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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.3x - 1.4x | 1.3x |
| Selected Fwd Ps Multiple | 1.2x - 1.3x | 1.2x |
| Fair Value | ₹7.77 - ₹8.59 | ₹8.18 |
| Upside | 9.6% - 21.1% | 15.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Bharti Airtel Limited | - | NSEI:BHARTIARTL |
| Tata Teleservices (Maharashtra) Limited | - | NSEI:TTML |
| Sify Technologies Limited | - | NasdaqCM:SIFY |
| RailTel Corporation of India Limited | - | NSEI:RAILTEL |
| Reliance Communications Limited | - | NSEI:RCOM |
| Vodafone Idea Limited | - | NSEI:IDEA |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BHARTIARTL | TTML | SIFY | RAILTEL | RCOM | IDEA | |||
| NSEI:BHARTIARTL | NSEI:TTML | NasdaqCM:SIFY | NSEI:RAILTEL | NSEI:RCOM | NSEI:IDEA | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 13.1% | -1.4% | 10.6% | 20.7% | -38.0% | 2.8% | ||
| 3Y CAGR | 14.0% | 4.4% | 13.6% | 23.1% | -20.7% | 0.5% | ||
| Latest Twelve Months | 9.6% | 15.2% | 14.3% | 23.1% | -9.0% | 1.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -1.0% | -153.3% | 2.9% | 10.7% | -1954.4% | -87.9% | ||
| Prior Fiscal Year | 6.0% | -103.5% | 2.0% | 9.6% | 1.7% | -69.5% | ||
| Latest Fiscal Year | 5.0% | -103.1% | 0.1% | 9.6% | -26.4% | -73.4% | ||
| Latest Twelve Months | 15.1% | -96.6% | -0.5% | 8.8% | -27.7% | -64.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 16.4x | 61.0x | 6.4x | 19.8x | -3430.2x | 24.3x | ||
| Price / LTM Sales | 6.3x | 8.1x | 0.3x | 3.0x | 1.1x | 1.2x | ||
| LTM P/E Ratio | 41.8x | -8.4x | -54.5x | 34.6x | -4.0x | -1.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 3.0x | 8.1x | |||||
| Historical LTM P/S Ratio | 0.2x | 0.7x | 1.6x | |||||
| Selected Price / Sales Multiple | 1.3x | 1.3x | 1.4x | |||||
| (x) LTM Sales | 430,800 | 430,800 | 430,800 | |||||
| (=) Equity Value | 544,156 | 572,796 | 601,436 | |||||
| (/) Shares Outstanding | 71,393.0 | 71,393.0 | 71,393.0 | |||||
| Implied Value Range | 7.62 | 8.02 | 8.42 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 7.62 | 8.02 | 8.42 | 7.09 | ||||
| Upside / (Downside) | 7.5% | 13.2% | 18.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BHARTIARTL | TTML | SIFY | RAILTEL | RCOM | IDEA | |
| Value of Common Equity | 10,449,887 | 107,717 | 10,226 | 91,435 | 4,057 | 506,177 | |
| (/) Shares Outstanding | 6,091.3 | 1,954.9 | 30.6 | 320.9 | 2,723.0 | 71,393.0 | |
| Implied Stock Price | 1,715.55 | 55.10 | 334.66 | 284.90 | 1.49 | 7.09 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 86.25 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,715.55 | 55.10 | 3.88 | 284.90 | 1.49 | 7.09 | |
| Trading Currency | INR | INR | USD | INR | INR | INR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 86.25 | 1.00 | 1.00 | 1.00 | |