Company Valuation: Adani Enterprises Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,133,739 2,216,887 1,995,002 3,640,651 2,679,719 2,898,517 - -
Change - 95.54% -10.01% 82.49% -26.39% 8.16% - -
Enterprise Value (EV) 1 1,133,739 2,216,887 1,995,002 4,071,205 3,511,708 3,486,465 3,727,620 3,949,278
Change - 95.54% -10.01% 104.07% -13.74% -0.72% 6.92% 5.95%
P/E ratio 123x 286x 80.3x 117x 38.3x 46.4x 58.2x 54.9x
PBR - - - - - - - -
PEG - -18x 0x 4.7x 0x -2.3x -2.9x 9.24x
Capitalization / Revenue 2.87x 3.19x 1.46x 3.35x 2.74x 2.99x 2.17x 1.91x
EV / Revenue 2.87x 3.19x 1.46x 3.74x 3.59x 3.59x 2.79x 2.6x
EV / EBITDA 45.3x 59.7x 22.6x 35.8x 24.6x 21x 17x 16x
EV / EBIT - - - 48.8x 35x 24.6x 25.4x 23.1x
EV / FCF -2,494x -21.6x 68.8x -33.8x -14.2x -37.9x -102x 88.4x
FCF Yield -0.04% -4.63% 1.45% -2.96% -7.02% -2.64% -0.98% 1.13%
Dividend per Share 2 - - - - 1.3 1.2 1.2 1.2
Rate of return - - - - 0.06% 0.05% 0.05% 0.05%
EPS 2 8.39 7.06 21.78 27.24 60.55 48.3 38.53 40.82
Distribution rate - - - - 2.15% 2.48% 3.11% 2.94%
Net sales 1 395,371 694,202 1,369,778 1,087,235 978,948 970,212 1,334,714 1,520,218
EBITDA 1 25,050 37,130 88,280 113,766 142,520 166,102 219,583 246,593
EBIT 1 - - - 83,344 100,407 141,548 146,987 170,686
Net income 1 9,226 7,766 24,729 32,408 70,990 67,407 66,528 70,513
Net Debt 1 - - - 430,554 831,989 587,948 829,103 1,050,761
Reference price 2 1,030.85 2,015.70 1,750.00 3,193.55 2,321.75 2,242.25 2,242.25 2,242.25
Nbr of stocks (in thousands) 1,099,810 1,099,810 1,140,001 1,140,001 1,154,181 1,292,682 - -
Announcement Date 5/5/21 5/3/22 5/4/23 5/2/24 5/1/25 - - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
46.42x3.59x20.99x0.05% 31.98B
25.31x1.22x26.32x2.26% 117B
18.67x1.38x24.34x2.12% 101B
16.63x1.21x13.56x1.96% 98.01B
17.61x1.44x20.72x1.79% 61.46B
13.72x1.51x18.16x2.14% 50.94B
18.41x0.74x11.48x1.8% 45.05B
24.2x1.23x11.47x0.83% 35.89B
40.36x3.78x21.39x1.09% 9.5B
15.6x0.78x8.14x3.51% 9.24B
Average 23.69x 1.69x 17.66x 1.75% 56.01B
Weighted average by Cap. 21.37x 1.43x 19.54x 1.86%

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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  4. Valuation Adani Enterprises Limited