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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 30.2x - 33.4x | 31.8x |
Selected Fwd EBIT Multiple | 13.0x - 14.4x | 13.7x |
Fair Value | ₹4,302 - ₹4,739 | ₹4,520 |
Upside | -17.4% - -9.0% | -13.2% |
Benchmarks | Ticker | Full Ticker |
Dhanuka Agritech Limited | DHANUKA | NSEI:DHANUKA |
Heranba Industries Limited | HERANBA | NSEI:HERANBA |
UPL Limited | UPL | NSEI:UPL |
Tata Chemicals Limited | TATACHEM | NSEI:TATACHEM |
Rallis India Limited | RALLIS | NSEI:RALLIS |
BASF India Limited | BASF | NSEI:BASF |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DHANUKA | HERANBA | UPL | TATACHEM | RALLIS | BASF | ||
NSEI:DHANUKA | NSEI:HERANBA | NSEI:UPL | NSEI:TATACHEM | NSEI:RALLIS | NSEI:BASF | ||
Historical EBIT Growth | |||||||
5Y CAGR | 18.0% | -19.4% | 1.0% | -8.0% | -3.7% | 28.5% | |
3Y CAGR | 13.2% | -44.4% | -11.8% | -17.5% | -6.9% | -11.3% | |
Latest Twelve Months | 25.6% | -27.1% | 94.8% | -55.6% | -15.4% | -25.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 16.7% | 10.8% | 13.6% | 12.0% | 8.3% | 4.9% | |
Prior Fiscal Year | 16.3% | 4.5% | 6.4% | 12.7% | 7.9% | 5.4% | |
Latest Fiscal Year | 17.7% | 2.9% | 11.5% | 5.8% | 6.7% | 3.6% | |
Latest Twelve Months | 17.7% | 2.9% | 11.5% | 5.8% | 6.7% | 3.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.76x | 1.21x | 1.68x | 1.47x | 2.24x | 1.44x | |
EV / LTM EBITDA | 18.4x | 17.4x | 9.7x | 11.9x | 22.0x | 29.9x | |
EV / LTM EBIT | 21.2x | 41.3x | 14.6x | 25.2x | 33.7x | 39.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 14.6x | 25.2x | 41.3x | ||||
Historical EV / LTM EBIT | 15.4x | 21.2x | 39.6x | ||||
Selected EV / LTM EBIT | 30.2x | 31.8x | 33.4x | ||||
(x) LTM EBIT | 5,532 | 5,532 | 5,532 | ||||
(=) Implied Enterprise Value | 167,169 | 175,967 | 184,766 | ||||
(-) Non-shareholder Claims * | 6,318 | 6,318 | 6,318 | ||||
(=) Equity Value | 173,487 | 182,285 | 191,084 | ||||
(/) Shares Outstanding | 43.3 | 43.3 | 43.3 | ||||
Implied Value Range | 4,007.96 | 4,211.22 | 4,414.48 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 4,007.96 | 4,211.22 | 4,414.48 | 5,206.00 | |||
Upside / (Downside) | -23.0% | -19.1% | -15.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DHANUKA | HERANBA | UPL | TATACHEM | RALLIS | BASF | |
Enterprise Value | 76,383 | 17,025 | 785,127 | 219,393 | 59,652 | 219,027 | |
(+) Cash & Short Term Investments | 1,250 | 546 | 98,570 | 14,010 | 4,373 | 8,204 | |
(+) Investments & Other | 1,068 | 28 | 20,080 | 83,450 | 90 | 15 | |
(-) Debt | (742) | (3,489) | (250,990) | (70,720) | (631) | (1,901) | |
(-) Other Liabilities | 0 | (91) | (86,130) | (9,070) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 77,958 | 14,019 | 566,657 | 237,063 | 63,484 | 225,345 | |
(/) Shares Outstanding | 45.1 | 40.0 | 844.4 | 254.8 | 194.5 | 43.3 | |
Implied Stock Price | 1,729.40 | 350.35 | 671.05 | 930.55 | 326.45 | 5,206.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1,729.40 | 350.35 | 671.05 | 930.55 | 326.45 | 5,206.00 | |
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 |