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.

KPT
Private joint venture (JV)Implied value, not market upside %
KODT
Listed comparableUpside to KODT peer average
KOEI
Listed groupUpside to the broad electrification peer average
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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.

Possible range of KOEI's stake in KPT from a mechanical comparison with the peer group:Range €1.5–€3.5 bn, Average €2.5 bn
8 / 8 selected
C Core peerM Mixed peer
Swipe the table left / right for more
Company / rowDescriptionP/SEV/SalesEV/EBITDAP/EAverage
Grid Technologies / energy equipment3.8x3.6x34.0x83.2x31.2x
Electrification / grid / power7.1x7.0x80.1x30.4x31.1x
EHV transformers / power equipment12.4x12.2x46.6x68.9x35.0x
Power systems / grid equipment6.9x7.0x54.2x78.8x36.7x
Grid / HV transformers20.8x20.2x140.4x178.4x90.0x
Power transformers, distribution transformers, cast resin transformers, power distribution equipment.11.6x11.5x49.7x64.1x34.2x
Power transformers3.9x4.0x25.9x35.8x17.4x
Power systems / industrial electrical equipment11.1x11.0x84.0x113.5x54.9x
Peer group averageArithmetic mean of available values8 companies in the benchmark9.7x9.6x64.4x81.7x41.3x
Peer group medianMiddle value — more robust to extremes8 companies in the benchmark9.1x9.0x52.0x73.8x36.0x
Trimmed meanDrops the highest and lowest value per column8 companies in the benchmark8.8x8.8x58.1x74.1x37.4x
KPT / KET official basenot listed; FY ends 30 Sep 2025.
Sources
KPT / 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 mn/an/an/an/an/a
Implied 100% KPT equity value @ peer averagevalue per individual multipleEV/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.

Possible value range of the company from a mechanical comparison with the peer group:Range €3.1–€6.3 bn, Average €4.6 bn
9 / 9 selected
C Core peerM Mixed peer
KODT
+170%
9.6x
R&S Group
11.0x
Bharat Bijlee
14.6x
Cheryong Electric
17.8x
Voltamp Transformers
22.6x
Transformers & Rectifiers India
25.9x
Astor Enerji
29.7x
Hammond Power Solutions
31.7x
Fortune Electric
49.7x
CG Power & Industrial Solutions
84.0x
Swipe the table left / right for more
Company / rowDescriptionP/SEV/SalesEV/EBITDAP/EAverage
Dry-type / distribution transformer pure-play3.9x3.9x31.7x56.5x24.0x
European transformer pure-play2.5x2.3x11.0x15.5x7.8x
Oil-filled / cast-resin transformers4.5x4.4x22.6x31.6x15.8x
Transformers + electrical equipment1.5x1.4x14.6x24.2x10.4x
Power + distribution transformers9.2x9.0x29.7x42.4x22.6x
Transformer / electrical equipment peer6.3x5.5x17.8x24.1x13.4x
Power transformers3.9x4.0x25.9x35.8x17.4x
Power systems / industrial electrical equipment11.1x11.0x84.0x113.5x54.9x
Power transformers, distribution transformers, cast resin transformers, power distribution equipment.11.6x11.5x49.7x64.1x34.2x
Peer group averageArithmetic mean of available values9 companies in the benchmark6.0x5.9x31.9x45.3x22.3x
Peer group medianMiddle value — more robust to extremes9 companies in the benchmark4.5x4.4x25.9x35.8x17.7x
Trimmed meanDrops the highest and lowest value per column9 companies in the benchmark5.9x5.7x27.4x39.8x19.7x
KODT — current valuationKODT · Q1 2026 / 1-26 snapshot
Sources
KODTMojeDionice — KODT, Q1 2026 / 1-26ZSE / KODT issuer filings
Source: 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.
Cash-adjusted EV
KONČAR – Distribution and Special Transformers3.9x3.3x9.6x14.4x7.8x
KODT implied equity value @ peer averagevalue per individual multipleEV 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.

Possible value range of the company from a mechanical comparison with the peer group:Range €8.3–€10.9 bn, Average €9.3 bn
25 / 25 selected
For KOEI we use the broad electrification peer group. The transformer-only view is an additional sensitivity, since transformers are a key part of the story but not the whole Končar group.
T Transformer peerG/E Grid / electrification peerB/E Broad electrical peerAI/DC AI / data-center infrastructure peer
KOEI
+422%
5.7x
R&S Group
11.0x
Bharat Bijlee
14.6x
Mitsubishi Electric
15.7x
Cheryong Electric
17.8x
Hubbell
19.3x
Schneider Electric
19.9x
Legrand
20.3x
WEG
21.7x
Voltamp Transformers
22.6x
ABB
25.8x
Transformers & Rectifiers India
25.9x
Eaton
27.9x
Astor Enerji
29.7x
nVent Electric
31.4x
Hammond Power Solutions
31.7x
Arteche
31.9x
Siemens Energy
34.0x
Powell Industries
46.3x
HD Hyundai Electric
46.6x
Fortune Electric
49.7x
Hyosung Heavy Industries
54.2x
Vertiv
55.1x
GE Vernova
80.1x
CG Power & Industrial Solutions
84.0x
Hitachi Energy India
140.4x
Swipe the table left / right for more
Company / rowDescriptionP/SEV/SalesEV/EBITDAP/EAverage
Grid Technologies / energy equipment3.8x3.6x34.0x83.2x31.2x
Electrification / grid / power7.1x7.0x80.1x30.4x31.1x
Dry-type / distribution transformer pure-play3.9x3.9x31.7x56.5x24.0x
EHV transformers / power equipment12.4x12.2x46.6x68.9x35.0x
Power systems / grid equipment6.9x7.0x54.2x78.8x36.7x
Grid / HV transformers20.8x20.2x140.4x178.4x90.0x
Power transformers, distribution transformers, cast resin transformers, power distribution equipment.11.6x11.5x49.7x64.1x34.2x
Power + distribution transformers9.2x9.0x29.7x42.4x22.6x
European transformer pure-play2.5x2.3x11.0x15.5x7.8x
Oil-filled / cast-resin transformers4.5x4.4x22.6x31.6x15.8x
Transformers + electrical equipment1.5x1.4x14.6x24.2x10.4x
Power transformers3.9x4.0x25.9x35.8x17.4x
Power systems / industrial electrical equipment11.1x11.0x84.0x113.5x54.9x
Transformer / electrical equipment peer6.3x5.5x17.8x24.1x13.4x
Grid components / instrument transformers / high-voltage equipment4.8x5.0x31.9x54.7x24.1x
Motors + T&D + electrification4.8x4.7x21.7x30.4x15.4x
Electrical + data-center infrastructure3.9x4.1x19.9xn/a9.3x
Power distribution / electrical5.5x6.2x27.9x39.3x19.7x
Industrial + high-voltage systems2.1x2.0x15.7x32.0x13.0x
Global electrification / automation / grid equipment peer5.4x5.5x25.8x38.4x18.8x
Switchgear / power distribution / industrial electrical systems10.0x9.5x46.3x60.4x31.5x
Utility grid equipment / electrical infrastructure4.3x4.7x19.3x29.1x14.4x
Electrical enclosures / data-center electrical infrastructure6.3x6.7x31.4x57.8x25.5x
Electrical infrastructure / low-voltage / data-center systems4.2x4.7x20.3x32.2x15.3x
AI/data-center power and thermal infrastructure12.3x12.1x55.1x85.4x41.2x
Peer group averageArithmetic mean of available values25 companies in the benchmark6.8x6.7x38.3x54.5x26.6x
Peer group medianMiddle value — more robust to extremes25 companies in the benchmark5.4x5.5x29.7x40.9x20.3x
Trimmed meanDrops the highest and lowest value per column25 companies in the benchmark6.4x6.4x35.0x50.6x24.6x
KOEI — current valuationKOEI · Q1 2026 / 1-26 snapshot
Sources
KOEIMojeDionice — KOEI, Q1 2026 / 1-26ZSE / KOEI issuer filings
Source: 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 group1.6x1.3x5.7x14.2x5.7x
KOEI implied equity value @ peer averagevalue per individual multipleRe-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.