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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.6x - 11.7x | 11.1x |
| Selected Fwd EBITDA Multiple | 7.5x - 8.3x | 7.9x |
| Fair Value | ₹133.02 - ₹156.86 | ₹144.94 |
| Upside | -13.5% - 2.1% | -5.7% |
| Benchmarks | Ticker | Full Ticker |
| Torrent Power Limited | TORNTPOWER | NSEI:TORNTPOWER |
| The Tata Power Company Limited | TATAPOWER | NSEI:TATAPOWER |
| Adani Energy Solutions Limited | ADANIENSOL | NSEI:ADANIENSOL |
| NHPC Limited | NHPC | NSEI:NHPC |
| India Power Corporation Limited | DPSCLTD | NSEI:DPSCLTD |
| CESC Limited | CESC | NSEI:CESC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TORNTPOWER | TATAPOWER | ADANIENSOL | NHPC | DPSCLTD | CESC | ||
| NSEI:TORNTPOWER | NSEI:TATAPOWER | NSEI:ADANIENSOL | NSEI:NHPC | NSEI:DPSCLTD | NSEI:CESC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.7% | 9.2% | 17.0% | 3.2% | -10.6% | -5.5% | |
| 3Y CAGR | 10.2% | 15.8% | 15.8% | 2.8% | -16.3% | -11.8% | |
| Latest Twelve Months | 17.5% | 22.0% | 27.2% | 24.7% | 38.5% | 29.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.7% | 18.9% | 37.3% | 57.6% | 6.0% | 20.4% | |
| Prior Fiscal Year | 19.0% | 14.2% | 35.1% | 60.3% | -2.5% | 15.5% | |
| Latest Fiscal Year | 17.1% | 17.3% | 36.7% | 61.5% | 6.6% | 14.5% | |
| Latest Twelve Months | 18.4% | 19.9% | 34.6% | 63.5% | 6.0% | 15.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.06x | 2.67x | 6.06x | 12.46x | 2.14x | 2.02x | |
| EV / LTM EBITDA | 16.7x | 13.4x | 17.6x | 19.6x | 35.6x | 12.7x | |
| EV / LTM EBIT | 22.7x | 19.0x | 23.1x | 23.5x | -226.8x | 27.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 13.4x | 17.6x | 35.6x | ||||
| Historical EV / LTM EBITDA | 5.4x | 7.2x | 13.6x | ||||
| Selected EV / LTM EBITDA | 10.6x | 11.1x | 11.7x | ||||
| (x) LTM EBITDA | 26,308 | 26,308 | 26,308 | ||||
| (=) Implied Enterprise Value | 278,652 | 293,318 | 307,984 | ||||
| (-) Non-shareholder Claims * | (123,800) | (123,800) | (123,800) | ||||
| (=) Equity Value | 154,852 | 169,518 | 184,184 | ||||
| (/) Shares Outstanding | 1,325.6 | 1,325.6 | 1,325.6 | ||||
| Implied Value Range | 116.82 | 127.88 | 138.95 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 116.82 | 127.88 | 138.95 | 153.70 | |||
| Upside / (Downside) | -24.0% | -16.8% | -9.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TORNTPOWER | TATAPOWER | ADANIENSOL | NHPC | DPSCLTD | CESC | |
| Enterprise Value | 890,118 | 1,651,122 | 1,331,734 | 1,182,156 | 11,987 | 327,540 | |
| (+) Cash & Short Term Investments | 12,729 | 96,559 | 73,197 | 27,809 | 0 | 31,930 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (115,674) | (583,139) | (390,087) | (364,173) | 0 | (155,730) | |
| (-) 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 | 787,173 | 1,164,541 | 1,014,844 | 845,792 | 11,987 | 203,740 | |
| (/) Shares Outstanding | 503.9 | 3,195.3 | 1,201.3 | 10,045.0 | 973.8 | 1,325.6 | |
| Implied Stock Price | 1,562.15 | 364.45 | 844.80 | 84.20 | 12.31 | 153.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,562.15 | 364.45 | 844.80 | 84.20 | 12.31 | 153.70 | |
| 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 | |