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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 62.2x - 68.7x | 65.4x |
| Selected Fwd EBIT Multiple | 38.6x - 42.7x | 40.7x |
| Fair Value | ₹920.19 - ₹1,016 | ₹968.31 |
| Upside | -14.3% - -5.4% | -9.8% |
| Benchmarks | Ticker | Full Ticker |
| Sigma Solve Limited | SIGMA | NSEI:SIGMA |
| Ksolves India Limited | KSOLVES | NSEI:KSOLVES |
| Fidel Softech Limited | FIDEL | NSEI:FIDEL |
| Sofcom Systems Limited | 538923 | BSE:538923 |
| Sahana System Limited | SAHANA | NSEI:SAHANA |
| Kody Technolab Limited | KODYTECH | NSEI:KODYTECH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SIGMA | KSOLVES | FIDEL | 538923 | SAHANA | KODYTECH | ||
| NSEI:SIGMA | NSEI:KSOLVES | NSEI:FIDEL | BSE:538923 | NSEI:SAHANA | NSEI:KODYTECH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 128.0% | NM- | 30.9% | NM- | NM- | NM- | |
| 3Y CAGR | 46.0% | 55.8% | 17.2% | NM- | 205.5% | NM- | |
| Latest Twelve Months | -7.3% | 20.6% | 46.5% | -29.3% | NM | 178.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 36.1% | 40.1% | 20.7% | 45.6% | 28.9% | 31.0% | |
| Prior Fiscal Year | 39.9% | 41.5% | 19.6% | 59.0% | 39.4% | 39.9% | |
| Latest Fiscal Year | 33.8% | 42.3% | 19.8% | 65.9% | 33.3% | 31.5% | |
| Latest Twelve Months | 30.1% | 37.8% | 19.9% | 2.8% | 37.3% | 34.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.10x | 7.80x | 3.14x | 29.39x | 12.52x | 23.88x | |
| EV / LTM EBITDA | 12.6x | 20.2x | 15.6x | 1053.5x | 33.2x | 66.9x | |
| EV / LTM EBIT | 13.6x | 20.6x | 15.7x | 1061.2x | 33.5x | 68.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.6x | 20.6x | 1061.2x | ||||
| Historical EV / LTM EBIT | 84.3x | 84.3x | 84.3x | ||||
| Selected EV / LTM EBIT | 62.2x | 65.4x | 68.7x | ||||
| (x) LTM EBIT | 197 | 197 | 197 | ||||
| (=) Implied Enterprise Value | 12,227 | 12,870 | 13,514 | ||||
| (-) Non-shareholder Claims * | 76 | 76 | 76 | ||||
| (=) Equity Value | 12,303 | 12,947 | 13,590 | ||||
| (/) Shares Outstanding | 12.7 | 12.7 | 12.7 | ||||
| Implied Value Range | 965.15 | 1,015.63 | 1,066.12 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 965.15 | 1,015.63 | 1,066.12 | 1,074.00 | |||
| Upside / (Downside) | -10.1% | -5.4% | -0.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SIGMA | KSOLVES | FIDEL | 538923 | SAHANA | KODYTECH | |
| Enterprise Value | 3,394 | 10,523 | 1,582 | 2,136 | 11,844 | 13,614 | |
| (+) Cash & Short Term Investments | 53 | 156 | 240 | 1 | 155 | 87 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 88 | 100 | |
| (-) Debt | (41) | 0 | 0 | (3) | (60) | (110) | |
| (-) 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 | 3,406 | 10,679 | 1,822 | 2,134 | 12,027 | 13,691 | |
| (/) Shares Outstanding | 10.3 | 23.7 | 13.8 | 24.2 | 8.0 | 12.7 | |
| Implied Stock Price | 331.42 | 450.35 | 132.50 | 88.15 | 1,504.05 | 1,074.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 331.42 | 450.35 | 132.50 | 88.15 | 1,504.05 | 1,074.00 | |
| 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 | |