Financials Bharti Airtel Limited

Equities

BHARTIARTL

INE397D01024

Wireless Telecommunications Services

Market Closed - Bombay S.E. Other stock markets 06:00:50 2024-05-13 am EDT			5-day change	1st Jan Change
1,287 ^INR	-1.23%		+0.25%	+24.56%

12:54pm	Indian Equities End Higher on Monday Despite Poll Worries, Foreign Selling	MT
08:52am	Bharti Airtel Deploys Expands Telecom Network in Patan, India	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,330,162	2,402,700	2,839,283	4,300,863	4,317,350	7,654,246	-	-
Enterprise Value (EV) ¹	2,483,047	3,377,852	4,291,693	5,854,085	5,651,805	9,393,961	9,063,080	8,714,854
P/E ratio	326 x	-6.95 x	-18.7 x	99 x	51.4 x	79.1 x	36.9 x	25.8 x
Yield	0.75%	0.45%	0.77%	0.4%	0.53%	0.36%	0.75%	1.07%
Capitalization / Revenue	1.65 x	2.74 x	2.82 x	3.69 x	3.1 x	5.06 x	4.48 x	3.99 x
EV / Revenue	3.07 x	3.86 x	4.27 x	5.02 x	4.06 x	6.21 x	5.31 x	4.55 x
EV / EBITDA	9.51 x	9.15 x	9.33 x	10.1 x	7.83 x	11.8 x	9.88 x	8.31 x
EV / FCF	-27.7 x	-318 x	18.2 x	19.5 x	14.4 x	28 x	19.1 x	16.1 x
FCF Yield	-3.61%	-0.31%	5.48%	5.12%	6.96%	3.57%	5.23%	6.23%
Price to Book	1.87 x	3.12 x	4.82 x	6.34 x	5.48 x	8.79 x	6.97 x	5.64 x
Nbr of stocks (in thousands)	3,995,681	5,453,246	5,488,659	5,881,247	5,964,355	6,062,986	-	-
Reference price ²	332.9	440.6	517.3	755.4	749.0	1,303	1,303	1,303
Announcement Date	5/6/19	5/18/20	5/17/21	5/17/22	5/16/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	807,802	875,390	1,006,158	1,165,469	1,391,448	1,511,591	1,706,636	1,916,941
EBITDA ¹	261,101	369,343	460,145	580,682	722,101	795,796	917,615	1,049,231
EBIT ¹	47,626	92,447	166,101	249,775	357,783	399,396	487,741	586,978
Operating Margin	5.9%	10.56%	16.51%	21.43%	25.71%	26.42%	28.58%	30.62%
Earnings before Tax (EBT) ¹	-17,318	-428,465	-144,882	124,831	165,607	163,719	321,754	453,336
Net income ¹	4,095	-321,832	-150,835	42,549	83,459	90,362	207,854	289,125
Net margin	0.51%	-36.76%	-14.99%	3.65%	6%	5.98%	12.18%	15.08%
EPS ²	1.020	-63.41	-27.65	7.630	14.57	16.47	35.35	50.57
Free Cash Flow ¹	-89,547	-10,615	235,344	299,550	393,565	334,971	473,758	542,898
FCF margin	-11.09%	-1.21%	23.39%	25.7%	28.28%	22.16%	27.76%	28.32%
FCF Conversion (EBITDA)	-	-	51.15%	51.59%	54.5%	42.09%	51.63%	51.74%
FCF Conversion (Net income)	-	-	-	704.01%	471.57%	370.7%	227.93%	187.77%
Dividend per Share ²	2.500	2.000	4.000	3.000	4.000	4.692	9.754	13.93
Announcement Date	5/6/19	5/18/20	5/17/21	5/17/22	5/16/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	283,264	298,666	315,003	328,046	345,268	358,044	360,090	374,400	370,438	378,995	383,838	-	-	-	-
EBITDA ¹	139,193	148,999	160,589	167,216	175,938	184,532	189,820	197,461	195,137	198,148	201,759	211,277	208,845	216,219	239,573
EBIT ¹	56,721	63,527	74,763	79,402	87,744	91,555	95,761	100,923	97,794	97,405	101,381	-	-	-	-
Operating Margin	20.02%	21.27%	23.73%	24.2%	25.41%	25.57%	26.59%	26.96%	26.4%	25.7%	26.41%	-	-	-	-
Earnings before Tax (EBT) ¹	30,289	26,415	50,368	35,921	42,653	36,893	50,140	18,529	39,397	41,084	61,632	-	-	-	-
Net income ¹	11,340	8,296	20,078	16,069	21,452	15,882	30,056	16,125	13,407	24,422	31,217	-	-	-	-
Net margin	4%	2.78%	6.37%	4.9%	6.21%	4.44%	8.35%	4.31%	3.62%	6.44%	8.13%	-	-	-	-
EPS ²	2.060	1.480	3.550	2.840	3.750	2.760	5.190	2.790	2.310	4.170	9.093	-	-	-	-
Dividend per Share ²	-	-	3.000	-	-	-	4.000	-	-	-	3.483	-	-	-	16.36
Announcement Date	11/2/21	2/8/22	5/17/22	8/8/22	10/31/22	2/7/23	5/16/23	8/3/23	10/31/23	2/5/24	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,152,885	975,152	1,452,410	1,553,222	1,334,455	1,739,715	1,408,834	1,060,608
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.415 x	2.64 x	3.156 x	2.675 x	1.848 x	2.186 x	1.535 x	1.011 x
Free Cash Flow ¹	-89,547	-10,615	235,344	299,550	393,565	334,971	473,758	542,898
ROE (net income / shareholders' equity)	-3.57%	-4.56%	-15%	6.78%	11.6%	12.4%	19.7%	22.5%
ROA (Net income/ Total Assets)	0.16%	-1.07%	-4.27%	1.2%	2.06%	2.42%	4.48%	5.91%
Assets ¹	2,628,370	30,201,952	3,534,008	3,548,411	4,051,408	3,737,991	4,638,975	4,895,202
Book Value Per Share ²	178.0	141.0	107.0	119.0	137.0	148.0	187.0	231.0
Cash Flow per Share ²	49.30	35.70	88.40	101.0	114.0	89.60	115.0	130.0
Capex ¹	287,427	191,902	246,706	250,616	259,681	402,078	363,664	360,290
Capex / Sales	35.58%	21.92%	24.52%	21.5%	18.66%	26.6%	21.31%	18.8%
Announcement Date	5/6/19	5/18/20	5/17/21	5/17/22	5/16/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bharti Airtel Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,303 INR

Average target price

1,295 INR

Spread / Average Target

-0.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wireless Telecom

	1st Jan change	Capi.
BHARTI AIRTEL LIMITED	+24.56%	92.83B
CELLNEX TELECOM, S.A.	-7.40%	25.44B
ROGERS COMMUNICATIONS INC.	-12.57%	21.26B
ETIHAD ETISALAT COMPANY	+8.26%	10.88B
DIGI.COM	+0.74%	10.17B
VODAFONE IDEA LIMITED	-21.25%	10.11B
FAR EASTONE TELECOMMUNICATIONS CO., LTD.	+6.14%	9.41B
MTN GROUP LIMITED	-18.63%	9.21B
TELE2 AB	+20.64%	6.68B
BHARTI HEXACOM LIMITED	0.00%	5.4B

Wireless Telecom