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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 27.8x - 30.7x | 29.3x |
| Selected Fwd EBIT Multiple | 9.8x - 10.8x | 10.3x |
| Fair Value | ₹239.21 - ₹265.03 | ₹252.12 |
| Upside | -8.5% - 1.4% | -3.6% |
| Benchmarks | Ticker | Full Ticker |
| Ambuja Cements Limited | AMBUJACEM | NSEI:AMBUJACEM |
| Ramco Industries Limited | RAMCOIND | NSEI:RAMCOIND |
| Shree Digvijay Cement Company Limited | SHREDIGCEM | NSEI:SHREDIGCEM |
| Deccan Cements Limited | DECCANCE | NSEI:DECCANCE |
| Kakatiya Cement Sugar and Industries Limited | KAKATCEM | NSEI:KAKATCEM |
| IFGL Refractories Limited | IFGLEXPOR | NSEI:IFGLEXPOR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AMBUJACEM | RAMCOIND | SHREDIGCEM | DECCANCE | KAKATCEM | IFGLEXPOR | ||
| NSEI:AMBUJACEM | NSEI:RAMCOIND | NSEI:SHREDIGCEM | NSEI:DECCANCE | NSEI:KAKATCEM | NSEI:IFGLEXPOR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -1.8% | 14.5% | -18.4% | -34.0% | NM- | -4.5% | |
| 3Y CAGR | 10.6% | -12.8% | -31.6% | -62.3% | NM- | -22.1% | |
| Latest Twelve Months | -27.4% | 15.4% | -75.3% | -89.3% | -166.5% | -52.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.0% | 10.6% | 12.2% | 11.8% | -2.2% | 8.7% | |
| Prior Fiscal Year | 14.5% | 8.2% | 14.0% | 8.5% | -5.8% | 7.1% | |
| Latest Fiscal Year | 10.0% | 8.6% | 3.8% | 1.4% | -26.8% | 3.4% | |
| Latest Twelve Months | 10.0% | 8.6% | 3.8% | 1.4% | -26.8% | 3.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.45x | 1.62x | 1.93x | 3.88x | 1.06x | 1.19x | |
| EV / LTM EBITDA | 27.2x | 15.0x | 24.4x | 57.8x | -4.4x | 15.3x | |
| EV / LTM EBIT | 44.5x | 18.7x | 50.9x | 280.3x | -3.9x | 35.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.9x | 44.5x | 280.3x | ||||
| Historical EV / LTM EBIT | 5.9x | 8.7x | 35.3x | ||||
| Selected EV / LTM EBIT | 27.8x | 29.3x | 30.7x | ||||
| (x) LTM EBIT | 559 | 559 | 559 | ||||
| (=) Implied Enterprise Value | 15,531 | 16,349 | 17,166 | ||||
| (-) Non-shareholder Claims * | (439) | (439) | (439) | ||||
| (=) Equity Value | 15,092 | 15,910 | 16,727 | ||||
| (/) Shares Outstanding | 72.1 | 72.1 | 72.1 | ||||
| Implied Value Range | 209.39 | 220.73 | 232.07 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 209.39 | 220.73 | 232.07 | 261.45 | |||
| Upside / (Downside) | -19.9% | -15.6% | -11.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AMBUJACEM | RAMCOIND | SHREDIGCEM | DECCANCE | KAKATCEM | IFGLEXPOR | |
| Enterprise Value | 1,560,021 | (6,758) | 13,979 | 20,613 | 933 | 19,284 | |
| (+) Cash & Short Term Investments | 78,146 | 1,014 | 503 | 1,444 | 597 | 1,581 | |
| (+) Investments & Other | 1,521 | 33,402 | 33 | 2 | 0 | 113 | |
| (-) Debt | (7,885) | (2,578) | (1,107) | (7,141) | (184) | (2,133) | |
| (-) Other Liabilities | (103,682) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,528,122 | 25,079 | 13,407 | 14,917 | 1,346 | 18,845 | |
| (/) Shares Outstanding | 2,463.1 | 86.8 | 147.9 | 14.0 | 7.8 | 72.1 | |
| Implied Stock Price | 620.40 | 288.90 | 90.67 | 1,064.90 | 173.14 | 261.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 620.40 | 288.90 | 90.67 | 1,064.90 | 173.14 | 261.45 | |
| 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 | |