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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 140.3x - 155.1x | 147.7x |
| Selected Fwd EBIT Multiple | 36.0x - 39.8x | 37.9x |
| Fair Value | ₹985.29 - ₹1,090 | ₹1,038 |
| Upside | 28.9% - 42.6% | 35.8% |
| Benchmarks | Ticker | Full Ticker |
| Aarti Industries Limited | AARTIIND | NSEI:AARTIIND |
| Fine Organic Industries Limited | FINEORG | NSEI:FINEORG |
| Alkyl Amines Chemicals Limited | ALKYLAMINE | NSEI:ALKYLAMINE |
| Vinati Organics Limited | VINATIORGA | NSEI:VINATIORGA |
| Kronox Lab Sciences Limited | KRONOX | NSEI:KRONOX |
| Tatva Chintan Pharma Chem Limited | 543321 | BSE:543321 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AARTIIND | FINEORG | ALKYLAMINE | VINATIORGA | KRONOX | 543321 | ||
| NSEI:AARTIIND | NSEI:FINEORG | NSEI:ALKYLAMINE | NSEI:VINATIORGA | NSEI:KRONOX | BSE:543321 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -6.5% | 17.1% | 6.8% | 0.0% | NM- | -34.2% | |
| 3Y CAGR | -27.3% | 46.1% | -21.2% | 8.6% | 27.6% | -59.7% | |
| Latest Twelve Months | -5.3% | 16.8% | 26.9% | 7.7% | 37.4% | -85.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.7% | 20.1% | 20.3% | 26.8% | 26.6% | 15.0% | |
| Prior Fiscal Year | 9.4% | 22.5% | 13.7% | 24.9% | 21.4% | 11.1% | |
| Latest Fiscal Year | 7.8% | 23.6% | 15.6% | 20.9% | 30.5% | 1.7% | |
| Latest Twelve Months | 7.8% | 23.6% | 15.6% | 21.6% | 33.5% | 1.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.83x | 5.37x | 5.30x | 8.23x | 5.15x | 4.73x | |
| EV / LTM EBITDA | 20.6x | 20.8x | 26.4x | 32.3x | 14.8x | 52.9x | |
| EV / LTM EBIT | 36.3x | 22.8x | 34.0x | 38.1x | 15.4x | 276.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 15.4x | 34.0x | 38.1x | ||||
| Historical EV / LTM EBIT | 44.9x | 52.7x | 276.3x | ||||
| Selected EV / LTM EBIT | 140.3x | 147.7x | 155.1x | ||||
| (x) LTM EBIT | 66 | 66 | 66 | ||||
| (=) Implied Enterprise Value | 9,196 | 9,680 | 10,163 | ||||
| (-) Non-shareholder Claims * | (223) | (223) | (223) | ||||
| (=) Equity Value | 8,973 | 9,457 | 9,941 | ||||
| (/) Shares Outstanding | 23.4 | 23.4 | 23.4 | ||||
| Implied Value Range | 383.58 | 404.27 | 424.96 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 383.58 | 404.27 | 424.96 | 764.20 | |||
| Upside / (Downside) | -49.8% | -47.1% | -44.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AARTIIND | FINEORG | ALKYLAMINE | VINATIORGA | KRONOX | 543321 | |
| Enterprise Value | 205,188 | 121,958 | 84,880 | 177,461 | 4,942 | 18,099 | |
| (+) Cash & Short Term Investments | 1,990 | 9,499 | 2,041 | 589 | 194 | 141 | |
| (+) Investments & Other | 480 | 353 | 0 | 0 | 0 | 0 | |
| (-) Debt | (38,470) | (28) | (55) | (77) | 0 | (364) | |
| (-) 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 | 169,188 | 131,783 | 86,865 | 177,973 | 5,136 | 17,876 | |
| (/) Shares Outstanding | 362.5 | 30.7 | 51.1 | 103.7 | 37.1 | 23.4 | |
| Implied Stock Price | 466.70 | 4,298.20 | 1,698.70 | 1,716.80 | 138.41 | 764.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 466.70 | 4,298.20 | 1,698.70 | 1,716.80 | 138.41 | 764.20 | |
| 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 | |