Company Valuation: Hellenic Telecommunications Organization S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 7,267 6,258 5,367 6,036 6,683 7,752 - -
Change - -13.89% -14.23% 12.47% 10.71% 16% - -
Enterprise Value (EV) 1 8,043 6,722 6,002 6,680 7,236 8,104 8,131 8,066
Change - -16.42% -10.71% 11.29% 8.33% 11.99% 0.33% -0.8%
P/E 15.2x 16.4x 10.3x 12.8x 9.33x 12.1x 11.7x 10.8x
PBR 3.68x - - 3.12x 3.21x 4.21x 3.54x 3.31x
PEG - -1x 0.2x -1.74x 0.2x -1.3x 3.96x 1.32x
Capitalization / Revenue 2.16x 1.81x 1.55x 1.68x 1.93x 2.26x 2.22x 2.22x
EV / Revenue 2.39x 1.95x 1.73x 1.86x 2.09x 2.36x 2.33x 2.31x
EV / EBITDA 6.21x 4.99x 4.47x 4.96x 5.27x 5.65x 5.56x 5.41x
EV / EBIT 9.9x 8.95x 8.39x 9.99x 8.81x 9.57x 9.25x 8.79x
EV / FCF 12.6x 9.91x 12x 13.3x 12.5x 10.8x 15.4x 12.8x
FCF Yield 7.94% 10.1% 8.35% 7.52% 8.03% 9.27% 6.5% 7.8%
Dividend per Share 2 0.558 0.5765 0.71 0.7216 0.8777 0.9232 1.037 1.068
Rate of return 3.43% 3.95% 5.5% 4.85% 5.21% 4.66% 5.24% 5.39%
EPS 2 1.072 0.8873 1.256 1.163 1.808 1.64 1.688 1.826
Distribution rate 52.1% 65% 56.5% 62% 48.5% 56.3% 61.4% 58.5%
Net sales 1 3,368 3,455 3,469 3,591 3,464 3,436 3,488 3,495
EBITDA 1 1,296 1,348 1,342 1,347 1,374 1,434 1,463 1,490
EBIT 1 812.3 751.5 715.7 668.4 821 846.5 879 917.4
Net income 1 557.6 388.6 531.7 478.8 501.1 644.6 646.8 678.1
Net Debt 1 775.6 464.5 634.8 643.4 553.3 352.1 378.7 313.7
Reference price 2 16.26 14.59 12.90 14.88 16.86 19.80 19.80 19.80
Nbr of stocks (in thousands) 447,065 428,912 416,076 405,679 396,392 391,527 - -
Announcement Date 2/24/22 2/23/23 2/22/24 2/26/25 2/26/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.3x1.33x4.19x6.99% 224B
11.06x2.59x6.85x5.62% 209B
13.84x2.18x5.02x3.96% 158B
13.86x1.86x7.99x3.05% 89.92B
12.46x0.94x3.52x6.21% 83.16B
11.53x1.77x4.48x2.84% 68.64B
15.42x2.69x8.42x5.03% 58.32B
24.03x5.42x19.8x4.54% 57.3B
15.47x2.73x6.12x4.48% 50.05B
Average 14.33x 2.39x 7.38x 4.75% 110.94B
Weighted average by Cap. 13.17x 2.16x 6.42x 5.14%

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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  5. Valuation Hellenic Telecommunications Organization S.A.