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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 53.7x - 59.4x | 56.5x |
| Selected Fwd P/E Multiple | -36.4x - -40.2x | -38.3x |
| Fair Value | ₹9.07 - ₹10.02 | ₹9.54 |
| Upside | -31.9% - -24.7% | -28.3% |
| Benchmarks | - | Full Ticker |
| CESC Limited | - | NSEI:CESC |
| Adani Energy Solutions Limited | - | NSEI:ADANIENSOL |
| The Tata Power Company Limited | - | NSEI:TATAPOWER |
| Torrent Power Limited | - | NSEI:TORNTPOWER |
| Indigrid Infrastructure Trust | - | NSEI:INDIGRID |
| India Power Corporation Limited | - | NSEI:DPSCLTD |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| CESC | ADANIENSOL | TATAPOWER | TORNTPOWER | INDIGRID | DPSCLTD | |||
| NSEI:CESC | NSEI:ADANIENSOL | NSEI:TATAPOWER | NSEI:TORNTPOWER | NSEI:INDIGRID | NSEI:DPSCLTD | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 1.6% | 24.2% | 25.9% | 20.5% | -4.7% | -9.6% | ||
| 3Y CAGR | 0.3% | 2.7% | 22.1% | 87.4% | 4.6% | -13.1% | ||
| Latest Twelve Months | -0.5% | -6.8% | 7.4% | 63.0% | 39.6% | 3.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.5% | 8.1% | 6.0% | 7.6% | 17.3% | 3.0% | ||
| Prior Fiscal Year | 9.0% | 6.8% | 6.0% | 6.7% | 9.6% | 2.5% | ||
| Latest Fiscal Year | 8.1% | 4.5% | 6.1% | 10.2% | 11.7% | 2.6% | ||
| Latest Twelve Months | 8.1% | 4.5% | 6.1% | 10.2% | 11.7% | 2.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 12.9x | 16.6x | 12.1x | 14.8x | 10.0x | 38.1x | ||
| Price / LTM Sales | 1.3x | 4.4x | 1.9x | 2.4x | 3.6x | 2.0x | ||
| LTM P/E Ratio | 16.2x | 98.6x | 31.9x | 23.5x | 30.7x | 78.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 16.2x | 30.7x | 98.6x | |||||
| Historical LTM P/E Ratio | 30.6x | 53.1x | 131.8x | |||||
| Selected P/E Multiple | 53.7x | 56.5x | 59.4x | |||||
| (x) LTM Net Income | 165 | 165 | 165 | |||||
| (=) Equity Value | 8,842 | 9,308 | 9,773 | |||||
| (/) Shares Outstanding | 973.8 | 973.8 | 973.8 | |||||
| Implied Value Range | 9.08 | 9.56 | 10.04 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 9.08 | 9.56 | 10.04 | 13.31 | ||||
| Upside / (Downside) | -31.8% | -28.2% | -24.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CESC | ADANIENSOL | TATAPOWER | TORNTPOWER | INDIGRID | DPSCLTD | |
| Value of Common Equity | 221,410 | 1,043,915 | 1,266,473 | 703,550 | 122,338 | 12,961 | |
| (/) Shares Outstanding | 1,325.6 | 1,201.3 | 3,195.3 | 503.9 | 834.6 | 973.8 | |
| Implied Stock Price | 167.03 | 869.00 | 396.35 | 1,396.20 | 146.59 | 13.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 167.03 | 869.00 | 396.35 | 1,396.20 | 146.59 | 13.31 | |
| 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 | |