Company Valuation: Botswana Telecommunications Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 735 724.5 903 861 1,113 1,533
Change - -1.43% 24.64% -4.65% 29.27% 37.74%
Enterprise Value (EV) 1 750.8 517.1 582.9 366.1 837.3 1,464
Change - -31.13% 12.72% -37.19% 128.69% 74.86%
P/E 5.43x 5.15x 8.34x 5.47x 5.5x 13.5x
PBR 0.32x 0.32x 0.38x 0.35x 0.46x 0.78x
PEG - 1.28x -0.4x 0.1x 0.2x -0.3x
Capitalization / Revenue 0.52x 0.52x 0.64x 0.6x 0.75x 1.04x
EV / Revenue 0.53x 0.37x 0.42x 0.25x 0.56x 1x
EV / EBITDA 2.13x 1.51x 2.01x 1.2x 2.65x 7.04x
EV / EBIT 5.03x 3.52x 5x 2.39x 4.79x 28.3x
EV / FCF 3.09x 3.49x 8.07x 3.18x -15.5x -623x
FCF Yield 32.4% 28.7% 12.4% 31.4% -6.44% -0.16%
Dividend per Share 2 0.0844 0.0871 0.0671 0.0975 0.1483 0.0627
Rate of return 12.1% 12.6% 7.8% 11.9% 14% 4.29%
EPS 2 0.1289 0.1341 0.1032 0.15 0.1926 0.1079
Distribution rate 65.5% 65% 65% 65% 77% 58.1%
Net sales 1 1,426 1,392 1,400 1,436 1,493 1,470
EBITDA 1 352.4 341.6 289.7 304.5 316.3 208.1
EBIT 1 149.3 146.9 116.7 153.5 174.8 51.66
Net income 1 135.3 140.8 108.3 157.5 202.2 113.3
Net Debt 1 15.84 -207.4 -320.1 -494.9 -275.7 -68.88
Reference price 2 0.700 0.690 0.860 0.820 1.060 1.460
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 9/7/21 9/1/22 5/30/23 9/12/24 9/5/25 8/28/26
1BWP in Million2BWP
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 114M
11x1.3x4.13x7.03% 222B
10.15x2.47x6.53x6.14% 191B
12.78x2.14x5.49x4.24% 143B
13.3x1.84x8.01x3.15% 87.71B
11.68x0.9x3.36x6.54% 80.58B
11.49x1.77x4.48x2.85% 63.93B
14.82x2.64x8.24x5.17% 56.84B
22.87x5.28x19.27x4.78% 54.26B
14.49x2.69x6.01x4.48% 50.15B
Average 13.62x 2.34x 7.28x 4.93% 94.95B
Weighted average by Cap. 12.49x 2.09x 6.35x 5.38%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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