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 3,055,488 - -
Change - 68.55% 38.8% 106.51% 49.52% 38.78% - -
Enterprise Value (EV) 1 291,151 438,628 633,592 1,363,187 2,108,345 2,844,765 2,927,152 2,890,913
Change - 50.65% 44.45% 115.15% 54.66% 34.93% -0.76% -1.24%
P/E 14.8x 21.9x 23.7x 36.6x 41.7x 48.4x 43.7x 37.2x
PBR 2.82x 4.29x 5.25x 9.16x 11.2x 12.4x 10.6x 8.88x
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 9.6x 8.25x
EV / Revenue 2.07x 2.86x 3.59x 6.76x 8.91x 10.4x 9.2x 7.8x
EV / EBITDA 9.15x 13.3x 15.7x 27.3x 31.2x 35.5x 31.7x 27x
EV / EBIT 10.3x 15x 17.4x 29.7x 33.3x 38x 33.8x 28.7x
EV / FCF 6.28x 12.2x 107x 34x -403x 556x 51.4x 57.6x
FCF Yield 15.9% 8.22% 0.94% 2.94% -0.25% 0.18% 1.95% 1.74%
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% 0.98%
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 1 140,638 153,138 176,462 201,694 236,580 274,796 318,259 370,574
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 97.55 201.45 301.20 418.00 418.00 418.00
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.($)
50.21x10.73x37.29x0.78% 32.09B
45.72x8.29x34.38x0.49% 394B
34.77x3.14x18.66x1.44% 268B
39.94x5.38x24.53x0.82% 166B
18.26x1.77x12.46x2.56% 126B
22.4x1.88x15.44x1.71% 101B
19.62x1.97x13.93x1.77% 77.98B
25.22x1.85x13.15x2% 75.07B
30.92x3.45x15.14x1.39% 58.21B
Average 31.90x 4.27x 20.55x 1.44% 144.23B
Weighted average by Cap. 34.94x 4.81x 23.03x 1.23%

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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