Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bharti Airtel Limited (BHARTIARTL.BO)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$1,767.11 - $6,023.25$2,899.85
Multi-Stage$1,142.76 - $1,248.77$1,194.80
Blended Fair Value$2,047.33
Current Price$1,878.40
Upside8.99%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS30.59%15.77%11.516.955.962.404.473.037.745.421.521.77
YoY Growth--65.73%16.57%148.64%-46.34%47.33%-60.82%42.77%256.15%-14.15%-33.40%
Dividend Yield--0.57%0.48%0.68%0.35%0.87%0.55%2.26%1.58%0.44%0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)385,426.00
(-) Cash Dividends Paid (M)114,035.00
(=) Cash Retained (M)271,391.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)77,085.2048,178.2528,906.95
Cash Retained (M)271,391.00271,391.00271,391.00
(-) Cash Required (M)-77,085.20-48,178.25-28,906.95
(=) Excess Retained (M)194,305.80223,212.75242,484.05
(/) Shares Outstanding (M)6,022.806,022.806,022.80
(=) Excess Retained per Share32.2637.0640.26
LTM Dividend per Share18.9318.9318.93
(+) Excess Retained per Share32.2637.0640.26
(=) Adjusted Dividend51.2056.0059.19
WACC / Discount Rate8.56%8.56%8.56%
Growth Rate5.50%6.50%7.50%
Fair Value$1,767.11$2,899.85$6,023.25
Upside / Downside-5.92%54.38%220.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)385,426.00410,478.69437,159.80465,575.19495,837.58528,067.02543,909.03
Payout Ratio29.59%41.67%53.75%65.83%77.92%90.00%92.50%
Projected Dividends (M)114,035.00171,043.98234,982.34306,510.02386,343.50475,260.32503,115.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.56%8.56%8.56%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)156,082.74157,562.20159,041.66
Year 2 PV (M)195,672.32199,399.33203,161.50
Year 3 PV (M)232,908.82239,594.80246,407.52
Year 4 PV (M)267,893.37278,195.79288,792.55
Year 5 PV (M)300,723.25315,248.29330,329.25
PV of Terminal Value (M)5,729,325.596,006,054.166,293,373.78
Equity Value (M)6,882,606.097,196,054.577,521,106.25
Shares Outstanding (M)6,022.806,022.806,022.80
Fair Value$1,142.76$1,194.80$1,248.77
Upside / Downside-39.16%-36.39%-33.52%

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