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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 40.5x - 44.7x | 42.6x |
| Selected Fwd EBIT Multiple | 29.1x - 32.1x | 30.6x |
| Fair Value | ₹579.86 - ₹642.54 | ₹611.20 |
| Upside | -1.9% - 8.7% | 3.4% |
| Benchmarks | Ticker | Full Ticker |
| Delton Cables Limited | 504240 | BSE:504240 |
| Marsons Limited | 517467 | BSE:517467 |
| JSL Industries Limited | 504080 | BSE:504080 |
| Inox Wind Limited | INOXWIND | NSEI:INOXWIND |
| Bharat Heavy Electricals Limited | BHEL | NSEI:BHEL |
| Schneider Electric Infrastructure Limited | 534139 | BSE:534139 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 504240 | 517467 | 504080 | INOXWIND | BHEL | 534139 | ||
| BSE:504240 | BSE:517467 | BSE:504080 | NSEI:INOXWIND | NSEI:BHEL | BSE:534139 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 15.0% | 13.7% | -30.2% | 92.2% | |
| 3Y CAGR | 48.8% | NM- | 1.9% | NM- | NM- | 83.2% | |
| Latest Twelve Months | 56.7% | 1615.3% | -18.3% | 1477.4% | 249.3% | 30.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.7% | 281.1% | 6.4% | -31.4% | -4.7% | 6.8% | |
| Prior Fiscal Year | 6.2% | 3.1% | 8.3% | -49.1% | 1.0% | 8.6% | |
| Latest Fiscal Year | 6.8% | 9.6% | 7.1% | 9.1% | 1.2% | 12.5% | |
| Latest Twelve Months | 5.6% | 16.8% | 6.6% | 16.2% | 2.9% | 13.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.10x | 21.37x | 3.32x | 8.21x | 2.83x | 5.78x | |
| EV / LTM EBITDA | 18.8x | 123.7x | 38.3x | 40.9x | 77.9x | 39.8x | |
| EV / LTM EBIT | 19.8x | 127.2x | 50.5x | 50.6x | 98.3x | 42.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 19.8x | 50.6x | 127.2x | ||||
| Historical EV / LTM EBIT | 39.2x | 68.4x | 105.8x | ||||
| Selected EV / LTM EBIT | 40.5x | 42.6x | 44.7x | ||||
| (x) LTM EBIT | 3,467 | 3,467 | 3,467 | ||||
| (=) Implied Enterprise Value | 140,234 | 147,615 | 154,995 | ||||
| (-) Non-shareholder Claims * | (3,740) | (3,740) | (3,740) | ||||
| (=) Equity Value | 136,494 | 143,874 | 151,255 | ||||
| (/) Shares Outstanding | 239.1 | 239.1 | 239.1 | ||||
| Implied Value Range | 570.85 | 601.72 | 632.59 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 570.85 | 601.72 | 632.59 | 591.15 | |||
| Upside / (Downside) | -3.4% | 1.8% | 7.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 504240 | 517467 | 504080 | INOXWIND | BHEL | 534139 | |
| Enterprise Value | 7,054 | 24,868 | 1,753 | 225,018 | 781,804 | 145,087 | |
| (+) Cash & Short Term Investments | 122 | 462 | 152 | 8,050 | 51,048 | 1,395 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,485) | (46) | (59) | (35,426) | (91,277) | (5,136) | |
| (-) 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 | 5,691 | 25,284 | 1,846 | 197,642 | 741,575 | 141,346 | |
| (/) Shares Outstanding | 8.6 | 140.0 | 1.2 | 1,303.8 | 3,482.1 | 239.1 | |
| Implied Stock Price | 658.70 | 180.60 | 1,573.00 | 151.59 | 212.97 | 591.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 658.70 | 180.60 | 1,573.00 | 151.59 | 212.97 | 591.15 | |
| 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 | |