Financials Bharti Airtel Limited

Equities

BHARTIARTL

INE397D01024

Wireless Telecommunications Services

Market Closed - Bombay S.E. 06:10:30 2024-04-12 am EDT 5-day change 1st Jan Change
1,225 INR -0.33% Intraday chart for Bharti Airtel Limited +2.82% +18.62%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,330,162 2,402,700 2,839,283 4,300,863 4,317,350 7,265,733 - -
Enterprise Value (EV) 1 2,483,047 3,377,852 4,291,693 5,854,085 5,651,805 9,064,334 8,712,169 8,379,581
P/E ratio 326 x -6.95 x -18.7 x 99 x 51.4 x 74.6 x 35.1 x 24.8 x
Yield 0.75% 0.45% 0.77% 0.4% 0.53% 0.37% 0.8% 1.12%
Capitalization / Revenue 1.65 x 2.74 x 2.82 x 3.69 x 3.1 x 4.81 x 4.26 x 3.81 x
EV / Revenue 3.07 x 3.86 x 4.27 x 5.02 x 4.06 x 6 x 5.11 x 4.39 x
EV / EBITDA 9.51 x 9.15 x 9.33 x 10.1 x 7.83 x 11.4 x 9.53 x 8.05 x
EV / FCF -27.7 x -318 x 18.2 x 19.5 x 14.4 x 27 x 19.6 x 16 x
FCF Yield -3.61% -0.31% 5.48% 5.12% 6.96% 3.7% 5.1% 6.27%
Price to Book 1.87 x 3.12 x 4.82 x 6.34 x 5.48 x 8.19 x 6.64 x 5.42 x
Nbr of stocks (in thousands) 3,995,681 5,453,246 5,488,659 5,881,247 5,964,355 6,058,219 - -
Reference price 2 332.9 440.6 517.3 755.4 749.0 1,225 1,225 1,225
Announcement Date 5/6/19 5/18/20 5/17/21 5/17/22 5/16/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 807,802 875,390 1,006,158 1,165,469 1,391,448 1,511,873 1,704,283 1,907,072
EBITDA 1 261,101 369,343 460,145 580,682 722,101 795,839 914,202 1,041,443
EBIT 1 47,626 92,447 166,101 249,775 357,783 400,566 486,898 579,514
Operating Margin 5.9% 10.56% 16.51% 21.43% 25.71% 26.49% 28.57% 30.39%
Earnings before Tax (EBT) 1 -17,318 -428,465 -144,882 124,831 165,607 160,647 318,324 437,995
Net income 1 4,095 -321,832 -150,835 42,549 83,459 92,308 198,209 281,609
Net margin 0.51% -36.76% -14.99% 3.65% 6% 6.11% 11.63% 14.77%
EPS 2 1.020 -63.41 -27.65 7.630 14.57 16.42 34.92 49.33
Free Cash Flow 1 -89,547 -10,615 235,344 299,550 393,565 335,293 444,619 525,108
FCF margin -11.09% -1.21% 23.39% 25.7% 28.28% 22.18% 26.09% 27.53%
FCF Conversion (EBITDA) - - 51.15% 51.59% 54.5% 42.13% 48.63% 50.42%
FCF Conversion (Net income) - - - 704.01% 471.57% 363.23% 224.32% 186.47%
Dividend per Share 2 2.500 2.000 4.000 3.000 4.000 4.490 9.782 13.73
Announcement Date 5/6/19 5/18/20 5/17/21 5/17/22 5/16/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 283,264 298,666 315,003 328,046 345,268 358,044 360,090 374,400 370,438 378,995 383,438 - - - -
EBITDA 1 139,193 148,999 160,589 167,216 175,938 184,532 189,820 197,461 195,137 198,148 201,888 211,277 208,845 216,219 239,573
EBIT 1 56,721 63,527 74,763 79,402 87,744 91,555 95,761 100,923 97,794 97,405 101,381 - - - -
Operating Margin 20.02% 21.27% 23.73% 24.2% 25.41% 25.57% 26.59% 26.96% 26.4% 25.7% 26.44% - - - -
Earnings before Tax (EBT) 1 30,289 26,415 50,368 35,921 42,653 36,893 50,140 18,529 39,397 41,084 49,886 - - - -
Net income 1 11,340 8,296 20,078 16,069 21,452 15,882 30,056 16,125 13,407 24,422 26,215 - - - -
Net margin 4% 2.78% 6.37% 4.9% 6.21% 4.44% 8.35% 4.31% 3.62% 6.44% 6.84% - - - -
EPS 2 2.060 1.480 3.550 2.840 3.750 2.760 5.190 2.790 2.310 4.170 9.093 - - - -
Dividend per Share 2 - - 3.000 - - - 4.000 - - - 3.483 - - - 16.36
Announcement Date 11/2/21 2/8/22 5/17/22 8/8/22 10/31/22 2/7/23 5/16/23 8/3/23 10/31/23 2/5/24 - - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,152,885 975,152 1,452,410 1,553,222 1,334,455 1,798,601 1,446,437 1,113,848
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.415 x 2.64 x 3.156 x 2.675 x 1.848 x 2.26 x 1.582 x 1.07 x
Free Cash Flow 1 -89,547 -10,615 235,344 299,550 393,565 335,293 444,619 525,108
ROE (net income / shareholders' equity) -3.57% -4.56% -15% 6.78% 11.6% 12.9% 19.5% 22%
ROA (Net income/ Total Assets) 0.16% -1.07% -4.27% 1.2% 2.06% 3.51% 5.11% 6.28%
Assets 1 2,628,370 30,201,952 3,534,008 3,548,411 4,051,408 2,627,574 3,878,488 4,484,421
Book Value Per Share 2 178.0 141.0 107.0 119.0 137.0 150.0 184.0 226.0
Cash Flow per Share 2 49.30 35.70 88.40 101.0 114.0 95.40 118.0 131.0
Capex 1 287,427 191,902 246,706 250,616 259,681 401,223 362,878 359,753
Capex / Sales 35.58% 21.92% 24.52% 21.5% 18.66% 26.54% 21.29% 18.86%
Announcement Date 5/6/19 5/18/20 5/17/21 5/17/22 5/16/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
32
Last Close Price
1,225 INR
Average target price
1,237 INR
Spread / Average Target
+1.00%
Consensus
  1. Stock Market
  2. Equities
  3. BHARTIARTL Stock
  4. Financials Bharti Airtel Limited