Company Valuation: DLF Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 941,732 882,944 2,220,355 1,684,450 1,247,805 1,606,725 - -
Change - -6.24% 151.47% -24.14% -25.92% 28.76% - -
Enterprise Value (EV) 1 971,804 888,829 2,221,042 1,678,546 1,167,670 1,452,612 1,428,589 1,362,907
Change - -8.54% 149.88% -24.43% -30.44% 24.4% -1.65% -4.6%
P/E 62.8x 43.4x 81.4x 38.6x 28.3x 31.7x 25.8x 21.4x
PBR 2.59x 2.34x 5.63x 3.96x 2.74x 3.34x 3.09x 2.83x
PEG - 1.2x 2.4x 0.6x 26.27x 2.2x 1.1x 1x
Capitalization / Revenue 16.5x 15.5x 34.5x 21.1x 15.2x 16.1x 13x 10.4x
EV / Revenue 17x 15.6x 34.6x 21x 14.3x 14.6x 11.6x 8.82x
EV / EBITDA 55.8x 51.5x 105x 79.6x 80.6x 48.8x 36.1x 25.7x
EV / EBIT 61x 56.4x 112x 85.7x 89.4x 42.2x 35.2x 23.8x
EV / FCF 36.2x 36.6x 91.7x 32.7x 18.7x 25.2x 25.5x 14.1x
FCF Yield 2.76% 2.73% 1.09% 3.06% 5.34% 3.97% 3.92% 7.1%
Dividend per Share 2 3 4 5 6 8 8.675 10.56 12.85
Rate of return 0.79% 1.12% 0.56% 0.88% 1.59% 1.34% 1.63% 1.98%
EPS 2 6.06 8.22 11.02 17.64 17.83 20.44 25.12 30.27
Distribution rate 49.5% 48.7% 45.4% 34% 44.9% 42.4% 42.1% 42.4%
Net sales 1 57,174 56,948 64,270 79,937 81,940 99,744 123,493 154,509
EBITDA 1 17,426 17,259 21,236 21,086 14,484 29,771 39,536 52,969
EBIT 1 15,931 15,772 19,756 19,580 13,060 34,462 40,636 57,206
Net income 1 15,009 20,340 27,235 43,676 44,147 50,867 63,634 77,899
Net Debt 1 30,072 5,886 687 -5,904 -80,135 -154,113 -178,136 -243,818
Reference price 2 380.45 356.70 897.00 680.50 504.10 649.10 649.10 649.10
Nbr of stocks (in thousands) 2,475,312 2,475,312 2,475,312 2,475,312 2,475,312 2,475,312 - -
Announcement Date 17/05/22 12/05/23 13/05/24 19/05/25 13/05/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
31.1x14.65x46.73x1.27% 16.74B
15.92x5x13.47x3.18% 45.3B
8.79x1.51x7.9x4.04% 30.39B
5.94x0.72x1.48x8.47% 28.4B
18.46x3.97x16.19x1.35% 28.26B
13.63x3.04x14.56x2.58% 25.18B
8.6x0.95x3.47x2.6% 21.99B
9.07x2.34x7.2x3.85% 21.37B
13.98x6.61x17.67x1.52% 20.42B
10.15x1.64x14.22x3.72% 18.49B
Average 13.56x 4.04x 14.29x 3.26% 25.65B
Weighted average by Cap. 13.25x 3.75x 13.07x 3.4%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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