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 | 2022 | 2023 | 2024 | 2025 | |
| Adjusted Sales from continuing operations | €/000 | 103,457 | 195,978 | 202,541 | 198,948 | 206,803 | |
| Net Profit from continuing operations | €/000 | 7,520 | 3,570 | 5,332 | 685 | 601 | |
| Gain on investments | €/000 | – | (115) | 2,950 | – | – | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 3,685 | 2,382 | 685 | 601 | |
| EBITDA from continuing operations | €/000 | 15,441 | 17,867 | 20,523 | 18,159 | 19,235 | |
| Adjustments | €/000 | – | 246 | 196 | 2,118 | 683 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 18,113 | 20,719 | 20,277 | 19,918 | |
| Net Profit Ratio from continiuing operations % (Without Gain on investment) | % | 7.3% | 1.9% | 1.2% | 0.3% | 0.3% | |
| Adjusted EBITDA from continuing operations Ratio % | % | 14.9% | 9.2% | 10.2% | 10.2% | 9.6% | |
| Average Share Price | € | 2.50 | 2.72 | 2.21 | 1.58 | 1.17 | |
| Earnings per Share from continiuing operations (EPS) | € | 0.21 | 0.09 | 0.14 | 0.02 | 0.02 | |
| Average Daily Market Cap | €/000 | 91,541 | 105,814 | 85,958 | 61,421 | 45,665 | |
| Enterprise Value (EV) | €/000 | 120,217 | 210,242 | 194,380 | 162,023 | 134,079 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 11.61x | 9.38x | 7.99x | 6.73x | ||
| Price-Earnings Ratio (P/E) | 12.17x | 29.64x | 16.12x | 89.65x | 75.95x | ||
| Market-Book Ratio (M/B) | 1.42x | 0.93x | 0.76x | 0.54x | 0.40x | ||
| Net Debt | €/000 | 28,815 | 96,796 | 101,089 | 92,701 | 79,729 | |
| CAPEX | €/000 | 5,048 | 13,115 | 10,964 | 12,348 | 9,899 | |
| Assets Acquired Through Business Combinations | €/000 | – | 6,500 | – | – | – | |
| Net Debt/Adj. EBITDA | 1.87x | 5.34x | 4.88x | 4.57x | 4.00x |
| 2025 to Baseline 2012 | Evolution % | 2025 vs 2024 | 2025 vs 2024 % |
| 103 346 | 99.9% | 7 855 | 3.9% |
| (6 918) | (92.0%) | (84) | (12.2%) |
| n.a. | n.a. | n.a. | 0.0% |
| (6 918) | (92.0%) | (84) | (12.2%) |
| 3 794 | 24.6% | 1 077 | 5.9% |
| 683 | 100% | (1 435) | (67.8%) |
| 4 477 | 29.0% | (358) | (1.8%) |
| (6.98%) | (96.0%) | (0.05%) | (15.6%) |
| (5.29%) | (35.5%) | (0.56%) | (5.5%) |
| (1.33) | (53.2%) | (0.40) | (25.7%) |
| (0.19) | (92.5%) | (0.00) | (12.2%) |
| (45 876) | (50.1%) | (15 756) | (25.7%) |
| 13 861 | 11.5% | (27 944) | (17.2%) |
| (1.05x) | (13.5%) | (1.26x) | (15.8%) |
| 63.77x | 523.9% | (13.70x) | (15.3%) |
| (1.01x) | (71.5%) | (0.14x) | (25.2%) |
| 50 913 | >100% | (12 972) | (14.0%) |
| 4 850 | 96.1% | (2 450) | (19.8%) |
| n.a. | n.a. | n.a | n.a. |
| 2.14x | >100% | (0.57x) | (12.4%) |
| Description | Units | Baseline 2012 | 2022 | 2023 | 2024 | 2025 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 18,113 | 20,719 | 20,277 | 19,918 | |
| Average Daily Market Cap | €/000 | 91,541 | 105,814 | 85,958 | 61,421 | 45,665 | |
| Net Debt | €/000 | 28,815 | 96,796 | 101,089 | 92,701 | 79,729 | |
| Minority Interest | €/000 | (140) | 7,633 | 7,333 | 7,900 | 8,685 | |
| Enterprise Value (EV) | €/000 | 120,217 | 210,242 | 194,380 | 162,023 | 134,079 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 11.61x | 9.38x | 7.99x | 6.73x |
| 2025 to Baseline 2012 | Evolution % | 2025 vs 2024 | 2025 vs 2024 % |
| 4 477 | 29.0% | (358) | (1.8%) |
| (45 876) | (50.1%) | (15 756) | (25.7%) |
| 50 913 | >100% | (12 972) | (14.0%) |
| 8 824 | >(100%) | 784 | 9.9% |
| 13 861 | 11.5% | (27 944) | (17.2%) |
| (1.05x) | (13.5%) | (1.26x) | (15.8%) |
| Description | Units | Baseline 2012 | 2022 | 2023 | 2024 | 2025 | |
| Average Share Price | € | 2.50 | 2.72 | 2.21 | 1.58 | 1.17 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 3,685 | 2,382 | 685 | 601 | |
| Gain on investments | €/000 | – | (115) | 2,950 | – | – | |
| Net Profit from continuing operations | €/000 | 7,520 | 3,570 | 5,332 | 685 | 601 | |
| Distributed Dividend | €/000 | 1,010 | 2,812 | 2,045 | – | – | |
| Earnings per Share from continuing operations (EPS) | € | 0.21 | 0.09 | 0.14 | 0.02 | 0.02 | |
| Dividend per Share (DPS) | € | 0.03 | 0.07 | 0.05 | – | – | |
| Dividend Cover | 7.44 | 1.31 | 1.16 | 0.0% | 0.0% | ||
| Dividend Payout Ratio | % | 13.4% | 78.8% | 38.4% | 0.0% | 0.0% | |
| Earnings Yield | % | 8.2% | 3.4% | 6.2% | 1.1% | 1.3% | |
| Dividend Yield | % | 1.1% | 2.7% | 2.4% | 0.0% | 0.0% |
| 2025 to Baseline 2012 | Evolution % | 2025 vs 2024 | 2025 vs 2024 % |
| (1.33) | (53.2%) | (0.40) | (25.7%) |
| (6 918) | (92.0%) | (84) | (12.2%) |
| – | n.a. | 0 | 0.0% |
| (6 918) | (92.0%) | (84) | (12.2%) |
| (1 010) | (100%) | 0 | 0 |
| (0.19) | (92.5%) | (0.00) | (12.2%) |
| (0.03) | (100%) | 0 | n.a. |
| (7.44) | (100%) | 0 | n.a. |
| (13.4%) | (100%) | 0% | n.a. |
| (6.9%) | (84.0%) | 0.2% | 18.0% |
| (1.1%) | (100%) | 0.0% | n.a. |
EBITDA and NET PROFIT
| Description | Units | Baseline 2012 | 2022 | 2023 | 2024 | 2025 | |
| Net sales from continuing operations | €/000 | 103,457 | 195,978 | 202,541 | 198,948 | 206,803 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 3,685 | 2,382 | 685 | 601 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 18,113 | 20,296 | 20,277 | 19,918 | |
| Net Profit from continuing operations Ratio (%) | % | 7.3% | 1.9% | 1.2% | 0.3% | 0.3% | |
| Adjusted EBITDA from continuing operations Ratio (%) | % | 14.9% | 9.2% | 10.0% | 10.2% | 9.6% |
| 2025 to Baseline 2012 | Evolution % | 2025 vs 2024 | 2025 vs 2024 % |
| 103 346 | 99.9% | 7 855 | 3.9% |
| (6 918) | (92.0%) | (84) | (12.2%) |
| 4 477 | 29% | (358) | (1.8%) |
| (7.0%) | -96.0% | (0.1%) | -15.57% |
| (5.3%) | -35.47% | (0.6%) | -5.50% |
NET DEBTS
| Description | Units | Baseline 2012 | 2022 | 2023 | 2024 | 2025 | |
| Short-Term Loans | €/000 | 21,000 | 55,383 | 67,176 | 60,529 | 62,707 | |
| Long-Term Loans | €/000 | 5,571 | 15,934 | 15,390 | 24,719 | 24,746 | |
| Leasing | €/000 | 1,273 | 1,986 | 2,177 | 2,128 | 2,936 | |
| Bond Obligation | €/000 | – | 27,652 | 22,848 | 14,410 | – | |
| Factoring | €/000 | 2,315 | – | – | – | – | |
| Cash and Cash Equivalents | €/000 | 1,343 | 4,160 | 6,502 | 9,085 | 10,660 | |
| Net Debt | €/000 | 28,815 | 96,796 | 101,089 | 92,701 | 79,729 |
| 2025 to Baseline 2012 | Evolution % | 2025 vs 2024 | 2025 vs 2024 % |
| 41 707 | >100% | 2 178 | 3.6% |
| 19 175 | >100% | 27 | 0.1% |
| 1 663 | 130.6% | 808 | 38% |
| 0 | n.a. | (14 410) | (100%) |
| (2 315) | (100.0%) | 0 | 0.0% |
| 9 318 | >100% | 1 575 | 17.3% |
| 50 913 | >100% | (12 972) | (14.0%) |
| Description | Units | Baseline 2012 | 2022 | 2023 | 2024 | 2025 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 11.61x | 9.38x | 7.99x | 6.73x | ||
| Return on Equity (ROE) | % | 11.6% | 3.1% | 4.7% | 0.6% | 0.5% | |
| Price-Earnings Ratio (P/E) | 12.17x | 29.64x | 16.12x | 89.65x | 75.95x | ||
| Market-Book Ratio (M/B) | 1.42x | 0.93x | 0.76x | 0.54x | 0.40x |
| TTM Q3 2025 to Baseline 2012 | Evolution % | TTM Q3 2025 vs 2024 | TTM Q3 2025 vs 2024 % |
| (1.05x) | (13.5%) | (1.26x) | (15.8%) |
| (11.1%) | (95.4) | (0.1%) | (11.7%) |
| 63.77x | 523.9% | (13.70x) | (15.3%) |
| (1.01x) | (71.5%) | (0.14x) | (25.2%) |