Company Valuation: Tata Communications Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 3,02,898 3,50,151 3,54,968 5,72,964 4,49,787 5,02,683 - -
Change - 15.6% 1.38% 61.41% -21.5% 11.76% - -
Enterprise Value (EV) 1 3,77,812 4,22,150 4,22,513 6,75,678 5,58,329 5,96,687 5,82,425 5,65,233
Change - 11.74% 0.09% 59.92% -17.37% 6.87% -2.39% -2.95%
P/E ratio 24.2x 23.6x 19.8x 59.2x 24.5x 29.4x 21.5x 17.3x
PBR 262x 37.7x 23.4x 32.1x 14.9x 12.6x 9.31x 7.21x
PEG - 1.3x 0.9x -1.3x 0.3x -4.26x 0.6x 0.7x
Capitalization / Revenue 1.77x 2.09x 1.99x 2.73x 1.95x 1.99x 1.82x 1.68x
EV / Revenue 2.21x 2.52x 2.37x 3.22x 2.42x 2.37x 2.11x 1.89x
EV / EBITDA 8.87x 9.99x 9.78x 16x 12.2x 11.1x 9.34x 8.15x
EV / EBIT 19.4x 20.9x 20.5x 38.4x 28.2x 22.4x 17.1x 13.9x
EV / FCF 20.8x 16.6x 14.6x 61.4x 79.2x 22.6x 22.7x 18.7x
FCF Yield 4.81% 6.03% 6.84% 1.63% 1.26% 4.43% 4.41% 5.36%
Dividend per Share 2 14 20.7 21 16.7 25 20 26.68 37
Rate of return 1.32% 1.68% 1.69% 0.83% 1.58% 1.13% 1.51% 2.1%
EPS 2 43.88 51.99 63.02 33.97 64.39 59.95 82.17 102
Distribution rate 31.9% 39.8% 33.3% 49.2% 38.8% 33.4% 32.5% 36.3%
Net sales 1 1,71,001 1,67,247 1,78,383 2,09,688 2,31,086 2,52,044 2,75,692 2,98,918
EBITDA 1 42,610 42,267 43,182 42,301 45,690 53,840 62,336 69,340
EBIT 1 19,467 20,222 20,564 17,604 19,769 26,626 34,124 40,668
Net income 1 12,506 14,818 17,960 9,683 18,364 17,088 23,970 29,088
Net Debt 1 74,914 71,999 67,545 1,02,714 1,08,542 94,004 79,742 62,550
Reference price 2 1,062.80 1,228.60 1,245.50 2,010.40 1,578.20 1,763.80 1,763.80 1,763.80
Nbr of stocks (in thousands) 2,85,000 2,85,000 2,85,000 2,85,000 2,85,000 2,85,000 - -
Announcement Date 28/04/21 21/04/22 19/04/23 17/04/24 22/04/25 - - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.88x2.33x10.91x1.16% 573.61Cr
11.94x1.42x4.36x6.31% 24TCr
16.47x2.35x6.04x3.38% 17TCr
8.91x2.25x6.17x6.67% 17TCr
13.47x1.04x3.85x5.49% 9.2TCr
11.2x1.65x6.6x3.55% 8.38TCr
15x2.52x8.01x5.26% 5.54TCr
22.47x5.3x19.36x4.31% 5.35TCr
10.14x2.68x6.47x-.--% 5.3TCr
10.74x1.74x4.4x3.84% 5.25TCr
Average 14.92x 2.33x 7.62x 4% 9.86TCr
Weighted average by Cap. 12.97x 2.07x 6.29x 4.88%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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