Company Valuation: Bharat Electronics Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,04,818 5,13,756 7,13,069 14,72,555 22,01,705 29,62,653 - -
Change - 68.55% 38.8% 106.51% 49.52% 34.56% - -
Enterprise Value (EV) 1 2,91,151 4,38,628 6,33,592 13,63,187 21,08,345 28,44,765 28,34,318 27,98,079
Change - 50.65% 44.45% 115.15% 54.66% 34.93% -0.78% -1.28%
P/E 14.8x 21.9x 23.7x 36.6x 41.7x 48.4x 42.4x 36.1x
PBR 2.82x 4.29x 5.25x 9.16x 11.2x 12.4x 10.3x 8.61x
PEG - 1.6x 0.8x 1.1x 1.3x 3.4x 2.9x 2.1x
Capitalization / Revenue 2.17x 3.35x 4.04x 7.3x 9.31x 10.7x 9.31x 7.99x
EV / Revenue 2.07x 2.86x 3.59x 6.76x 8.91x 10.4x 8.91x 7.55x
EV / EBITDA 9.15x 13.3x 15.7x 27.3x 31.2x 35.5x 30.7x 26.1x
EV / EBIT 10.3x 15x 17.4x 29.7x 33.3x 38x 32.8x 27.8x
EV / FCF 6.28x 12.2x 107x 34x -403x 556x 49.8x 55.8x
FCF Yield 15.9% 8.22% 0.94% 2.94% -0.25% 0.18% 2.01% 1.79%
Dividend per Share 2 1.333 1.5 1.8 2.8 2.4 2.5 3.544 4.11
Rate of return 3.2% 2.13% 1.85% 1.39% 0.8% 0.62% 0.87% 1.01%
EPS 2 2.827 3.213 4.11 5.5 7.23 8.27 9.559 11.24
Distribution rate 47.2% 46.7% 43.8% 50.9% 33.2% 30.2% 37.1% 36.6%
Net sales 1 1,40,638 1,53,138 1,76,462 2,01,694 2,36,580 2,74,796 3,18,266 3,70,593
EBITDA 1 31,811 33,092 40,475 49,982 67,676 80,153 92,201 1,07,168
EBIT 1 28,148 29,291 36,396 45,857 63,320 74,914 86,520 1,00,714
Net income 1 20,654 23,489 30,067 40,200 52,882 60,485 69,837 82,144
Net Debt 1 -13,667 -75,128 -79,477 -1,09,368 -93,361 -83,532 -1,28,335 -1,64,575
Reference price 2 41.70 70.28 97.55 201.45 301.20 405.30 405.30 405.30
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 22/06/21 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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
48.86x10.44x36.25x0.8% 3.08TCr
40.2x7.24x30.1x0.53% 35TCr
33.96x3.08x18.28x1.47% 26TCr
36.74x4.94x22.45x0.88% 15TCr
17.21x1.68x11.82x2.73% 12TCr
22.34x1.88x15.38x1.71% 10TCr
18.19x1.9x13.53x1.85% 7.46TCr
24.37x1.8x12.8x2.05% 7.29TCr
28.77x3.17x13.94x1.49% 5.35TCr
Average 30.07x 4.01x 19.39x 1.5% 13.57TCr
Weighted average by Cap. 32.14x 4.32x 21.01x 1.31%

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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