Company Valuation: Adani Ports & Special Economic Zone Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,635,399 1,364,992 2,898,582 2,555,336 3,024,177 4,211,868 - -
Change - -16.53% 112.35% -11.84% 18.35% 39.27% - -
Enterprise Value (EV) 1 2,007,348 1,814,838 3,308,683 2,996,300 3,560,785 4,612,181 4,544,822 4,533,456
Change - -9.59% 82.31% -9.44% 18.84% 29.53% -1.46% -0.25%
P/E 34.6x 25.7x 35.7x 23x 22.5x 28.3x 23.6x 18.2x
PBR 4.28x 2.99x 5.47x 4.09x 3.15x 3.88x 3.4x 2.95x
PEG - 2.63x 0.7x 0.6x 1.7x 2.6x 1.2x 0.6x
Capitalization / Revenue 10.3x 6.55x 10.9x 8.38x 7.81x 9.47x 8.18x 7.05x
EV / Revenue 12.6x 8.7x 12.4x 9.83x 9.19x 10.4x 8.83x 7.59x
EV / EBITDA 22.6x 14.1x 20.9x 16.3x 15.6x 17.7x 15x 13.1x
EV / EBIT 32.7x 19.3x 27.6x 21.3x 20.5x 23.5x 20x 17.5x
EV / FCF 33.2x 64.6x 43.5x 32.6x 70.7x 50.4x 45.9x 35.9x
FCF Yield 3.01% 1.55% 2.3% 3.06% 1.41% 1.98% 2.18% 2.78%
Dividend per Share 2 5 5 6 7 7.5 9.686 11.34 13.06
Rate of return 0.65% 0.79% 0.45% 0.59% 0.57% 0.53% 0.62% 0.71%
EPS 2 22.39 24.58 37.55 51.35 58.23 64.58 77.55 100.5
Distribution rate 22.3% 20.3% 16% 13.6% 12.9% 15% 14.6% 13%
Net sales 1 159,340 208,519 267,106 304,753 387,358 444,612 514,949 597,252
EBITDA 1 88,789 128,334 158,639 184,214 228,514 260,554 302,113 345,389
EBIT 1 61,393 94,102 119,755 140,424 173,340 196,135 226,751 259,468
Net income 1 47,281 53,102 81,106 110,923 128,062 146,682 176,028 225,599
Net Debt 1 371,948 449,847 410,100 440,964 536,608 400,313 332,954 321,588
Reference price 2 774.20 631.90 1,341.85 1,182.95 1,312.60 1,828.10 1,828.10 1,828.10
Nbr of stocks (in thousands) 2,112,373 2,160,139 2,160,139 2,160,139 2,303,959 2,303,959 - -
Announcement Date 5/25/22 5/30/23 5/2/24 5/1/25 4/30/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
27.87x10.22x17.45x0.54% 43.45B
8.89x3.28x9.69x3.75% 17.37B
13.66x3.22x8.19x4.8% 8.59B
43.46x12.4x27.64x0.24% 7.86B
11.14x - - - 7.44B
6.65x - - 6.4% 7.29B
7.33x5.42x9.47x6.46% 7.03B
32.93x9.57x17.14x1.49% 6.69B
18.08x6.92x11.43x4.08% 5.23B
Average 18.89x 7.29x 14.43x 3.47% 12.33B
Weighted average by Cap. 20.93x 7.95x 15.12x 2.46%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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