) | 0 | 0% |
| 9 119 | >100% | (190) | (1.8%) |
| 50 933 | >100% | 1 | 0.0% |
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q1 2026 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 9.38x | 7.63x | 6.74x | 7.15x | ||
| Return on Equity (ROE) | % | 11.6% | 4.7% | 0.6% | 2.2% | 1.4% | |
| Price-Earnings Ratio (P/E) | 12.17x | 16.12x | 89.65x | 17.70x | 26.82x | ||
| Market-Book Ratio (M/B) | 1.42x | 0.76x | 0.54x | 0.40x | 0.37x |
| TTM Q1 2026 to Baseline 2012 | Evolution % | TTM Q1 2026 vs 2025 | TTM Q1 2026 vs 2025 % |
| (0.63x) | (8.1%) | 0.42x | 6.2% |
| (10.3%) | (88.3%) | (0.9%) | (39.2%) |
| 14.65x | 120.3% | 9.12x | 51.6% |
| (1.05x) | (74.2%) | (0.03x) | (7.9%) |