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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 47.7x - 52.7x | 50.2x |
| Selected Fwd EBIT Multiple | 33.4x - 36.9x | 35.2x |
| Fair Value | ₹1,919 - ₹2,119 | ₹2,019 |
| Upside | -30.4% - -23.1% | -26.7% |
| Benchmarks | Ticker | Full Ticker |
| Transformers and Rectifiers (India) Limited | 532928 | BSE:532928 |
| Hitachi Energy India Limited | 543187 | BSE:543187 |
| Voltamp Transformers Limited | 532757 | BSE:532757 |
| Bharat Heavy Electricals Limited | 500103 | BSE:500103 |
| Quality Power Electrical Equipments Limited | 544367 | BSE:544367 |
| GE Vernova T&D India Limited | GVT&D | NSEI:GVT&D |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 532928 | 543187 | 532757 | 500103 | 544367 | GVT&D | ||
| BSE:532928 | BSE:543187 | BSE:532757 | BSE:500103 | BSE:544367 | NSEI:GVT&D | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 56.5% | 23.7% | 27.8% | NM- | NM- | NM- | |
| 3Y CAGR | 73.7% | 45.8% | 39.6% | 33.8% | 41.8% | NM- | |
| Latest Twelve Months | 135.9% | 122.5% | 3.5% | 60.9% | NM | 130.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.9% | 5.0% | 14.8% | -3.8% | 15.3% | 4.8% | |
| Prior Fiscal Year | 8.4% | 5.0% | 19.4% | 1.2% | 11.5% | 9.0% | |
| Latest Fiscal Year | 14.9% | 7.9% | 18.4% | 3.0% | 18.0% | 18.2% | |
| Latest Twelve Months | 15.5% | 9.3% | 18.3% | 1.6% | 14.6% | 21.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.85x | 12.98x | 4.22x | 2.73x | 13.37x | 15.11x | |
| EV / LTM EBITDA | 41.2x | 124.1x | 22.3x | 115.4x | 85.3x | 68.6x | |
| EV / LTM EBIT | 44.1x | 139.3x | 23.1x | 168.1x | 91.9x | 72.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 23.1x | 91.9x | 168.1x | ||||
| Historical EV / LTM EBIT | -34.8x | 46.5x | 96.4x | ||||
| Selected EV / LTM EBIT | 47.7x | 50.2x | 52.7x | ||||
| (x) LTM EBIT | 9,777 | 9,777 | 9,777 | ||||
| (=) Implied Enterprise Value | 466,185 | 490,721 | 515,257 | ||||
| (-) Non-shareholder Claims * | 4,383 | 4,383 | 4,383 | ||||
| (=) Equity Value | 470,568 | 495,104 | 519,640 | ||||
| (/) Shares Outstanding | 256.0 | 256.0 | 256.0 | ||||
| Implied Value Range | 1,837.82 | 1,933.65 | 2,029.47 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,837.82 | 1,933.65 | 2,029.47 | 2,756.10 | |||
| Upside / (Downside) | -33.3% | -29.8% | -26.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 532928 | 543187 | 532757 | 500103 | 544367 | GVT&D | |
| Enterprise Value | 152,357 | 829,994 | 80,179 | 773,266 | 61,349 | 701,307 | |
| (+) Cash & Short Term Investments | 2,445 | 38,066 | 1,624 | 70,573 | 2,441 | 4,728 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,828) | (885) | (21) | (90,146) | (89) | (346) | |
| (-) 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 | 151,974 | 867,175 | 81,781 | 753,693 | 63,702 | 705,690 | |
| (/) Shares Outstanding | 300.2 | 44.6 | 10.1 | 3,482.1 | 77.4 | 256.0 | |
| Implied Stock Price | 506.30 | 19,455.45 | 8,083.45 | 216.45 | 822.55 | 2,756.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 506.30 | 19,455.45 | 8,083.45 | 216.45 | 822.55 | 2,756.10 | |
| 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 | |