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 2,71,014 - -
Change - 26.55% -12.88% -19.24% 27.3% 11.62% - -
Enterprise Value (EV) 1 2,41,947 2,98,864 2,84,465 2,40,506 2,94,850 3,21,227 3,16,944 3,11,879
Change - 23.52% -4.82% -15.45% 22.6% 8.95% -1.33% -1.6%
P/E ratio 12.9x 15.8x 12.9x 11.7x 14.6x 13.4x 11.9x 10.7x
PBR 2.7x 3.41x 2.75x 2.09x 2.63x 2.59x 2.39x 2.21x
PEG - 4.41x -2.01x -1x 7.23x 0.6x 1x 1x
Capitalization / Revenue 2.18x 2.64x 1.98x 1.27x 1.59x 1.62x 1.5x 1.4x
EV / Revenue 2.46x 2.91x 2.39x 1.6x 1.94x 1.92x 1.76x 1.61x
EV / EBITDA 6.16x 7.49x 6.3x 4.29x 5.31x 5.12x 4.6x 4.18x
EV / EBIT 8.75x 10.6x 9.72x 6.81x 8.24x 8.05x 7.08x 6.36x
EV / FCF 12.1x 14.8x 13.7x 9.01x 10.5x 12.4x 10.9x 9.77x
FCF Yield 8.23% 6.75% 7.3% 11.1% 9.53% 8.06% 9.2% 10.2%
Dividend per Share 2 8.25 8.5 6.7 6.35 6.2 7.591 8.818 9.947
Rate of return 6.53% 5.31% 5.49% 6.44% 4.94% 5.41% 6.29% 7.09%
EPS 2 9.78 10.13 9.48 8.42 8.59 10.5 11.82 13.12
Distribution rate 84.4% 83.9% 70.7% 75.4% 72.2% 72.3% 74.6% 75.8%
Net sales 1 98,302 1,02,736 1,19,170 1,50,594 1,52,227 1,67,217 1,80,309 1,93,358
EBITDA 1 39,299 39,888 45,144 56,116 55,511 62,694 68,882 74,592
EBIT 1 27,652 28,236 29,252 35,337 35,791 39,923 44,749 49,069
Net income 1 16,581 17,163 16,767 16,292 16,598 21,251 24,184 27,184
Net Debt 1 27,717 27,752 48,283 49,768 52,049 50,213 45,930 40,864
Reference price 2 126.26 160.00 122.04 98.55 125.45 140.27 140.27 140.27
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.35x1.92x5.12x5.41% 1.52TCr
21.39x3.88x10.01x1.58% 26TCr
12.01x2.48x6.7x4.12% 19TCr
26.54x3.97x14.24x0.42% 10TCr
12.61x2.13x6.99x3.29% 6.55TCr
11.95x0.55x2.16x5.37% 3.66TCr
20.78x4.71x8.83x4.34% 2.65TCr
12.62x1.24x4.28x4.94% 2.68TCr
19.35x3.71x8.39x6.09% 2.12TCr
31.46x4.02x7.63x1.78% 1.19TCr
Average 18.21x 2.86x 7.44x 3.73% 7.58TCr
Weighted average by Cap. 18.07x 3.12x 8.66x 2.83%
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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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