Company Valuation: DLF Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 710,538 941,732 882,944 2,220,355 1,684,450 1,538,035 - -
Change - 32.54% -6.24% 151.47% -24.14% -8.69% - -
Enterprise Value (EV) 1 751,591 971,804 888,829 2,221,042 1,678,546 1,167,670 1,423,013 1,380,009
Change - 29.3% -8.54% 149.88% -24.43% -30.44% -2.79% -3.02%
P/E 64.9x 62.8x 43.4x 81.4x 38.6x 28.3x 29.8x 23.4x
PBR 2.01x 2.59x 2.34x 5.63x 3.96x 2.74x 3.19x 2.91x
PEG - 1.7x 1.2x 2.4x 0.6x 26.27x 1.6x 0.9x
Capitalization / Revenue 13.1x 16.5x 15.5x 34.5x 21.1x 15.2x 15.4x 12.2x
EV / Revenue 13.9x 17x 15.6x 34.6x 21x 14.3x 14.2x 11x
EV / EBITDA 53x 55.8x 51.5x 105x 79.6x 80.6x 45.4x 33.6x
EV / EBIT 59.7x 61x 56.4x 112x 85.7x 89.4x 44.7x 32.2x
EV / FCF 52x 36.2x 36.6x 91.7x 32.7x 18.7x 24.9x 24x
FCF Yield 1.92% 2.76% 2.73% 1.09% 3.06% 5.34% 4.02% 4.17%
Dividend per Share 2 2 3 4 5 6 8 8.827 11.17
Rate of return 0.7% 0.79% 1.12% 0.56% 0.88% 1.59% 1.42% 1.8%
EPS 2 4.42 6.06 8.22 11.02 17.64 17.83 20.85 26.54
Distribution rate 45.2% 49.5% 48.7% 45.4% 34% 44.9% 42.3% 42.1%
Net sales 1 54,141 57,174 56,948 64,270 79,937 81,940 100,196 125,620
EBITDA 1 14,178 17,426 17,259 21,236 21,086 14,484 31,326 41,083
EBIT 1 12,583 15,931 15,772 19,756 19,580 13,060 31,845 42,820
Net income 1 10,936 15,009 20,340 27,235 43,676 44,147 51,775 65,988
Net Debt 1 41,053 30,072 5,886 687 -5,904 -80,135 -115,022 -158,026
Reference price 2 287.05 380.45 356.70 897.00 680.50 621.35 621.35 621.35
Nbr of stocks (in thousands) 2,475,312 2,475,312 2,475,312 2,475,312 2,475,312 2,475,312 - -
Announcement Date 6/11/21 5/17/22 5/12/23 5/13/24 5/19/25 5/13/26 - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
35.19x16.12x63.64x1.07% 16.3B
15.09x4.7x12.78x3.34% 43.21B
6.15x0.76x1.55x8.2% 29.36B
21.86x4.32x18.12x1.16% 29.74B
7.64x1.38x6.93x4.67% 27.5B
14.88x3.12x15.4x2.35% 24.8B
15.8x1.01x6.66x2.36% 21.94B
9.12x2.2x7.55x4.07% 19.92B
15.15x6.64x18.83x1.25% 19.96B
Average 15.65x 4.47x 16.83x 3.16% 25.86B
Weighted average by Cap. 14.89x 4.00x 14.69x 3.36%

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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