Company Valuation: Emirates Telecommunications Group Company

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 2,75,687 1,98,808 1,70,804 1,41,931 1,59,498 1,63,499 - -
Change - -27.89% -14.09% -16.9% 12.38% 2.51% - -
Enterprise Value (EV) 1 2,75,498 2,17,068 1,94,318 1,81,906 1,97,053 2,00,109 1,97,714 1,90,923
Change - -21.21% -10.48% -6.39% 8.33% 1.55% -1.2% -3.43%
P/E ratio 29.6x 19.9x 16.6x 13.2x 11.1x 13.7x 12.4x 11.3x
PBR 7.37x 4.7x 4x 3.11x 3.08x 2.77x 2.64x 2.44x
PEG - 2.66x 6.36x 2.6x 0.3x -0.8x 1.1x 1.15x
Capitalization / Revenue 5.17x 3.79x 3.18x 2.4x 2.19x 2.08x 1.97x 1.85x
EV / Revenue 5.16x 4.14x 3.62x 3.07x 2.7x 2.55x 2.38x 2.16x
EV / EBITDA 10.5x 8.11x 7.41x 6.88x 6.1x 5.86x 5.49x 5.05x
EV / EBIT 21.5x 16.8x 15.1x 9.07x 8.49x 8.94x 7.85x 7.46x
EV / FCF 28.3x 19.6x 24.5x 14.9x 15.5x 16.7x 18.2x 12.9x
FCF Yield 3.54% 5.11% 4.07% 6.72% 6.44% 6% 5.48% 7.73%
Dividend per Share 2 0.8 0.8 0.8 0.83 0.9 0.9264 0.9948 1.054
Rate of return 2.52% 3.5% 4.07% 5.09% 4.91% 4.93% 5.29% 5.6%
EPS 2 1.07 1.15 1.18 1.24 1.65 1.37 1.521 1.67
Distribution rate 74.8% 69.6% 67.8% 66.9% 54.5% 67.6% 65.4% 63.1%
Net sales 1 53,342 52,432 53,752 59,203 72,858 78,505 82,904 88,205
EBITDA 1 26,232 26,761 26,214 26,454 32,314 34,175 35,987 37,783
EBIT 1 12,792 12,924 12,832 20,061 23,222 22,380 25,183 25,584
Net income 1 9,317 10,007 10,305 10,752 14,360 11,943 13,167 14,380
Net Debt 1 -189 18,260 23,514 39,975 37,554 36,610 34,215 27,424
Reference price 2 31.70 22.86 19.64 16.32 18.34 18.80 18.80 18.80
Nbr of stocks (in thousands) 86,96,754 86,96,754 86,96,754 86,96,754 86,96,754 86,96,754 - -
Announcement Date 14/02/22 13/02/23 21/02/24 13/02/25 12/02/26 - - -
1AED in Million2AED
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.72x2.57x5.91x4.91% 4.45TCr
12.35x1.45x4.49x6.51% 24TCr
9.58x2.44x6.55x6.09% 19TCr
13.8x2.15x5.7x4.09% 15TCr
12.8x1.99x5.01x2.4% 8.02TCr
13.69x0.93x3.5x5.72% 8.16TCr
11.97x1.71x7.02x3.51% 7.79TCr
18.35x5.87x21.29x3.92% 6.18TCr
17.77x2.01x6.39x4.32% 5.63TCr
15.47x2.62x8.17x5.11% 5.74TCr
Average 13.95x 2.37x 7.40x 4.66% 10.5TCr
Weighted average by Cap. 13.03x 2.16x 6.55x 5.06%

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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