Company Valuation: Marico Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 531,391 651,112 620,293 643,039 843,952 1,060,455 - -
Change - 22.53% -4.73% 3.67% 31.24% 25.65% - -
Enterprise Value (EV) 1 519,101 641,862 613,033 636,299 827,972 936,922 1,034,884 1,026,634
Change - 23.65% -4.49% 3.8% 30.12% 13.16% -0.66% -0.8%
P/E 45.3x 53.1x 47.7x 43.5x 51.9x 54.2x 50.2x 43.5x
PBR 16.4x 19.4x 16.3x 16.8x 21.3x 23.7x 21.5x 18.8x
PEG - 11.76x 8.08x 3.2x 5.25x 6.61x 2.6x 2.8x
Capitalization / Revenue 6.6x 6.85x 6.35x 6.66x 7.79x 7.02x 7.07x 6.34x
EV / Revenue 6.45x 6.75x 6.28x 6.59x 7.64x 6.88x 6.9x 6.14x
EV / EBITDA 32.7x 38.2x 33.9x 31.4x 38.7x 40.2x 37.1x 31.9x
EV / EBIT 35.8x 41.6x 37x 34.1x 42.2x 44.1x 40.7x 34.9x
EV / FCF 27x 72.6x 49.6x 49.6x 68.9x 53.1x 54x 43.5x
FCF Yield 3.71% 1.38% 2.02% 2.02% 1.45% 1.88% 1.85% 2.3%
Dividend per Share 2 7.5 9.25 - 9.5 10.5 10.54 11.76 13.35
Rate of return 1.82% 1.84% - 1.91% 1.61% 1.29% 1.44% 1.63%
EPS 2 9.08 9.49 10.05 11.43 12.56 13.59 16.28 18.77
Distribution rate 82.6% 97.5% - 83.1% 83.6% 77.1% 72.3% 71.1%
Net sales 1 80,480 95,120 97,640 96,530 108,310 136,110 150,089 167,195
EBITDA 1 15,890 16,810 18,100 20,260 21,390 23,280 27,861 32,225
EBIT 1 14,500 15,420 16,550 18,680 19,610 21,260 25,435 29,416
Net income 1 11,720 12,250 13,020 14,810 16,290 17,620 21,194 24,411
Net Debt 1 -12,290 -9,250 -7,260 -6,740 -15,980 -18,840 -25,571 -33,821
Reference price 2 411.50 503.65 479.70 496.90 651.45 816.80 816.80 816.80
Nbr of stocks (in thousands) 1,291,350 1,292,787 1,293,084 1,294,102 1,295,498 1,298,304 - -
Announcement Date 4/30/21 5/5/22 5/5/23 5/6/24 5/2/25 5/5/26 - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.65x2.86x14.05x3.98% 253B
20.64x2.44x14.35x3.43% 77.17B
17.36x1.77x9.98x3.56% 48.27B
16.51x0.51x9.78x2.76% 36.19B
21.62x3.2x13x3.34% 35.02B
40.74x3.43x20.34x0.87% 34.4B
68.42x10.21x43.38x1.11% 28.65B
10.9x1.82x8.97x7.03% 27.06B
12.94x0.38x8.73x2.54% 21.84B
Average 25.42x 2.96x 15.84x 3.18% 62.39B
Weighted average by Cap. 22.61x 2.84x 14.83x 3.5%

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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