Company Valuation: Hellenic Telecommunications Organization S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 7,267 6,258 5,367 6,036 6,683 7,556 - -
Change - -13.89% -14.23% 12.47% 10.71% 13.07% - -
Enterprise Value (EV) 1 8,043 6,722 6,002 6,680 7,236 7,898 7,935 7,871
Change - -16.42% -10.71% 11.29% 8.33% 9.14% 0.47% -0.81%
P/E 15.2x 16.4x 10.3x 12.8x 9.33x 12x 11.4x 10.6x
PBR 3.68x - - 3.12x 3.21x 3.68x 3.45x 3.23x
PEG - -1x 0.2x -1.74x 0.2x -1.1x 2.05x 1.39x
Capitalization / Revenue 2.16x 1.81x 1.55x 1.68x 1.93x 2.18x 2.17x 2.16x
EV / Revenue 2.39x 1.95x 1.73x 1.86x 2.09x 2.28x 2.28x 2.25x
EV / EBITDA 6.21x 4.99x 4.47x 4.96x 5.27x 5.51x 5.42x 5.29x
EV / EBIT 9.9x 8.95x 8.39x 9.99x 8.81x 9.27x 8.96x 8.57x
EV / FCF 12.6x 9.91x 12x 13.3x 12.5x 10.5x 15x 12.5x
FCF Yield 7.94% 10.1% 8.35% 7.52% 8.03% 9.52% 6.66% 7.99%
Dividend per Share 2 0.558 0.5765 0.71 0.7216 0.8777 0.9209 1.022 1.068
Rate of return 3.43% 3.95% 5.5% 4.85% 5.21% 4.77% 5.29% 5.53%
EPS 2 1.072 0.8873 1.256 1.163 1.808 1.609 1.698 1.828
Distribution rate 52.1% 65% 56.5% 62% 48.5% 57.2% 60.1% 58.4%
Net sales 1 3,368 3,455 3,469 3,591 3,464 3,463 3,481 3,492
EBITDA 1 1,296 1,348 1,342 1,347 1,374 1,434 1,464 1,489
EBIT 1 812.3 751.5 715.7 668.4 821 852.1 885.3 918.3
Net income 1 557.6 388.6 531.7 478.8 501.1 627.6 646.9 669.6
Net Debt 1 775.6 464.5 634.8 643.4 553.3 341.4 378.7 314
Reference price 2 16.26 14.59 12.90 14.88 16.86 19.30 19.30 19.30
Nbr of stocks (in thousands) 447,065 428,912 416,076 405,679 396,392 391,527 - -
Announcement Date 2/24/22 A 2/23/23 A 2/22/24 A 2/26/25 A 2/26/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.09x1.31x4.17x6.97% 223B
10.16x2.47x6.53x6.14% 191B
12.55x2.11x5.45x4.32% 141B
13.34x1.84x8.02x3.14% 88.05B
11.82x0.9x3.37x6.46% 80.57B
11.27x1.75x4.42x2.9% 62.27B
14.82x2.64x8.24x5.17% 56.84B
22.97x5.3x19.35x4.76% 54.41B
14.51x2.69x6.01x4.48% 50.19B
Average 13.61x 2.33x 7.28x 4.93% 105.28B
Weighted average by Cap. 12.49x 2.09x 6.35x 5.38%

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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