Company Valuation: Emirates Telecommunications Group Company

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 275,687 198,808 170,804 141,931 159,498 183,675 - -
Change - -27.89% -14.09% -16.9% 12.38% 15.16% - -
Enterprise Value (EV) 1 275,498 217,068 194,318 181,906 197,053 212,915 211,863 208,392
Change - -21.21% -10.48% -6.39% 8.33% 8.05% -0.49% -1.64%
P/E 29.6x 19.9x 16.6x 13.2x 11.1x 15.5x 14x 12.8x
PBR 7.37x 4.7x 4x 3.11x 3.08x 2.91x 2.86x 2.65x
PEG - 2.66x 6.36x 2.6x 0.3x -0.9x 1.3x 1.33x
Capitalization / Revenue 5.17x 3.79x 3.18x 2.4x 2.19x 2.35x 2.19x 2.08x
EV / Revenue 5.16x 4.14x 3.62x 3.07x 2.7x 2.73x 2.52x 2.36x
EV / EBITDA 10.5x 8.11x 7.41x 6.88x 6.1x 6.11x 5.76x 5.39x
EV / EBIT 21.5x 16.8x 15.1x 9.07x 8.49x 9.08x 8.7x 7.77x
EV / FCF 28.3x 19.6x 24.5x 14.9x 15.5x 19.1x 18x 13.6x
FCF Yield 3.54% 5.11% 4.07% 6.72% 6.44% 5.24% 5.56% 7.36%
Dividend per Share 2 0.8 0.8 0.8 0.83 0.9 0.9478 1.032 1.104
Rate of return 2.52% 3.5% 4.07% 5.09% 4.91% 4.49% 4.89% 5.23%
EPS 2 1.07 1.15 1.18 1.24 1.65 1.367 1.509 1.654
Distribution rate 74.8% 69.6% 67.8% 66.9% 54.5% 69.3% 68.4% 66.8%
Net sales 1 53,342 52,432 53,752 59,203 72,858 78,037 84,040 88,419
EBITDA 1 26,232 26,761 26,214 26,454 32,314 34,822 36,774 38,657
EBIT 1 12,792 12,924 12,832 20,061 23,222 23,458 24,352 26,834
Net income 1 9,317 10,007 10,305 10,752 14,360 12,445 13,123 14,298
Net Debt 1 -189 18,260 23,514 39,975 37,554 29,239 28,188 24,717
Reference price 2 31.70 22.86 19.64 16.32 18.34 21.12 21.12 21.12
Nbr of stocks (in thousands) 8,696,754 8,696,754 8,696,754 8,696,754 8,696,754 8,696,754 - -
Announcement Date 2/14/22 2/13/23 2/21/24 2/13/25 2/12/26 - - -
1AED in Million2AED
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.45x2.73x6.11x4.49% 50.01B
11.59x1.36x4.26x6.83% 230B
10.67x2.54x6.72x5.82% 201B
13.83x2.22x5.71x3.93% 159B
12.17x0.91x3.57x6.45% 83.98B
12.97x1.82x7.78x3.27% 83.25B
11.46x1.81x4.57x2.75% 70.61B
15.17x2.65x8.29x5.06% 57.96B
23.89x5.38x19.73x4.38% 56.82B
12.24x1.81x5.45x4.79% 50.48B
Average 13.94x 2.32x 7.22x 4.78% 104.41B
Weighted average by Cap. 12.99x 2.13x 6.41x 5.16%

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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  4. Valuation Emirates Telecommunications Group Company