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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 19.9x - 22.0x | 21.0x |
| Selected Fwd EBITDA Multiple | 15.7x - 17.3x | 16.5x |
| Fair Value | ₹698.64 - ₹769.73 | ₹734.18 |
| Upside | -0.5% - 9.6% | 4.5% |
| Benchmarks | Ticker | Full Ticker |
| Coforge Limited | COFORGE | NSEI:COFORGE |
| Mphasis Limited | MPHASIS | NSEI:MPHASIS |
| Persistent Systems Limited | PERSISTENT | NSEI:PERSISTENT |
| Cigniti Technologies Limited | CIGNITITEC | NSEI:CIGNITITEC |
| LTIMindtree Limited | LTIM | NSEI:LTIM |
| Hexaware Technologies Limited | HEXT | NSEI:HEXT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| COFORGE | MPHASIS | PERSISTENT | CIGNITITEC | LTIM | HEXT | ||
| NSEI:COFORGE | NSEI:MPHASIS | NSEI:PERSISTENT | NSEI:CIGNITITEC | NSEI:LTIM | NSEI:HEXT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.2% | 9.5% | 23.9% | 6.4% | 26.7% | 18.0% | |
| 3Y CAGR | 22.5% | 7.8% | 35.2% | 15.5% | 32.8% | 22.5% | |
| Latest Twelve Months | 8.6% | 0.7% | 12.9% | -15.1% | -4.6% | 33.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.0% | 16.5% | 15.9% | 12.8% | 18.0% | 14.9% | |
| Prior Fiscal Year | 14.9% | 16.3% | 17.6% | 13.9% | 17.3% | 14.4% | |
| Latest Fiscal Year | 14.1% | 15.4% | 16.4% | 11.6% | 16.8% | 16.7% | |
| Latest Twelve Months | 11.8% | 15.9% | 15.4% | 11.2% | 16.0% | 16.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.79x | 3.23x | 6.79x | 1.77x | 3.25x | 3.45x | |
| EV / LTM EBITDA | 40.7x | 20.4x | 44.1x | 15.8x | 20.4x | 20.7x | |
| EV / LTM EBIT | 47.1x | 23.1x | 49.6x | 17.5x | 22.1x | 24.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 15.8x | 20.4x | 44.1x | ||||
| Historical EV / LTM EBITDA | 20.7x | 24.7x | 28.8x | ||||
| Selected EV / LTM EBITDA | 19.9x | 21.0x | 22.0x | ||||
| (x) LTM EBITDA | 19,947 | 19,947 | 19,947 | ||||
| (=) Implied Enterprise Value | 397,775 | 418,711 | 439,646 | ||||
| (-) Non-shareholder Claims * | 14,157 | 14,157 | 14,157 | ||||
| (=) Equity Value | 411,932 | 432,868 | 453,803 | ||||
| (/) Shares Outstanding | 607.7 | 607.7 | 607.7 | ||||
| Implied Value Range | 677.86 | 712.31 | 746.76 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 677.86 | 712.31 | 746.76 | 702.40 | |||
| Upside / (Downside) | -3.5% | 1.4% | 6.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | COFORGE | MPHASIS | PERSISTENT | CIGNITITEC | LTIM | HEXT | |
| Enterprise Value | 511,947 | 453,309 | 777,850 | 34,629 | 1,229,999 | 412,688 | |
| (+) Cash & Short Term Investments | 17,729 | 32,375 | 10,698 | 4,202 | 104,175 | 19,872 | |
| (+) Investments & Other | 0 | 2,452 | 6,903 | 0 | 21,566 | 4 | |
| (-) Debt | (10,637) | (17,792) | (4,739) | (266) | (22,357) | (5,742) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (128) | 23 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 519,039 | 470,344 | 790,712 | 38,564 | 1,333,255 | 426,845 | |
| (/) Shares Outstanding | 66.9 | 190.1 | 148.7 | 27.3 | 296.3 | 607.7 | |
| Implied Stock Price | 7,761.55 | 2,474.40 | 5,317.50 | 1,412.60 | 4,499.90 | 702.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,761.55 | 2,474.40 | 5,317.50 | 1,412.60 | 4,499.90 | 702.40 | |
| 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 | |