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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.3x - 13.6x | 13.0x |
| Selected Fwd EBIT Multiple | 8.5x - 9.4x | 9.0x |
| Fair Value | ₹463.42 - ₹517.76 | ₹490.59 |
| Upside | -16.9% - -7.2% | -12.0% |
| Benchmarks | Ticker | Full Ticker |
| Hisar Metal Industries Limited | HISARMETAL | NSEI:HISARMETAL |
| Jindal Saw Limited | JINDALSAW | NSEI:JINDALSAW |
| Quality Foils (India) Limited | QFIL | NSEI:QFIL |
| Ratnamani Metals & Tubes Limited | RATNAMANI | NSEI:RATNAMANI |
| Kalyani Steels Limited | KSL | NSEI:KSL |
| Jindal Stainless Limited | JSL | NSEI:JSL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HISARMETAL | JINDALSAW | QFIL | RATNAMANI | KSL | JSL | ||
| NSEI:HISARMETAL | NSEI:JINDALSAW | NSEI:QFIL | NSEI:RATNAMANI | NSEI:KSL | NSEI:JSL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.3% | 20.0% | NM- | 18.4% | 12.3% | 34.9% | |
| 3Y CAGR | 3.2% | 53.0% | -1.4% | 32.6% | 12.3% | 52.6% | |
| Latest Twelve Months | -23.7% | 19.9% | -30.0% | -22.4% | -10.6% | -13.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.9% | 8.7% | 2.7% | 14.4% | 15.2% | 8.9% | |
| Prior Fiscal Year | 7.4% | 6.4% | 2.9% | 15.5% | 12.1% | 7.8% | |
| Latest Fiscal Year | 5.8% | 12.5% | 2.6% | 15.8% | 15.8% | 9.4% | |
| Latest Twelve Months | 4.4% | 13.6% | 1.8% | 13.3% | 14.7% | 9.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.70x | 0.95x | 0.44x | 3.86x | 1.66x | 1.29x | |
| EV / LTM EBITDA | 13.1x | 5.8x | 15.3x | 24.9x | 9.0x | 11.2x | |
| EV / LTM EBIT | 15.9x | 7.0x | 24.5x | 28.9x | 11.2x | 14.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.0x | 15.9x | 28.9x | ||||
| Historical EV / LTM EBIT | 5.8x | 9.2x | 15.9x | ||||
| Selected EV / LTM EBIT | 12.3x | 13.0x | 13.6x | ||||
| (x) LTM EBIT | 34,992 | 34,992 | 34,992 | ||||
| (=) Implied Enterprise Value | 431,453 | 454,161 | 476,869 | ||||
| (-) Non-shareholder Claims * | (43,520) | (43,520) | (43,520) | ||||
| (=) Equity Value | 387,933 | 410,641 | 433,349 | ||||
| (/) Shares Outstanding | 823.8 | 823.8 | 823.8 | ||||
| Implied Value Range | 470.92 | 498.49 | 526.06 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 470.92 | 498.49 | 526.06 | 557.80 | |||
| Upside / (Downside) | -15.6% | -10.6% | -5.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HISARMETAL | JINDALSAW | QFIL | RATNAMANI | KSL | JSL | |
| Enterprise Value | 1,733 | 211,678 | 663 | 191,184 | 32,295 | 503,018 | |
| (+) Cash & Short Term Investments | 43 | 7,271 | 12 | 1,383 | 6,641 | 21,211 | |
| (+) Investments & Other | 0 | 0 | 4 | 0 | 0 | 0 | |
| (-) Debt | (685) | (55,259) | (451) | (2,653) | (5,598) | (64,731) | |
| (-) 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 | 1,092 | 163,691 | 228 | 189,914 | 33,338 | 459,499 | |
| (/) Shares Outstanding | 5.4 | 635.8 | 2.9 | 70.1 | 43.8 | 823.8 | |
| Implied Stock Price | 202.14 | 257.45 | 79.95 | 2,709.50 | 761.85 | 557.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 202.14 | 257.45 | 79.95 | 2,709.50 | 761.85 | 557.80 | |
| 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 | |