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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.0x - 16.6x | 15.8x |
| Selected Fwd EBITDA Multiple | 16.0x - 17.6x | 16.8x |
| Fair Value | ₹949.50 - ₹1,056 | ₹1,003 |
| Upside | -8.1% - 2.2% | -3.0% |
| Benchmarks | Ticker | Full Ticker |
| Ador Welding Limited | 517041 | BSE:517041 |
| Lokesh Machines Limited | 532740 | BSE:532740 |
| AIA Engineering Limited | 532683 | BSE:532683 |
| Thermax Limited | 500411 | BSE:500411 |
| DEE Development Engineers Limited | 544198 | BSE:544198 |
| Isgec Heavy Engineering Limited | ISGEC | NSEI:ISGEC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 517041 | 532740 | 532683 | 500411 | 544198 | ISGEC | ||
| BSE:517041 | BSE:532740 | BSE:532683 | BSE:500411 | BSE:544198 | NSEI:ISGEC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.3% | 5.1% | 15.1% | 12.5% | NM- | 13.4% | |
| 3Y CAGR | 56.9% | 16.9% | 26.9% | 34.1% | 15.0% | 4.5% | |
| Latest Twelve Months | -19.3% | -17.0% | -14.5% | 24.4% | NM | -7.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.0% | 12.9% | 24.0% | 7.4% | 12.6% | 7.0% | |
| Prior Fiscal Year | 11.6% | 11.9% | 25.2% | 7.6% | 11.4% | 7.4% | |
| Latest Fiscal Year | 10.6% | 13.7% | 27.4% | 8.9% | 11.8% | 8.2% | |
| Latest Twelve Months | 8.5% | 11.4% | 26.8% | 9.0% | 10.3% | 7.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.61x | 1.56x | 6.17x | 3.31x | 2.39x | 1.24x | |
| EV / LTM EBITDA | 18.9x | 13.7x | 23.0x | 36.6x | 23.1x | 16.1x | |
| EV / LTM EBIT | 22.7x | 20.6x | 25.2x | 43.0x | 45.8x | 19.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 13.7x | 23.0x | 36.6x | ||||
| Historical EV / LTM EBITDA | 6.7x | 11.4x | 14.7x | ||||
| Selected EV / LTM EBITDA | 15.0x | 15.8x | 16.6x | ||||
| (x) LTM EBITDA | 5,042 | 5,042 | 5,042 | ||||
| (=) Implied Enterprise Value | 75,737 | 79,723 | 83,709 | ||||
| (-) Non-shareholder Claims * | (4,458) | (4,458) | (4,458) | ||||
| (=) Equity Value | 71,278 | 75,264 | 79,251 | ||||
| (/) Shares Outstanding | 73.5 | 73.5 | 73.5 | ||||
| Implied Value Range | 969.38 | 1,023.60 | 1,077.81 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 969.38 | 1,023.60 | 1,077.81 | 1,033.20 | |||
| Upside / (Downside) | -6.2% | -0.9% | 4.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 517041 | 532740 | 532683 | 500411 | 544198 | ISGEC | |
| Enterprise Value | 14,860 | 4,211 | 264,126 | 332,756 | 18,798 | 80,429 | |
| (+) Cash & Short Term Investments | 702 | 88 | 33,086 | 29,433 | 694 | 2,748 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (398) | (1,308) | (1,261) | (14,754) | (3,727) | (7,207) | |
| (-) 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 | 15,165 | 2,991 | 295,952 | 347,435 | 15,765 | 75,971 | |
| (/) Shares Outstanding | 17.4 | 19.2 | 93.3 | 112.6 | 69.1 | 73.5 | |
| Implied Stock Price | 871.40 | 156.00 | 3,171.35 | 3,085.00 | 228.30 | 1,033.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 871.40 | 156.00 | 3,171.35 | 3,085.00 | 228.30 | 1,033.20 | |
| 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 | |