Company Valuation: Hero Motocorp Ltd

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 582,389 458,928 469,054 943,071 744,460 971,591 - -
Change - -21.2% 2.21% 101.06% -21.06% 30.51% - -
Enterprise Value (EV) 1 515,823 403,279 431,240 894,236 674,823 884,738 802,614 782,194
Change - -21.82% 6.93% 107.36% -24.54% 31.11% -3.06% -2.54%
P/E ratio 19.6x 18.6x 16.1x 23.8x 16.2x 19.2x 17x 15.2x
PBR 3.83x 2.9x 2.81x 5.24x 3.76x 4.69x 4.13x 3.77x
PEG - -1.1x 0.9x 0.7x 1x 1.3x 2.15x 1.2x
Capitalization / Revenue 1.89x 1.57x 1.39x 2.52x 1.83x 2.16x 1.88x 1.73x
EV / Revenue 1.67x 1.38x 1.28x 2.39x 1.66x 1.89x 1.55x 1.39x
EV / EBITDA 12.8x 12x 10.8x 17x 11.5x 12.9x 11x 9.58x
EV / EBIT 15.4x 14.8x 13x 19.7x 13.3x 14.6x 12.6x 10.9x
EV / FCF 14.1x 26.3x 21.5x 21.4x 20.1x 12.1x 20.8x 13.9x
FCF Yield 7.09% 3.8% 4.64% 4.68% 4.97% 8.26% 4.8% 7.19%
Dividend per Share 2 90 95 100 140 165 185 194.7 210
Rate of return 3.09% 4.14% 4.26% 2.97% 4.43% 3.66% 4.01% 4.32%
EPS 2 148.4 123.7 145.5 198.2 230.2 263.1 284.8 320.2
Distribution rate 60.7% 76.8% 68.7% 70.6% 71.7% 70.3% 68.3% 65.6%
Net sales 1 308,006 292,455 338,056 374,557 407,564 468,301 517,459 561,343
EBITDA 1 40,192 33,688 39,862 52,560 58,677 68,708 72,855 81,676
EBIT 1 33,424 27,190 33,293 45,443 50,918 60,728 63,744 71,805
Net income 1 29,642 24,730 29,106 39,680 46,100 52,682 56,858 63,763
Net Debt 1 -66,567 -55,649 -37,814 -48,834 -69,638 -127,786 -168,977 -189,398
Reference price 2 2,915.15 2,296.80 2,347.15 4,717.20 3,722.10 4,855.70 4,855.70 4,855.70
Nbr of stocks (in thousands) 199,780 199,812 199,840 199,922 200,011 200,093 - -
Announcement Date 06/05/21 03/05/22 04/05/23 08/05/24 13/05/25 05/05/26 - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.1x1.76x12.04x3.8% 10.03B
35.13x7.65x30.81x1.09% 20.3B
42.97x3.41x26.64x0.42% 16.56B
10.84x0.69x6.78x4.1% 7.39B
9.5x0.54x5.04x5.07% 4.48B
11.6x1.18x9.77x5.67% 3.87B
66.75x0.94x19.06x3.01% 2.62B
16.73x - - 3.62% 858M
9.83x - - 6.13% 792M
Average 24.60x 2.31x 15.74x 3.66% 7.43B
Weighted average by Cap. 29.46x 3.74x 20.66x 2.36%

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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