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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.1x - 11.2x | 10.6x |
| Selected Fwd EBIT Multiple | 10.8x - 11.9x | 11.3x |
| Fair Value | ₹101.33 - ₹118.53 | ₹109.93 |
| Upside | -21.1% - -7.6% | -14.4% |
| Benchmarks | Ticker | Full Ticker |
| AVP Infracon Limited | AVPINFRA | NSEI:AVPINFRA |
| Capacit'e Infraprojects Limited | CAPACITE | NSEI:CAPACITE |
| PSP Projects Limited | PSPPROJECT | NSEI:PSPPROJECT |
| Ganesh Infraworld Limited | GANESHIN | NSEI:GANESHIN |
| Ahluwalia Contracts (India) Limited | AHLUCONT | NSEI:AHLUCONT |
| Chavda Infra Limited | CHAVDA | NSEI:CHAVDA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AVPINFRA | CAPACITE | PSPPROJECT | GANESHIN | AHLUCONT | CHAVDA | ||
| NSEI:AVPINFRA | NSEI:CAPACITE | NSEI:PSPPROJECT | NSEI:GANESHIN | NSEI:AHLUCONT | NSEI:CHAVDA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 90.6% | 14.8% | -8.2% | NM- | 17.9% | NM- | |
| 3Y CAGR | 104.3% | 33.4% | -22.3% | 164.4% | 7.3% | 54.1% | |
| Latest Twelve Months | 80.2% | 23.5% | -45.6% | 131.0% | -18.2% | 20.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.2% | 9.9% | 9.4% | 6.6% | 7.6% | 12.9% | |
| Prior Fiscal Year | 20.1% | 11.9% | 7.8% | 7.6% | 8.7% | 13.2% | |
| Latest Fiscal Year | 19.8% | 12.1% | 4.3% | 9.5% | 6.7% | 14.8% | |
| Latest Twelve Months | 19.8% | 12.1% | 4.3% | 9.5% | 6.7% | 14.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.28x | 1.29x | 1.22x | 1.31x | 1.39x | 1.79x | |
| EV / LTM EBITDA | 10.7x | 8.0x | 17.1x | 13.5x | 16.7x | 8.3x | |
| EV / LTM EBIT | 11.5x | 10.6x | 28.7x | 13.9x | 20.8x | 12.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.6x | 13.9x | 28.7x | ||||
| Historical EV / LTM EBIT | 10.0x | 11.0x | 12.1x | ||||
| Selected EV / LTM EBIT | 10.1x | 10.6x | 11.2x | ||||
| (x) LTM EBIT | 386 | 386 | 386 | ||||
| (=) Implied Enterprise Value | 3,897 | 4,102 | 4,308 | ||||
| (-) Non-shareholder Claims * | (1,532) | (1,532) | (1,532) | ||||
| (=) Equity Value | 2,366 | 2,571 | 2,776 | ||||
| (/) Shares Outstanding | 24.7 | 24.7 | 24.7 | ||||
| Implied Value Range | 95.95 | 104.27 | 112.59 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 95.95 | 104.27 | 112.59 | 128.35 | |||
| Upside / (Downside) | -25.2% | -18.8% | -12.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVPINFRA | CAPACITE | PSPPROJECT | GANESHIN | AHLUCONT | CHAVDA | |
| Enterprise Value | 6,554 | 30,144 | 31,466 | 7,262 | 60,219 | 4,696 | |
| (+) Cash & Short Term Investments | 279 | 673 | 2,078 | 462 | 9,644 | 89 | |
| (+) Investments & Other | 0 | 288 | 7 | 0 | 412 | 0 | |
| (-) Debt | (1,727) | (4,256) | (2,715) | (379) | (761) | (1,621) | |
| (-) Other Liabilities | (6) | (13) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,101 | 26,836 | 30,835 | 7,346 | 69,513 | 3,165 | |
| (/) Shares Outstanding | 25.0 | 84.6 | 39.6 | 42.7 | 67.0 | 24.7 | |
| Implied Stock Price | 204.20 | 317.20 | 777.85 | 171.95 | 1,037.70 | 128.35 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 204.20 | 317.20 | 777.85 | 171.95 | 1,037.70 | 128.35 | |
| 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 | |