Company Valuation: Veto Switchgears and Cables Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 2,218 1,739 1,437 2,348 1,936 1,613
Change - -21.59% -17.36% 63.36% -17.57% -16.65%
Enterprise Value (EV) 1 2,449 2,114 1,719 2,495 2,151 1,804
Change - -13.65% -18.7% 45.13% -13.79% -16.09%
P/E 14.9x 8.69x 7.1x 13.1x 8.75x 6.42x
PBR 1.14x 0.82x 0.62x 0.95x 0.73x 0.56x
PEG - 0.3x 6.18x -1.2x 0.4x 0.5x
Capitalization / Revenue 1.22x 0.64x 0.49x 0.78x 0.64x 0.42x
EV / Revenue 1.35x 0.78x 0.59x 0.83x 0.72x 0.47x
EV / EBITDA 9.94x 5.88x 4.76x 7.89x 6.54x 4.66x
EV / EBIT 10.6x 6.3x 5.06x 8.5x 7.16x 5.23x
EV / FCF -16.9x -16.1x 20.1x 16x -25.2x 1,311x
FCF Yield -5.93% -6.21% 4.97% 6.26% -3.97% 0.08%
Dividend per Share 2 1 1 1 1 1 1
Rate of return 0.86% 1.1% 1.33% 0.81% 0.99% 1.18%
EPS 2 7.785 10.47 10.59 9.392 11.58 13.15
Distribution rate 12.8% 9.55% 9.44% 10.6% 8.64% 7.61%
Net sales 1 1,812 2,699 2,934 3,003 3,004 3,867
EBITDA 1 246.4 359.8 361.3 316 329 386.9
EBIT 1 230.1 335.4 339.8 293.5 300.3 345.2
Net income 1 147.9 200.2 202.5 179.5 221.3 251.3
Net Debt 1 230.3 374.8 281.4 146.2 215 191.2
Reference price 2 116.05 91.00 75.20 122.85 101.26 84.40
Nbr of stocks (in thousands) 19,115 19,115 19,115 19,115 19,115 19,115
Announcement Date 04/09/21 02/09/22 04/09/23 03/09/24 04/09/25 04/09/26
1INR in Million2INR
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 28.45M
25.32x3.01x16.43x2.03% 240B
14.05x1.74x7.85x3.64% 204B
30.69x3.93x18.15x1.59% 186B
38.23x5.65x23.73x1.03% 167B
46.12x6.19x27.68x1.07% 154B
29.9x4.3x21.07x0.9% 99.45B
92.68x11.48x65.59x0.34% 95.8B
39.94x6.56x26.34x0.1% 92.9B
31.06x3.87x20.76x1.09% 90.04B
Average 38.67x 5.19x 25.29x 1.31% 132.95B
Weighted average by Cap. 34.99x 4.66x 22.45x 1.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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  4. Valuation Veto Switchgears and Cables Limited