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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.6x - 20.5x | 19.6x |
| Selected Fwd EBITDA Multiple | 16.2x - 17.9x | 17.1x |
| Fair Value | ₹60.45 - ₹68.12 | ₹64.29 |
| Upside | -15.5% - -4.8% | -10.1% |
| Benchmarks | Ticker | Full Ticker |
| Ahluwalia Contracts (India) Limited | AHLUCONT | NSEI:AHLUCONT |
| Capacit'e Infraprojects Limited | CAPACITE | NSEI:CAPACITE |
| PSP Projects Limited | PSPPROJECT | NSEI:PSPPROJECT |
| Vascon Engineers Limited | VASCONEQ | NSEI:VASCONEQ |
| Deepak Builders & Engineers India Limited | DBEIL | NSEI:DBEIL |
| B.L. Kashyap and Sons Limited | BLKASHYAP | NSEI:BLKASHYAP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AHLUCONT | CAPACITE | PSPPROJECT | VASCONEQ | DBEIL | BLKASHYAP | ||
| NSEI:AHLUCONT | NSEI:CAPACITE | NSEI:PSPPROJECT | NSEI:VASCONEQ | NSEI:DBEIL | NSEI:BLKASHYAP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.8% | 5.6% | -1.2% | 14.1% | 35.7% | 34.2% | |
| 3Y CAGR | 16.5% | 35.9% | -11.5% | 43.6% | 49.3% | 0.4% | |
| Latest Twelve Months | 3.8% | 15.0% | -31.2% | 11.6% | NM | -16.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 17.1% | 11.6% | 5.9% | 16.4% | 8.3% | |
| Prior Fiscal Year | 9.9% | 17.1% | 10.4% | 8.5% | 11.8% | 8.8% | |
| Latest Fiscal Year | 9.6% | 16.1% | 7.1% | 9.2% | 22.1% | 7.8% | |
| Latest Twelve Months | 9.6% | 16.1% | 7.1% | 9.2% | 26.0% | 7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.35x | 1.33x | 1.03x | 0.99x | 1.56x | 1.61x | |
| EV / LTM EBITDA | 14.2x | 8.2x | 14.5x | 10.7x | 6.0x | 20.7x | |
| EV / LTM EBIT | 17.0x | 11.0x | 24.3x | 11.4x | 6.3x | 24.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.0x | 10.7x | 14.5x | ||||
| Historical EV / LTM EBITDA | 9.2x | 18.1x | 25.0x | ||||
| Selected EV / LTM EBITDA | 18.6x | 19.6x | 20.5x | ||||
| (x) LTM EBITDA | 915 | 915 | 915 | ||||
| (=) Implied Enterprise Value | 17,004 | 17,899 | 18,794 | ||||
| (-) Non-shareholder Claims * | (2,813) | (2,813) | (2,813) | ||||
| (=) Equity Value | 14,192 | 15,087 | 15,982 | ||||
| (/) Shares Outstanding | 225.4 | 225.4 | 225.4 | ||||
| Implied Value Range | 62.95 | 66.92 | 70.89 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 62.95 | 66.92 | 70.89 | 71.53 | |||
| Upside / (Downside) | -12.0% | -6.4% | -0.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AHLUCONT | CAPACITE | PSPPROJECT | VASCONEQ | DBEIL | BLKASHYAP | |
| Enterprise Value | 56,297 | 30,931 | 25,963 | 10,780 | 9,223 | 18,938 | |
| (+) Cash & Short Term Investments | 9,644 | 939 | 2,078 | 2,336 | 1 | 351 | |
| (+) Investments & Other | 0 | 221 | 7 | 793 | 0 | 2 | |
| (-) Debt | (761) | (4,256) | (2,715) | (2,057) | (1,945) | (3,165) | |
| (-) Other Liabilities | 0 | (13) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 65,179 | 27,822 | 25,333 | 11,852 | 7,279 | 16,126 | |
| (/) Shares Outstanding | 67.0 | 84.6 | 39.6 | 221.3 | 46.6 | 225.4 | |
| Implied Stock Price | 973.00 | 328.85 | 639.05 | 53.55 | 156.27 | 71.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 973.00 | 328.85 | 639.05 | 53.55 | 156.27 | 71.53 | |
| 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 | |