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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 10.7x - 11.8x | 11.3x |
| Selected Fwd Ps Multiple | 8.5x - 9.4x | 9.0x |
| Fair Value | ₹228.33 - ₹252.37 | ₹240.35 |
| Upside | -29.3% - -21.8% | -25.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Adani Ports and Special Economic Zone Limited | - | NSEI:ADANIPORTS |
| Gujarat Pipavav Port Limited | - | NSEI:GPPL |
| GMR Airports Limited | - | NSEI:GMRAIRPORT |
| VMS Industries Limited | 53,342,700.0% | BSE:533427 |
| Container Corporation of India Limited | - | NSEI:CONCOR |
| JSW Infrastructure Limited | 54,399,400.0% | BSE:543994 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| ADANIPORTS | GPPL | GMRAIRPORT | 533427 | CONCOR | 543994 | |||
| NSEI:ADANIPORTS | NSEI:GPPL | NSEI:GMRAIRPORT | BSE:533427 | NSEI:CONCOR | BSE:543994 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 19.6% | 7.2% | 3.5% | -2.9% | 4.5% | 28.0% | ||
| 3Y CAGR | 28.6% | 10.7% | 34.9% | 20.2% | 10.5% | 32.7% | ||
| Latest Twelve Months | 12.8% | 1.6% | 21.7% | 62.5% | 4.5% | 19.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 32.3% | 33.7% | -26.0% | 1.2% | 12.3% | 21.7% | ||
| Prior Fiscal Year | 25.5% | 34.0% | -2.8% | 1.8% | 14.3% | 23.1% | ||
| Latest Fiscal Year | 32.1% | 34.4% | -6.4% | 2.4% | 14.5% | 30.7% | ||
| Latest Twelve Months | 35.0% | 35.3% | -2.8% | 0.9% | 14.6% | 30.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 17.3x | 10.7x | 32.1x | 31.2x | 20.3x | 32.2x | ||
| Price / LTM Sales | 8.8x | 7.1x | 7.9x | 0.2x | 4.7x | 15.5x | ||
| LTM P/E Ratio | 25.1x | 20.0x | -287.6x | 20.9x | 32.3x | 50.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 7.1x | 8.8x | |||||
| Historical LTM P/S Ratio | 0.0x | 0.0x | 14.0x | |||||
| Selected Price / Sales Multiple | 10.7x | 11.3x | 11.8x | |||||
| (x) LTM Sales | 42,976 | 42,976 | 42,976 | |||||
| (=) Equity Value | 460,632 | 484,876 | 509,120 | |||||
| (/) Shares Outstanding | 2,051.5 | 2,051.5 | 2,051.5 | |||||
| Implied Value Range | 224.53 | 236.35 | 248.17 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 224.53 | 236.35 | 248.17 | 322.85 | ||||
| Upside / (Downside) | -30.5% | -26.8% | -23.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADANIPORTS | GPPL | GMRAIRPORT | 533427 | CONCOR | 543994 | |
| Value of Common Equity | 2,585,146 | 68,697 | 801,849 | 628 | 426,780 | 662,330 | |
| (/) Shares Outstanding | 2,160.1 | 483.4 | 10,559.0 | 24.5 | 609.3 | 2,051.5 | |
| Implied Stock Price | 1,196.75 | 142.10 | 75.94 | 25.67 | 700.45 | 322.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,196.75 | 142.10 | 75.94 | 25.67 | 700.45 | 322.85 | |
| 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 | |