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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.4x - 1.6x | 1.5x |
| Selected Fwd Revenue Multiple | 0.8x - 0.9x | 0.8x |
| Fair Value | ₹498.48 - ₹562.29 | ₹530.39 |
| Upside | 49.5% - 68.7% | 59.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Vibhor Steel Tubes Limited | VSTL | NSEI:VSTL |
| Jindal Steel & Power Limited | JINDALSTEL | NSEI:JINDALSTEL |
| APL Apollo Tubes Limited | APLAPOLLO | NSEI:APLAPOLLO |
| JTL Industries Limited | JTLIND | NSEI:JTLIND |
| Hi-Tech Pipes Limited | HITECH | NSEI:HITECH |
| Hariom Pipe Industries Limited | HARIOMPIPE | NSEI:HARIOMPIPE |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| VSTL | JINDALSTEL | APLAPOLLO | JTLIND | HITECH | HARIOMPIPE | |||
| NSEI:VSTL | NSEI:JINDALSTEL | NSEI:APLAPOLLO | NSEI:JTLIND | NSEI:HITECH | NSEI:HARIOMPIPE | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 12.3% | 4.9% | 20.4% | 44.7% | 14.7% | 53.9% | ||
| 3Y CAGR | 28.1% | 13.1% | 28.7% | 67.3% | 26.3% | 65.6% | ||
| Latest Twelve Months | NM | -0.3% | 12.2% | -6.6% | 10.8% | 20.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 3.3% | 18.9% | 5.8% | 7.2% | 4.3% | 10.4% | ||
| Prior Fiscal Year | 3.5% | 13.5% | 5.5% | 8.1% | 3.7% | 11.3% | ||
| Latest Fiscal Year | 3.8% | 14.7% | 5.6% | 7.2% | 3.7% | 9.1% | ||
| Latest Twelve Months | 2.8% | 13.2% | 4.4% | 7.0% | 4.6% | 9.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.40x | 2.13x | 2.13x | 1.49x | 0.80x | 1.06x | ||
| EV / LTM EBIT | 14.2x | 16.2x | 48.3x | 21.4x | 17.5x | 11.2x | ||
| Price / LTM Sales | 0.28x | 1.86x | 2.12x | 1.56x | 0.69x | 0.80x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.40x | 1.49x | 2.13x | |||||
| Historical EV / LTM Revenue | 1.60x | 2.05x | 2.50x | |||||
| Selected EV / LTM Revenue | 1.45x | 1.52x | 1.60x | |||||
| (x) LTM Revenue | 12,883 | 12,883 | 12,883 | |||||
| (=) Implied Enterprise Value | 18,619 | 19,599 | 20,579 | |||||
| (-) Non-shareholder Claims * | (3,334) | (3,334) | (3,334) | |||||
| (=) Equity Value | 15,285 | 16,265 | 17,245 | |||||
| (/) Shares Outstanding | 31.0 | 31.0 | 31.0 | |||||
| Implied Value Range | 493.58 | 525.23 | 556.87 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 493.58 | 525.23 | 556.87 | 333.35 | ||||
| Upside / (Downside) | 48.1% | 57.6% | 67.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSTL | JINDALSTEL | APLAPOLLO | JTLIND | HITECH | HARIOMPIPE | |
| Enterprise Value | 4,002 | 1,060,946 | 425,634 | 28,578 | 24,109 | 13,657 | |
| (+) Cash & Short Term Investments | 154 | 42,345 | 7,887 | 1,745 | 345 | 24 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,354) | (172,665) | (10,226) | (457) | (3,635) | (3,358) | |
| (-) 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 | 2,801 | 930,626 | 423,294 | 29,866 | 20,819 | 10,323 | |
| (/) Shares Outstanding | 19.0 | 1,020.1 | 277.5 | 393.1 | 203.1 | 31.0 | |
| Implied Stock Price | 147.73 | 912.30 | 1,525.25 | 75.98 | 102.50 | 333.35 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 147.73 | 912.30 | 1,525.25 | 75.98 | 102.50 | 333.35 | |
| 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 | |