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 3,002,126 - -
Change - 68.55% 38.8% 106.51% 49.52% 36.35% - -
Enterprise Value (EV) 1 291,151 438,628 633,592 1,363,187 2,108,345 2,844,765 2,873,791 2,837,551
Change - 50.65% 44.45% 115.15% 54.66% 34.93% -0.77% -1.26%
P/E 14.8x 21.9x 23.7x 36.6x 41.7x 48.4x 43.4x 36.9x
PBR 2.82x 4.29x 5.25x 9.16x 11.2x 12.4x 10.6x 8.82x
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 9.43x 8.1x
EV / Revenue 2.07x 2.86x 3.59x 6.76x 8.91x 10.4x 9.03x 7.66x
EV / EBITDA 9.15x 13.3x 15.7x 27.3x 31.2x 35.5x 31.2x 26.5x
EV / EBIT 10.3x 15x 17.4x 29.7x 33.3x 38x 33.2x 28.2x
EV / FCF 6.28x 12.2x 107x 34x -403x 556x 50.5x 56.6x
FCF Yield 15.9% 8.22% 0.94% 2.94% -0.25% 0.18% 1.98% 1.77%
Dividend per Share 2 1.333 1.5 1.8 2.8 2.4 2.5 3.544 4.11
Rate of return 3.2% 2.13% 1.85% 1.39% 0.8% 0.62% 0.85% 0.99%
EPS 2 2.827 3.213 4.11 5.5 7.23 8.27 9.559 11.24
Distribution rate 47.2% 46.7% 43.8% 50.9% 33.2% 30.2% 37.1% 36.6%
Net sales 1 140,638 153,138 176,462 201,694 236,580 274,796 318,266 370,593
EBITDA 1 31,811 33,092 40,475 49,982 67,676 80,153 92,201 107,168
EBIT 1 28,148 29,291 36,396 45,857 63,320 74,914 86,520 100,714
Net income 1 20,654 23,489 30,067 40,200 52,882 60,485 69,837 82,144
Net Debt 1 -13,667 -75,128 -79,477 -109,368 -93,361 -83,532 -128,335 -164,575
Reference price 2 41.70 70.28 97.55 201.45 301.20 414.90 414.90 414.90
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 22/06/21 23/05/22 20/05/23 20/05/24 19/05/25 19/05/26 - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
49.84x10.65x37x0.79% 31.8B
43.07x7.87x32.7x0.48% 375B
34.15x3.09x18.38x1.46% 264B
37.96x5.11x23.25x0.86% 159B
17.5x1.71x12x2.69% 121B
22.49x1.89x15.47x1.7% 101B
19.29x1.94x13.72x1.8% 76.65B
23.59x1.74x12.37x2.13% 70.47B
25.06x2.65x14.7x1.7% 54.17B
Average 30.33x 4.07x 19.95x 1.51% 139.19B
Weighted average by Cap. 33.26x 4.58x 22.12x 1.28%

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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