Financials Grameenphone Ltd.

Equities

GP

BD0001GP0004

Integrated Telecommunications Services

End-of-day quote Dhaka S.E. 06:00:00 2024-04-29 pm EDT 5-day change 1st Jan Change
235.8 BDT -0.30% Intraday chart for Grameenphone Ltd. +1.16% -17.73%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 385,916 468,689 471,930 386,996 386,996 318,401 - -
Enterprise Value (EV) 1 385,916 468,689 471,930 386,996 386,996 318,401 318,401 318,401
P/E ratio - - - - - - - -
Yield 4.55% 7.92% 7.15% 7.68% - 10.2% 13.9% 14.3%
Capitalization / Revenue 2.69 x 3.36 x 3.3 x 2.57 x 2.44 x 1.97 x 1.9 x 1.87 x
EV / Revenue 2.69 x 3.36 x 3.3 x 2.57 x 2.44 x 1.97 x 1.9 x 1.87 x
EV / EBITDA 4.28 x 5.38 x 5.47 x 4.23 x 4 x 3.24 x 3.04 x 3 x
EV / FCF 8.99 x 21.2 x 12.2 x 9.21 x - 6.86 x 6.82 x 6.49 x
FCF Yield 11.1% 4.73% 8.21% 10.9% - 14.6% 14.7% 15.4%
Price to Book 10.1 x 8.99 x 9.46 x 8.38 x - 4.82 x 5.05 x 5.98 x
Nbr of stocks (in thousands) 1,350,300 1,350,300 1,350,300 1,350,300 1,350,300 1,350,300 - -
Reference price 2 285.8 347.1 349.5 286.6 286.6 235.8 235.8 235.8
Announcement Date 1/30/20 1/28/21 1/26/22 1/30/23 4/17/24 - - -
1BDT in Million2BDT
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 143,656 139,606 143,066 150,403 158,716 161,859 167,746 170,209
EBITDA 1 90,103 87,090 86,352 91,498 96,751 98,171 104,573 106,065
EBIT 1 66,652 63,440 63,336 63,598 64,429 63,371 67,222 66,142
Operating Margin 46.4% 45.44% 44.27% 42.29% 40.59% 39.15% 40.07% 38.86%
Earnings before Tax (EBT) - - - - - - - -
Net income - - - - - - - -
Net margin - - - - - - - -
EPS - - - - - - - -
Free Cash Flow 1 42,935 22,148 38,763 42,027 - 46,418 46,699 49,053
FCF margin 29.89% 15.86% 27.09% 27.94% - 28.68% 27.84% 28.82%
FCF Conversion (EBITDA) 47.65% 25.43% 44.89% 45.93% - 47.28% 44.66% 46.25%
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 13.00 27.50 25.00 22.00 - 24.10 32.80 33.70
Announcement Date 1/30/20 1/28/21 1/26/22 1/30/23 4/17/24 - - -
1BDT in Million2BDT
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 42,935 22,148 38,763 42,027 - 46,418 46,699 49,053
ROE (net income / shareholders' equity) 91.8% 82.2% 66.9% 62.6% - 49% 55% 60%
ROA (Net income/ Total Assets) 24% 25% 21.9% 17.3% - 16% 18% 18%
Assets - - - - - - - -
Book Value Per Share 2 28.40 38.60 36.90 34.20 - 48.90 46.70 39.40
Cash Flow per Share - - - 47.30 - - - -
Capex 1 14,263 - 19,051 - - 31,443 34,321 34,692
Capex / Sales 9.93% - 13.32% - - 19.43% 20.46% 20.38%
Announcement Date 1/30/20 1/28/21 1/26/22 1/30/23 4/17/24 - - -
1BDT in Million2BDT
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
2
Last Close Price
235.8 BDT
Average target price
275.5 BDT
Spread / Average Target
+16.84%
Consensus

Chiffre d''affaires - Rate of surprise

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