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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 8.2x - 9.1x | 8.6x |
| Selected Fwd Ps Multiple | 4.1x - 4.6x | 4.4x |
| Fair Value | ₹1,790 - ₹1,978 | ₹1,884 |
| Upside | 35.0% - 49.2% | 42.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Timken India Limited | - | NSEI:TIMKEN |
| Walchandnagar Industries Limited | - | NSEI:WALCHANNAG |
| SKF India Limited | - | NSEI:SKFINDIA |
| Azad Engineering Limited | - | NSEI:AZAD |
| Schaeffler India Limited | - | NSEI:SCHAEFFLER |
| MTAR Technologies Limited | - | NSEI:MTARTECH |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| TIMKEN | WALCHANNAG | SKFINDIA | AZAD | SCHAEFFLER | MTARTECH | |||
| NSEI:TIMKEN | NSEI:WALCHANNAG | NSEI:SKFINDIA | NSEI:AZAD | NSEI:SCHAEFFLER | NSEI:MTARTECH | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 11.8% | -3.6% | 8.5% | NM- | 13.6% | 25.9% | ||
| 3Y CAGR | 27.3% | -2.4% | 19.6% | 40.6% | 14.0% | 33.1% | ||
| Latest Twelve Months | 10.4% | -7.9% | 10.0% | 27.1% | 13.5% | 0.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 13.5% | -11.6% | 11.3% | 14.7% | 10.9% | 15.5% | ||
| Prior Fiscal Year | 13.9% | 6.1% | 12.2% | 3.4% | 12.4% | 18.0% | ||
| Latest Fiscal Year | 13.5% | -13.8% | 12.1% | 17.2% | 11.4% | 9.7% | ||
| Latest Twelve Months | 12.9% | -11.3% | 11.0% | 18.2% | 11.4% | 6.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 34.6x | -155.1x | 27.6x | 58.0x | 34.8x | 41.9x | ||
| Price / LTM Sales | 6.6x | 3.9x | 3.8x | 19.2x | 6.3x | 6.5x | ||
| LTM P/E Ratio | 50.7x | -34.4x | 35.1x | 105.4x | 55.0x | 93.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 3.8x | 6.3x | 19.2x | |||||
| Historical LTM P/S Ratio | 8.2x | 11.7x | 18.4x | |||||
| Selected Price / Sales Multiple | 8.2x | 8.6x | 9.1x | |||||
| (x) LTM Sales | 6,359 | 6,359 | 6,359 | |||||
| (=) Equity Value | 52,124 | 54,867 | 57,611 | |||||
| (/) Shares Outstanding | 30.8 | 30.8 | 30.8 | |||||
| Implied Value Range | 1,694.56 | 1,783.75 | 1,872.94 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,694.56 | 1,783.75 | 1,872.94 | 1,326.15 | ||||
| Upside / (Downside) | 27.8% | 34.5% | 41.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | TIMKEN | WALCHANNAG | SKFINDIA | AZAD | SCHAEFFLER | MTARTECH | |
| Value of Common Equity | 193,756 | 12,099 | 190,309 | 80,373 | 513,809 | 40,792 | |
| (/) Shares Outstanding | 75.2 | 67.5 | 49.4 | 59.1 | 156.3 | 30.8 | |
| Implied Stock Price | 2,575.90 | 179.35 | 3,849.45 | 1,359.65 | 3,287.25 | 1,326.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,575.90 | 179.35 | 3,849.45 | 1,359.65 | 3,287.25 | 1,326.15 | |
| 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 | |