Company Valuation: Airtel Networks Zambia Plc

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,067 1,872 1,794 4,524 4,524 14,324
Change - -38.96% -4.17% 152.17% 0% 216.62%
Enterprise Value (EV) 1 5,553 3,674 4,389 7,972 7,509 20,327
Change - -33.84% 19.47% 81.64% -5.81% 170.69%
P/E -9.01x 2.7x 1.95x 3.97x 3.61x 8.12x
PBR -8.07x 5.97x 2.66x 10.3x 8.02x 18.4x
PEG - -0x 0.1x 0.2x 0.37x 0.2x
Capitalization / Revenue 1.18x 0.52x 0.4x 0.8x 0.64x 1.61x
EV / Revenue 2.14x 1.03x 0.99x 1.41x 1.05x 2.29x
EV / EBITDA 5.5x 2.25x 1.96x 2.76x 2.24x 4.76x
EV / EBIT 7.72x 2.93x 2.45x 3.5x 2.85x 5.8x
EV / FCF 12.7x 7.23x -79.1x 13.5x 4.31x 15.1x
FCF Yield 7.85% 13.8% -1.26% 7.41% 23.2% 6.62%
Dividend per Share 2 - 2.4 8.5 11.2 11.99 16.76
Rate of return - 13.3% 49.3% 25.7% 27.6% 12.2%
EPS 2 -3.275 6.666 8.86 10.95 12.04 16.95
Distribution rate - 36% 95.9% 102% 99.6% 98.9%
Net sales 1 2,598 3,580 4,450 5,640 7,122 8,873
EBITDA 1 1,009 1,629 2,235 2,893 3,347 4,274
EBIT 1 719.4 1,254 1,793 2,275 2,636 3,504
Net income 1 -340.6 693.3 921.5 1,139 1,252 1,763
Net Debt 1 2,486 1,802 2,595 3,448 2,985 6,003
Reference price 2 29.49 18.00 17.25 43.50 43.50 137.73
Nbr of stocks (in thousands) 104,000 104,000 104,000 104,000 104,000 104,000
Announcement Date 25/2/21 9/4/22 21/8/23 28/2/24 10/3/25 12/6/26
1ZMW in Million2ZMW
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 1.23B
30.38x5.47x9.58x1.7% 127B
19.38x2.15x8.23x3.83% 70.46B
11.66x1.73x3.7x3.02% 22.08B
-217.74x8.7x10.84x3.11% 20.24B
25.22x3x6.79x4% 19.68B
-8.37x6.71x15x-.--% 15.79B
13.38x2.62x6.83x4.88% 13.08B
11.14x4.73x10.22x6.71% 12.27B
23.7x3.3x9.89x4.2% 11.61B
Average -10.14x 4.27x 9.01x 3.49% 31.33B
Weighted average by Cap. 6.48x 4.34x 8.96x 2.85%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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