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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Selected Fwd Revenue Multiple | 0.7x - 0.7x | 0.7x |
| Fair Value | $1.08 - $1.21 | $1.15 |
| Upside | 40.6% - 57.7% | 49.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Airbnb, Inc. | ABNB | NasdaqGS:ABNB |
| MakeMyTrip Limited | MMYT | NasdaqGS:MMYT |
| Odd Burger Corporation | ODDA.F | OTCPK:ODDA.F |
| Pinstripes Holdings Inc. | PNST | OTCPK:PNST |
| lastminute.com N.V. | LSMN.F | OTCPK:LSMN.F |
| Yatra Online, Inc. | YTRA | NasdaqCM:YTRA |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ABNB | MMYT | ODDA.F | PNST | LSMN.F | YTRA | |||
| NasdaqGS:ABNB | NasdaqGS:MMYT | OTCPK:ODDA.F | OTCPK:PNST | OTCPK:LSMN.F | NasdaqCM:YTRA | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 18.2% | 10.0% | 25.2% | NM- | -2.2% | -14.8% | ||
| 3Y CAGR | 22.8% | 68.5% | 38.4% | 68.0% | 29.9% | 48.8% | ||
| Latest Twelve Months | 11.9% | 28.5% | -3.2% | 10.3% | -1.5% | 55.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -5.3% | -9.3% | -130.5% | -29.5% | -11.3% | -21.8% | ||
| Prior Fiscal Year | 15.3% | 3.6% | -129.0% | -10.2% | 4.7% | -1.7% | ||
| Latest Fiscal Year | 23.0% | 8.4% | -69.0% | -18.3% | 8.3% | -6.2% | ||
| Latest Twelve Months | 23.0% | 10.3% | -70.9% | -23.1% | 8.3% | -2.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 5.58x | 10.82x | 8.90x | 1.60x | 0.50x | 0.70x | ||
| EV / LTM EBIT | 24.3x | 105.3x | -12.6x | -6.9x | 6.1x | -24.9x | ||
| Price / LTM Sales | 6.33x | 11.32x | 7.96x | 0.02x | 0.51x | 0.58x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.50x | 5.58x | 10.82x | |||||
| Historical EV / LTM Revenue | 0.37x | 3.83x | 3.96x | |||||
| Selected EV / LTM Revenue | 0.91x | 0.96x | 1.01x | |||||
| (x) LTM Revenue | 6,789 | 6,789 | 6,789 | |||||
| (=) Implied Enterprise Value | 6,199 | 6,525 | 6,851 | |||||
| (-) Non-shareholder Claims * | (816) | (816) | (816) | |||||
| (=) Equity Value | 5,383 | 5,709 | 6,036 | |||||
| (/) Shares Outstanding | 58.5 | 58.5 | 58.5 | |||||
| Implied Value Range | 92.07 | 97.65 | 103.23 | |||||
| FX Rate: INR/USD | 85.4 | 85.4 | 85.4 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.08 | 1.14 | 1.21 | 0.77 | ||||
| Upside / (Downside) | 40.0% | 48.5% | 57.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ABNB | MMYT | ODDA.F | PNST | LSMN.F | YTRA | |
| Enterprise Value | 67,984 | 10,661 | 27 | 190 | 204 | 4,660 | |
| (+) Cash & Short Term Investments | 10,611 | 704 | 0 | 5 | 69 | 1,883 | |
| (+) Investments & Other | 0 | 5 | 0 | 0 | 2 | 12 | |
| (-) Debt | (2,294) | (233) | (3) | (192) | (70) | (264) | |
| (-) Other Liabilities | 0 | (6) | 0 | 0 | 0 | (2,447) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 76,301 | 11,131 | 24 | 3 | 205 | 3,845 | |
| (/) Shares Outstanding | 621.3 | 109.8 | 98.4 | 41.0 | 9.5 | 58.5 | |
| Implied Stock Price | 122.80 | 101.39 | 0.24 | 0.07 | 21.56 | 65.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.41 | 1.00 | 0.90 | 85.40 | |
| Implied Stock Price (Trading Cur) | 122.80 | 101.39 | 0.17 | 0.07 | 23.85 | 0.77 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.41 | 1.00 | 0.90 | 85.40 | |