Company Valuation: Airtel Networks Zambia Plc

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,067 1,872 1,794 4,524 4,524 14,324
Change - -38.96% -4.17% 152.17% 0% 216.62%
Enterprise Value (EV) 1 5,553 3,674 4,389 7,972 7,509 20,327
Change - -33.84% 19.47% 81.64% -5.81% 170.69%
P/E -9.01x 2.7x 1.95x 3.97x 3.61x 8.12x
PBR -8.07x 5.97x 2.66x 10.3x 8.02x 18.4x
PEG - -0x 0.1x 0.2x 0.37x 0.2x
Capitalization / Revenue 1.18x 0.52x 0.4x 0.8x 0.64x 1.61x
EV / Revenue 2.14x 1.03x 0.99x 1.41x 1.05x 2.29x
EV / EBITDA 5.5x 2.25x 1.96x 2.76x 2.24x 4.76x
EV / EBIT 7.72x 2.93x 2.45x 3.5x 2.85x 5.8x
EV / FCF 12.7x 7.23x -79.1x 13.5x 4.31x 15.1x
FCF Yield 7.85% 13.8% -1.26% 7.41% 23.2% 6.62%
Dividend per Share 2 - 2.4 8.5 11.2 11.99 16.76
Rate of return - 13.3% 49.3% 25.7% 27.6% 12.2%
EPS 2 -3.275 6.666 8.86 10.95 12.04 16.95
Distribution rate - 36% 95.9% 102% 99.6% 98.9%
Net sales 1 2,598 3,580 4,450 5,640 7,122 8,873
EBITDA 1 1,009 1,629 2,235 2,893 3,347 4,274
EBIT 1 719.4 1,254 1,793 2,275 2,636 3,504
Net income 1 -340.6 693.3 921.5 1,139 1,252 1,763
Net Debt 1 2,486 1,802 2,595 3,448 2,985 6,003
Reference price 2 29.49 18.00 17.25 43.50 43.50 137.73
Nbr of stocks (in thousands) 104,000 104,000 104,000 104,000 104,000 104,000
Announcement Date 2/25/21 4/9/22 8/21/23 2/28/24 3/10/25 6/12/26
1ZMW in Million2ZMW
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.25B
29.71x5.4x9.45x1.73% 125B
19.22x2.12x8.09x3.91% 68.69B
11.65x1.73x3.7x3.02% 21.85B
-263.2x8.83x11x3.01% 20.72B
24.82x3.01x6.81x4.07% 19.21B
-7.66x6.74x15.2x-.--% 14.64B
13.02x2.57x6.69x5.03% 12.8B
10.8x4.6x9.95x6.93% 11.82B
24.2x3.42x10.05x4.13% 11.3B
Average -15.27x 4.27x 8.99x 3.54% 30.78B
Weighted average by Cap. 2.55x 4.33x 8.87x 2.89%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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