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 2,992,623 - -
Change - 68.55% 38.8% 106.51% 49.52% 35.92% - -
Enterprise Value (EV) 1 291,151 438,628 633,592 1,363,187 2,108,345 2,844,765 2,864,288 2,828,049
Change - 50.65% 44.45% 115.15% 54.66% 34.93% -0.77% -1.27%
P/E 14.8x 21.9x 23.7x 36.6x 41.7x 48.4x 42.8x 36.4x
PBR 2.82x 4.29x 5.25x 9.16x 11.2x 12.4x 10.4x 8.7x
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 9.4x 8.08x
EV / Revenue 2.07x 2.86x 3.59x 6.76x 8.91x 10.4x 9x 7.63x
EV / EBITDA 9.15x 13.3x 15.7x 27.3x 31.2x 35.5x 31.1x 26.4x
EV / EBIT 10.3x 15x 17.4x 29.7x 33.3x 38x 33.1x 28.1x
EV / FCF 6.28x 12.2x 107x 34x -403x 556x 50.3x 56.4x
FCF Yield 15.9% 8.22% 0.94% 2.94% -0.25% 0.18% 1.99% 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% 0.87% 1%
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 97.55 201.45 301.20 409.40 409.40 409.40
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
48.89x10.44x36.27x0.8% 30.88B
40.61x7.51x31.61x0.54% 361B
33.87x3.07x18.24x1.48% 262B
36.38x4.9x22.25x0.89% 153B
17.18x1.68x11.81x2.73% 118B
22.09x1.86x15.21x1.73% 99.59B
18.54x1.87x13.24x1.87% 73.67B
23.37x1.72x12.26x2.15% 70.05B
24.5x2.6x14.44x1.74% 52.99B
Average 29.49x 3.96x 19.48x 1.55% 135.68B
Weighted average by Cap. 32.04x 4.39x 21.47x 1.33%

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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