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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 31.3x - 34.6x | 33.0x |
| Selected Fwd EBIT Multiple | 2.3x - 2.5x | 2.4x |
| Fair Value | ₹78.90 - ₹105.11 | ₹92.01 |
| Upside | -4.0% - 27.9% | 12.0% |
| Benchmarks | Ticker | Full Ticker |
| Dhampur Sugar Mills Limited | DHAMPURSUG | NSEI:DHAMPURSUG |
| The Ugar Sugar Works Limited | UGARSUGAR | NSEI:UGARSUGAR |
| Avadh Sugar & Energy Limited | AVADHSUGAR | NSEI:AVADHSUGAR |
| Indian Sucrose Limited | 500319 | BSE:500319 |
| Dalmia Bharat Sugar and Industries Limited | DALMIASUG | NSEI:DALMIASUG |
| Dhampur Bio Organics Limited | DBOL | NSEI:DBOL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DHAMPURSUG | UGARSUGAR | AVADHSUGAR | 500319 | DALMIASUG | DBOL | ||
| NSEI:DHAMPURSUG | NSEI:UGARSUGAR | NSEI:AVADHSUGAR | BSE:500319 | NSEI:DALMIASUG | NSEI:DBOL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -17.6% | -25.5% | 0.1% | 8.3% | 5.7% | NM- | |
| 3Y CAGR | -23.4% | -47.2% | -4.7% | 6.5% | -0.6% | -19.7% | |
| Latest Twelve Months | -23.2% | -72.7% | -27.1% | -1.6% | 1.9% | -40.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.1% | 6.2% | 8.2% | 10.8% | 11.7% | 6.3% | |
| Prior Fiscal Year | 9.7% | 3.6% | 10.2% | 11.2% | 11.8% | 5.0% | |
| Latest Fiscal Year | 5.6% | 1.0% | 8.3% | 11.6% | 10.1% | 4.4% | |
| Latest Twelve Months | 5.5% | 0.8% | 7.1% | 11.8% | 9.3% | 2.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.85x | 0.85x | 0.85x | 0.45x | 0.99x | 0.86x | |
| EV / LTM EBITDA | 10.3x | 30.2x | 9.1x | 3.3x | 7.8x | 16.7x | |
| EV / LTM EBIT | 15.7x | 101.0x | 11.9x | 3.8x | 10.7x | 33.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.8x | 11.9x | 101.0x | ||||
| Historical EV / LTM EBIT | 6.7x | 7.9x | 16.8x | ||||
| Selected EV / LTM EBIT | 31.3x | 33.0x | 34.6x | ||||
| (x) LTM EBIT | 496 | 496 | 496 | ||||
| (=) Implied Enterprise Value | 15,517 | 16,334 | 17,151 | ||||
| (-) Non-shareholder Claims * | (11,296) | (11,296) | (11,296) | ||||
| (=) Equity Value | 4,221 | 5,038 | 5,855 | ||||
| (/) Shares Outstanding | 66.4 | 66.4 | 66.4 | ||||
| Implied Value Range | 63.59 | 75.89 | 88.19 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 63.59 | 75.89 | 88.19 | 82.18 | |||
| Upside / (Downside) | -22.6% | -7.7% | 7.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DHAMPURSUG | UGARSUGAR | AVADHSUGAR | 500319 | DALMIASUG | DBOL | |
| Enterprise Value | 16,900 | 11,569 | 22,242 | 2,273 | 36,664 | 16,752 | |
| (+) Cash & Short Term Investments | 1,399 | 17 | 35 | 1,454 | 3,539 | 328 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (9,359) | (6,712) | (13,710) | (2,121) | (10,441) | (11,623) | |
| (-) 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 | 8,940 | 4,874 | 8,567 | 1,606 | 29,761 | 5,456 | |
| (/) Shares Outstanding | 64.3 | 112.5 | 20.0 | 17.4 | 80.9 | 66.4 | |
| Implied Stock Price | 139.02 | 43.32 | 427.95 | 92.43 | 367.70 | 82.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 139.02 | 43.32 | 427.95 | 92.43 | 367.70 | 82.18 | |
| 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 | |