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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.7x - 14.1x | 13.4x |
| Selected Fwd EBIT Multiple | 11.5x - 12.7x | 12.1x |
| Fair Value | ₹401.16 - ₹440.45 | ₹420.80 |
| Upside | -11.9% - -3.3% | -7.6% |
| Benchmarks | Ticker | Full Ticker |
| SIS Limited | SIS | NSEI:SIS |
| Radiant Cash Management Services Limited | RADIANTCMS | NSEI:RADIANTCMS |
| Sohgo Security Services Co.,Ltd. | 2331 | TSE:2331 |
| Indian Railway Catering & Tourism Corporation Limited | IRCTC | NSEI:IRCTC |
| Prosegur Compañía de Seguridad, S.A. | PRHA | DB:PRHA |
| CMS Info Systems Limited | CMSINFO | NSEI:CMSINFO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SIS | RADIANTCMS | 2331 | IRCTC | PRHA | CMSINFO | ||
| NSEI:SIS | NSEI:RADIANTCMS | TSE:2331 | NSEI:IRCTC | DB:PRHA | NSEI:CMSINFO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.3% | 1.1% | 3.9% | 31.8% | -2.7% | 25.5% | |
| 3Y CAGR | 9.5% | 8.0% | 1.7% | 114.5% | 19.1% | 25.0% | |
| Latest Twelve Months | 5.2% | -4.2% | -1.5% | 6.9% | 18.9% | 4.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.7% | 19.0% | 7.9% | 33.4% | 6.0% | 19.5% | |
| Prior Fiscal Year | 3.4% | 23.3% | 7.5% | 34.5% | 5.8% | 21.3% | |
| Latest Fiscal Year | 3.3% | 14.7% | 7.5% | 33.0% | 6.1% | 19.8% | |
| Latest Twelve Months | 3.3% | 14.6% | 7.1% | 32.2% | 6.1% | 19.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.38x | 1.33x | 0.93x | 12.89x | 0.52x | 2.85x | |
| EV / LTM EBITDA | 8.3x | 8.4x | 8.2x | 39.3x | 5.6x | 12.0x | |
| EV / LTM EBIT | 11.4x | 9.1x | 13.1x | 40.0x | 8.5x | 15.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.5x | 11.4x | 40.0x | ||||
| Historical EV / LTM EBIT | 11.0x | 13.8x | 14.0x | ||||
| Selected EV / LTM EBIT | 12.7x | 13.4x | 14.1x | ||||
| (x) LTM EBIT | 4,617 | 4,617 | 4,617 | ||||
| (=) Implied Enterprise Value | 58,816 | 61,911 | 65,007 | ||||
| (-) Non-shareholder Claims * | 4,593 | 4,593 | 4,593 | ||||
| (=) Equity Value | 63,409 | 66,504 | 69,600 | ||||
| (/) Shares Outstanding | 164.4 | 164.4 | 164.4 | ||||
| Implied Value Range | 385.78 | 404.61 | 423.45 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 385.78 | 404.61 | 423.45 | 455.30 | |||
| Upside / (Downside) | -15.3% | -11.1% | -7.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SIS | RADIANTCMS | 2331 | IRCTC | PRHA | CMSINFO | |
| Enterprise Value | 50,248 | 5,577 | 506,478 | 588,578 | 2,500 | 70,242 | |
| (+) Cash & Short Term Investments | 11,806 | 1,604 | 70,714 | 24,206 | 700 | 6,456 | |
| (+) Investments & Other | 1,394 | 0 | 61,657 | 0 | 474 | 0 | |
| (-) Debt | (16,454) | (460) | (48,931) | (423) | (2,318) | (1,863) | |
| (-) Other Liabilities | 0 | 0 | (36,904) | 0 | (87) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 46,994 | 6,720 | 553,014 | 612,360 | 1,270 | 74,835 | |
| (/) Shares Outstanding | 144.4 | 106.7 | 484.9 | 800.0 | 532.4 | 164.4 | |
| Implied Stock Price | 325.35 | 62.98 | 1,140.50 | 765.45 | 2.39 | 455.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 325.35 | 62.98 | 1,140.50 | 765.45 | 2.39 | 455.30 | |
| Trading Currency | INR | INR | JPY | INR | EUR | INR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |