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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.3x - 15.9x | 15.1x |
| Selected Fwd EBIT Multiple | 25.3x - 28.0x | 26.6x |
| Fair Value | ₹1,276 - ₹1,429 | ₹1,353 |
| Upside | -17.9% - -8.1% | -13.0% |
| Benchmarks | Ticker | Full Ticker |
| Elgi Rubber Company Limited | ELGIRUBCO | NSEI:ELGIRUBCO |
| Pentagon Rubber Limited | PENTAGON | NSEI:PENTAGON |
| Ashok Leyland Limited | 500477 | BSE:500477 |
| Ador Welding Limited | 517041 | BSE:517041 |
| Bimetal Bearings Limited | 505681 | BSE:505681 |
| SML Isuzu Limited | 505192 | BSE:505192 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ELGIRUBCO | PENTAGON | 500477 | 517041 | 505681 | 505192 | ||
| NSEI:ELGIRUBCO | NSEI:PENTAGON | BSE:500477 | BSE:517041 | BSE:505681 | BSE:505192 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 10.6% | 17.2% | -14.6% | 30.1% | |
| 3Y CAGR | 24.3% | 54.7% | 62.8% | 81.0% | NM- | NM- | |
| Latest Twelve Months | -39.0% | -30.7% | 25.4% | -24.1% | -4.8% | 58.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -0.5% | 10.7% | 10.7% | 7.3% | 1.0% | -4.0% | |
| Prior Fiscal Year | 0.2% | 12.3% | 10.1% | 10.2% | 4.2% | 2.1% | |
| Latest Fiscal Year | 1.6% | 11.6% | 15.3% | 9.2% | 2.2% | 6.0% | |
| Latest Twelve Months | 1.2% | 8.6% | 16.8% | 7.1% | 2.6% | 7.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.51x | 1.30x | 2.20x | 1.56x | 0.92x | 1.11x | |
| EV / LTM EBITDA | 22.6x | 14.3x | 11.8x | 18.3x | 16.7x | 11.9x | |
| EV / LTM EBIT | 124.4x | 15.2x | 13.1x | 22.0x | 35.2x | 15.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.1x | 22.0x | 124.4x | ||||
| Historical EV / LTM EBIT | -1053.8x | -9.0x | 150.5x | ||||
| Selected EV / LTM EBIT | 14.3x | 15.1x | 15.9x | ||||
| (x) LTM EBIT | 1,666 | 1,666 | 1,666 | ||||
| (=) Implied Enterprise Value | 23,900 | 25,158 | 26,416 | ||||
| (-) Non-shareholder Claims * | (2,465) | (2,465) | (2,465) | ||||
| (=) Equity Value | 21,435 | 22,693 | 23,951 | ||||
| (/) Shares Outstanding | 14.5 | 14.5 | 14.5 | ||||
| Implied Value Range | 1,481.19 | 1,568.11 | 1,655.03 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,481.19 | 1,568.11 | 1,655.03 | 1,554.90 | |||
| Upside / (Downside) | -4.7% | 0.8% | 6.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ELGIRUBCO | PENTAGON | 500477 | 517041 | 505681 | 505192 | |
| Enterprise Value | 5,765 | 713 | 1,000,489 | 14,242 | 2,134 | 24,966 | |
| (+) Cash & Short Term Investments | 355 | 65 | 55,195 | 702 | 144 | 447 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,732) | (298) | (442,978) | (398) | (96) | (2,911) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,388 | 480 | 612,706 | 14,547 | 2,183 | 22,502 | |
| (/) Shares Outstanding | 50.1 | 7.7 | 2,936.5 | 17.4 | 3.8 | 14.5 | |
| Implied Stock Price | 67.70 | 62.30 | 208.65 | 835.90 | 570.60 | 1,554.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 67.70 | 62.30 | 208.65 | 835.90 | 570.60 | 1,554.90 | |
| Trading Currency | INR | INR | INR | INR | INR | INR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |