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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 40.5x - 44.8x | 42.6x |
| Selected Fwd EBITDA Multiple | 23.6x - 26.1x | 24.8x |
| Fair Value | ₹1,048 - ₹1,146 | ₹1,097 |
| Upside | -37.0% - -31.1% | -34.1% |
| Benchmarks | Ticker | Full Ticker |
| Add-Shop E-Retail Limited | 541865 | BSE:541865 |
| Avax Apparels and Ornaments Limited | 544337 | BSE:544337 |
| Khadim India Limited | KHADIM | NSEI:KHADIM |
| Mehai Technology Limited | 540730 | BSE:540730 |
| Manoj Vaibhav Gems 'N' Jewellers Limited | MVGJL | NSEI:MVGJL |
| CarTrade Tech Limited | 543333 | BSE:543333 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 541865 | 544337 | KHADIM | 540730 | MVGJL | 543333 | ||
| BSE:541865 | BSE:544337 | NSEI:KHADIM | BSE:540730 | NSEI:MVGJL | BSE:543333 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 34.0% | NM- | -5.2% | 46.3% | 12.3% | 20.3% | |
| 3Y CAGR | -12.8% | NM- | NM- | 93.4% | 23.4% | 26.0% | |
| Latest Twelve Months | -118.8% | 111.8% | -10.7% | 502.6% | 7.8% | 146.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.9% | 4.5% | 4.5% | 9.1% | 6.7% | 0.0% | |
| Prior Fiscal Year | 14.5% | 6.7% | 7.3% | 11.8% | 7.0% | 4.8% | |
| Latest Fiscal Year | 3.7% | 9.5% | 7.0% | 14.3% | 6.9% | 11.6% | |
| Latest Twelve Months | -2.6% | 9.5% | 6.3% | 16.3% | 6.9% | 17.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.22x | 0.57x | 1.35x | 6.62x | 0.56x | 12.17x | |
| EV / LTM EBITDA | -8.4x | 6.0x | 21.4x | 40.5x | 8.1x | 69.7x | |
| EV / LTM EBIT | -7.6x | 6.3x | 31.1x | 41.8x | 8.5x | 83.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -8.4x | 8.1x | 40.5x | ||||
| Historical EV / LTM EBITDA | -47.2x | -17.9x | 59.4x | ||||
| Selected EV / LTM EBITDA | 40.5x | 42.6x | 44.8x | ||||
| (x) LTM EBITDA | 1,077 | 1,077 | 1,077 | ||||
| (=) Implied Enterprise Value | 43,618 | 45,914 | 48,209 | ||||
| (-) Non-shareholder Claims * | 5,507 | 5,507 | 5,507 | ||||
| (=) Equity Value | 49,125 | 51,421 | 53,716 | ||||
| (/) Shares Outstanding | 47.4 | 47.4 | 47.4 | ||||
| Implied Value Range | 1,035.61 | 1,084.00 | 1,132.40 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,035.61 | 1,084.00 | 1,132.40 | 1,664.30 | |||
| Upside / (Downside) | -37.8% | -34.9% | -32.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 541865 | 544337 | KHADIM | 540730 | MVGJL | 543333 | |
| Enterprise Value | 339 | 124 | 8,396 | 4,698 | 12,397 | 73,441 | |
| (+) Cash & Short Term Investments | 7 | 3 | 245 | 49 | 1,591 | 6,734 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (123) | (7) | (3,225) | (235) | (4,323) | (1,227) | |
| (-) 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 | 223 | 119 | 5,415 | 4,513 | 9,665 | 78,948 | |
| (/) Shares Outstanding | 28.0 | 1.0 | 18.4 | 301.9 | 48.8 | 47.4 | |
| Implied Stock Price | 7.97 | 114.70 | 294.65 | 14.95 | 197.86 | 1,664.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.97 | 114.70 | 294.65 | 14.95 | 197.86 | 1,664.30 | |
| 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 | |