Company Valuation: MRF Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 275,768 356,456 565,715 477,882 544,966 537,353 - -
Change - 29.26% 58.71% -15.53% 14.04% -1.4% - -
Enterprise Value (EV) 1 273,669 374,664 587,082 499,915 559,253 549,038 528,583 514,696
Change - 36.9% 56.7% -14.85% 11.87% -1.83% -3.73% -2.63%
P/E 42.6x 43.7x 27.7x 26.2x 23.1x 25.3x 19x 16x
PBR 2x 2.46x 3.44x 2.63x 2.66x 2.38x 2.11x 1.86x
PEG - 1.7x 0x -2.4x 0.8x -2.59x 0.6x 0.9x
Capitalization / Revenue 1.45x 1.58x 2.29x 1.73x 1.78x 1.56x 1.43x 1.35x
EV / Revenue 1.44x 1.66x 2.38x 1.81x 1.82x 1.6x 1.41x 1.3x
EV / EBITDA 13.6x 16x 14.1x 12.6x 11.8x 12.3x 9.55x 8.34x
EV / EBIT 33.7x 34.4x 21.4x 21.7x 18.6x 20.6x 14.9x 12.5x
EV / FCF -11.7x -43.4x 53.4x 37.3x 17.4x 29.3x 23.7x 19.8x
FCF Yield -8.58% -2.31% 1.87% 2.68% 5.74% 3.42% 4.22% 5.06%
Dividend per Share 2 150 175 200 235 229 231 248.3 284.7
Rate of return 0.23% 0.21% 0.15% 0.21% 0.18% 0.18% 0.2% 0.22%
EPS 2 1,526 1,925 4,812 4,297 5,554 5,011 6,683 7,899
Distribution rate 9.83% 9.09% 4.16% 5.47% 4.12% 4.61% 3.71% 3.6%
Net sales 1 189,895 225,782 246,737 276,652 306,521 344,035 375,718 397,125
EBITDA 1 20,127 23,373 41,678 39,550 47,517 44,532 55,344 61,745
EBIT 1 8,112 10,887 27,428 23,076 30,044 26,668 35,498 41,163
Net income 1 6,473 8,162 20,410 18,226 23,554 21,159 28,814 33,492
Net Debt 1 -2,099 18,208 21,368 22,032 14,287 11,685 -8,770 -22,657
Reference price 2 65,022.10 84,047.20 133,387.35 112,677.75 128,495.00 126,700.00 126,700.00 126,700.00
Nbr of stocks (in thousands) 4,241 4,241 4,241 4,241 4,241 4,241 - -
Announcement Date 5/10/22 5/3/23 5/3/24 5/7/25 5/7/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25x1.58x12.2x0.18% 5.65B
14.07x0.98x5.54x4% 25.08B
14.71x1.24x5.44x4% 8.23B
8.42x1.1x5.3x3.44% 6.75B
10.21x0.96x6.01x2.4% 5.91B
5.67x0.5x3.01x4.37% 5.54B
9x - - 2.88% 5.18B
30.29x3.48x17.89x0.71% 4.95B
14.13x - - 3.41% 4.58B
9.47x0.63x5.03x4.34% 3.39B
Average 14.10x 1.31x 7.55x 2.97% 7.53B
Weighted average by Cap. 14.05x 1.21x 6.81x 3.25%

Y-o-Y evolution of P/E

Valuation ratios - P/E - MRF Limited

Historical PBR trend

Valuation ratios - PBR - MRF Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - MRF Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - MRF Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - MRF Limited
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