Company Valuation: Vodacom Group Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 2,14,230 2,71,112 2,36,182 1,90,738 2,42,801 2,82,104 - -
Change - 26.55% -12.88% -19.24% 27.3% 16.19% - -
Enterprise Value (EV) 1 2,41,947 2,98,864 2,84,465 2,40,506 2,94,850 3,32,787 3,24,898 3,17,499
Change - 23.52% -4.82% -15.45% 22.6% 12.87% -2.37% -2.28%
P/E ratio 12.9x 15.8x 12.9x 11.7x 14.6x 14x 12.9x 11.4x
PBR 2.7x 3.41x 2.75x 2.09x 2.63x 3.01x 2.84x 2.68x
PEG - 4.41x -2.01x -1x 7.23x 0.7x 1.43x 0.9x
Capitalization / Revenue 2.18x 2.64x 1.98x 1.27x 1.59x 1.68x 1.55x 1.45x
EV / Revenue 2.46x 2.91x 2.39x 1.6x 1.94x 1.98x 1.79x 1.63x
EV / EBITDA 6.16x 7.49x 6.3x 4.29x 5.31x 5.29x 4.7x 4.26x
EV / EBIT 8.75x 10.6x 9.72x 6.81x 8.24x 8.32x 7.25x 6.45x
EV / FCF 12.1x 14.8x 13.7x 9.01x 10.5x 12.6x 11.8x 10.7x
FCF Yield 8.23% 6.75% 7.3% 11.1% 9.53% 7.94% 8.5% 9.31%
Dividend per Share 2 8.25 8.5 6.7 6.35 6.2 7.318 8.499 9.373
Rate of return 6.53% 5.31% 5.49% 6.44% 4.94% 5.01% 5.82% 6.42%
EPS 2 9.78 10.13 9.48 8.42 8.59 10.42 11.36 12.84
Distribution rate 84.4% 83.9% 70.7% 75.4% 72.2% 70.2% 74.8% 73%
Net sales 1 98,302 1,02,736 1,19,170 1,50,594 1,52,227 1,67,745 1,81,709 1,94,655
EBITDA 1 39,299 39,888 45,144 56,116 55,511 62,923 69,177 74,556
EBIT 1 27,652 28,236 29,252 35,337 35,791 39,995 44,789 49,211
Net income 1 16,581 17,163 16,767 16,292 16,598 21,371 25,325 28,515
Net Debt 1 27,717 27,752 48,283 49,768 52,049 50,682 42,793 35,394
Reference price 2 126.26 160.00 122.04 98.55 125.45 146.01 146.01 146.01
Nbr of stocks (in thousands) 16,96,737 16,94,453 19,35,281 19,35,439 19,35,439 19,32,089 - -
Announcement Date 18/05/21 16/05/22 14/05/23 12/05/24 16/05/25 - - -
1ZAR in Million2ZAR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.02x1.98x5.29x5.01% 1.67TCr
20.59x3.42x8.67x1.9% 24TCr
12.08x2.61x6.98x4% 19TCr
6.59x4.71x25.03x0.31% 13TCr
13.61x2.21x7.18x3.06% 6.28TCr
15.61x1.33x4.71x3.83% 3.34TCr
20.97x5.47x10.09x4.47% 3.33TCr
9.62x0.42x1.66x6.67% 3.05TCr
20.5x4.01x8.92x5.62% 2.41TCr
19.12x4.57x7.59x3.41% 1.42TCr
Average 15.27x 3.07x 8.61x 3.83% 7.76TCr
Weighted average by Cap. 14.79x 3.22x 10.35x 2.85%

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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