Company Valuation: Hindustan Unilever Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 57,12,974 48,13,490 60,15,776 53,20,297 53,07,374 58,72,598 - -
Change - -15.74% 24.98% -11.56% -0.24% 10.65% - -
Enterprise Value (EV) 1 56,69,764 47,77,310 59,71,556 52,61,877 52,49,814 52,42,092 58,00,817 57,84,331
Change - -15.74% 25% -11.88% -0.23% -0.15% 0.64% -0.28%
P/E ratio 71.8x 54.6x 60.4x 52.6x 49.9x 31.3x 47.2x 42.5x
PBR 12x 9.87x 12x 10.4x 10.8x 9.81x 10.6x 10.4x
PEG - 5x 4.7x 34.31x 9.55x 0.7x 5.75x 3.8x
Capitalization / Revenue 12.4x 9.4x 10.2x 8.8x 8.63x 8.57x 8.44x 7.78x
EV / Revenue 12.3x 9.33x 10.1x 8.7x 8.54x 8.46x 8.34x 7.67x
EV / EBITDA 50.1x 38.2x 43.8x 37.1x 36.7x 36.2x 36.2x 32.6x
EV / EBIT 55x 41.6x 47.4x 40.2x 40.2x 39.5x 39.3x 35.3x
EV / FCF 113x 58.3x 68.6x 38.7x 50.1x 56.7x 51.2x 43.5x
FCF Yield 0.88% 1.71% 1.46% 2.58% 1.99% 1.76% 1.95% 2.3%
Dividend per Share 2 40.5 34 39 53 53 41 45.74 49.9
Rate of return 1.67% 1.66% 1.52% 2.34% 2.35% 1.99% 2.01% 2.2%
EPS 2 33.85 37.53 42.4 43.05 45.3 65.65 48.1 53.43
Distribution rate 120% 90.6% 92% 123% 117% 62.5% 95.1% 93.4%
Net sales 1 4,59,960 5,11,930 5,91,440 6,04,690 6,14,690 6,19,750 6,95,848 7,54,378
EBITDA 1 1,13,240 1,25,030 1,36,320 1,41,900 1,42,890 1,44,640 1,60,267 1,77,542
EBIT 1 1,03,120 1,14,780 1,26,020 1,30,930 1,30,650 1,32,780 1,47,769 1,63,804
Net income 1 79,540 88,180 99,620 1,01,140 1,06,440 1,54,270 1,13,025 1,25,471
Net Debt 1 -43,210 -36,180 -44,220 -58,420 -57,560 -69,660 -71,780 -88,266
Reference price 2 2,431.50 2,048.65 2,560.35 2,264.35 2,258.85 2,272.20 2,272.20 2,272.20
Nbr of stocks (in thousands) 23,49,568 23,49,591 23,49,591 23,49,591 23,49,591 25,84,543 - -
Announcement Date 29/04/21 27/04/22 27/04/23 24/04/24 24/04/25 30/04/26 - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
51.12x9.04x38.91x2.09% 6.12TCr
20.9x4.06x14.89x3.01% 33TCr
15.92x2.5x11.01x3.91% 12TCr
23.7x3.6x15.12x2.39% 7.05TCr
17.95x2.58x10.67x4.96% 3.29TCr
76.69x2.37x14.39x1.75% 2.9TCr
13.98x1.45x8.1x3.7% 1.82TCr
16.26x1.13x6.75x1.45% 1.78TCr
50.63x7.05x34.55x1.27% 1.11TCr
28.2x5.37x20.26x1.06% 1.01TCr
Average 31.53x 3.91x 17.47x 2.56% 7.03TCr
Weighted average by Cap. 25.39x 3.96x 16.12x 2.99%

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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