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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.3x - 21.4x | 20.3x |
| Selected Fwd EBIT Multiple | 117.2x - 129.5x | 123.4x |
| Fair Value | ₹284.94 - ₹332.09 | ₹308.51 |
| Upside | -19.3% - -6.0% | -12.6% |
| Benchmarks | Ticker | Full Ticker |
| Pidilite Industries Limited | 500331 | BSE:500331 |
| Meghmani Organics Limited | 543331 | BSE:543331 |
| Ducol Organics And Colours Limited | DUCOL | NSEI:DUCOL |
| Kiri Industries Limited | 532967 | BSE:532967 |
| Vipul Organics Limited | 530627 | BSE:530627 |
| Asahi Songwon Colors Limited | ASAHISONG | NSEI:ASAHISONG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 500331 | 543331 | DUCOL | 532967 | 530627 | ASAHISONG | ||
| BSE:500331 | BSE:543331 | NSEI:DUCOL | BSE:532967 | BSE:530627 | NSEI:ASAHISONG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 13.7% | NM- | NM- | NM- | -0.2% | -42.4% | |
| 3Y CAGR | 16.9% | NM- | -11.3% | NM- | -17.4% | -63.3% | |
| Latest Twelve Months | 11.8% | 40.9% | -17.0% | 15.8% | 23.6% | 309.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.1% | 6.5% | 7.6% | -0.1% | 6.1% | 5.6% | |
| Prior Fiscal Year | 14.8% | 10.4% | 11.7% | -8.5% | 4.4% | -1.9% | |
| Latest Fiscal Year | 19.2% | -7.1% | 5.6% | -6.2% | 4.0% | 0.5% | |
| Latest Twelve Months | 20.1% | -1.1% | 7.4% | -5.8% | 5.1% | 5.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.25x | 1.26x | 2.13x | 3.49x | 1.45x | 1.20x | |
| EV / LTM EBITDA | 50.5x | 30.6x | 20.0x | -375.3x | 18.8x | 13.8x | |
| EV / LTM EBIT | 55.9x | -114.8x | 28.9x | -60.1x | 28.4x | 21.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -114.8x | 28.4x | 55.9x | ||||
| Historical EV / LTM EBIT | -40.6x | 10.6x | 36.4x | ||||
| Selected EV / LTM EBIT | 19.3x | 20.3x | 21.4x | ||||
| (x) LTM EBIT | 292 | 292 | 292 | ||||
| (=) Implied Enterprise Value | 5,652 | 5,950 | 6,247 | ||||
| (-) Non-shareholder Claims * | (1,921) | (1,921) | (1,921) | ||||
| (=) Equity Value | 3,731 | 4,029 | 4,326 | ||||
| (/) Shares Outstanding | 11.8 | 11.8 | 11.8 | ||||
| Implied Value Range | 316.55 | 341.79 | 367.03 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 316.55 | 341.79 | 367.03 | 353.10 | |||
| Upside / (Downside) | -10.4% | -3.2% | 3.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 500331 | 543331 | DUCOL | 532967 | 530627 | ASAHISONG | |
| Enterprise Value | 1,449,662 | 24,379 | 1,628 | 34,700 | 2,299 | 6,083 | |
| (+) Cash & Short Term Investments | 25,666 | 328 | 270 | 10,431 | 23 | 54 | |
| (+) Investments & Other | 0 | 0 | 17 | 0 | 0 | 0 | |
| (-) Debt | (3,789) | (7,983) | (170) | (11,812) | (319) | (1,975) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,471,538 | 16,724 | 1,745 | 33,319 | 2,003 | 4,162 | |
| (/) Shares Outstanding | 508.6 | 254.3 | 14.5 | 55.6 | 13.3 | 11.8 | |
| Implied Stock Price | 2,893.05 | 65.76 | 120.00 | 598.95 | 150.45 | 353.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,893.05 | 65.76 | 120.00 | 598.95 | 150.45 | 353.10 | |
| 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 | |