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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 41.6x - 45.9x | 43.7x |
| Selected Fwd EBIT Multiple | 29.6x - 32.7x | 31.2x |
| Fair Value | ₹5,268 - ₹5,870 | ₹5,569 |
| Upside | -14.5% - -4.7% | -9.6% |
| Benchmarks | Ticker | Full Ticker |
| Virtuoso Optoelectronics Limited | 543597 | BSE:543597 |
| EPACK Durable Limited | EPACK | NSEI:EPACK |
| Whirlpool of India Limited | WHIRLPOOL | NSEI:WHIRLPOOL |
| MIRC Electronics Limited | MIRCELECTR | NSEI:MIRCELECTR |
| Dixon Technologies (India) Limited | DIXON | NSEI:DIXON |
| Amber Enterprises India Limited | AMBER | NSEI:AMBER |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 543597 | EPACK | WHIRLPOOL | MIRCELECTR | DIXON | AMBER | ||
| BSE:543597 | NSEI:EPACK | NSEI:WHIRLPOOL | NSEI:MIRCELECTR | NSEI:DIXON | NSEI:AMBER | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 71.0% | NM- | -17.8% | NM- | 36.5% | 15.1% | |
| 3Y CAGR | 48.9% | 34.7% | -20.8% | NM- | 29.7% | 31.1% | |
| Latest Twelve Months | 47.4% | -0.7% | 61.7% | -521.3% | 87.8% | 42.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.4% | 5.2% | 4.8% | -0.8% | 3.4% | 4.5% | |
| Prior Fiscal Year | 7.2% | 5.2% | 3.1% | -0.2% | 3.3% | 4.4% | |
| Latest Fiscal Year | 6.3% | 5.7% | 2.9% | -5.4% | 3.0% | 4.5% | |
| Latest Twelve Months | 6.8% | 4.6% | 3.9% | -5.2% | 3.0% | 5.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.38x | 1.78x | 1.49x | 0.48x | 2.43x | 2.48x | |
| EV / LTM EBITDA | 25.8x | 28.0x | 24.6x | -10.6x | 69.8x | 35.5x | |
| EV / LTM EBIT | 34.9x | 38.4x | 38.4x | -9.3x | 80.5x | 47.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -9.3x | 38.4x | 80.5x | ||||
| Historical EV / LTM EBIT | 17.4x | 41.1x | 106.0x | ||||
| Selected EV / LTM EBIT | 41.6x | 43.7x | 45.9x | ||||
| (x) LTM EBIT | 4,691 | 4,691 | 4,691 | ||||
| (=) Implied Enterprise Value | 194,945 | 205,205 | 215,465 | ||||
| (-) Non-shareholder Claims * | (15,052) | (15,052) | (15,052) | ||||
| (=) Equity Value | 179,893 | 190,153 | 200,413 | ||||
| (/) Shares Outstanding | 33.8 | 33.8 | 33.8 | ||||
| Implied Value Range | 5,318.57 | 5,621.92 | 5,925.27 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,318.57 | 5,621.92 | 5,925.27 | 6,159.40 | |||
| Upside / (Downside) | -13.7% | -8.7% | -3.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 543597 | EPACK | WHIRLPOOL | MIRCELECTR | DIXON | AMBER | |
| Enterprise Value | 14,313 | 36,625 | 113,541 | 4,047 | 803,518 | 223,384 | |
| (+) Cash & Short Term Investments | 485 | 2,482 | 24,455 | 115 | 2,421 | 5,273 | |
| (+) Investments & Other | 101 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,239) | (4,880) | (2,306) | (1,140) | (7,940) | (20,325) | |
| (-) Other Liabilities | (1) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,659 | 34,227 | 135,689 | 3,023 | 797,999 | 208,333 | |
| (/) Shares Outstanding | 26.3 | 96.0 | 126.9 | 231.0 | 60.1 | 33.8 | |
| Implied Stock Price | 518.60 | 356.65 | 1,069.50 | 13.09 | 13,282.45 | 6,159.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 518.60 | 356.65 | 1,069.50 | 13.09 | 13,282.45 | 6,159.40 | |
| 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 | |