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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.3x - 7.0x | 6.7x |
| Selected Fwd EBITDA Multiple | 3.3x - 3.6x | 3.4x |
| Fair Value | $4.48 - $6.19 | $5.34 |
| Upside | 11.8% - 54.4% | 33.1% |
| Benchmarks | Ticker | Full Ticker |
| SYLA Technologies Co., Ltd. | SYT | NasdaqCM:SYT |
| Yatra Online, Inc. | YTRA | NasdaqCM:YTRA |
| Nippon Telegraph and Telephone Corporation | NTTY.Y | OTCPK:NTTY.Y |
| TeraGo Inc. | TRAG.F | OTCPK:TRAG.F |
| Nuvera Communications, Inc. | NUVR | OTCPK:NUVR |
| Sify Technologies Limited | SIFY | NasdaqCM:SIFY |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SYT | YTRA | NTTY.Y | TRAG.F | NUVR | SIFY | ||
| NasdaqCM:SYT | NasdaqCM:YTRA | OTCPK:NTTY.Y | OTCPK:TRAG.F | OTCPK:NUVR | NasdaqCM:SIFY | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 3.8% | NM- | 0.7% | 13.1% | |
| 3Y CAGR | 19.1% | NM- | 8.3% | NM- | 2.2% | 3.2% | |
| Latest Twelve Months | -5.1% | 27.3% | 7.8% | 55.0% | 13.2% | 18.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.2% | -17.5% | 25.1% | -7.1% | 39.8% | 17.5% | |
| Prior Fiscal Year | 4.9% | -1.0% | 26.0% | -15.1% | 37.8% | 16.2% | |
| Latest Fiscal Year | 7.7% | -5.5% | 26.6% | -6.7% | 40.7% | 16.1% | |
| Latest Twelve Months | 6.2% | -1.4% | 26.8% | -6.7% | 40.7% | 16.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.57x | 0.67x | 1.71x | 2.25x | 2.68x | 1.03x | |
| EV / LTM EBITDA | 25.1x | -47.1x | 6.4x | -33.4x | 6.6x | 6.4x | |
| EV / LTM EBIT | 31.4x | -23.7x | 12.0x | -8.2x | 18.8x | 17.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -47.1x | 6.4x | 25.1x | ||||
| Historical EV / LTM EBITDA | 5.8x | 7.6x | 13.9x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.7x | 7.0x | ||||
| (x) LTM EBITDA | 6,438 | 6,438 | 6,438 | ||||
| (=) Implied Enterprise Value | 40,679 | 42,820 | 44,961 | ||||
| (-) Non-shareholder Claims * | (30,702) | (30,702) | (30,702) | ||||
| (=) Equity Value | 9,977 | 12,118 | 14,259 | ||||
| (/) Shares Outstanding | 30.6 | 30.6 | 30.6 | ||||
| Implied Value Range | 326.53 | 396.60 | 466.66 | ||||
| FX Rate: INR/USD | 85.5 | 85.5 | 85.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.82 | 4.64 | 5.46 | 4.01 | |||
| Upside / (Downside) | -4.8% | 15.7% | 36.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SYT | YTRA | NTTY.Y | TRAG.F | NUVR | SIFY | |
| Enterprise Value | 40,728 | 4,510 | 23,237,757 | 63 | 186 | 41,178 | |
| (+) Cash & Short Term Investments | 2,670 | 1,883 | 1,198,183 | 4 | 2 | 7,147 | |
| (+) Investments & Other | 2,643 | 12 | 430,608 | 0 | 8 | 0 | |
| (-) Debt | (34,876) | (264) | (12,092,802) | (44) | (142) | (37,848) | |
| (-) Other Liabilities | (3,026) | (2,447) | (1,120,894) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,139 | 3,695 | 11,652,852 | 23 | 54 | 10,477 | |
| (/) Shares Outstanding | 26.5 | 58.5 | 3,303.7 | 22.7 | 5.2 | 30.6 | |
| Implied Stock Price | 306.91 | 63.19 | 3,527.22 | 1.02 | 10.40 | 342.88 | |
| FX Conversion Rate to Trading Currency | 146.85 | 85.51 | 146.85 | 1.42 | 1.00 | 85.51 | |
| Implied Stock Price (Trading Cur) | 2.09 | 0.74 | 24.02 | 0.72 | 10.40 | 4.01 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 146.85 | 85.51 | 146.85 | 1.42 | 1.00 | 85.51 | |