Company Valuation: Tata Power Company Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 3,29,759 7,63,207 6,07,754 12,59,443 11,99,530 12,04,164 - -
Change - 131.44% -20.37% 107.23% -4.76% 0.39% - -
Enterprise Value (EV) 1 6,80,721 11,99,631 9,85,433 16,62,722 16,63,476 18,27,204 19,39,125 20,30,540
Change - 76.23% -17.86% 68.73% 0.05% 9.84% 6.13% 4.71%
P/E ratio 32.6x 44.6x 18.2x 34.1x 30.2x 27.8x 21.9x 19.9x
PBR 1.48x 3.4x 2.11x 3.89x 3.35x 3.09x 2.78x 2.51x
PEG - 0.6x 0.2x 3.1x 4.11x 3x 0.8x 2.02x
Capitalization / Revenue 1x 1.75x 1.07x 1.99x 1.79x 1.76x 1.57x 1.48x
EV / Revenue 2.07x 2.74x 1.74x 2.63x 2.48x 2.68x 2.52x 2.49x
EV / EBITDA 9.03x 16.5x 11.4x 15.3x 12.2x 12.7x 11.3x 10.5x
EV / EBIT 14.2x 28.9x 19x 23.4x 13.3x 18.7x 16.1x 15x
EV / FCF 13.3x -209x -198x -226x -36.2x -21.7x -30.2x -30.8x
FCF Yield 7.52% -0.48% -0.5% -0.44% -2.76% -4.61% -3.31% -3.25%
Dividend per Share 2 1.55 1.75 2 2 2.25 2.414 2.761 3.058
Rate of return 1.5% 0.73% 1.05% 0.51% 0.6% 0.64% 0.73% 0.81%
EPS 2 3.17 5.36 10.43 11.56 12.41 13.56 17.2 18.9
Distribution rate 48.9% 32.6% 19.2% 17.3% 18.1% 17.8% 16.1% 16.2%
Net sales 1 3,29,073 4,37,356 5,65,471 6,32,723 6,69,922 6,82,882 7,68,445 8,15,550
EBITDA 1 75,387 72,717 86,304 1,08,773 1,36,250 1,44,162 1,71,079 1,93,228
EBIT 1 47,938 41,495 51,912 70,909 1,25,360 97,779 1,20,112 1,35,755
Net income 1 11,274 17,415 33,364 36,962 39,710 43,790 54,011 60,807
Net Debt 1 3,50,962 4,36,424 3,77,679 4,03,279 4,63,946 6,23,040 7,34,961 8,26,376
Reference price 2 103.20 238.85 190.20 394.15 375.40 376.85 376.85 376.85
Nbr of stocks (in thousands) 31,95,340 31,95,340 31,95,340 31,95,340 31,95,340 31,95,340 - -
Announcement Date 12/05/21 06/05/22 04/05/23 08/05/24 14/05/25 - - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
26.97x2.62x12.43x0.66% 1.27TCr
57.61x4.89x38.09x0.22% 23TCr
23.21x9.47x15.64x2.69% 19TCr
19.85x3.84x11.15x3.73% 15TCr
29.65x3.73x17.45x0.53% 12TCr
14.04x1.9x6.77x5.06% 11TCr
21.34x6.06x13.24x3.11% 11TCr
19.58x5.84x11.46x3.32% 10TCr
21.07x5.31x12.49x2.92% 7.22TCr
17.38x6.3x12.7x4.27% 5.5TCr
Average 25.07x 5.00x 15.14x 2.65% 11.5TCr
Weighted average by Cap. 28.45x 5.38x 17.83x 2.51%

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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