Company Valuation: Bharti Airtel Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 4,300,863 4,317,350 7,268,942 10,372,537 10,866,265 11,876,801 - -
Change - 0.38% 68.37% 42.7% 4.76% 9.3% - -
Enterprise Value (EV) 1 5,854,085 5,651,805 9,258,771 12,410,921 12,514,153 13,182,433 12,784,818 12,392,510
Change - -3.46% 63.82% 34.05% 0.83% 5.34% -3.02% -3.07%
P/E 99x 51.4x 96x 30.9x 40.2x 30.5x 23.9x 20.3x
PBR 6.34x 5.48x 8.74x 8.83x 7.29x 6.71x 5.8x 4.95x
PEG - 0.6x -7.9x 0x -1.9x 0.7x 0.9x 1.2x
Capitalization / Revenue 3.69x 3.1x 4.85x 6x 5.15x 4.98x 4.47x 4.11x
EV / Revenue 5.02x 4.06x 6.17x 7.17x 5.93x 5.53x 4.82x 4.29x
EV / EBITDA 10.1x 7.83x 11.8x 13.3x 10.5x 9.65x 8.31x 7.32x
EV / EBIT 23.4x 15.8x 23.9x 26.1x 18.7x 16.3x 13.4x 11.5x
EV / FCF 19.5x 14.4x 22.7x 20.4x 16x 21.2x 17x 14.2x
FCF Yield 5.12% 6.96% 4.41% 4.9% 6.25% 4.71% 5.89% 7.03%
Dividend per Share 2 3 4 8 16 - 33.16 42.49 55.7
Rate of return 0.4% 0.53% 0.65% 0.92% - 1.7% 2.18% 2.86%
EPS 2 7.63 14.57 12.8 56.04 44.37 64.03 81.66 96.01
Distribution rate 39.3% 27.5% 62.5% 28.6% - 51.8% 52% 58%
Net sales 1 1,165,469 1,391,448 1,499,824 1,729,852 2,109,728 2,384,778 2,655,046 2,887,281
EBITDA 1 580,682 722,101 782,918 931,592 1,196,745 1,366,563 1,537,781 1,692,301
EBIT 1 249,775 357,783 387,542 475,889 669,637 808,964 951,106 1,072,997
Net income 1 42,549 83,459 74,670 335,561 266,952 387,085 489,198 579,112
Net Debt 1 1,553,222 1,334,455 1,989,829 2,038,384 1,647,888 1,305,632 908,016 515,709
Reference price 2 755.40 749.00 1,229.05 1,730.95 1,784.30 1,950.05 1,950.05 1,950.05
Nbr of stocks (in thousands) 5,881,247 5,964,355 6,044,454 6,091,275 6,090,056 6,090,511 - -
Announcement Date 5/17/22 5/16/23 5/14/24 5/13/25 5/13/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
30.43x5.52x9.64x1.7% 123B
18.71x2.05x7.92x4.02% 65.26B
13.08x1.94x4.14x2.62% 24.88B
13.17x2.97x6.71x4.11% 18.77B
-112.21x8.38x10.45x3.14% 18.6B
-5.6x7.78x18.45x-.--% 15.18B
12.58x2.54x6.6x5.13% 12.76B
24.44x3.45x10.15x4.09% 11.36B
10.61x4.52x9.78x7.09% 11.35B
12.44x3.23x6.04x6.75% 10.86B
Average 1.76x 4.24x 8.99x 3.87% 31.22B
Weighted average by Cap. 13.02x 4.33x 8.92x 3.01%

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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  4. Valuation Bharti Airtel Limited