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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -29.9x - -33.0x | -31.4x |
| Selected Fwd EBIT Multiple | 10.3x - 11.4x | 10.9x |
| Fair Value | ₹24 - ₹25.73 | ₹24.87 |
| Upside | -33.3% - -28.5% | -30.9% |
| Benchmarks | Ticker | Full Ticker |
| Ahmedabad Steelcraft Limited | 522273 | BSE:522273 |
| IEL Limited | 524614 | BSE:524614 |
| Parker Agrochem Exports Ltd. | 524628 | BSE:524628 |
| Ashoka Metcast Limited | 540923 | BSE:540923 |
| Siddhika Coatings Limited | SIDDHIKA | NSEI:SIDDHIKA |
| Pentokey Organy (India) Limited | 524210 | BSE:524210 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 522273 | 524614 | 524628 | 540923 | SIDDHIKA | 524210 | ||
| BSE:522273 | BSE:524614 | BSE:524628 | BSE:540923 | NSEI:SIDDHIKA | BSE:524210 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 101.5% | NM- | NM- | 5.3% | NM- | |
| 3Y CAGR | NM- | 33.8% | NM- | 77.9% | 67.9% | NM- | |
| Latest Twelve Months | 393.7% | 882.5% | -129.1% | 192.4% | 48.1% | -134.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.1% | 15.1% | -9.6% | 6.9% | 12.5% | -11862.4% | |
| Prior Fiscal Year | -45.6% | 23.1% | 15.6% | 9.3% | 13.7% | 66.4% | |
| Latest Fiscal Year | -581.8% | 2.0% | 19.9% | 9.5% | 15.9% | 9.9% | |
| Latest Twelve Months | 4.1% | 6.8% | -1.3% | 15.0% | 17.9% | -115.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.82x | 1.07x | 0.15x | 0.85x | 1.64x | 81.17x | |
| EV / LTM EBITDA | 19.3x | 15.4x | -17.7x | 5.3x | 9.0x | -70.6x | |
| EV / LTM EBIT | 19.7x | 15.6x | -11.5x | 5.7x | 9.2x | -70.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.5x | 9.2x | 19.7x | ||||
| Historical EV / LTM EBIT | -15.2x | 0.9x | 40.8x | ||||
| Selected EV / LTM EBIT | -29.9x | -31.4x | -33.0x | ||||
| (x) LTM EBIT | (3) | (3) | (3) | ||||
| (=) Implied Enterprise Value | 76 | 80 | 84 | ||||
| (-) Non-shareholder Claims * | 47 | 47 | 47 | ||||
| (=) Equity Value | 123 | 127 | 131 | ||||
| (/) Shares Outstanding | 6.3 | 6.3 | 6.3 | ||||
| Implied Value Range | 19.68 | 20.31 | 20.95 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.68 | 20.31 | 20.95 | 36.00 | |||
| Upside / (Downside) | -45.3% | -43.6% | -41.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 522273 | 524614 | 524628 | 540923 | SIDDHIKA | 524210 | |
| Enterprise Value | 872 | 161 | 86 | 532 | 761 | 179 | |
| (+) Cash & Short Term Investments | 324 | 4 | 3 | 7 | 205 | 47 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 73 | 0 | |
| (-) Debt | 0 | (9) | (6) | (102) | 0 | 0 | |
| (-) 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 | 1,195 | 156 | 83 | 437 | 1,039 | 226 | |
| (/) Shares Outstanding | 4.1 | 33.4 | 4.8 | 25.0 | 6.2 | 6.3 | |
| Implied Stock Price | 292.05 | 4.67 | 17.40 | 17.47 | 168.20 | 36.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 292.05 | 4.67 | 17.40 | 17.47 | 168.20 | 36.00 | |
| 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 | |