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Bharti Airtel

BSE:532454
Snowflake Description

Moderate growth potential not a dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
532454
BSE
₹1,811B
Market Cap
  1. Home
  2. IN
  3. Telecom
Company description

Bharti Airtel Limited operates as a telecommunications company in 18 countries across Asia and Africa. The last earnings update was 39 days ago. More info.


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532454 Share Price and Events
7 Day Returns
-1%
BSE:532454
-2.8%
Asia Wireless Telecom
-1.3%
IN Market
1 Year Returns
-6.4%
BSE:532454
-11.4%
Asia Wireless Telecom
-1.6%
IN Market
532454 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bharti Airtel (532454) -1% 7.6% 6.9% -6.4% -0.7% 4.4%
Asia Wireless Telecom -2.8% -2.6% -20.3% -11.4% -28.2% -26.5%
IN Market -1.3% 4.7% 0.7% -1.6% 32.8% 41.8%
1 Year Return vs Industry and Market
  • 532454 outperformed the Wireless Telecom industry which returned -11.4% over the past year.
  • 532454 underperformed the Market in India which returned -1.6% over the past year.
Price Volatility
532454
Industry
5yr Volatility vs Market

Value

 Is Bharti Airtel undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bharti Airtel to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bharti Airtel.

BSE:532454 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 19 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.4%
Perpetual Growth Rate 10-Year IN Government Bond Rate 7.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BSE:532454
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IN Govt Bond Rate 7.6%
Equity Risk Premium S&P Global 8.6%
Wireless Telecom Unlevered Beta Simply Wall St/ S&P Global 0.32
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.318 (1 + (1- 35%) (69.26%))
0.639
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (0.8 * 8.6%)
14.43%

Discounted Cash Flow Calculation for BSE:532454 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bharti Airtel is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BSE:532454 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (INR, Millions) Source Present Value
Discounted (@ 14.43%)
2019 -51,777.73 Analyst x5 -45,248.39
2020 14,773.40 Analyst x8 11,282.38
2021 97,052.29 Analyst x7 64,771.82
2022 82,144.63 Analyst x3 47,909.28
2023 74,431.64 Est @ -9.39% 37,936.57
2024 71,225.36 Est @ -4.31% 31,724.54
2025 70,690.91 Est @ -0.75% 27,515.94
2026 71,920.75 Est @ 1.74% 24,464.42
2027 74,425.62 Est @ 3.48% 22,123.99
2028 77,925.83 Est @ 4.7% 20,243.35
Present value of next 10 years cash flows ₹242,723.89
BSE:532454 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ₹77,925.83 × (1 + 7.55%) ÷ (14.43% – 7.55%)
₹1,218,157.46
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ₹1,218,157.46 ÷ (1 + 14.43%)10
₹316,449.53
BSE:532454 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ₹242,723.89 + ₹316,449.53
₹559,173.41
Equity Value per Share
(INR)
= Total value / Shares Outstanding
= ₹559,173.41 / 5,126.14
₹109.08
BSE:532454 Discount to Share Price
Calculation Result
Value per share (INR) From above. ₹109.08
Current discount Discount to share price of ₹353.30
= -1 x (₹353.30 - ₹109.08) / ₹109.08
-223.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Bharti Airtel is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bharti Airtel's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bharti Airtel's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BSE:532454 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in INR ₹1.02
BSE:532454 Share Price ** BSE (2019-06-14) in INR ₹353.3
Asia Wireless Telecom Industry PE Ratio Median Figure of 8 Publicly-Listed Wireless Telecom Companies 13.54x
India Market PE Ratio Median Figure of 2,824 Publicly-Listed Companies 15.83x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bharti Airtel.

BSE:532454 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BSE:532454 Share Price ÷ EPS (both in INR)

= 353.3 ÷ 1.02

346.37x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bharti Airtel is overvalued based on earnings compared to the Asia Wireless Telecom industry average.
  • Bharti Airtel is overvalued based on earnings compared to the India market.
Price based on expected Growth
Does Bharti Airtel's expected growth come at a high price?
Raw Data
BSE:532454 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 346.37x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts
31.5%per year
Asia Wireless Telecom Industry PEG Ratio Median Figure of 6 Publicly-Listed Wireless Telecom Companies 0.37x
India Market PEG Ratio Median Figure of 521 Publicly-Listed Companies 1.32x

*Line of best fit is calculated by linear regression .

BSE:532454 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 346.37x ÷ 31.5%

10.98x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bharti Airtel is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bharti Airtel's assets?
Raw Data
BSE:532454 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in INR ₹179.89
BSE:532454 Share Price * BSE (2019-06-14) in INR ₹353.3
Asia Wireless Telecom Industry PB Ratio Median Figure of 10 Publicly-Listed Wireless Telecom Companies 1.4x
India Market PB Ratio Median Figure of 3,653 Publicly-Listed Companies 1x
BSE:532454 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BSE:532454 Share Price ÷ Book Value per Share (both in INR)

= 353.3 ÷ 179.89

1.96x

* Primary Listing of Bharti Airtel.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bharti Airtel is overvalued based on assets compared to the Asia Wireless Telecom industry average.
X
Value checks
We assess Bharti Airtel's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Wireless Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Wireless Telecom industry average (and greater than 0)? (1 check)
  5. Bharti Airtel has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bharti Airtel expected to perform in the next 1 to 3 years based on estimates from 19 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
31.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bharti Airtel expected to grow at an attractive rate?
  • Bharti Airtel's earnings growth is expected to exceed the low risk savings rate of 7.6%.
Growth vs Market Checks
  • Bharti Airtel's earnings growth is expected to exceed the India market average.
  • Bharti Airtel's revenue growth is positive but not above the India market average.
Annual Growth Rates Comparison
Raw Data
BSE:532454 Future Growth Rates Data Sources
Data Point Source Value (per year)
BSE:532454 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts 31.5%
BSE:532454 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 19 Analysts 7.4%
Asia Wireless Telecom Industry Earnings Growth Rate Market Cap Weighted Average 6.6%
Asia Wireless Telecom Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
India Market Earnings Growth Rate Market Cap Weighted Average 16.6%
India Market Revenue Growth Rate Market Cap Weighted Average 9.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BSE:532454 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BSE:532454 Future Estimates Data
Date (Data in INR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 1,041,708 356,705 2,587 3
2021-03-31 931,064 312,918 7,909 13
2020-03-31 871,275 270,930 -16,309 14
BSE:532454 Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2019-03-31 810,714 4,095
2018-12-31 809,679 208,085 3,852
2018-09-30 807,694 214,078 6,048
2018-06-30 821,097 221,813 8,290
2018-03-31 839,367 298,538 10,990
2017-12-31 862,077 276,825 13,895
2017-09-30 891,834 276,269 15,874
2017-06-30 920,227 297,544 27,051
2017-03-31 955,889 282,799 37,998
2016-12-31 985,914 313,617 47,457
2016-09-30 993,309 314,076 53,500
2016-06-30 985,113 301,161 54,255

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bharti Airtel's earnings are expected to grow significantly at over 20% yearly.
  • Bharti Airtel's revenue is expected to grow by 7.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BSE:532454 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below

All data from Bharti Airtel Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BSE:532454 Future Estimates Data
Date (Data in INR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 2.69 11.40 -1.80 6.00
2021-03-31 0.96 7.00 -7.10 15.00
2020-03-31 -3.18 2.71 -7.10 17.00
BSE:532454 Past Financials Data
Date (Data in INR Millions) EPS *
2019-03-31 1.02
2018-12-31 0.97
2018-09-30 1.51
2018-06-30 2.07
2018-03-31 2.75
2017-12-31 3.47
2017-09-30 3.98
2017-06-30 6.77
2017-03-31 9.51
2016-12-31 11.88
2016-09-30 13.39
2016-06-30 13.58

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bharti Airtel is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bharti Airtel's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bharti Airtel has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bharti Airtel performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bharti Airtel's growth in the last year to its industry (Wireless Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bharti Airtel's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Bharti Airtel's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Bharti Airtel's 1-year earnings growth is negative, it can't be compared to the Asia Wireless Telecom industry average.
Earnings and Revenue History
Bharti Airtel's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bharti Airtel Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BSE:532454 Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 810,714.00 4,095.00 41,277.00
2018-12-31 809,679.00 3,852.00 54,580.00
2018-09-30 807,694.00 6,048.00 55,700.00
2018-06-30 821,097.00 8,290.00 55,660.00
2018-03-31 839,367.00 10,990.00 56,922.00
2017-12-31 862,077.00 13,895.00 54,787.00
2017-09-30 891,834.00 15,874.00 56,775.00
2017-06-30 920,227.00 27,051.00 61,915.00
2017-03-31 955,889.00 37,998.00 67,605.00
2016-12-31 985,914.00 47,457.00 70,333.00
2016-09-30 993,309.00 53,500.00 78,086.00
2016-06-30 985,113.00 54,255.00 83,590.00
2016-03-31 966,192.00 60,767.00 87,370.00
2015-12-31 946,516.00 60,127.00 226,521.00
2015-09-30 937,653.00 63,412.00 202,218.00
2015-06-30 927,586.00 61,882.00 178,702.00
2015-03-31 920,394.00 51,835.00 155,018.00
2014-12-31 912,432.00 48,898.00 147,588.00
2014-09-30 899,646.00 40,635.00 147,588.00
2014-06-30 884,438.00 31,923.00 147,588.00
2014-03-31 857,461.00 27,727.00 147,588.00
2013-12-31 831,089.00 23,197.00 144,258.00
2013-09-30 805,328.00 19,932.00 144,258.00
2013-06-30 786,083.00 22,024.00 144,258.00
2013-03-31 769,045.00 22,757.00 144,258.00
2012-12-31 760,518.00 27,730.00 125,726.00
2012-09-30 751,661.00 35,006.00 125,726.00
2012-06-30 730,360.00 38,064.00 125,726.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bharti Airtel has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bharti Airtel used its assets less efficiently than the Asia Wireless Telecom industry average last year based on Return on Assets.
  • Bharti Airtel's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bharti Airtel's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Wireless Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bharti Airtel has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bharti Airtel's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bharti Airtel's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bharti Airtel's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Bharti Airtel's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Bharti Airtel's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bharti Airtel Company Filings, last reported 2 months ago.

BSE:532454 Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 849,480.00 1,254,283.00 147,630.00
2018-12-31 832,059.00 1,210,468.00 123,601.00
2018-09-30 763,996.00 1,272,686.00 147,761.00
2018-06-30 784,887.00 1,192,591.00 174,267.00
2018-03-31 783,483.00 1,113,335.00 119,523.00
2017-12-31 799,769.00 1,058,575.00 96,851.00
2017-09-30 771,188.00 1,053,239.00 77,827.00
2017-06-30 750,246.00 1,028,119.00 76,072.00
2017-03-31 743,313.00 1,072,877.00 33,503.00
2016-12-31 688,120.00 1,140,648.00 53,762.00
2016-09-30 686,296.00 988,135.00 59,043.00
2016-06-30 695,182.00 1,017,508.00 101,123.00
2016-03-31 722,674.00 1,004,526.00 67,262.00
2015-12-31 690,148.00 892,052.00 72,761.00
2015-09-30 677,244.00 863,233.00 105,035.00
2015-06-30 690,183.00 717,022.00 136,656.00
2015-03-31 668,089.00 808,467.00 104,559.00
2014-12-31 652,852.00 659,388.00 96,790.00
2014-09-30 659,602.00 677,274.00 97,974.00
2014-06-30 650,074.00 712,506.00 115,806.00
2014-03-31 639,662.00 758,958.00 112,073.00
2013-12-31 633,685.00 733,140.00 121,569.00
2013-09-30 629,021.00 744,437.00 89,048.00
2013-06-30 619,033.00 744,639.00 151,925.00
2013-03-31 544,103.00 667,363.00 81,624.00
2012-12-31 558,255.00 744,107.00 109,214.00
2012-09-30 519,822.00 705,149.00 35,214.00
2012-06-30 522,849.00 740,644.00 56,642.00
  • Bharti Airtel's level of debt (147.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (118.5% vs 147.7% today).
  • Debt is not well covered by operating cash flow (16.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 0.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Bharti Airtel's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bharti Airtel has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bharti Airtel's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.42%
Current annual income from Bharti Airtel dividends. Estimated to be 0.86% next year.
If you bought ₹2,000 of Bharti Airtel shares you are expected to receive ₹28 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bharti Airtel's pays a higher dividend yield than the bottom 25% of dividend payers in India (0.53%).
  • Bharti Airtel's dividend is below the markets top 25% of dividend payers in India (2.04%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BSE:532454 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
Asia Wireless Telecom Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.1%
India Market Average Dividend Yield Market Cap Weighted Average of 1450 Stocks 1.4%
India Minimum Threshold Dividend Yield 10th Percentile 0.3%
India Bottom 25% Dividend Yield 25th Percentile 0.5%
India Top 25% Dividend Yield 75th Percentile 2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BSE:532454 Future Dividends Estimate Data
Date (Data in ₹) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 3.60 4.00
2021-03-31 2.85 14.00
2020-03-31 3.11 12.00
BSE:532454 Past Annualized Dividends Data
Date (Data in ₹) Dividend per share (annual) Avg. Yield (%)
2019-01-31 5.000 1.514
2018-10-25 5.000 1.600
2018-04-24 5.000 1.384
2017-11-01 2.840 0.623
2017-10-31 2.840 0.549
2017-07-21 1.000 0.239
2017-05-09 1.000 0.265
2016-08-03 1.360 0.412
2016-05-02 1.360 0.379
2015-07-29 4.440 1.308
2015-02-04 3.260 0.822
2014-08-13 3.260 0.858
2014-07-30 1.800 0.483
2013-09-05 1.000 0.306
2012-08-08 1.000 0.335
2012-05-02 1.000 0.327
2011-09-02 1.000 0.281
2010-09-02 1.000 0.281

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bharti Airtel has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Bharti Airtel only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Bharti Airtel's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.8x coverage).
X
Income/ dividend checks
We assess Bharti Airtel's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bharti Airtel afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bharti Airtel has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bharti Airtel's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gopal Vittal
COMPENSATION ₹126,446,716
AGE 52
TENURE AS CEO 5.2 years
CEO Bio

Mr. Gopal Vittal has been the Managing Director and Chief Executive Officer of India & South Asia at Bharti Enterprises Limited since April 1, 2014. Mr. Vittal serves as the Managing Director and Chief Executive Officer of Bharti Airtel Limited. Mr. Vittal served as the Chief Executive Officer of Indian Region and Joint Managing Director at Bharti Airtel Limited since February 2012. He served as Group Director of Special Projects at Bharti Airtel Ltd. from April 03, 2012 to February 2013. He served as an Executive Director of Home and Personal Care of Hindustan Unilever Ltd. from September 1, 2008 to January 20, 2012. Mr. Vittal served as Director of Marketing and Communications at Bharti Airtel Ltd., from September 28, 2006 to 2008. Mr. Vittal has more than 16 years of rich experience across various aspects of marketing and sales. He started his career with Unilever India and worked across geographies in India and Asia. He led several branding forays for Unilever and was responsible for conceptualizing, leading, piloting and rolling out Project Bharat, Unilever's largest rural marketing initiative in India. He led the 1.3bn Euro laundry category in Asia. Mr. Vittal has also been recognized as one of India's Hottest Young Executives by Business Today in 2006. He has 18 years experience in Marketing & Sales in FMCG market including Skin Care, Soaps and Laundry. He worked both in India and Asia for Unilever for 16 years, following which Mr. Vittal served as the Marketing Director at Bharti Airtel for 2 years and led the Marketing and Distribution strategy for the group. He worked across the Singtel Group in South Asia, Australia, Softbank and Silicon Valley. Mr. Vittal has been an Executive Director of Bharti Airtel Ltd. since February 2013. He is Director of St. Jude India Childcare Centers, Indus Towers Limited, Airtel Payments Bank Limited and Satya Bharti Foundation. He has been an Executive Director of Bharti Airtel Limited since February 2012. He served as an Executive Director of Hindustan Unilever Limited from September 1, 2008 to January 20, 2012. He served as a Member of the Board of Governors at Advertising Standards Council of India. Mr. Vittal is an alumnus of Madras Christian College, completed his MBA from IIM-Calcutta.

CEO Compensation
  • Gopal's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Gopal's remuneration is higher than average for companies of similar size in India.
Management Team Tenure

Average tenure and age of the Bharti Airtel management team in years:

2.1
Average Tenure
50
Average Age
  • The tenure for the Bharti Airtel management team is about average.
Management Team

Sunil Mittal

TITLE
Founder & Executive Chairman
COMPENSATION
₹302M
AGE
61

Gopal Vittal

TITLE
MD, CEO of India & South Asia and Executive Director
COMPENSATION
₹126M
AGE
52
TENURE
5.2 yrs

Ajai Puri

TITLE
Chief Operating Officer of India & SA
AGE
57

Harmeen Mehta

TITLE
Global Chief Information Officer
AGE
44

Srikanth Balachandran

TITLE
Global Chief Human Resources Officer
AGE
57
TENURE
3.8 yrs

Vamsi Pudipeddi

TITLE
Director of Consumer Business & Chief Marketing Officer
AGE
46
TENURE
2.3 yrs

Pankaj Tewari

TITLE
Senior VP & Company Secretary
COMPENSATION
₹15M
AGE
46
TENURE
1.9 yrs

Deven Khanna

TITLE
Group Director of CMD's Office
AGE
58

Badal Bagri

TITLE
Chief Financial Officer
AGE
45
TENURE
0.3 yrs

Randeep Sekhon

TITLE
Chief of Technology
COMPENSATION
₹3M
AGE
48
TENURE
0.8 yrs
Board of Directors Tenure

Average tenure and age of the Bharti Airtel board of directors in years:

6.3
Average Tenure
60.5
Average Age
  • The tenure for the Bharti Airtel board of directors is about average.
Board of Directors

Gopal Vittal

TITLE
MD, CEO of India & South Asia and Executive Director
COMPENSATION
₹126M
AGE
52
TENURE
6.3 yrs

Rakesh Mittal

TITLE
Vice Chairman of the Board
COMPENSATION
₹3M
AGE
63

Sunil Mittal

TITLE
Founder & Executive Chairman
COMPENSATION
₹302M
AGE
61
TENURE
6.3 yrs

Suren Goonewardene

TITLE
Non Executive Chairman of Airtel Sri Lanka
TENURE
3.9 yrs

Vegulaparanan Viswanathan

TITLE
Independent Director
COMPENSATION
₹9M
TENURE
5.4 yrs

Dinesh Mittal

TITLE
Independent Director
COMPENSATION
₹8M
AGE
65

Craig Ehrlich

TITLE
Lead Independent Director
COMPENSATION
₹9M
AGE
63

Chua Sock Koong

TITLE
Non-Executive Director
COMPENSATION
₹4M
AGE
60
TENURE
18.1 yrs

Yong Choo Tan

TITLE
Non Executive Director
COMPENSATION
₹4M
AGE
54
TENURE
9.4 yrs

Manish Kejriwal

TITLE
Independent Director
COMPENSATION
₹7M
AGE
50
TENURE
6.8 yrs
Who owns this company?
Recent Insider Trading
  • Bharti Airtel insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
07. Jun 19 Sell Gautam Anand Individual 30. May 19 31. May 19 -7,900 ₹346.41 ₹-2,736,611
07. Jun 19 Sell Ajai Puri Individual 04. Jun 19 04. Jun 19 -10,000 ₹350.02 ₹-3,500,187
03. Jun 19 Sell Badal Bagri Individual 28. May 19 28. May 19 -2,000 ₹348.75 ₹-697,500
03. Jun 19 Sell Ajai Puri Individual 30. May 19 31. May 19 -17,060 ₹345.28 ₹-5,890,427
03. Jun 19 Buy Ravi Gandhi Individual 29. May 19 29. May 19 4,825 ₹220.00 ₹1,061,500
03. Jun 19 Buy Devendra Khanna Individual 29. May 19 29. May 19 37,807 ₹220.00 ₹8,317,538
31. May 19 Sell Ajai Puri Individual 29. May 19 29. May 19 -2,940 ₹340.09 ₹-999,864
24. May 19 Sell Ajai Puri Individual 22. May 19 22. May 19 -10,000 ₹330.16 ₹-3,301,601
22. May 19 Sell Ashish Goenka Individual 15. May 19 15. May 19 -8,000 ₹336.00 ₹-2,688,000
22. May 19 Sell Ajai Puri Individual 20. May 19 20. May 19 -10,000 ₹338.30 ₹-3,382,988
17. May 19 Sell Akhil Gupta Individual 13. May 19 13. May 19 -80,000 ₹324.70 ₹-25,976,272
22. Jan 19 Buy Rohit Relan Individual 30. Oct 18 30. Oct 18 3,000 ₹294.03 ₹882,088
22. Jan 19 Sell Manoj Murali Individual 19. Nov 18 18. Dec 18 -2,800 ₹329.61 ₹-895,250
02. Jan 19 Buy Bharti Airtel Employees Welfare Trust Company 28. Dec 18 28. Dec 18 140,000 ₹319.57 ₹44,740,442
01. Nov 18 Sell Aruna Pidikiti Individual 11. Sep 18 12. Sep 18 -2,500 ₹380.69 ₹-951,720
25. Sep 18 Buy Bharti Airtel Employees Welfare Trust Company 24. Sep 18 24. Sep 18 420,000 ₹355.51 ₹149,314,271
04. Sep 18 Sell Ajai Puri Individual 30. Aug 18 31. Aug 18 -10,000 ₹382.00 ₹-3,819,999
31. Aug 18 Sell Shefali Malhotra Individual 29. Aug 18 29. Aug 18 -2,777 ₹378.50 ₹-1,051,094
X
Management checks
We assess Bharti Airtel's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bharti Airtel has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Bharti Airtel Limited operates as a telecommunications company in 18 countries across Asia and Africa. It operates through Mobile Services India, Mobile Services Africa, Mobile Services South Asia, Airtel Business, Tower Infrastructure Services, Homes Services, Digital TV Services, and Others segments. The company's product offerings include 2G, 3G, and 4G wireless services, as well as mobile commerce, fixed line services, high speed home broadband, DTH, and enterprise services, including national and international long distance services to carriers. It also provides network integration, data center, and managed services, as well as enterprise mobile applications and digital media solutions. In addition, the company operates submarine cable system; and provides telecom towers and related infrastructure for various mobile operators. As of March 31, 2019, it had approximately 403 million customers across its operations. The company was formerly known as Bharti Tele-Ventures Limited and changed its name to Bharti Airtel Limited in April 2006. The company was founded in 1995 and is headquartered in New Delhi, India. Bharti Airtel Limited is a subsidiary of Bharti Telecom Limited.

Details
Name: Bharti Airtel Limited
532454
Exchange: BSE
Founded: 1995
₹1,811,065,843,531
5,126,141,646
Website: http://www.airtel.in
Address: Bharti Airtel Limited
Bharti Crescent,
1, Nelson Mandela Road,
New Delhi,
Delhi, 110070,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BSE 532454 Equity Shares Mumbai Stock Exchange IN INR 18. Feb 2002
NSEI BHARTIARTL Equity Shares National Stock Exchange of India IN INR 18. Feb 2002
Number of employees
Current staff
Staff numbers
20,471
Bharti Airtel employees.
Industry
Wireless Telecommunication Services
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 12:40
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/12
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.