Financials Bharti Airtel Limited

Equities

BHARTIARTL

INE397D01024

Wireless Telecommunications Services

Market Closed - Bombay S.E. Other stock markets 03:56:06 26/04/2024 pm IST			5-day change	1st Jan Change
1,326 ^INR	-0.78%		+2.84%	+28.33%

27/04	Barti Airtel Limited Receives Notice from Department of Telecommunications, Uttar Pradesh	CI
26/04	Barti Airtel Limited Receives Notice from Department of Telecommunications from Department of Telecommunications	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,30,162	24,02,700	28,39,283	43,00,863	43,17,350	78,83,022	-	-
Enterprise Value (EV) ¹	24,83,047	33,77,852	42,91,693	58,54,085	56,51,805	96,91,501	93,34,191	90,00,157
P/E ratio	326 x	-6.95 x	-18.7 x	99 x	51.4 x	82.3 x	37.7 x	26.4 x
Yield	0.75%	0.45%	0.77%	0.4%	0.53%	0.34%	0.74%	1.04%
Capitalization / Revenue	1.65 x	2.74 x	2.82 x	3.69 x	3.1 x	5.21 x	4.63 x	4.13 x
EV / Revenue	3.07 x	3.86 x	4.27 x	5.02 x	4.06 x	6.41 x	5.48 x	4.72 x
EV / EBITDA	9.51 x	9.15 x	9.33 x	10.1 x	7.83 x	12.2 x	10.2 x	8.61 x
EV / FCF	-27.7 x	-318 x	18.2 x	19.5 x	14.4 x	28.9 x	20.3 x	16.8 x
FCF Yield	-3.61%	-0.31%	5.48%	5.12%	6.96%	3.46%	4.92%	5.97%
Price to Book	1.87 x	3.12 x	4.82 x	6.34 x	5.48 x	8.94 x	7.1 x	5.77 x
Nbr of stocks (in thousands)	39,95,681	54,53,246	54,88,659	58,81,247	59,64,355	60,58,219	-	-
Reference price ²	332.9	440.6	517.3	755.4	749.0	1,326	1,326	1,326
Announcement Date	06/05/19	18/05/20	17/05/21	17/05/22	16/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,07,802	8,75,390	10,06,158	11,65,469	13,91,448	15,11,798	17,02,989	19,07,886
EBITDA ¹	2,61,101	3,69,343	4,60,145	5,80,682	7,22,101	7,95,783	9,14,573	10,45,171
EBIT ¹	47,626	92,447	1,66,101	2,49,775	3,57,783	3,99,683	4,85,299	5,80,675
Operating Margin	5.9%	10.56%	16.51%	21.43%	25.71%	26.44%	28.5%	30.44%
Earnings before Tax (EBT) ¹	-17,318	-4,28,465	-1,44,882	1,24,831	1,65,607	1,60,513	3,19,638	4,43,504
Net income ¹	4,095	-3,21,832	-1,50,835	42,549	83,459	90,673	1,99,360	2,86,607
Net margin	0.51%	-36.76%	-14.99%	3.65%	6%	6%	11.71%	15.02%
EPS ²	1.020	-63.41	-27.65	7.630	14.57	16.11	35.11	50.23
Free Cash Flow ¹	-89,547	-10,615	2,35,344	2,99,550	3,93,565	3,35,424	4,59,185	5,37,150
FCF margin	-11.09%	-1.21%	23.39%	25.7%	28.28%	22.19%	26.96%	28.15%
FCF Conversion (EBITDA)	-	-	51.15%	51.59%	54.5%	42.15%	50.21%	51.39%
FCF Conversion (Net income)	-	-	-	704.01%	471.57%	369.93%	230.33%	187.42%
Dividend per Share ²	2.500	2.000	4.000	3.000	4.000	4.490	9.782	13.73
Announcement Date	06/05/19	18/05/20	17/05/21	17/05/22	16/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	2,83,264	2,98,666	3,15,003	3,28,046	3,45,268	3,58,044	3,60,090	3,74,400	3,70,438	3,78,995	3,83,105	-	-	-	-
EBITDA ¹	1,39,193	1,48,999	1,60,589	1,67,216	1,75,938	1,84,532	1,89,820	1,97,461	1,95,137	1,98,148	2,01,759	2,11,277	2,08,845	2,16,219	2,39,573
EBIT ¹	56,721	63,527	74,763	79,402	87,744	91,555	95,761	1,00,923	97,794	97,405	1,01,381	-	-	-	-
Operating Margin	20.02%	21.27%	23.73%	24.2%	25.41%	25.57%	26.59%	26.96%	26.4%	25.7%	26.46%	-	-	-	-
Earnings before Tax (EBT) ¹	30,289	26,415	50,368	35,921	42,653	36,893	50,140	18,529	39,397	41,084	61,632	-	-	-	-
Net income ¹	11,340	8,296	20,078	16,069	21,452	15,882	30,056	16,125	13,407	24,422	27,700	-	-	-	-
Net margin	4%	2.78%	6.37%	4.9%	6.21%	4.44%	8.35%	4.31%	3.62%	6.44%	7.23%	-	-	-	-
EPS ²	2.060	1.480	3.550	2.840	3.750	2.760	5.190	2.790	2.310	4.170	9.093	-	-	-	-
Dividend per Share ²	-	-	3.000	-	-	-	4.000	-	-	-	3.483	-	-	-	16.36
Announcement Date	02/11/21	08/02/22	17/05/22	08/08/22	31/10/22	07/02/23	16/05/23	03/08/23	31/10/23	05/02/24	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,52,885	9,75,152	14,52,410	15,53,222	13,34,455	18,08,479	14,51,169	11,17,135
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.415 x	2.64 x	3.156 x	2.675 x	1.848 x	2.273 x	1.587 x	1.069 x
Free Cash Flow ¹	-89,547	-10,615	2,35,344	2,99,550	3,93,565	3,35,424	4,59,185	5,37,150
ROE (net income / shareholders' equity)	-3.57%	-4.56%	-15%	6.78%	11.6%	12.6%	19.5%	22.4%
ROA (Net income/ Total Assets)	0.16%	-1.07%	-4.27%	1.2%	2.06%	3.51%	5.11%	6.28%
Assets ¹	26,28,370	3,02,01,952	35,34,008	35,48,411	40,51,408	25,81,047	39,01,013	45,64,005
Book Value Per Share ²	178.0	141.0	107.0	119.0	137.0	148.0	187.0	230.0
Cash Flow per Share ²	49.30	35.70	88.40	101.0	114.0	89.60	114.0	129.0
Capex ¹	2,87,427	1,91,902	2,46,706	2,50,616	2,59,681	4,01,211	3,64,717	3,62,849
Capex / Sales	35.58%	21.92%	24.52%	21.5%	18.66%	26.54%	21.42%	19.02%
Announcement Date	06/05/19	18/05/20	17/05/21	17/05/22	16/05/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bharti Airtel Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,326 INR

Average target price

1,263 INR

Spread / Average Target

-4.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wireless Telecom

	1st Jan change	Capi.
BHARTI AIRTEL LIMITED	+28.33%	94.52B
SOFTBANK CORP.	+6.76%	56.67B
CELLNEX TELECOM, S.A.	-11.97%	23.64B
ROGERS COMMUNICATIONS INC.	-16.38%	20.55B
VODAFONE IDEA LIMITED	-12.50%	11.16B
ETIHAD ETISALAT COMPANY	+6.01%	10.64B
DIGI.COM	+2.45%	10.28B
FAR EASTONE TELECOMMUNICATIONS CO., LTD.	+0.88%	8.9B
MTN GROUP LIMITED	-25.24%	8.29B
TELE2 AB	+20.93%	6.61B

Wireless Telecom