Company Valuation: Veto Switchgears and Cables Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 550.5 2,218 1,739 1,437 2,348 1,936
Change - 302.95% -21.59% -17.36% 63.36% -17.57%
Enterprise Value (EV) 1 659.4 2,449 2,114 1,719 2,495 2,151
Change - 271.35% -13.65% -18.7% 45.13% -13.79%
P/E 5.9x 14.9x 8.69x 7.1x 13.1x 8.75x
PBR 0.31x 1.14x 0.82x 0.62x 0.95x 0.73x
PEG - 0.3x 0.3x 6.18x -1.2x 0.4x
Capitalization / Revenue 0.37x 1.22x 0.64x 0.49x 0.78x 0.64x
EV / Revenue 0.44x 1.35x 0.78x 0.59x 0.83x 0.72x
EV / EBITDA 3.45x 9.94x 5.88x 4.76x 7.89x 6.54x
EV / EBIT 3.76x 10.6x 6.3x 5.06x 8.5x 7.16x
EV / FCF 4.69x -16.9x -16.1x 20.1x 16x -25.2x
FCF Yield 21.3% -5.93% -6.21% 4.97% 6.26% -3.97%
Dividend per Share 2 - 1 1 1 1 1
Rate of return - 0.86% 1.1% 1.33% 0.81% 0.99%
EPS 2 4.88 7.785 10.47 10.59 9.392 11.58
Distribution rate - 12.8% 9.55% 9.44% 10.6% 8.64%
Net sales 1 1,502 1,812 2,699 2,934 3,003 3,004
EBITDA 1 191.1 246.4 359.8 361.3 316 329
EBIT 1 175.5 230.1 335.4 339.8 293.5 300.3
Net income 1 92.8 147.9 200.2 202.5 179.5 221.3
Net Debt 1 108.9 230.3 374.8 281.4 146.2 215
Reference price 2 28.80 116.05 91.00 75.20 122.85 101.26
Nbr of stocks (in thousands) 19,115 19,115 19,115 19,115 19,115 19,115
Announcement Date 9/4/20 9/4/21 9/2/22 9/4/23 9/3/24 9/4/25
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 25.41M
16.93x2.19x9.84x3.02% 245B
25.35x2.99x16.3x2.06% 243B
30.43x3.91x18.02x1.61% 188B
36.49x5.42x23.06x1.04% 160B
44.43x5.97x26.61x1.12% 150B
46.43x7.64x30.72x0.09% 108B
91.1x11.47x65.11x0.35% 97.1B
31.27x5.06x17.61x1.45% 85.24B
32.42x6.93x21.81x0.57% 54.5B
Average 39.43x 5.73x 25.45x 1.26% 133.08B
Weighted average by Cap. 35.18x 4.89x 22.37x 1.56%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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