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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 53.1x - 58.7x | 55.9x |
| Selected Fwd EBITDA Multiple | 33.8x - 37.4x | 35.6x |
| Fair Value | ₹821.70 - ₹907.56 | ₹864.63 |
| Upside | -17.7% - -9.1% | -13.4% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SIGMA | KSOLVES | FIDEL | 538923 | SAHANA | KODYTECH | ||
| NSEI:SIGMA | NSEI:KSOLVES | NSEI:FIDEL | BSE:538923 | NSEI:SAHANA | NSEI:KODYTECH | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 122.1% | NM- | 23.6% | NM- | NM- | NM- | |
| 3Y CAGR | 46.2% | 55.2% | 16.9% | NM- | 202.1% | NM- | |
| Latest Twelve Months | -2.3% | 21.5% | 42.6% | -29.0% | NM | 177.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 37.2% | 41.1% | 21.3% | 24.8% | 29.7% | 32.7% | |
| Prior Fiscal Year | 40.6% | 42.2% | 20.3% | 59.1% | 40.1% | 40.8% | |
| Latest Fiscal Year | 35.5% | 43.1% | 20.2% | 66.3% | 33.7% | 33.3% | |
| Latest Twelve Months | 32.5% | 38.7% | 20.2% | 2.8% | 37.7% | 35.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.94x | 7.79x | 2.59x | 28.23x | 11.87x | 22.07x | |
| EV / LTM EBITDA | 12.1x | 20.2x | 12.8x | 1011.8x | 31.5x | 61.8x | |
| EV / LTM EBIT | 13.1x | 20.6x | 13.0x | 1019.3x | 31.8x | 63.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.1x | 20.2x | 1011.8x | ||||
| Historical EV / LTM EBITDA | 80.7x | 80.7x | 80.7x | ||||
| Selected EV / LTM EBITDA | 53.1x | 55.9x | 58.7x | ||||
| (x) LTM EBITDA | 202 | 202 | 202 | ||||
| (=) Implied Enterprise Value | 10,743 | 11,308 | 11,874 | ||||
| (-) Non-shareholder Claims * | 76 | 76 | 76 | ||||
| (=) Equity Value | 10,819 | 11,385 | 11,950 | ||||
| (/) Shares Outstanding | 12.7 | 12.7 | 12.7 | ||||
| Implied Value Range | 848.73 | 893.09 | 937.44 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 848.73 | 893.09 | 937.44 | 998.75 | |||
| Upside / (Downside) | -15.0% | -10.6% | -6.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SIGMA | KSOLVES | FIDEL | 538923 | SAHANA | KODYTECH | |
| Enterprise Value | 2,747 | 10,519 | 1,366 | 2,086 | 12,064 | 12,655 | |
| (+) 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 | 2,759 | 10,675 | 1,606 | 2,084 | 12,247 | 12,732 | |
| (/) Shares Outstanding | 10.3 | 23.7 | 13.8 | 24.2 | 8.0 | 12.7 | |
| Implied Stock Price | 268.48 | 450.20 | 116.80 | 86.11 | 1,531.50 | 998.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 268.48 | 450.20 | 116.80 | 86.11 | 1,531.50 | 998.75 | |
| 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 | |