Company Valuation: Adani Enterprises Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 11,33,739 22,16,887 19,95,002 36,40,651 26,79,719 28,57,862 - -
Change - 95.54% -10.01% 82.49% -26.39% 6.65% - -
Enterprise Value (EV) 1 11,33,739 22,16,887 19,95,002 40,71,205 35,11,708 34,45,810 36,86,965 39,08,623
Change - 95.54% -10.01% 104.07% -13.74% -1.88% 7% 6.01%
P/E ratio 123x 286x 80.3x 117x 38.3x 45.8x 57.4x 54.2x
PBR - - - - - - - -
PEG - -18x 0x 4.7x 0x -2.3x -2.8x 9.12x
Capitalization / Revenue 2.87x 3.19x 1.46x 3.35x 2.74x 2.95x 2.14x 1.88x
EV / Revenue 2.87x 3.19x 1.46x 3.74x 3.59x 3.55x 2.76x 2.57x
EV / EBITDA 45.3x 59.7x 22.6x 35.8x 24.6x 20.7x 16.8x 15.9x
EV / EBIT - - - 48.8x 35x 24.3x 25.1x 22.9x
EV / FCF -2,494x -21.6x 68.8x -33.8x -14.2x -37.4x -101x 87.5x
FCF Yield -0.04% -4.63% 1.45% -2.96% -7.02% -2.67% -0.99% 1.14%
Dividend per Share 2 - - - - 1.3 1.2 1.2 1.2
Rate of return - - - - 0.06% 0.05% 0.05% 0.05%
EPS 2 8.39 7.06 21.78 27.24 60.55 48.3 38.53 40.82
Distribution rate - - - - 2.15% 2.48% 3.11% 2.94%
Net sales 1 3,95,371 6,94,202 13,69,778 10,87,235 9,78,948 9,70,212 13,34,714 15,20,218
EBITDA 1 25,050 37,130 88,280 1,13,766 1,42,520 1,66,102 2,19,583 2,46,593
EBIT 1 - - - 83,344 1,00,407 1,41,548 1,46,987 1,70,686
Net income 1 9,226 7,766 24,729 32,408 70,990 67,407 66,528 70,513
Net Debt 1 - - - 4,30,554 8,31,989 5,87,948 8,29,103 10,50,761
Reference price 2 1,030.85 2,015.70 1,750.00 3,193.55 2,321.75 2,210.80 2,210.80 2,210.80
Nbr of stocks (in thousands) 10,99,810 10,99,810 11,40,001 11,40,001 11,54,181 12,92,682 - -
Announcement Date 05/05/21 03/05/22 04/05/23 02/05/24 01/05/25 - - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
46.42x3.59x20.99x0.05% 3.2TCr
25.31x1.22x26.32x2.26% 12TCr
18.67x1.38x24.34x2.12% 10TCr
16.63x1.21x13.56x1.96% 9.8TCr
17.61x1.44x20.72x1.79% 6.15TCr
13.72x1.51x18.16x2.14% 5.09TCr
18.41x0.74x11.48x1.8% 4.5TCr
24.2x1.23x11.47x0.83% 3.59TCr
40.36x3.78x21.39x1.09% 950.07Cr
15.6x0.78x8.14x3.51% 924.32Cr
Average 23.69x 1.69x 17.66x 1.75% 5.6TCr
Weighted average by Cap. 21.37x 1.43x 19.54x 1.86%

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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