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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.4x - 18.1x | 17.3x |
| Selected Fwd EBITDA Multiple | 3.7x - 4.1x | 3.9x |
| Fair Value | ₹865.33 - ₹956.10 | ₹910.72 |
| Upside | 51.7% - 67.6% | 59.7% |
| Benchmarks | Ticker | Full Ticker |
| Transformers and Rectifiers (India) Limited | 532928 | BSE:532928 |
| Aartech Solonics Limited | 542580 | BSE:542580 |
| Exicom Tele-Systems Limited | 544133 | BSE:544133 |
| Veto Switchgears and Cables Limited | 539331 | BSE:539331 |
| Ultracab (India) Limited | 538706 | BSE:538706 |
| Star Delta Transformers Limited | 539255 | BSE:539255 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 532928 | 542580 | 544133 | 539331 | 538706 | 539255 | ||
| BSE:532928 | BSE:542580 | BSE:544133 | BSE:539331 | BSE:538706 | BSE:539255 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.2% | 2.0% | NM- | 8.3% | 21.0% | 11.1% | |
| 3Y CAGR | 25.6% | 23.1% | 57.4% | 8.6% | 22.3% | 217.1% | |
| Latest Twelve Months | 168.1% | 49.5% | -89.5% | -24.2% | 56.5% | 2.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.8% | 4.6% | 6.9% | 12.5% | 10.2% | 6.4% | |
| Prior Fiscal Year | 8.6% | 9.0% | 8.4% | 12.1% | 11.3% | 8.0% | |
| Latest Fiscal Year | 10.3% | 2.7% | 11.1% | 10.5% | 10.5% | 10.7% | |
| Latest Twelve Months | 14.3% | 7.5% | 1.3% | 8.9% | 8.8% | 10.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.60x | 4.35x | 2.22x | 0.72x | 0.68x | 1.19x | |
| EV / LTM EBITDA | 60.1x | 58.3x | 175.5x | 8.0x | 7.7x | 11.4x | |
| EV / LTM EBIT | 65.9x | 70.4x | 1034.1x | 8.8x | 8.1x | 11.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.7x | 58.3x | 175.5x | ||||
| Historical EV / LTM EBITDA | 1.4x | 12.2x | 541.5x | ||||
| Selected EV / LTM EBITDA | 16.4x | 17.3x | 18.1x | ||||
| (x) LTM EBITDA | 150 | 150 | 150 | ||||
| (=) Implied Enterprise Value | 2,460 | 2,590 | 2,719 | ||||
| (-) Non-shareholder Claims * | 9 | 9 | 9 | ||||
| (=) Equity Value | 2,470 | 2,599 | 2,729 | ||||
| (/) Shares Outstanding | 3.0 | 3.0 | 3.0 | ||||
| Implied Value Range | 823.12 | 866.28 | 909.44 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 823.12 | 866.28 | 909.44 | 570.30 | |||
| Upside / (Downside) | 44.3% | 51.9% | 59.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 532928 | 542580 | 544133 | 539331 | 538706 | 539255 | |
| Enterprise Value | 159,390 | 1,558 | 20,175 | 2,073 | 1,431 | 1,702 | |
| (+) Cash & Short Term Investments | 3,925 | 152 | 3,860 | 22 | 29 | 61 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,441) | (42) | (6,196) | (161) | (541) | (52) | |
| (-) 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 | 160,874 | 1,667 | 17,840 | 1,934 | 919 | 1,711 | |
| (/) Shares Outstanding | 300.2 | 31.8 | 120.8 | 19.1 | 95.4 | 3.0 | |
| Implied Stock Price | 535.95 | 52.46 | 147.65 | 101.17 | 9.63 | 570.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 535.95 | 52.46 | 147.65 | 101.17 | 9.63 | 570.30 | |
| 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 | |