Company Valuation: Telekom Networks Malawi plc

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 201,512 230,127 140,566 187,756 250,911 363,048
Change - 14.2% -38.92% 33.57% 33.64% 44.69%
Enterprise Value (EV) 1 214,659 256,721 167,345 202,242 239,502 297,330
Change - 19.59% -34.81% 20.85% 18.42% 24.15%
P/E 26.1x 23.7x -77.8x -38.1x 25x 16.3x
PBR 4.59x 4.67x 3.02x 4.5x 4.84x 3.54x
PEG - 0.9x 1x -0x -0x 0.2x
Capitalization / Revenue 2.31x 2.43x 1.46x 1.7x 1.77x 1.78x
EV / Revenue 2.46x 2.71x 1.74x 1.83x 1.69x 1.46x
EV / EBITDA 7.88x 8.16x 7.47x 7.59x 5.99x 4.77x
EV / EBIT 12.5x 12.7x 21.2x 15.7x 8.81x 6.33x
EV / FCF 15.9x -31.9x 19.2x 8.2x 7.58x 12.7x
FCF Yield 6.28% -3.13% 5.22% 12.2% 13.2% 7.85%
Dividend per Share 2 0.4 0.43 - - - 0.69
Rate of return 1.99% 1.88% - - - 2.19%
EPS 2 0.7697 0.9652 -0.18 -0.4912 1.001 1.926
Distribution rate 52% 44.6% - - - 35.8%
Net sales 1 87,304 94,816 96,354 110,484 142,007 203,746
EBITDA 1 27,226 31,461 22,399 26,656 39,985 62,272
EBIT 1 17,222 20,153 7,897 12,871 27,176 46,959
Net income 1 7,729 9,691 -1,763 -4,932 10,053 21,269
Net Debt 1 13,148 26,594 26,779 14,486 -11,409 -65,718
Reference price 2 20.07 22.92 14.00 18.70 24.99 31.46
Nbr of stocks (in thousands) 10,040,450 10,040,450 10,040,450 10,040,450 10,040,450 11,540,000
Announcement Date 6/11/21 8/5/22 5/23/23 7/2/24 6/27/25 7/1/26
1MWK in Million2MWK
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 191M
-218.52x37.44x85.7x - 1,516B
16.54x2.92x7.4x2.29% 193B
32.56x6.29x28.49x0.2% 191B
10.29x2.41x6.46x4.6% 165B
14.85x2.37x7.89x2.88% 67.97B
14.21x1.37x4.68x3.6% 35.2B
21.27x5.69x10.42x4.42% 33.23B
9.16x0.33x1.35x7.39% 25.75B
12.61x3.12x6.99x7.44% 18.74B
Average -9.67x 6.88x 17.71x 4.1% 224.7B
Weighted average by Cap. -141.29x 26.43x 61.90x 2.79%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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