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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.9x - 18.7x | 17.8x |
| Selected Fwd EBITDA Multiple | 12.8x - 14.2x | 13.5x |
| Fair Value | ₹59.65 - ₹65.63 | ₹62.64 |
| Upside | 3.5% - 13.9% | 8.7% |
| Benchmarks | Ticker | Full Ticker |
| Ind-Swift Limited | 524652 | BSE:524652 |
| Lupin Limited | 500257 | BSE:500257 |
| Solara Active Pharma Sciences Limited | 541540 | BSE:541540 |
| Supriya Lifescience Limited | 543434 | BSE:543434 |
| Mankind Pharma Limited | 543904 | BSE:543904 |
| Morepen Laboratories Limited | MOREPENLAB | NSEI:MOREPENLAB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 524652 | 500257 | 541540 | 543434 | 543904 | MOREPENLAB | ||
| BSE:524652 | BSE:500257 | BSE:541540 | BSE:543434 | BSE:543904 | NSEI:MOREPENLAB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 27.6% | 7.2% | NM- | 19.9% | 22.1% | 17.0% | |
| 3Y CAGR | 7.8% | 12.8% | NM- | 0.5% | 14.2% | 6.3% | |
| Latest Twelve Months | 23.6% | 61.7% | 416.4% | 48.0% | 25.0% | 71.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.9% | 14.7% | 9.8% | 34.7% | 24.3% | 8.8% | |
| Prior Fiscal Year | 10.8% | 9.5% | 9.1% | 27.8% | 21.8% | 5.9% | |
| Latest Fiscal Year | 11.7% | 18.1% | -7.6% | 30.7% | 24.5% | 9.1% | |
| Latest Twelve Months | 10.4% | 23.1% | 12.8% | 37.5% | 24.9% | 10.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.03x | 4.36x | 2.42x | 7.55x | 8.11x | 1.79x | |
| EV / LTM EBITDA | 19.5x | 18.8x | 18.9x | 20.1x | 32.6x | 17.4x | |
| EV / LTM EBIT | 38.4x | 23.2x | 44.4x | 21.7x | 38.4x | 18.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 18.8x | 19.5x | 32.6x | ||||
| Historical EV / LTM EBITDA | 7.8x | 13.4x | 20.0x | ||||
| Selected EV / LTM EBITDA | 16.9x | 17.8x | 18.7x | ||||
| (x) LTM EBITDA | 1,839 | 1,839 | 1,839 | ||||
| (=) Implied Enterprise Value | 31,060 | 32,695 | 34,330 | ||||
| (-) Non-shareholder Claims * | 1,529 | 1,529 | 1,529 | ||||
| (=) Equity Value | 32,590 | 34,225 | 35,859 | ||||
| (/) Shares Outstanding | 548.0 | 548.0 | 548.0 | ||||
| Implied Value Range | 59.48 | 62.46 | 65.44 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 59.48 | 62.46 | 65.44 | 57.61 | |||
| Upside / (Downside) | 3.2% | 8.4% | 13.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 524652 | 500257 | 541540 | 543434 | 543904 | MOREPENLAB | |
| Enterprise Value | 10,250 | 940,864 | 31,517 | 49,646 | 934,085 | 30,038 | |
| (+) Cash & Short Term Investments | 688 | 29,123 | 61 | 843 | 47,267 | 1,864 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (10,235) | (34,425) | (8,400) | (55) | (4,821) | (335) | |
| (-) 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 | 704 | 935,562 | 23,178 | 50,435 | 976,532 | 31,568 | |
| (/) Shares Outstanding | 54.2 | 456.6 | 48.1 | 80.5 | 412.6 | 548.0 | |
| Implied Stock Price | 12.99 | 2,048.90 | 482.35 | 626.65 | 2,366.90 | 57.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.99 | 2,048.90 | 482.35 | 626.65 | 2,366.90 | 57.61 | |
| 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 | |