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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21.1x - 23.3x | 22.2x |
| Selected Fwd EBITDA Multiple | 15.9x - 17.5x | 16.7x |
| Fair Value | ₹758.66 - ₹824.84 | ₹791.75 |
| Upside | 1.6% - 10.4% | 6.0% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 533193 | 522163 | 515008 | MARCO | 534139 | DENORA | ||
| BSE:533193 | BSE:522163 | BSE:515008 | NSEI:MARCO | BSE:534139 | NSEI:DENORA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | -1.0% | NM- | 54.2% | 98.1% | |
| 3Y CAGR | NM- | NM- | -3.0% | 25.7% | 68.5% | 45.3% | |
| Latest Twelve Months | -35.7% | 283.3% | 6.1% | 26.0% | 30.1% | -54.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.0% | -1058.8% | 7.1% | 14.0% | 7.8% | 25.5% | |
| Prior Fiscal Year | 11.0% | -153.0% | 5.9% | 15.8% | 9.5% | 34.7% | |
| Latest Fiscal Year | 7.2% | 12.4% | 8.0% | 14.6% | 13.3% | 29.9% | |
| Latest Twelve Months | 4.7% | 7.7% | 7.2% | 13.2% | 14.5% | 22.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.64x | 7.91x | 0.88x | 1.23x | 6.07x | 5.03x | |
| EV / LTM EBITDA | 34.5x | 102.9x | 12.2x | 9.3x | 41.8x | 22.6x | |
| EV / LTM EBIT | 41.7x | 142.0x | 16.2x | 9.7x | 44.2x | 24.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.3x | 34.5x | 102.9x | ||||
| Historical EV / LTM EBITDA | 10.8x | 18.0x | 26.0x | ||||
| Selected EV / LTM EBITDA | 21.1x | 22.2x | 23.3x | ||||
| (x) LTM EBITDA | 145 | 145 | 145 | ||||
| (=) Implied Enterprise Value | 3,055 | 3,216 | 3,376 | ||||
| (-) Non-shareholder Claims * | 690 | 690 | 690 | ||||
| (=) Equity Value | 3,745 | 3,906 | 4,066 | ||||
| (/) Shares Outstanding | 5.3 | 5.3 | 5.3 | ||||
| Implied Value Range | 705.41 | 735.70 | 765.99 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 705.41 | 735.70 | 765.99 | 746.95 | |||
| Upside / (Downside) | -5.6% | -1.5% | 2.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 533193 | 522163 | 515008 | MARCO | 534139 | DENORA | |
| Enterprise Value | 9,552 | 72,490 | 4,251 | 1,227 | 153,121 | 3,275 | |
| (+) 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 | 8,674 | 49,098 | 4,704 | 840 | 149,380 | 3,965 | |
| (/) Shares Outstanding | 66.4 | 527.0 | 47.1 | 18.7 | 239.1 | 5.3 | |
| Implied Stock Price | 130.60 | 93.17 | 99.79 | 44.90 | 624.75 | 746.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 130.60 | 93.17 | 99.79 | 44.90 | 624.75 | 746.95 | |
| 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 | |