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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.6x - 9.5x | 9.0x |
| Selected Fwd EBITDA Multiple | 7.5x - 8.3x | 7.9x |
| Fair Value | ₹26.96 - ₹31.63 | ₹29.30 |
| Upside | 19.0% - 39.7% | 29.3% |
| Benchmarks | Ticker | Full Ticker |
| Ion Exchange (India) Limited | 500214 | BSE:500214 |
| Inducto Steels Limited | 532001 | BSE:532001 |
| SIS Limited | 540673 | BSE:540673 |
| Race Eco Chain Limited | 537785 | BSE:537785 |
| Kshitij Polyline Limited | KSHITIJPOL | NSEI:KSHITIJPOL |
| Maitri Enterprises Limited | 513430 | BSE:513430 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 500214 | 532001 | 540673 | 537785 | KSHITIJPOL | 513430 | ||
| BSE:500214 | BSE:532001 | BSE:540673 | BSE:537785 | NSEI:KSHITIJPOL | BSE:513430 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.9% | 11.0% | 7.8% | NM- | NM- | NM- | |
| 3Y CAGR | 10.6% | NM- | 2.7% | 218.8% | NM- | 36.2% | |
| Latest Twelve Months | 6.3% | -186.0% | 3.6% | 30.9% | 158.0% | 196.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.1% | 3.6% | 4.7% | 0.6% | 7.0% | 3.6% | |
| Prior Fiscal Year | 12.5% | 1.9% | 3.9% | 0.8% | 9.6% | 4.3% | |
| Latest Fiscal Year | 11.4% | 2.6% | 4.3% | 1.6% | -2.0% | 1.3% | |
| Latest Twelve Months | 10.9% | -2.1% | 4.2% | 1.6% | 3.1% | 7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.08x | 0.18x | 0.44x | 0.89x | 1.18x | 0.61x | |
| EV / LTM EBITDA | 19.0x | -8.5x | 10.5x | 55.0x | 38.4x | 7.8x | |
| EV / LTM EBIT | 21.3x | -7.8x | 13.6x | 61.5x | 109.2x | 8.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -8.5x | 19.0x | 55.0x | ||||
| Historical EV / LTM EBITDA | -12.7x | 21.6x | 120.4x | ||||
| Selected EV / LTM EBITDA | 8.6x | 9.0x | 9.5x | ||||
| (x) LTM EBITDA | 23 | 23 | 23 | ||||
| (=) Implied Enterprise Value | 196 | 206 | 217 | ||||
| (-) Non-shareholder Claims * | (77) | (77) | (77) | ||||
| (=) Equity Value | 119 | 130 | 140 | ||||
| (/) Shares Outstanding | 4.4 | 4.4 | 4.4 | ||||
| Implied Value Range | 27.10 | 29.45 | 31.79 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.10 | 29.45 | 31.79 | 22.65 | |||
| Upside / (Downside) | 19.7% | 30.0% | 40.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 500214 | 532001 | 540673 | 537785 | KSHITIJPOL | 513430 | |
| Enterprise Value | 55,666 | 244 | 56,312 | 4,043 | 594 | 176 | |
| (+) Cash & Short Term Investments | 4,907 | 34 | 8,032 | 259 | 6 | 6 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,157) | (69) | (16,836) | (216) | (444) | (82) | |
| (-) 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 | 58,417 | 209 | 47,508 | 4,087 | 157 | 100 | |
| (/) Shares Outstanding | 122.9 | 4.0 | 144.2 | 17.3 | 50.7 | 4.4 | |
| Implied Stock Price | 475.20 | 52.01 | 329.55 | 236.80 | 3.09 | 22.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 475.20 | 52.01 | 329.55 | 236.80 | 3.09 | 22.65 | |
| 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 | |