Company Valuation: Bharat Electronics Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 5,13,756 7,13,069 14,72,555 22,01,705 29,28,297 29,39,262 - -
Change - 38.8% 106.51% 49.52% 33% 0.37% - -
Enterprise Value (EV) 1 4,38,628 6,33,592 13,63,187 21,08,345 28,44,765 27,95,521 27,75,068 27,16,011
Change - 44.45% 115.15% 54.66% 34.93% -1.73% -0.73% -2.13%
P/E 21.9x 23.7x 36.6x 41.7x 48.4x 42.2x 36.1x 31.1x
PBR 4.29x 5.25x 9.16x 11.2x 12.4x 10.3x 8.6x 7.22x
PEG - 0.8x 1.1x 1.3x 3.4x 2.8x 2.1x 1.9x
Capitalization / Revenue 3.35x 4.04x 7.3x 9.31x 10.7x 9.2x 7.92x 6.91x
EV / Revenue 2.86x 3.59x 6.76x 8.91x 10.4x 8.75x 7.48x 6.38x
EV / EBITDA 13.3x 15.7x 27.3x 31.2x 35.5x 30.6x 26x 22x
EV / EBIT 15x 17.4x 29.7x 33.3x 38x 32.7x 27.6x 23.5x
EV / FCF 12.2x 107x 34x -403x 556x 39.4x 48.8x 41.5x
FCF Yield 8.22% 0.94% 2.94% -0.25% 0.18% 2.54% 2.05% 2.41%
Dividend per Share 2 1.5 1.8 2.8 2.4 2.5 3.655 4.123 4.718
Rate of return 2.13% 1.85% 1.39% 0.8% 0.62% 0.91% 1.03% 1.17%
EPS 2 3.213 4.11 5.5 7.23 8.27 9.53 11.14 12.93
Distribution rate 46.7% 43.8% 50.9% 33.2% 30.2% 38.4% 37% 36.5%
Net sales 1 1,53,138 1,76,462 2,01,694 2,36,580 2,74,796 3,19,530 3,70,947 4,25,461
EBITDA 1 33,092 40,475 49,982 67,676 80,153 91,304 1,06,811 1,23,715
EBIT 1 29,291 36,396 45,857 63,320 74,914 85,468 1,00,403 1,15,721
Net income 1 23,489 30,067 40,200 52,882 60,485 69,662 81,392 94,597
Net Debt 1 -75,128 -79,477 -1,09,368 -93,361 -83,532 -1,43,741 -1,64,194 -2,23,251
Reference price 2 70.28 97.55 201.45 301.20 400.60 402.10 402.10 402.10
Nbr of stocks (in thousands) 73,09,779 73,09,779 73,09,779 73,09,779 73,09,779 73,09,779 - -
Announcement Date 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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
42.19x8.75x30.62x0.91% 3.09TCr
43.5x7.81x32.44x0.49% 38TCr
36.85x3.41x20.05x1.28% 30TCr
37.85x5.34x22.92x0.93% 17TCr
19.3x1.85x13.3x2.38% 14TCr
23.08x1.95x15.96x1.61% 11TCr
28.34x2.03x14.22x1.8% 8.48TCr
19.7x2.04x14.54x1.7% 8.12TCr
34.32x3.69x16.35x1.23% 6.19TCr
Average 31.68x 4.10x 20.04x 1.37% 15.07TCr
Weighted average by Cap. 34.47x 4.59x 22.30x 1.19%

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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