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 Q2 2026 | |
| Adjusted Sales from continuing operations | €/000 | 103,457 | 202,541 | 198,948 | 206,743 | 202,976 | |
| Net Profit from continuing operations | €/000 | 7,520 | 5,332 | 685 | 2,580 | 2,774 | |
| Gain on investments | €/000 | – | 2,950 | – | – | – | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 2,382 | 685 | 2,580 | 2,774 | |
| EBITDA from continuing operations | €/000 | 15,441 | 20,523 | 18,157 | 19,228 | 18,421 | |
| Adjustments | €/000 | – | 196 | 3,067 | 687 | 325 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 20,719 | 21,224 | 19,915 | 18,746 | |
| Net Profit Ratio from continiuing operations % (Without Gain on investment) | % | 7.3% | 1.2% | 0.3% | 1.2% | 1.4% | |
| Adjusted EBITDA from continuing operations Ratio % | % | 14.9% | 10.2% | 10.7% | 9.6% | 9.2% | |
| Average Share Price | € | 2.50 | 2.21 | 1.58 | 1.17 | 1.08 | |
| Earnings per Share from continiuing operations (EPS) | € | 0.21 | 0.14 | 0.02 | 0.07 | 0.07 | |
| Average Daily Market Cap | €/000 | 91,541 | 85,958 | 61,421 | 45,665 | 41,912 | |
| Enterprise Value (EV) | €/000 | 120,217 | 194,380 | 162,023 | 134,079 | 135,901 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 9.38x | 7.63x | 6.73x | 7.25x | ||
| Price-Earnings Ratio (P/E) | 12.17x | 16.12x | 89.65x | 17.70x | 15.11x | ||
| Market-Book Ratio (M/B) | 1.42x | 0.76x | 0.54x | 0.40x | 0.39x | ||
| Net Debt | €/000 | 28,815 | 101,089 | 92,701 | 79,747 | 86,811 | |
| CAPEX | €/000 | 5,048 | 10,964 | 12,348 | 9,945 | 8,094 | |
| Assets Acquired Through Business Combinations | €/000 | – | – | – | – | – | |
| Net Debt/Adj. EBITDA | 1.87x | 4.88x | 4.37x | 4.00x | 4.63x |
| TTM Q2 2026 to Baseline 2012 | Evolution % | TTM Q2 2026 vs 2025 | TTM Q2 2026 vs 2025 % |
| 99 519 | 96.2% | (3 767) | (1.8%) |
| (4 746) | (63.1%) | 194 | 7.5% |
| n.a. | n.a. | n.a. | 0.0% |
| (4 746) | (63.1%) | 194 | 7.5% |
| 2 980 | 19.3% | (807) | (4.2%) |
| 325 | 100% | (362) | (52.7)% |
| 3 305 | 21.4% | (1 169) | (5.9)% |
| (5.9%) | (81.2%) | 0.1% | 9.5% |
| (5.7%) | (38.1%) | (0.4%) | (4.1)% |
| (1.43) | (57.0%) | (0.10) | (8.2%) |
| (0.13) | (65.4%) | 0.00 | 7.5% |
| (49 629) | (54.2%) | (3 753) | (8.2%) |
| 15 684 | 13% | 1 774 | 1.3% |
| (0.54x) | (6.9%) | 0.51x | 7.6% |
| 2.94x | 24.1% | (2.59x) | (14.6%) |
| (1.03x) | (72.6%) | (0.01x) | (2.2%) |
| 57 996 | >100% | 7 064 | 8.9% |
| 2 741 | 51.2% | (1 852) | (18.6%) |
| n.a. | n.a. | n.a | 0.0% |
| 2.76x | >100% | 0.63x | 15.6% |
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q2 2026 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 20,719 | 21,224 | 19,915 | 18,746 | |
| Average Daily Market Cap | €/000 | 91,541 | 85,958 | 61,421 | 45,665 | 41,912 | |
| Net Debt | €/000 | 28,815 | 101,089 | 92,701 | 79,747 | 86,811 | |
| Minority Interest | €/000 | (140) | 7,333 | 7,900 | 8,715 | 7,178 | |
| Enterprise Value (EV) | €/000 | 120,217 | 194,380 | 162,023 | 134,127 | 135,901 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 9.38x | 7.63x | 6.74x | 7.25x |
| TTM Q2 2026 to Baseline 2012 | Evolution % | TTM Q2 2026 to Baseline 2012 | TTM Q2 2026 към база 2012_bg |
| 3 305 | 21.4% | (1 169) | (5.9%) |
| (49 629) | (54.2%) | (3 753) | (8.2%) |
| 57 996 | >100% | 7 064 | 8.9% |
| 7 318 | >(100%) | (1 538) | (17.6%) |
| 15 684 | 13.0% | 1 774 | 1.3% |
| (0.54x) | (6.9%) | 0.51x | 7.6% |
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q2 2026 | |
| Average Share Price | € | 2.50 | 2.21 | 1.58 | 1.17 | 1.08 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 2,382 | 685 | 2,580 | 2,774 | |
| Gain on investments | €/000 | – | 2,950 | – | – | – | |
| Net Profit from continuing operations | €/000 | 7,520 | 5,332 | 685 | 2,580 | 2,774 | |
| Distributed Dividend | €/000 | 1,010 | 4,000 | – | – | – | |
| Earnings per Share from continuing operations (EPS) | € | 0.21 | 0.14 | 0.02 | 0.07 | 0.07 | |
| 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% | 6.6% | |
| Dividend Yield | % | 1.1% | 4.7% | 0.0% | 0.0% | 0.0% |
| TTM Q2 2026 to Baseline 2012 | Evolution % | TTM Q2 2026 vs 2025 | TTM Q2 2026 vs 2025 % |
| (1.43) | (57.0%) | (0.10) | (8.2%) |
| (4 746) | (63.1%) | 194 | 7.5% |
| – | n.a. | 0 | 0.0% |
| (4 746) | (63.1%) | 194 | 7.5% |
| (1 976) | (100%) | 0 | 0 |
| (0.13) | (65.4%) | 0 | 7.5% |
| (0.05) | (100%) | 0 | n.a. |
| (3.81) | (100%) | 0 | n.a. |
| (26.3%) | (100%) | 0% | n.a. |
| (1.6%) | (19.4%) | 0.2% | 3.5% |
| (2.2%) | (100%) | 0.0% | n.a. |
EBITDA and NET PROFIT
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q2 2026 | |
| Net sales from continuing operations | €/000 | 103,457 | 202,541 | 198,948 | 206,743 | 202,976 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 2,382 | 685 | 2,580 | 2,774 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 20,719 | 21,224 | 19,915 | 18,746 | |
| Net Profit from continuing operations Ratio (%) | % | 7.3% | 1.2% | 0.3% | 1.2% | 1.4% | |
| Adjusted EBITDA from continuing operations Ratio (%) | % | 14.9% | 10.2% | 10.7% | 9.6% | 9.2% |
| TTM Q2 2026 to Baseline 2012 | Evolution % | TTM Q2 2026 vs 2025 | TTM Q2 2026 vs 2025 % |
| 99 519 | 96.2% | (3 767) | (1.8%) |
| (4 746) | (63.1%) | 194 | 7.5% |
| 3 305 | 21.4% | (1 169) | (5.9%) |
| (5.9%) | -81.20% | 0.1% | 9.49% |
| (5.7%) | -38.12% | (0.4%) | -4.12% |
NET DEBTS
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q2 2026 | |
| Short-Term Loans | €/000 | 21,000 | 67,176 | 60,529 | 62,636 | 70,956 | |
| Long-Term Loans | €/000 | 5,571 | 15,390 | 24,719 | 24,827 | 19,582 | |
| Leasing | €/000 | 1,273 | 2,177 | 2,128 | 2,936 | 2,505 | |
| Bond Obligation | €/000 | – | 22,848 | 14,410 | – | – | |
| Factoring | €/000 | 2,315 | – | – | – | – | |
| Cash and Cash Equivalents | €/000 | 1,343 | 6,502 | 9,085 | 10,652 | 6,232 | |
| Net Debt | €/000 | 28,815 | 101,089 | 92,701 | 79,747 | 86,811 |
| TTM Q2 2026 to Baseline 2012 | Evolution % | TTM Q2 2026 vs 2025 | TTM Q2 2026 vs 2025 % |
| 49 956 | >100% | 8 320 | 13.3% |
| 14 011 | >100% | (5 245) | (21.1%) |
| 1 232 | 96.8% | (431) | (14.7%) |
| 0 | n.a. | 0 | 0% |
| (2 315) | (100.0%) | 0 | 0% |
| 4 889 | >100% | (4 420) | (41.5%) |
| 57 996 | >100% | 7 064 | 8.9% |
| Description | Units | Baseline 2012 | 2023 | 2024 | 2025 | TTM Q2 2026 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 9.38x | 7.63x | 6.74x | 7.25x | ||
| Return on Equity (ROE) | % | 11.6% | 4.7% | 0.6% | 2.2% | 2.6% | |
| Price-Earnings Ratio (P/E) | 12.17x | 16.12x | 89.65x | 17.70x | 15.11x | ||
| Market-Book Ratio (M/B) | 1.42x | 0.76x | 0.54x | 0.40x | 0.39x |
| TTM Q2 2026 to Baseline 2012 | Evolution % | TTM Q2 2026 vs 2025 | TTM Q2 2026 vs 2025 % |
| (0.54x) | (6.9%) | 0.51x | 7.6% |
| (9.1%) | (77.9%) | 0.3% | 14.5% |
| 2.94x | 24.1% | (2.59x) | (14.6%) |
| (1.03x) | (72.6%) | (0.01x) | (2.2%) |