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 | TTM Q2 2025 | |
| Adjusted Sales from continuing operations | €/000 | 103,457 | 195,978 | 202,541 | 197,041 | 208,991 | |
| Net Profit from continuing operations | €/000 | 7,520 | 3,570 | 5,332 | 2,418 | (692) | |
| Gain on investments | €/000 | – | (115) | 2,950 | – | – | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 3,685 | 2,382 | 2,418 | (692) | |
| EBITDA from continuing operations | €/000 | 15,441 | 17,867 | 20,523 | 19,856 | 17,853 | |
| Adjustments | €/000 | – | 246 | 196 | 2,118 | 21 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 18,113 | 20,719 | 21,974 | 17,874 | |
| Net Profit Ratio from continiuing operations % (Without Gain on investment) | % | 7.3% | 1.9% | 1.2% | 1.2% | (0.0)% | |
| Adjusted EBITDA from continuing operations Ratio % | % | 14.9% | 9.2% | 10.2% | 11.2% | 8.6% | |
| Average Share Price | € | 2.50 | 2.72 | 2.21 | 1.58 | 1.24 | |
| Earnings per Share from continiuing operations (EPS) | € | 0.21 | 0.09 | 0.14 | 0.06 | (0.02) | |
| Average Daily Market Cap | €/000 | 91,541 | 105,814 | 85,958 | 61,421 | 48,218 | |
| Enterprise Value (EV) | €/000 | 120,217 | 210,242 | 194,380 | 162,640 | 145,434 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 11.61x | 9.38x | 7.40x | 8.14x | ||
| Price-Earnings Ratio (P/E) | 12.17x | 29.64x | 16.12x | 25.40x | (69.70x) | ||
| Market-Book Ratio (M/B) | 1.42x | 0.93x | 0.76x | 0.53x | 0.43x | ||
| Net Debt | €/000 | 28,815 | 96,796 | 101,089 | 92,701 | 88,497 | |
| CAPEX | €/000 | 5,048 | 13,115 | 10,964 | 12,348 | 15,948 | |
| Assets Acquired Through Business Combinations | €/000 | – | 6,500 | – | – | – | |
| Net Debt/Adj. EBITDA | 1.87x | 5.34x | 4.88x | 4.22x | 4.95x |
| TTM Q2 2025 to Baseline 2012 | Evolution % | TTM Q2 2025 vs 2024 | TTM Q2 2025 vs 2024 % |
| 105 534 | 102.0% | 11 950 | 6.1% |
| (8 211) | (109.2%) | (3 110) | (128.6%) |
| n.a. | n.a. | n.a. | 0.0% |
| (8 211) | (109.2%) | (3 110) | (128.6%) |
| 2 412 | 15.6% | (2 003) | (10.1%) |
| 21 | 100% | (2 097) | (99%) |
| 2 433 | 15.8% | (4 100) | (18.7%) |
| (7.6%) | (104.6%) | (1.6%) | (127%) |
| (6.4%) | (42.7%) | (2.6%) | (23.3%) |
| (1.27) | (50.6%) | (0.34) | (21.5%) |
| (0.22) | (108.6%) | (0.08) | (128.6%) |
| (43 323) | (47.3%) | (13 203) | (21.5%) |
| 25 216 | 21% | (17 207) | (10.6%) |
| 0.35x | 4.5% | 0.74x | 9.9% |
| (81.88x) | (672.6%) | (95.10x) | (374.4%) |
| (0.99x) | (69.8%) | (0.11x) | (19.7%) |
| 59 682 | >100% | (4 204) | (4.5%) |
| 10 899 | 215.9% | 3 599 | 29.1% |
| n.a. | n.a. | n.a | n.a. |
| 3.08x | >100% | 0.73x | 17.4% |
| Description | Units | Baseline 2012 | 2022 | 2023 | 2024 | TTM Q2 2025 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 18,113 | 20,719 | 21,974 | 17,874 | |
| Average Daily Market Cap | €/000 | 91,541 | 105,814 | 85,958 | 61,421 | 48,218 | |
| Net Debt | €/000 | 28,815 | 96,796 | 101,089 | 92,701 | 88,497 | |
| Minority Interest | €/000 | (140) | 7,633 | 7,333 | 8,518 | 8,718 | |
| Enterprise Value (EV) | €/000 | 120,217 | 210,242 | 194,380 | 162,640 | 145,434 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 11.61x | 9.38x | 7.40x | 8.14x |
| TTM Q2 2025 to Baseline 2012 | Evolution % | TTM Q2 2025 vs 2024 | TTM Q2 2025 vs 2024 % |
| 2 433 | 15.8% | (4 100) | (18.7%) |
| (43 323) | (47.3%) | (13 203) | (21.5%) |
| 59 682 | >100% | (4 204) | (4.5%) |
| 8 858 | >(100%) | 200 | 2.4% |
| 25 216 | 21% | (17 207) | (10.6%) |
| 0.35x | 4.5% | 0.74x | 9.9% |
| Description | Units | Baseline 2012 | 2022 | 2023 | 2024 | TTM Q2 2025 | |
| Average Share Price | € | 2.50 | 2.72 | 2.21 | 1.58 | 1.24 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 3,685 | 2,382 | 2,418 | (692) | |
| Gain on investments | €/000 | – | (115) | 2,950 | – | – | |
| Net Profit from continuing operations | €/000 | 7,520 | 3,570 | 5,332 | 2,418 | – | |
| Distributed Dividend | €/000 | 1,010 | 2,812 | 2,045 | – | (692) | |
| Earnings per Share from continuing operations (EPS) | € | 0.21 | 0.09 | 0.14 | 0.06 | (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% | 3.9% | (0.0)% | |
| Dividend Yield | % | 1.1% | 2.7% | 2.4% | 0.0% | 0.0% |
| TTM Q2 2025 to Baseline 2012 | Evolution % | TTM Q2 2025 vs 2024 | TTM Q2 2025 vs 2024 % |
| (1.27) | (50.6%) | (0.34) | (21.5%) |
| (8 211) | (109.2%) | (3 110) | (128.6%) |
| – | n.a. | 0 | 0.0% |
| (8 211) | (109.2%) | (3 110) | (128.6%) |
| (1 010) | (100%) | 0 | 0 |
| (0.22) | (108.6%) | (0.08) | (128.6%) |
| (0.03) | (100%) | 0 | n.a. |
| n.a. | n.a. | 0 | n.a. |
| (13.4%) | (100%) | 0% | n.a. |
| (9.6%) | (117.5%) | (5.4%) | (136.4%) |
| (1.1%) | (100%) | 0.0% | n.a. |
EBITDA and NET PROFIT
| Description | Units | Baseline 2012 | 2022 | 2023 | 2024 | TTM Q2 2025 | |
| Net sales from continuing operations | €/000 | 103,457 | 195,978 | 202,541 | 197,041 | 208,991 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 3,685 | 2,382 | 2,418 | (692) | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 18,113 | 20,296 | 21,974 | 17,874 | |
| Net Profit from continuing operations Ratio (%) | % | 7.3% | 1.9% | 1.2% | 1.2% | (0.0)% | |
| Adjusted EBITDA from continuing operations Ratio (%) | % | 14.9% | 9.2% | 10.0% | 11.2% | 8.6% |
| TTM Q2 2025 to Baseline 2012 | Evolution % | TTM Q2 2025 vs 2024 | TTM Q2 2025 vs 2024 % |
| 105 534 | 102.0% | 11 950 | 6.1% |
| (8 211) | (109.2%) | (3 110) | (128.6%) |
| 2 433 | 15.8% | (4 100) | (18.7%) |
| (7.6%) | (104.6%) | (1.6%) | (127.0%) |
| (6.4%) | (42.70%) | (2.6%) | (23.31%) |
NET DEBTS
| Description | Units | Baseline 2012 | 2022 | 2023 | 2024 | TTM Q2 2025 | |
| Short-Term Loans | €/000 | 21,000 | 55,383 | 67,176 | 60,529 | 63,218 | |
| Long-Term Loans | €/000 | 5,571 | 15,934 | 15,390 | 24,719 | 27,629 | |
| Leasing | €/000 | 1,273 | 1,986 | 2,177 | 2,128 | 2,496 | |
| 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 | 4,845 | |
| Net Debt | €/000 | 28,815 | 96,796 | 101,089 | 92,701 | 88,497 |
| TTM Q2 2025 to Baseline 2012 | Evolution % | TTM Q2 2025 vs 2024 | TTM Q2 2025 vs 2024 % |
| 42 218 | >100% | 2 689 | 4.4% |
| 22 058 | >100% | 2 910 | 11.8% |
| 1 222 | 96% | 368 | 17.3% |
| 0 | n.a. | (14 410) | (100%) |
| (2 315) | (100.0%) | 0 | 0.0% |
| 3 502 | >100% | (4 240) | (46.7%) |
| 59 682 | >100% | (4 204) | (4.5%) |
| Description | Units | Baseline 2012 | 2022 | 2023 | 2024 | TTM Q2 2025 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 11.61x | 9.38x | 7.40x | 8.14x | ||
| Return on Equity (ROE) | % | 11.6% | 3.1% | 4.7% | 2.1% | -0.6% | |
| Price-Earnings Ratio (P/E) | 12.17x | 29.64x | 16.12x | 25.40x | (69.70x) | ||
| Market-Book Ratio (M/B) | 1.42x | 0.93x | 0.76x | 0.53x | 0.43x |
| TTM Q2 2025 to Baseline 2012 | Evolution % | TTM Q2 2025 vs 2024 | TTM Q2 2025 vs 2024 % |
| 0.35x | 4.5% | 0.74x | 9.9% |
| (12.3%) | (105.3%) | (2.7%) | (129.3%) |
| (81.88x) | (672.6%) | (95.10x) | (373.4%) |
| (0.99x) | (69.8%) | (0.11x) | (19.7%) |