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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 8.3x - 9.2x | 8.8x |
| Selected Fwd Revenue Multiple | 6.4x - 7.1x | 6.8x |
| Fair Value | ₹1,173 - ₹1,285 | ₹1,229 |
| Upside | -29.5% - -22.8% | -26.2% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 541865 | 544337 | KHADIM | 540730 | MVGJL | 543333 | |||
| BSE:541865 | BSE:544337 | NSEI:KHADIM | BSE:540730 | NSEI:MVGJL | BSE:543333 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 54.9% | NM- | -5.1% | -6.5% | 11.5% | 15.0% | ||
| 3Y CAGR | 37.2% | 1529.3% | -0.6% | 43.2% | 14.5% | 25.2% | ||
| Latest Twelve Months | -14.5% | 50.0% | -1.9% | 359.1% | 5.0% | 40.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 10.6% | 22.5% | 0.9% | 7.1% | 6.4% | -4.1% | ||
| Prior Fiscal Year | 14.3% | 6.6% | 5.2% | 10.3% | 6.6% | 1.6% | ||
| Latest Fiscal Year | 3.5% | 9.1% | 4.9% | 12.5% | 6.6% | 8.6% | ||
| Latest Twelve Months | -2.9% | 9.1% | 4.4% | 15.8% | 6.6% | 14.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.22x | 0.57x | 1.35x | 6.62x | 0.56x | 12.17x | ||
| EV / LTM EBIT | -7.6x | 6.3x | 31.1x | 41.8x | 8.5x | 83.3x | ||
| Price / LTM Sales | 0.15x | 0.54x | 0.87x | 6.36x | 0.44x | 12.91x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.22x | 0.57x | 6.62x | |||||
| Historical EV / LTM Revenue | 2.85x | 5.88x | 6.31x | |||||
| Selected EV / LTM Revenue | 8.32x | 8.76x | 9.20x | |||||
| (x) LTM Revenue | 6,169 | 6,169 | 6,169 | |||||
| (=) Implied Enterprise Value | 51,328 | 54,030 | 56,731 | |||||
| (-) Non-shareholder Claims * | 5,507 | 5,507 | 5,507 | |||||
| (=) Equity Value | 56,836 | 59,537 | 62,239 | |||||
| (/) Shares Outstanding | 47.4 | 47.4 | 47.4 | |||||
| Implied Value Range | 1,198.15 | 1,255.10 | 1,312.05 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,198.15 | 1,255.10 | 1,312.05 | 1,664.30 | ||||
| Upside / (Downside) | -28.0% | -24.6% | -21.2% | |||||
| 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 | |