KONČAR peer valuation dashboard
Note on sources, methodology and purpose
This analysis has been put together in good faith, based on publicly available sources — company financial reports, investor relations pages, exchange data and market multiples services. We cannot guarantee full accuracy or that the data is up to date: market multiples change from day to day, and different sources may use different definitions, accounting periods, currencies and adjustments.
This is first and foremost an interactive tool: in each table you choose which comparable companies enter the calculation and which do not. Averages, medians, trimmed averages and implied values are computed in real time based on your selection — so you can explore how the comparison shifts with different subsets of the peer group and assess for yourself which companies you consider most relevant for KOEI, KPT and KODT.
This is meant as analytical orientation, not a formal financial model or a recommendation. The comparable companies are not identical to KONČAR — they provide a frame for understanding how the market values similar business models and the same global megatrend exposure. Every comparison has important limitations: companies operate in different countries, currencies and capital structures, with different margins, tax regimes and segment exposure.
These tables are not investment advice, a target price or a fair value estimate, and do not constitute a solicitation to buy, sell or hold any financial instrument.
Analysis dated 10 May 2026. The author holds KOEI and KODT shares.
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KPT benchmark
Large power transformers, transmission grid and high-voltage transformer peers
Large power transformers, transmission grid and high-voltage transformer companies.
| Company / row | Description | P/S | EV/Sales | EV/EBITDA | P/E | Average |
|---|---|---|---|---|---|---|
C Sources | Grid Technologies / energy equipment | 3.8x | 3.6x | 34.0x | 83.2x | 31.2x |
C Sources | Electrification / grid / power | 7.1x | 7.0x | 80.1x | 30.4x | 31.1x |
C SourcesHD Hyundai ElectricStockAnalysis — HD Hyundai Electric statisticsHD Hyundai Electric IR | EHV transformers / power equipment | 12.4x | 12.2x | 46.6x | 68.9x | 35.0x |
C SourcesHyosung Heavy IndustriesStockAnalysis — Hyosung Heavy Industries statisticsHyosung Heavy Industries IR | Power systems / grid equipment | 6.9x | 7.0x | 54.2x | 78.8x | 36.7x |
C SourcesHitachi Energy IndiaYahoo Finance — POWERINDIA.NS key statisticsHitachi Energy India investors | Grid / HV transformers | 20.8x | 20.2x | 140.4x | 178.4x | 90.0x |
C Sources | Power transformers, distribution transformers, cast resin transformers, power distribution equipment. | 11.6x | 11.5x | 49.7x | 64.1x | 34.2x |
C SourcesTransformers & Rectifiers IndiaYahoo Finance — TARIL.NS key statisticsTARIL investor relations | Power transformers | 3.9x | 4.0x | 25.9x | 35.8x | 17.4x |
M SourcesCG Power & Industrial SolutionsStockAnalysis — CG Power statisticsCG Power investor relations | Power systems / industrial electrical equipment | 11.1x | 11.0x | 84.0x | 113.5x | 54.9x |
| Peer group averageArithmetic mean of available values | 8 companies in the benchmark | 9.7x | 9.6x | 64.4x | 81.7x | 41.3x |
| Peer group medianMiddle value — more robust to extremes | 8 companies in the benchmark | 9.1x | 9.0x | 52.0x | 73.8x | 36.0x |
| Trimmed meanDrops the highest and lowest value per column | 8 companies in the benchmark | 8.8x | 8.8x | 58.1x | 74.1x | 37.4x |
KPT / KET official basenot listed; FY ends 30 Sep 2025.SourcesKPT / KET Official annual report of KONČAR – Energy Transformers d.o.o. for the year ended 30 Sep 2025, loaded into the analysis. Pages used: profit & loss, balance sheet and the cash-pooling note. | Sales €326 m; EBITDA €101 m; net profit €88 m; cash+pooling €262 m | n/a | n/a | n/a | n/a | n/a |
| Implied 100% KPT equity value @ peer averagevalue per individual multiple | EV/Sales and EV/EBITDA include cash+pooling; P/S and P/E are equity methods. | €3.2 bn | €3.4 bn | €6.8 bn | €7.2 bn | €5.1 bn |
| UPSIDE / alignment valueValue of KONČAR's 49% stake if KPT re-rates to the peer average. | Value of KONČAR's 49% stake if KPT re-rates to the peer average. | €1.5 bn | €1.7 bn | €3.3 bn | €3.5 bn | €2.5 bn |
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KODT benchmark
Medium-power, distribution, oil-immersed and special transformer peers
Distribution, dry-type, oil-immersed and special transformers. EV multiples use a manually adjusted EV due to significant cash-like financial assets.
| Company / row | Description | P/S | EV/Sales | EV/EBITDA | P/E | Average |
|---|---|---|---|---|---|---|
C SourcesHammond Power SolutionsStockAnalysis — Hammond Power Solutions statisticsHammond Power Solutions IR | Dry-type / distribution transformer pure-play | 3.9x | 3.9x | 31.7x | 56.5x | 24.0x |
C Sources | European transformer pure-play | 2.5x | 2.3x | 11.0x | 15.5x | 7.8x |
C SourcesVoltamp TransformersYahoo Finance — VOLTAMP.NS key statisticsVoltamp investor desk | Oil-filled / cast-resin transformers | 4.5x | 4.4x | 22.6x | 31.6x | 15.8x |
C Sources | Transformers + electrical equipment | 1.5x | 1.4x | 14.6x | 24.2x | 10.4x |
C Sources | Power + distribution transformers | 9.2x | 9.0x | 29.7x | 42.4x | 22.6x |
C SourcesCheryong ElectricYahoo Finance — 033100.KQ key statisticsCheryong Electric | Transformer / electrical equipment peer | 6.3x | 5.5x | 17.8x | 24.1x | 13.4x |
M SourcesTransformers & Rectifiers IndiaYahoo Finance — TARIL.NS key statisticsTARIL investor relations | Power transformers | 3.9x | 4.0x | 25.9x | 35.8x | 17.4x |
M SourcesCG Power & Industrial SolutionsStockAnalysis — CG Power statisticsCG Power investor relations | Power systems / industrial electrical equipment | 11.1x | 11.0x | 84.0x | 113.5x | 54.9x |
M Sources | Power transformers, distribution transformers, cast resin transformers, power distribution equipment. | 11.6x | 11.5x | 49.7x | 64.1x | 34.2x |
| Peer group averageArithmetic mean of available values | 9 companies in the benchmark | 6.0x | 5.9x | 31.9x | 45.3x | 22.3x |
| Peer group medianMiddle value — more robust to extremes | 9 companies in the benchmark | 4.5x | 4.4x | 25.9x | 35.8x | 17.7x |
| Trimmed meanDrops the highest and lowest value per column | 9 companies in the benchmark | 5.9x | 5.7x | 27.4x | 39.8x | 19.7x |
KODT — current valuationKODT · Q1 2026 / 1-26 snapshotSourcesKODTMojeDionice — KODT, Q1 2026 / 1-26ZSE / KODT issuer filingsSource: MojeDionice, Q1 2026 / 1-26. EV/Sales calculated from EV/EBITDA × EBITDA/Sales. Values used: P/S 3.92x, EV/EBITDA 9.60x, EBITDA/S 34.48%, P/E 14.41x. | KONČAR – Distribution and Special Transformers | 3.9x | 3.3x | 9.6x | 14.4x | 7.8x |
| KODT implied equity value @ peer averagevalue per individual multiple | EV methods use an adjusted EV / net cash approach; P/S and P/E are equity re-rating. | €3.1 bn | €3.3 bn | €5.8 bn | €6.3 bn | €4.6 bn |
| UPSIDE if KODT re-rates to the peer averageTarget equity / current market cap - 1. | Target equity / current market cap - 1. | 52% | 61% | 187% | 213% | 128% |
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KOEI / broad electrification benchmark
Broader peer set for the KONČAR group and the global electrification megatrend
The broader group includes transformer, grid, electrical equipment and AI/data-center infrastructure peers.
| Company / row | Description | P/S | EV/Sales | EV/EBITDA | P/E | Average |
|---|---|---|---|---|---|---|
G/E Sources | Grid Technologies / energy equipment | 3.8x | 3.6x | 34.0x | 83.2x | 31.2x |
G/E Sources | Electrification / grid / power | 7.1x | 7.0x | 80.1x | 30.4x | 31.1x |
T SourcesHammond Power SolutionsStockAnalysis — Hammond Power Solutions statisticsHammond Power Solutions IR | Dry-type / distribution transformer pure-play | 3.9x | 3.9x | 31.7x | 56.5x | 24.0x |
T SourcesHD Hyundai ElectricStockAnalysis — HD Hyundai Electric statisticsHD Hyundai Electric IR | EHV transformers / power equipment | 12.4x | 12.2x | 46.6x | 68.9x | 35.0x |
T SourcesHyosung Heavy IndustriesStockAnalysis — Hyosung Heavy Industries statisticsHyosung Heavy Industries IR | Power systems / grid equipment | 6.9x | 7.0x | 54.2x | 78.8x | 36.7x |
G/E SourcesHitachi Energy IndiaYahoo Finance — POWERINDIA.NS key statisticsHitachi Energy India investors | Grid / HV transformers | 20.8x | 20.2x | 140.4x | 178.4x | 90.0x |
T Sources | Power transformers, distribution transformers, cast resin transformers, power distribution equipment. | 11.6x | 11.5x | 49.7x | 64.1x | 34.2x |
T Sources | Power + distribution transformers | 9.2x | 9.0x | 29.7x | 42.4x | 22.6x |
T Sources | European transformer pure-play | 2.5x | 2.3x | 11.0x | 15.5x | 7.8x |
T SourcesVoltamp TransformersYahoo Finance — VOLTAMP.NS key statisticsVoltamp investor desk | Oil-filled / cast-resin transformers | 4.5x | 4.4x | 22.6x | 31.6x | 15.8x |
T Sources | Transformers + electrical equipment | 1.5x | 1.4x | 14.6x | 24.2x | 10.4x |
T SourcesTransformers & Rectifiers IndiaYahoo Finance — TARIL.NS key statisticsTARIL investor relations | Power transformers | 3.9x | 4.0x | 25.9x | 35.8x | 17.4x |
B/E SourcesCG Power & Industrial SolutionsStockAnalysis — CG Power statisticsCG Power investor relations | Power systems / industrial electrical equipment | 11.1x | 11.0x | 84.0x | 113.5x | 54.9x |
T SourcesCheryong ElectricYahoo Finance — 033100.KQ key statisticsCheryong Electric | Transformer / electrical equipment peer | 6.3x | 5.5x | 17.8x | 24.1x | 13.4x |
G/E | Grid components / instrument transformers / high-voltage equipment | 4.8x | 5.0x | 31.9x | 54.7x | 24.1x |
B/E | Motors + T&D + electrification | 4.8x | 4.7x | 21.7x | 30.4x | 15.4x |
B/E SourcesSchneider ElectricYahoo Finance — SU.PA key statisticsSchneider Electric IR | Electrical + data-center infrastructure | 3.9x | 4.1x | 19.9x | n/a | 9.3x |
B/E | Power distribution / electrical | 5.5x | 6.2x | 27.9x | 39.3x | 19.7x |
B/E SourcesMitsubishi ElectricYahoo Finance — 6503.T key statisticsMitsubishi Electric IR | Industrial + high-voltage systems | 2.1x | 2.0x | 15.7x | 32.0x | 13.0x |
B/E | Global electrification / automation / grid equipment peer | 5.4x | 5.5x | 25.8x | 38.4x | 18.8x |
B/E SourcesPowell IndustriesStockAnalysis — Powell Industries statisticsPowell Industries IR | Switchgear / power distribution / industrial electrical systems | 10.0x | 9.5x | 46.3x | 60.4x | 31.5x |
B/E | Utility grid equipment / electrical infrastructure | 4.3x | 4.7x | 19.3x | 29.1x | 14.4x |
AI/DC SourcesnVent ElectricStockAnalysis — nVent statisticsnVent investor relations | Electrical enclosures / data-center electrical infrastructure | 6.3x | 6.7x | 31.4x | 57.8x | 25.5x |
AI/DC | Electrical infrastructure / low-voltage / data-center systems | 4.2x | 4.7x | 20.3x | 32.2x | 15.3x |
AI/DC | AI/data-center power and thermal infrastructure | 12.3x | 12.1x | 55.1x | 85.4x | 41.2x |
| Peer group averageArithmetic mean of available values | 25 companies in the benchmark | 6.8x | 6.7x | 38.3x | 54.5x | 26.6x |
| Peer group medianMiddle value — more robust to extremes | 25 companies in the benchmark | 5.4x | 5.5x | 29.7x | 40.9x | 20.3x |
| Trimmed meanDrops the highest and lowest value per column | 25 companies in the benchmark | 6.4x | 6.4x | 35.0x | 50.6x | 24.6x |
KOEI — current valuationKOEI · Q1 2026 / 1-26 snapshotSourcesKOEIMojeDionice — KOEI, Q1 2026 / 1-26ZSE / KOEI issuer filingsSource: MojeDionice, Q1 2026 / 1-26. EV/Sales calculated from EV/EBITDA × EBITDA/Sales. Values used: P/S 1.60x, EV/EBITDA 5.69x, EBITDA/S 22.81%, P/E 14.20x. | KONČAR group | 1.6x | 1.3x | 5.7x | 14.2x | 5.7x |
| KOEI implied equity value @ peer averagevalue per individual multiple | Re-rating current metrics to the peer average. | €9.1 bn | €9.0 bn | €10.9 bn | €8.3 bn | €9.3 bn |
| UPSIDE if KOEI re-rates to the peer averageTarget equity / current market cap - 1. | Target equity / current market cap - 1. | 325% | 324% | 411% | 288% | 337% |
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How to read the sources
Below each company ticker, click “Sources” for the market source of the multiple and the official IR source.
Tooltips on the column headers explain the formulas for P/S, EV/Sales, EV/EBITDA and P/E.
Methodology note for KOEI and KODT
For KOEI and KODT we use MojeDionice data for Q1 2026 / 1-26 since these reflect the most recent available trailing period. EV/Sales for both stocks is calculated from EV/EBITDA × EBITDA/Sales, so that the EV multiples are aligned with the same source and the same accounting period.
Previously, KODT's significant short-term financial assets and net cash position were considered separately. In this version of the table for KODT we use MojeDionice's EV/EBITDA of 9.60x from the Q1 2026 view as the relevant cash-adjusted market multiple, instead of earlier data-provider values.