Company Valuation: Bharat Electronics Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 513,756 713,069 1,472,555 2,201,705 2,928,297 3,014,553 - -
Change - 38.8% 106.51% 49.52% 33% 2.95% - -
Enterprise Value (EV) 1 438,628 633,592 1,363,187 2,108,345 2,844,765 2,870,812 2,850,359 2,791,302
Change - 44.45% 115.15% 54.66% 34.93% 0.92% -0.71% -2.07%
P/E 21.9x 23.7x 36.6x 41.7x 48.4x 43.1x 36.9x 31.7x
PBR 4.29x 5.25x 9.16x 11.2x 12.4x 10.5x 8.78x 7.37x
PEG - 0.8x 1.1x 1.3x 3.4x 2.8x 2.2x 2x
Capitalization / Revenue 3.35x 4.04x 7.3x 9.31x 10.7x 9.43x 8.13x 7.09x
EV / Revenue 2.86x 3.59x 6.76x 8.91x 10.4x 8.98x 7.68x 6.56x
EV / EBITDA 13.3x 15.7x 27.3x 31.2x 35.5x 31.4x 26.7x 22.6x
EV / EBIT 15x 17.4x 29.7x 33.3x 38x 33.6x 28.4x 24.1x
EV / FCF 12.2x 107x 34x -403x 556x 40.5x 50.1x 42.6x
FCF Yield 8.22% 0.94% 2.94% -0.25% 0.18% 2.47% 2% 2.35%
Dividend per Share 2 1.5 1.8 2.8 2.4 2.5 3.655 4.123 4.718
Rate of return 2.13% 1.85% 1.39% 0.8% 0.62% 0.89% 1% 1.15%
EPS 2 3.213 4.11 5.5 7.23 8.27 9.53 11.14 12.93
Distribution rate 46.7% 43.8% 50.9% 33.2% 30.2% 38.4% 37% 36.5%
Net sales 1 153,138 176,462 201,694 236,580 274,796 319,530 370,947 425,461
EBITDA 1 33,092 40,475 49,982 67,676 80,153 91,304 106,811 123,715
EBIT 1 29,291 36,396 45,857 63,320 74,914 85,468 100,403 115,721
Net income 1 23,489 30,067 40,200 52,882 60,485 69,662 81,392 94,597
Net Debt 1 -75,128 -79,477 -109,368 -93,361 -83,532 -143,741 -164,194 -223,251
Reference price 2 70.28 97.55 201.45 301.20 400.60 410.40 410.40 410.40
Nbr of stocks (in thousands) 7,309,779 7,309,779 7,309,779 7,309,779 7,309,779 7,309,779 - -
Announcement Date 5/23/22 5/20/23 5/20/24 5/19/25 5/19/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
43.06x8.94x31.28x0.89% 31.37B
43.3x7.77x32.29x0.49% 382B
36.84x3.4x20.04x1.28% 301B
36.09x5.32x22.56x0.91% 173B
19.98x1.91x13.72x2.3% 140B
23.28x1.96x16.09x1.59% 107B
29.04x2.06x14.51x1.76% 86.63B
20.19x2.09x14.86x1.66% 83.23B
35.01x3.88x17x1.18% 64.95B
24.2x2.65x14.54x1.71% 54.34B
Average 31.10x 4.00x 19.69x 1.38% 142.39B
Weighted average by Cap. 33.92x 4.51x 21.98x 1.2%

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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