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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.6x - 20.6x | 19.6x |
| Selected Fwd EBITDA Multiple | 17.4x - 19.2x | 18.3x |
| Fair Value | ₹3,633 - ₹4,001 | ₹3,817 |
| Upside | 0.0% - 10.2% | 5.1% |
| Benchmarks | Ticker | Full Ticker |
| Wipro Limited | WIPRO | NSEI:WIPRO |
| LTIMindtree Limited | LTIM | NSEI:LTIM |
| Tech Mahindra Limited | TECHM | NSEI:TECHM |
| Persistent Systems Limited | PERSISTENT | NSEI:PERSISTENT |
| Cigniti Technologies Limited | CIGNITITEC | NSEI:CIGNITITEC |
| Tata Consultancy Services Limited | 532540 | BSE:532540 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WIPRO | LTIM | TECHM | PERSISTENT | CIGNITITEC | 532540 | ||
| NSEI:WIPRO | NSEI:LTIM | NSEI:TECHM | NSEI:PERSISTENT | NSEI:CIGNITITEC | BSE:532540 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.2% | 26.7% | -6.4% | 23.9% | 6.4% | 9.6% | |
| 3Y CAGR | 2.9% | 32.8% | -11.2% | 35.2% | 15.5% | 11.6% | |
| Latest Twelve Months | 0.9% | -4.6% | 8.3% | 12.9% | -15.1% | 9.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.6% | 18.0% | 13.9% | 15.9% | 12.8% | 26.4% | |
| Prior Fiscal Year | 17.7% | 17.3% | 14.1% | 17.6% | 13.9% | 25.6% | |
| Latest Fiscal Year | 18.1% | 16.8% | 8.6% | 16.4% | 11.6% | 26.0% | |
| Latest Twelve Months | 18.9% | 16.0% | 11.3% | 15.4% | 11.2% | 26.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.67x | 3.33x | 2.30x | 6.88x | 1.78x | 4.94x | |
| EV / LTM EBITDA | 14.1x | 20.8x | 20.4x | 44.6x | 15.9x | 18.9x | |
| EV / LTM EBIT | 16.0x | 22.6x | 25.7x | 50.2x | 17.6x | 19.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.1x | 20.4x | 44.6x | ||||
| Historical EV / LTM EBITDA | 16.3x | 22.8x | 26.2x | ||||
| Selected EV / LTM EBITDA | 18.6x | 19.6x | 20.6x | ||||
| (x) LTM EBITDA | 657,890 | 657,890 | 657,890 | ||||
| (=) Implied Enterprise Value | 12,236,738 | 12,880,777 | 13,524,816 | ||||
| (-) Non-shareholder Claims * | 502,980 | 502,980 | 502,980 | ||||
| (=) Equity Value | 12,739,718 | 13,383,757 | 14,027,796 | ||||
| (/) Shares Outstanding | 3,618.1 | 3,618.1 | 3,618.1 | ||||
| Implied Value Range | 3,521.12 | 3,699.12 | 3,877.13 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3,521.12 | 3,699.12 | 3,877.13 | 3,631.55 | |||
| Upside / (Downside) | -3.0% | 1.9% | 6.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WIPRO | LTIM | TECHM | PERSISTENT | CIGNITITEC | 532540 | |
| Enterprise Value | 2,420,916 | 1,265,702 | 1,248,416 | 793,285 | 34,822 | 12,636,286 | |
| (+) Cash & Short Term Investments | 561,458 | 104,175 | 62,487 | 10,698 | 4,202 | 590,460 | |
| (+) Investments & Other | 31,134 | 21,566 | 0 | 6,903 | 0 | 15,280 | |
| (-) Debt | (193,559) | (22,357) | (20,351) | (4,739) | (266) | (93,510) | |
| (-) Other Liabilities | (1,963) | (128) | 0 | 0 | 0 | (9,250) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,817,986 | 1,368,958 | 1,290,552 | 806,147 | 38,758 | 13,139,266 | |
| (/) Shares Outstanding | 10,460.2 | 296.3 | 884.8 | 148.7 | 27.3 | 3,618.1 | |
| Implied Stock Price | 269.40 | 4,620.40 | 1,458.65 | 5,421.30 | 1,419.70 | 3,631.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 269.40 | 4,620.40 | 1,458.65 | 5,421.30 | 1,419.70 | 3,631.55 | |
| 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 | |