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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.9x - 17.6x | 16.8x |
| Selected Fwd EBIT Multiple | 14.4x - 15.9x | 15.2x |
| Fair Value | ₹261.48 - ₹285.01 | ₹273.25 |
| Upside | -0.8% - 8.1% | 3.6% |
| Benchmarks | Ticker | Full Ticker |
| Tech Mahindra Limited | 532755 | BSE:532755 |
| Mphasis Limited | 526299 | BSE:526299 |
| LTIMindtree Limited | 540005 | BSE:540005 |
| Persistent Systems Limited | 533179 | BSE:533179 |
| Zensar Technologies Limited | 504067 | BSE:504067 |
| Wipro Limited | 507685 | BSE:507685 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 532755 | 526299 | 540005 | 533179 | 504067 | 507685 | ||
| BSE:532755 | BSE:526299 | BSE:540005 | BSE:533179 | BSE:504067 | BSE:507685 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -9.5% | 8.2% | 26.3% | 26.7% | 12.5% | 7.3% | |
| 3Y CAGR | -16.3% | 5.8% | 32.5% | 40.0% | 12.9% | 4.6% | |
| Latest Twelve Months | 25.3% | -3.5% | -3.8% | 16.9% | 2.0% | 5.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.4% | 15.3% | 16.8% | 13.2% | 11.7% | 16.7% | |
| Prior Fiscal Year | 11.5% | 15.3% | 16.2% | 15.1% | 7.6% | 14.9% | |
| Latest Fiscal Year | 6.1% | 13.9% | 15.7% | 14.2% | 15.2% | 15.4% | |
| Latest Twelve Months | 9.0% | 14.0% | 14.7% | 13.7% | 13.9% | 16.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.28x | 3.23x | 3.25x | 6.79x | 2.78x | 2.65x | |
| EV / LTM EBITDA | 20.2x | 20.4x | 20.4x | 44.1x | 18.5x | 14.0x | |
| EV / LTM EBIT | 25.4x | 23.1x | 22.1x | 49.6x | 20.1x | 15.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 20.1x | 23.1x | 49.6x | ||||
| Historical EV / LTM EBIT | 8.0x | 16.3x | 22.7x | ||||
| Selected EV / LTM EBIT | 15.9x | 16.8x | 17.6x | ||||
| (x) LTM EBIT | 147,915 | 147,915 | 147,915 | ||||
| (=) Implied Enterprise Value | 2,356,737 | 2,480,776 | 2,604,815 | ||||
| (-) Non-shareholder Claims * | 397,070 | 397,070 | 397,070 | ||||
| (=) Equity Value | 2,753,807 | 2,877,846 | 3,001,885 | ||||
| (/) Shares Outstanding | 10,460.2 | 10,460.2 | 10,460.2 | ||||
| Implied Value Range | 263.26 | 275.12 | 286.98 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 263.26 | 275.12 | 286.98 | 263.65 | |||
| Upside / (Downside) | -0.1% | 4.4% | 8.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 532755 | 526299 | 540005 | 533179 | 504067 | 507685 | |
| Enterprise Value | 1,217,450 | 453,309 | 1,229,970 | 777,516 | 148,496 | 2,360,770 | |
| (+) Cash & Short Term Investments | 62,487 | 32,375 | 104,175 | 10,698 | 15,092 | 561,458 | |
| (+) Investments & Other | 0 | 2,452 | 21,566 | 6,903 | 0 | 31,134 | |
| (-) Debt | (20,351) | (17,792) | (22,357) | (4,739) | (1,469) | (193,559) | |
| (-) Other Liabilities | 0 | 0 | (128) | 0 | 0 | (1,963) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,259,586 | 470,344 | 1,333,226 | 790,378 | 162,119 | 2,757,840 | |
| (/) Shares Outstanding | 884.8 | 190.1 | 296.3 | 148.7 | 227.1 | 10,460.2 | |
| Implied Stock Price | 1,423.65 | 2,474.40 | 4,499.80 | 5,315.25 | 713.90 | 263.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,423.65 | 2,474.40 | 4,499.80 | 5,315.25 | 713.90 | 263.65 | |
| 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 | |