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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.1x - 20.1x | 19.1x |
| Selected Fwd EBITDA Multiple | 13.8x - 15.2x | 14.5x |
| Fair Value | ₹1,459 - ₹1,621 | ₹1,540 |
| Upside | 19.1% - 32.3% | 25.7% |
| Benchmarks | Ticker | Full Ticker |
| Suraj Limited | SURAJLTD | NSEI:SURAJLTD |
| Goodluck India Limited | GOODLUCK | NSEI:GOODLUCK |
| Steel Authority of India Limited | SAIL | NSEI:SAIL |
| Hi-Tech Pipes Limited | HITECH | NSEI:HITECH |
| Swastik Pipe Limited | SWASTIK | NSEI:SWASTIK |
| Venus Pipes and Tubes Limited | 543528 | BSE:543528 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SURAJLTD | GOODLUCK | SAIL | HITECH | SWASTIK | 543528 | ||
| NSEI:SURAJLTD | NSEI:GOODLUCK | NSEI:SAIL | NSEI:HITECH | NSEI:SWASTIK | BSE:543528 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.2% | 17.7% | 1.8% | 8.9% | -4.4% | 73.8% | |
| 3Y CAGR | 42.5% | 33.1% | -4.5% | 17.4% | -5.1% | 61.3% | |
| Latest Twelve Months | -12.0% | 4.9% | -9.9% | 33.9% | -37.7% | 47.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 7.6% | 14.8% | 4.8% | 3.7% | 14.4% | |
| Prior Fiscal Year | 9.5% | 7.1% | 8.2% | 4.3% | 3.9% | 12.5% | |
| Latest Fiscal Year | 11.9% | 8.1% | 10.3% | 4.2% | 3.3% | 18.2% | |
| Latest Twelve Months | 16.5% | 7.9% | 10.3% | 5.1% | 3.0% | 18.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.01x | 0.82x | 0.88x | 0.81x | 0.27x | 2.87x | |
| EV / LTM EBITDA | 18.2x | 10.5x | 8.6x | 15.8x | 9.0x | 15.4x | |
| EV / LTM EBIT | 24.3x | 12.0x | 16.7x | 17.7x | 11.6x | 17.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.6x | 10.5x | 18.2x | ||||
| Historical EV / LTM EBITDA | 24.3x | 29.1x | 34.0x | ||||
| Selected EV / LTM EBITDA | 18.1x | 19.1x | 20.1x | ||||
| (x) LTM EBITDA | 1,725 | 1,725 | 1,725 | ||||
| (=) Implied Enterprise Value | 31,304 | 32,952 | 34,599 | ||||
| (-) Non-shareholder Claims * | (1,550) | (1,550) | (1,550) | ||||
| (=) Equity Value | 29,755 | 31,402 | 33,050 | ||||
| (/) Shares Outstanding | 20.4 | 20.4 | 20.4 | ||||
| Implied Value Range | 1,456.34 | 1,536.98 | 1,617.62 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,456.34 | 1,536.98 | 1,617.62 | 1,224.95 | |||
| Upside / (Downside) | 18.9% | 25.5% | 32.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SURAJLTD | GOODLUCK | SAIL | HITECH | SWASTIK | 543528 | |
| Enterprise Value | 7,562 | 29,154 | 870,203 | 23,670 | 1,979 | 26,577 | |
| (+) Cash & Short Term Investments | 3 | 819 | 7,544 | 345 | 107 | 260 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (510) | (6,643) | (412,650) | (3,635) | (1,116) | (1,810) | |
| (-) 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 | 7,055 | 23,329 | 465,097 | 20,380 | 970 | 25,027 | |
| (/) Shares Outstanding | 18.4 | 32.7 | 4,130.5 | 203.1 | 23.2 | 20.4 | |
| Implied Stock Price | 384.15 | 712.60 | 112.60 | 100.34 | 41.75 | 1,224.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 384.15 | 712.60 | 112.60 | 100.34 | 41.75 | 1,224.95 | |
| 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 | |