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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.1x - 24.4x | 23.3x |
| Selected Fwd EBIT Multiple | 16.2x - 17.9x | 17.1x |
| Fair Value | ₹492.84 - ₹544.03 | ₹518.44 |
| Upside | 13.1% - 24.8% | 19.0% |
| Benchmarks | Ticker | Full Ticker |
| Delaplex Limited | DELAPLEX | NSEI:DELAPLEX |
| Yudiz Solutions Limited | YUDIZ | NSEI:YUDIZ |
| Micropro Software Solutions Limited | MICROPRO | NSEI:MICROPRO |
| Sigma Solve Limited | SIGMA | NSEI:SIGMA |
| All E Technologies Limited | ALLETEC | NSEI:ALLETEC |
| Ksolves India Limited | 543599 | BSE:543599 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DELAPLEX | YUDIZ | MICROPRO | SIGMA | ALLETEC | 543599 | ||
| NSEI:DELAPLEX | NSEI:YUDIZ | NSEI:MICROPRO | NSEI:SIGMA | NSEI:ALLETEC | BSE:543599 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 38.9% | 128.0% | 168.0% | NM- | |
| 3Y CAGR | 30.0% | NM- | 35.8% | 46.0% | 22.8% | 55.8% | |
| Latest Twelve Months | NM | -240.9% | NM | -7.3% | 63.8% | 20.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.7% | -2.9% | 22.4% | 36.1% | 14.3% | 40.1% | |
| Prior Fiscal Year | 18.1% | 13.6% | 38.7% | 39.9% | 13.1% | 41.5% | |
| Latest Fiscal Year | 20.0% | -19.2% | 24.0% | 33.8% | 16.2% | 42.3% | |
| Latest Twelve Months | 19.4% | -43.3% | 26.7% | 30.1% | 19.2% | 37.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.41x | 1.38x | 0.62x | 3.60x | 3.98x | 7.58x | |
| EV / LTM EBITDA | 7.0x | -3.5x | 1.9x | 11.1x | 19.7x | 19.6x | |
| EV / LTM EBIT | 7.3x | -3.2x | 2.3x | 11.9x | 20.7x | 20.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.2x | 7.3x | 20.7x | ||||
| Historical EV / LTM EBIT | 17.9x | 23.1x | 31.2x | ||||
| Selected EV / LTM EBIT | 22.1x | 23.3x | 24.4x | ||||
| (x) LTM EBIT | 509 | 509 | 509 | ||||
| (=) Implied Enterprise Value | 11,261 | 11,854 | 12,446 | ||||
| (-) Non-shareholder Claims * | 156 | 156 | 156 | ||||
| (=) Equity Value | 11,417 | 12,010 | 12,602 | ||||
| (/) Shares Outstanding | 23.7 | 23.7 | 23.7 | ||||
| Implied Value Range | 481.48 | 506.48 | 531.47 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 481.48 | 506.48 | 531.47 | 435.80 | |||
| Upside / (Downside) | 10.5% | 16.2% | 22.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DELAPLEX | YUDIZ | MICROPRO | SIGMA | ALLETEC | 543599 | |
| Enterprise Value | 894 | 296 | 137 | 2,476 | 5,383 | 10,178 | |
| (+) Cash & Short Term Investments | 358 | 38 | 187 | 53 | 1,312 | 156 | |
| (+) Investments & Other | 12 | 0 | 4 | 0 | 0 | 0 | |
| (-) Debt | (17) | (14) | (64) | (41) | 0 | 0 | |
| (-) Other Liabilities | 1 | (10) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,248 | 310 | 264 | 2,489 | 6,695 | 10,334 | |
| (/) Shares Outstanding | 9.1 | 10.3 | 14.3 | 10.3 | 20.2 | 23.7 | |
| Implied Stock Price | 136.95 | 30.00 | 18.45 | 242.15 | 331.55 | 435.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 136.95 | 30.00 | 18.45 | 242.15 | 331.55 | 435.80 | |
| 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 | |