Company Valuation: Emirates Telecommunications Group Company

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 1,46,975 2,75,687 1,98,808 1,70,804 1,41,931 1,84,893 1,84,893 -
Change - 87.57% -27.89% -14.09% -16.9% 30.27% 0% -
Enterprise Value (EV) 1 1,45,116 2,75,498 2,17,068 1,94,318 1,81,906 2,19,047 2,14,932 2,10,998
Change - 89.85% -21.21% -10.48% -6.39% 20.42% -1.88% -1.83%
P/E ratio 16.3x 29.6x 19.9x 16.6x 13.2x 13.2x 14.7x 13.6x
PBR 3x 7.37x 4.7x 4x 3.11x 3.42x 3.14x 2.89x
PEG - 10.26x 2.66x 6.36x 2.6x 0.4x -1.4x 1.76x
Capitalization / Revenue 2.84x 5.17x 3.79x 3.18x 2.4x 2.55x 2.36x 2.24x
EV / Revenue 2.81x 5.16x 4.14x 3.62x 3.07x 3.02x 2.74x 2.55x
EV / EBITDA 5.23x 10.5x 8.11x 7.41x 6.88x 6.86x 6.29x 5.86x
EV / EBIT 10x 21.5x 16.8x 15.1x 9.07x 9.97x 9.15x 8.29x
EV / FCF 12.2x 28.3x 19.6x 24.5x 14.9x 18.2x 16.3x 14.7x
FCF Yield 8.18% 3.54% 5.11% 4.07% 6.72% 5.49% 6.14% 6.78%
Dividend per Share 2 0.8 0.8 0.8 0.8 0.83 0.86 0.896 0.9453
Rate of return 4.73% 2.52% 3.5% 4.07% 5.09% 4.05% 4.21% 4.45%
EPS 2 1.04 1.07 1.15 1.18 1.24 1.61 1.447 1.559
Distribution rate 76.9% 74.8% 69.6% 67.8% 66.9% 53.4% 61.9% 60.7%
Net sales 1 51,708 53,342 52,432 53,752 59,203 72,550 78,300 82,674
EBITDA 1 27,768 26,232 26,761 26,214 26,454 31,933 34,194 36,037
EBIT 1 14,471 12,792 12,924 12,832 20,061 21,963 23,489 25,467
Net income 1 9,027 9,317 10,007 10,305 10,752 14,009 12,453 13,396
Net Debt 1 -1,859 -189 18,260 23,514 39,975 34,154 30,039 26,105
Reference price 2 16.90 31.70 22.86 19.64 16.32 21.26 21.26 21.26
Nbr of stocks (in thousands) 86,96,754 86,96,754 86,96,754 86,96,754 86,96,754 86,96,754 86,96,754 -
Announcement Date 14/02/21 14/02/22 13/02/23 21/02/24 13/02/25 - - -
1AED in Million2AED
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.35x3.05x6.92x4% 5.09TCr
10.49x1.22x3.77x7.13% 22TCr
10.88x2.51x6.93x5.58% 21TCr
16.21x2.32x6.26x3.31% 17TCr
12.15x1.72x7.19x3.47% 8.18TCr
11.35x0.79x2.89x6.51% 7.3TCr
14.02x1.99x5.01x2.57% 7.07TCr
29.41x6.19x22.37x3.73% 6.5TCr
14.83x2.77x8.73x4.96% 5.93TCr
29.94x1.85x6.02x4.47% 5.42TCr
Average 16.26x 2.44x 7.61x 4.57% 10.53TCr
Weighted average by Cap. 14.47x 2.23x 6.78x 4.95%

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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