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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 23.2x - 25.7x | 24.4x |
| Selected Fwd EBITDA Multiple | 8.9x - 9.9x | 9.4x |
| Fair Value | ₹387.41 - ₹432.94 | ₹410.18 |
| Upside | 54.7% - 72.9% | 63.8% |
| Benchmarks | Ticker | Full Ticker |
| Thermax Limited | 500411 | BSE:500411 |
| BEW Engineering Limited | BEWLTD | NSEI:BEWLTD |
| Standard Glass Lining Technology Limited | 544333 | BSE:544333 |
| GMM Pfaudler Limited | 505255 | BSE:505255 |
| The Anup Engineering Limited | 542460 | BSE:542460 |
| HLE Glascoat Limited | HLEGLAS | NSEI:HLEGLAS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 500411 | BEWLTD | 544333 | 505255 | 542460 | HLEGLAS | ||
| BSE:500411 | NSEI:BEWLTD | BSE:544333 | BSE:505255 | BSE:542460 | NSEI:HLEGLAS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.5% | 38.6% | NM- | 42.0% | 14.6% | 20.0% | |
| 3Y CAGR | 34.1% | 42.8% | NM- | 50.3% | 22.3% | 6.4% | |
| Latest Twelve Months | 24.4% | 72.2% | NM | -21.6% | 28.4% | -3.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.4% | 14.5% | 16.6% | 13.8% | 23.4% | 15.7% | |
| Prior Fiscal Year | 7.6% | 13.8% | 16.4% | 12.6% | 20.1% | 14.7% | |
| Latest Fiscal Year | 8.9% | 19.8% | 16.7% | 12.6% | 23.0% | 11.9% | |
| Latest Twelve Months | 9.0% | 24.8% | 17.4% | 10.9% | 22.6% | 12.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.92x | 1.81x | 4.59x | 1.66x | 10.47x | 2.04x | |
| EV / LTM EBITDA | 43.4x | 7.3x | 26.4x | 15.3x | 46.4x | 16.9x | |
| EV / LTM EBIT | 51.0x | 7.6x | 28.2x | 23.0x | 53.8x | 21.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.3x | 26.4x | 46.4x | ||||
| Historical EV / LTM EBITDA | 15.2x | 29.2x | 72.5x | ||||
| Selected EV / LTM EBITDA | 23.2x | 24.4x | 25.7x | ||||
| (x) LTM EBITDA | 1,207 | 1,207 | 1,207 | ||||
| (=) Implied Enterprise Value | 28,013 | 29,488 | 30,962 | ||||
| (-) Non-shareholder Claims * | (3,081) | (3,081) | (3,081) | ||||
| (=) Equity Value | 24,933 | 26,407 | 27,882 | ||||
| (/) Shares Outstanding | 68.3 | 68.3 | 68.3 | ||||
| Implied Value Range | 365.23 | 386.83 | 408.43 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 365.23 | 386.83 | 408.43 | 250.39 | |||
| Upside / (Downside) | 45.9% | 54.5% | 63.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 500411 | BEWLTD | 544333 | 505255 | 542460 | HLEGLAS | |
| Enterprise Value | 396,837 | 1,909 | 29,821 | 50,875 | 69,506 | 20,174 | |
| (+) Cash & Short Term Investments | 29,433 | 14 | 1,243 | 4,015 | 315 | 499 | |
| (+) Investments & Other | 0 | 81 | 0 | 0 | 0 | 0 | |
| (-) Debt | (14,754) | (485) | (1,738) | (9,361) | (188) | (3,579) | |
| (-) 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 | 411,516 | 1,519 | 29,325 | 45,528 | 69,633 | 17,093 | |
| (/) Shares Outstanding | 112.6 | 10.3 | 199.5 | 45.0 | 20.0 | 68.3 | |
| Implied Stock Price | 3,654.00 | 147.15 | 147.00 | 1,012.70 | 3,477.05 | 250.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,654.00 | 147.15 | 147.00 | 1,012.70 | 3,477.05 | 250.39 | |
| 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 | |