Company Valuation: Telefônica Brasil S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 80,926 63,942 87,940 75,239 106,084 107,149 - -
Change - -20.99% 37.53% -14.44% 41% 1% - -
Enterprise Value (EV) 1 91,382 80,970 102,319 89,294 119,399 117,285 115,656 114,690
Change - -11.39% 26.37% -12.73% 33.71% -1.77% -1.39% -0.84%
P/E Ratio 13.1x 15.7x 17.6x 13.8x 17.3x 13.6x 10.8x 9.97x
PBR 1.16x 0.94x 1.27x 1.11x 1.53x 1.59x 1.58x 1.54x
PEG - -0.5x 0.7x 1.2x 1.3x 0.5x 0.4x 1.19x
Capitalization / Revenue 1.84x 1.33x 1.69x 1.35x 1.78x 1.7x 1.61x 1.53x
EV / Revenue 2.08x 1.69x 1.96x 1.6x 2x 1.86x 1.73x 1.64x
EV / EBITDA 4.81x 4.2x 4.8x 3.9x 4.81x 4.34x 3.95x 3.79x
EV / EBIT 13.1x 12.2x 12.9x 10.3x 12.1x 9.59x 7.92x 7.42x
EV / FCF 10.4x 8.95x 10.3x 8.46x 10.6x 9.76x 8.61x 8.19x
FCF Yield 9.6% 11.2% 9.75% 11.8% 9.43% 10.2% 11.6% 12.2%
Dividend per Share 2 1.743 - 0.8302 - - 2.588 3.085 3.264
Rate of return 7.23% - 3.11% - - 7.72% 9.2% 9.73%
EPS 2 1.842 1.22 1.515 1.69 1.91 2.46 3.102 3.363
Distribution rate 94.6% - 54.8% - - 105% 99.4% 97%
Net sales 1 44,033 48,041 52,100 55,845 59,595 63,211 66,675 70,072
EBITDA 1 19,007 19,282 21,318 22,876 24,822 27,043 29,312 30,279
EBIT 1 6,969 6,622 7,929 8,674 9,878 12,224 14,595 15,455
Net income 1 6,229 4,058 5,029 5,548 6,168 8,102 9,997 10,321
Net Debt 1 10,455 17,028 14,379 14,055 13,315 10,136 8,508 7,541
Reference price 2 24.10 19.18 26.72 23.38 33.10 33.53 33.53 33.53
Nbr of stocks (in thousands) 3,358,632 3,334,666 3,291,176 3,217,392 3,204,965 3,195,606 - -
Announcement Date 22/02/22 15/02/23 20/02/24 25/02/25 23/02/26 - - -
1BRL in Million2BRL
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.63x1.86x4.34x7.72% 21.13B
11.64x1.36x4.23x6.89% 230B
10.02x2.5x6.69x5.87% 201B
14.12x2.19x5.76x3.99% 158B
13.47x2.09x5.26x2.31% 83.43B
12.55x0.84x3.12x6.33% 78.1B
11.67x1.69x6.93x3.6% 75.23B
15.87x2.76x8.65x4.98% 58.95B
17.55x1.95x6.07x4.41% 54.91B
16.26x5.24x19.01x4.42% 54.6B
Average 13.68x 2.25x 7.01x 5.05% 101.47B
Weighted average by Cap. 12.78x 2.09x 6.31x 5.21%

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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