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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 25.2x - 27.9x | 26.6x |
| Selected Fwd EBIT Multiple | 17.4x - 19.3x | 18.4x |
| Fair Value | ₹804.12 - ₹875.08 | ₹839.60 |
| Upside | 17.1% - 27.5% | 22.3% |
| Benchmarks | Ticker | Full Ticker |
| Kirloskar Electric Company Limited | 533193 | BSE:533193 |
| Diamond Power Infrastructure Limited | 522163 | BSE:522163 |
| Modern Insulators Limited | 515008 | BSE:515008 |
| Marco Cables & Conductors Limited | MARCO | NSEI:MARCO |
| Schneider Electric Infrastructure Limited | 534139 | BSE:534139 |
| De Nora India Limited | DENORA | NSEI:DENORA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 533193 | 522163 | 515008 | MARCO | 534139 | DENORA | ||
| BSE:533193 | BSE:522163 | BSE:515008 | NSEI:MARCO | BSE:534139 | NSEI:DENORA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -0.3% | NM- | 92.2% | NM- | |
| 3Y CAGR | NM- | NM- | -1.9% | 28.4% | 83.2% | 48.6% | |
| Latest Twelve Months | -40.1% | 1922.9% | 9.2% | 27.2% | 30.4% | -56.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.4% | -6502.3% | 5.0% | 13.2% | 6.8% | 23.4% | |
| Prior Fiscal Year | 10.0% | -274.9% | 3.9% | 15.0% | 8.6% | 33.4% | |
| Latest Fiscal Year | 6.3% | 6.8% | 6.1% | 13.9% | 12.5% | 28.4% | |
| Latest Twelve Months | 3.9% | 5.6% | 5.4% | 12.7% | 13.7% | 20.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.61x | 7.73x | 0.86x | 1.07x | 6.49x | 4.50x | |
| EV / LTM EBITDA | 33.9x | 100.4x | 12.0x | 8.1x | 44.6x | 20.2x | |
| EV / LTM EBIT | 41.0x | 138.7x | 15.9x | 8.5x | 47.2x | 22.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.5x | 41.0x | 138.7x | ||||
| Historical EV / LTM EBIT | 13.8x | 18.7x | 32.3x | ||||
| Selected EV / LTM EBIT | 25.2x | 26.6x | 27.9x | ||||
| (x) LTM EBIT | 133 | 133 | 133 | ||||
| (=) Implied Enterprise Value | 3,350 | 3,526 | 3,703 | ||||
| (-) Non-shareholder Claims * | 690 | 690 | 690 | ||||
| (=) Equity Value | 4,040 | 4,216 | 4,392 | ||||
| (/) Shares Outstanding | 5.3 | 5.3 | 5.3 | ||||
| Implied Value Range | 761.00 | 794.21 | 827.42 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 761.00 | 794.21 | 827.42 | 686.40 | |||
| Upside / (Downside) | 10.9% | 15.7% | 20.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 533193 | 522163 | 515008 | MARCO | 534139 | DENORA | |
| Enterprise Value | 9,390 | 70,777 | 4,165 | 1,070 | 163,820 | 2,954 | |
| (+) Cash & Short Term Investments | 248 | 395 | 523 | 34 | 1,395 | 690 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,127) | (23,787) | (69) | (422) | (5,136) | 0 | |
| (-) 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 | 8,511 | 47,385 | 4,619 | 683 | 160,080 | 3,644 | |
| (/) Shares Outstanding | 66.4 | 527.0 | 47.1 | 18.7 | 239.1 | 5.3 | |
| Implied Stock Price | 128.15 | 89.92 | 97.98 | 36.50 | 669.50 | 686.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 128.15 | 89.92 | 97.98 | 36.50 | 669.50 | 686.40 | |
| 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 | |