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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -30.2x - -33.3x | -31.7x |
| Selected Fwd EBITDA Multiple | 71.7x - 79.3x | 75.5x |
| Fair Value | ₹4.35 - ₹5.05 | ₹4.70 |
| Upside | -57.2% - -50.4% | -53.8% |
| Benchmarks | Ticker | Full Ticker |
| JHS Svendgaard Laboratories Limited | 532771 | BSE:532771 |
| Honasa Consumer Limited | 544014 | BSE:544014 |
| Lykis Limited | 530689 | BSE:530689 |
| Walpar Nutritions Limited | WALPAR | NSEI:WALPAR |
| Cupid Limited | 530843 | BSE:530843 |
| Ganga Pharmaceuticals Limited | 539680 | BSE:539680 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 532771 | 544014 | 530689 | WALPAR | 530843 | 539680 | ||
| BSE:532771 | BSE:544014 | BSE:530689 | NSEI:WALPAR | BSE:530843 | BSE:539680 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -20.0% | NM- | 5.5% | 44.1% | 19.5% | -32.7% | |
| 3Y CAGR | -40.4% | 63.3% | NM- | 52.3% | 10.5% | 22.9% | |
| Latest Twelve Months | 251.3% | -53.5% | -69.1% | 21.7% | 84.9% | -530.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.4% | 2.4% | 0.4% | 8.3% | 25.3% | 2.7% | |
| Prior Fiscal Year | -2.9% | 0.3% | 5.1% | 10.8% | 25.9% | 0.2% | |
| Latest Fiscal Year | 1.8% | 5.9% | 2.0% | 7.9% | 29.3% | 2.1% | |
| Latest Twelve Months | 1.5% | 1.9% | 1.8% | 9.1% | 30.6% | -3.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.06x | 3.50x | 0.36x | 0.73x | 8.07x | 2.20x | |
| EV / LTM EBITDA | 72.2x | 180.8x | 20.1x | 8.0x | 26.4x | -56.1x | |
| EV / LTM EBIT | -21.5x | 224.8x | 20.9x | 11.5x | 27.7x | -39.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.0x | 26.4x | 180.8x | ||||
| Historical EV / LTM EBITDA | 11.2x | 159.5x | 664.2x | ||||
| Selected EV / LTM EBITDA | -30.2x | -31.7x | -33.3x | ||||
| (x) LTM EBITDA | (1) | (1) | (1) | ||||
| (=) Implied Enterprise Value | 32 | 34 | 36 | ||||
| (-) Non-shareholder Claims * | (11) | (11) | (11) | ||||
| (=) Equity Value | 21 | 23 | 25 | ||||
| (/) Shares Outstanding | 4.8 | 4.8 | 4.8 | ||||
| Implied Value Range | 4.42 | 4.78 | 5.13 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.42 | 4.78 | 5.13 | 10.17 | |||
| Upside / (Downside) | -56.5% | -53.0% | -49.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 532771 | 544014 | 530689 | WALPAR | 530843 | 539680 | |
| Enterprise Value | 941 | 70,155 | 1,295 | 472 | 15,325 | 60 | |
| (+) Cash & Short Term Investments | 58 | 6,626 | 57 | 3 | 1,837 | 5 | |
| (+) Investments & Other | 0 | 0 | 0 | 19 | 0 | 0 | |
| (-) Debt | (43) | (1,390) | (833) | (86) | (157) | (16) | |
| (-) Other Liabilities | 0 | 0 | 0 | (24) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 956 | 75,392 | 520 | 384 | 17,005 | 49 | |
| (/) Shares Outstanding | 85.6 | 324.8 | 19.4 | 9.1 | 268.5 | 4.8 | |
| Implied Stock Price | 11.17 | 232.10 | 26.83 | 42.30 | 63.34 | 10.17 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.17 | 232.10 | 26.83 | 42.30 | 63.34 | 10.17 | |
| 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 | |