Company Valuation: Botswana Telecommunications Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 903 735 724.5 903 861 1,113
Change - -18.6% -1.43% 24.64% -4.65% 29.27%
Enterprise Value (EV) 1 932.3 750.8 517.1 582.9 366.1 837.3
Change - -19.46% -31.13% 12.72% -37.19% 128.69%
P/E 8.49x 5.43x 5.15x 8.34x 5.47x 5.5x
PBR 0.43x 0.32x 0.32x 0.38x 0.35x 0.46x
PEG - 0.2x 1.28x -0.4x 0.1x 0.2x
Capitalization / Revenue 0.65x 0.52x 0.52x 0.64x 0.6x 0.75x
EV / Revenue 0.67x 0.53x 0.37x 0.42x 0.25x 0.56x
EV / EBITDA 3.37x 2.13x 1.51x 2.01x 1.2x 2.65x
EV / EBIT 10.2x 5.03x 3.52x 5x 2.39x 4.79x
EV / FCF -8.83x 3.09x 3.49x 8.07x 3.18x -9.09x
FCF Yield -11.3% 32.4% 28.7% 12.4% 31.4% -11%
Dividend per Share 2 0.0357 0.0844 0.0871 0.0671 0.0975 0.1483
Rate of return 4.15% 12.1% 12.6% 7.8% 11.9% 14%
EPS 2 0.1013 0.1289 0.1341 0.1032 0.15 0.1926
Distribution rate 35.2% 65.5% 65% 65% 65% 77%
Net sales 1 1,396 1,426 1,392 1,400 1,436 1,493
EBITDA 1 276.5 352.4 341.6 289.7 304.5 316.3
EBIT 1 91.5 149.3 146.9 116.7 153.5 174.8
Net income 1 106.4 135.3 140.8 108.3 157.5 202.2
Net Debt 1 29.28 15.84 -207.4 -320.1 -494.9 -275.7
Reference price 2 0.860 0.700 0.690 0.860 0.820 1.060
Nbr of stocks (in thousands) 1,050,000 1,050,000 1,050,000 1,050,000 1,050,000 1,050,000
Announcement Date 9/29/20 9/7/21 9/1/22 5/30/23 9/12/24 9/5/25
1BWP in Million2BWP
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 116M
11.44x1.35x4.34x6.76% 230B
10.36x2.5x6.61x6% 196B
14.01x2.18x5.65x3.88% 161B
12.66x1.83x7.95x3.4% 81.84B
11.6x0.87x3.24x6.77% 79.05B
11.76x1.89x4.78x2.7% 71.51B
15.33x2.72x8.54x5.09% 57.68B
23.14x5.21x18.5x4.65% 54.9B
13.23x1.78x5.46x4.79% 50.56B
Average 13.73x 2.26x 7.23x 4.89% 98.18B
Weighted average by Cap. 12.76x 2.08x 6.35x 5.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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