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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.4x - 7.1x | 6.8x |
| Selected Fwd EBITDA Multiple | 6.2x - 6.9x | 6.5x |
| Fair Value | ₹547.19 - ₹602.28 | ₹574.73 |
| Upside | -28.2% - -21.0% | -24.6% |
| Benchmarks | Ticker | Full Ticker |
| Shyam Metalics and Energy Limited | 543299 | BSE:543299 |
| Vardhman Special Steels Limited | 534392 | BSE:534392 |
| JSW Steel Limited | 500228 | BSE:500228 |
| Sunflag Iron and Steel Company Limited | 500404 | BSE:500404 |
| VISA Steel Limited | 532721 | BSE:532721 |
| Kalyani Steels Limited | KSL | NSEI:KSL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 543299 | 534392 | 500228 | 500404 | 532721 | KSL | ||
| BSE:543299 | BSE:534392 | BSE:500228 | BSE:500404 | BSE:532721 | NSEI:KSL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 19.3% | 7.8% | 9.1% | NM- | 11.9% | |
| 3Y CAGR | 5.0% | 13.8% | 12.8% | 13.6% | 4.4% | 12.2% | |
| Latest Twelve Months | 26.8% | 38.5% | -30.3% | 9.6% | 124.0% | -4.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.0% | 10.5% | 19.0% | 12.4% | -0.2% | 18.3% | |
| Prior Fiscal Year | 12.5% | 10.0% | 12.2% | 12.9% | 1.0% | 14.7% | |
| Latest Fiscal Year | 12.0% | 10.2% | 16.2% | 10.8% | 0.3% | 18.9% | |
| Latest Twelve Months | 13.5% | 10.8% | 13.2% | 11.2% | 2.0% | 18.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.75x | 1.06x | 1.96x | 1.40x | 3.16x | 1.66x | |
| EV / LTM EBITDA | 13.0x | 9.8x | 14.8x | 12.5x | 155.3x | 9.1x | |
| EV / LTM EBIT | 21.7x | 11.8x | 23.7x | 17.6x | -112.9x | 11.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.8x | 13.0x | 155.3x | ||||
| Historical EV / LTM EBITDA | 1.2x | 3.5x | 9.2x | ||||
| Selected EV / LTM EBITDA | 6.4x | 6.8x | 7.1x | ||||
| (x) LTM EBITDA | 3,553 | 3,553 | 3,553 | ||||
| (=) Implied Enterprise Value | 22,885 | 24,089 | 25,294 | ||||
| (-) Non-shareholder Claims * | 1,043 | 1,043 | 1,043 | ||||
| (=) Equity Value | 23,928 | 25,132 | 26,337 | ||||
| (/) Shares Outstanding | 43.8 | 43.8 | 43.8 | ||||
| Implied Value Range | 546.81 | 574.33 | 601.86 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 546.81 | 574.33 | 601.86 | 762.20 | |||
| Upside / (Downside) | -28.3% | -24.6% | -21.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 543299 | 534392 | 500228 | 500404 | 532721 | KSL | |
| Enterprise Value | 249,464 | 18,884 | 3,319,115 | 49,918 | 17,644 | 32,310 | |
| (+) Cash & Short Term Investments | 12,295 | 436 | 92,920 | 1,126 | 257 | 6,641 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (10,861) | (1,417) | (952,630) | (6,034) | (13,998) | (5,598) | |
| (-) 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 | 250,898 | 17,904 | 2,459,405 | 45,010 | 3,903 | 33,353 | |
| (/) Shares Outstanding | 279.1 | 81.7 | 2,436.5 | 180.2 | 115.8 | 43.8 | |
| Implied Stock Price | 898.85 | 219.05 | 1,009.40 | 249.75 | 33.71 | 762.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 898.85 | 219.05 | 1,009.40 | 249.75 | 33.71 | 762.20 | |
| 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 | |