Company Valuation: Bharat Electronics Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 304,818 513,756 713,069 1,472,555 2,201,705 2,812,803 - -
Change - 68.55% 38.8% 106.51% 49.52% 27.76% - -
Enterprise Value (EV) 1 291,151 438,628 633,592 1,363,187 2,108,345 2,844,765 2,669,229 2,648,228
Change - 50.65% 44.45% 115.15% 54.66% 34.93% -1.39% -0.79%
P/E 14.8x 21.9x 23.7x 36.6x 41.7x 48.4x 40.8x 34.9x
PBR 2.82x 4.29x 5.25x 9.16x 11.2x 12.4x 9.91x 8.31x
PEG - 1.6x 0.8x 1.1x 1.3x 3.4x 2.9x 2.1x
Capitalization / Revenue 2.17x 3.35x 4.04x 7.3x 9.31x 10.7x 8.86x 7.61x
EV / Revenue 2.07x 2.86x 3.59x 6.76x 8.91x 10.4x 8.41x 7.17x
EV / EBITDA 9.15x 13.3x 15.7x 27.3x 31.2x 35.5x 29.3x 24.9x
EV / EBIT 10.3x 15x 17.4x 29.7x 33.3x 38x 31.3x 26.5x
EV / FCF 6.28x 12.2x 107x 34x -403x 556x 37.6x 47.8x
FCF Yield 15.9% 8.22% 0.94% 2.94% -0.25% 0.18% 2.66% 2.09%
Dividend per Share 2 1.333 1.5 1.8 2.8 2.4 2.5 3.594 4.019
Rate of return 3.2% 2.13% 1.85% 1.39% 0.8% 0.62% 0.93% 1.04%
EPS 2 2.827 3.213 4.11 5.5 7.23 8.27 9.506 11.09
Distribution rate 47.2% 46.7% 43.8% 50.9% 33.2% 30.2% 37.8% 36.2%
Net sales 1 140,638 153,138 176,462 201,694 236,580 274,796 317,440 369,485
EBITDA 1 31,811 33,092 40,475 49,982 67,676 80,153 91,090 106,430
EBIT 1 28,148 29,291 36,396 45,857 63,320 74,914 85,183 100,015
Net income 1 20,654 23,489 30,067 40,200 52,882 60,485 69,500 81,066
Net Debt 1 -13,667 -75,128 -79,477 -109,368 -93,361 -83,532 -143,574 -164,575
Reference price 2 41.70 70.28 97.55 201.45 301.20 387.65 387.65 387.65
Nbr of stocks (in thousands) 7,309,779 7,309,779 7,309,779 7,309,779 7,309,779 7,309,779 - -
Announcement Date 22/6/21 23/5/22 20/5/23 20/5/24 19/5/25 19/5/26 - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
46.56x9.93x34.48x0.84% 29.58B
41.22x7.41x30.77x0.51% 364B
36.02x3.3x19.5x1.32% 290B
36.44x4.9x22.22x0.89% 151B
18.71x1.8x12.94x2.46% 131B
22.48x1.89x15.49x1.63% 103B
18.48x1.93x13.7x1.82% 76.01B
25.59x1.88x13.38x1.96% 76.01B
32.93x3.66x16.06x1.3% 61.09B
Average 30.94x 4.08x 19.84x 1.41% 142.4B
Weighted average by Cap. 33.12x 4.39x 21.50x 1.24%

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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