Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.1x - 10.0x | 9.6x |
| Selected Fwd EBIT Multiple | 9.1x - 10.1x | 9.6x |
| Fair Value | ₹216.76 - ₹245.46 | ₹231.11 |
| Upside | 9.7% - 24.2% | 17.0% |
| Benchmarks | Ticker | Full Ticker |
| Tribhovandas Bhimji Zaveri Limited | TBZ | NSEI:TBZ |
| PC Jeweller Limited | PCJEWELLER | NSEI:PCJEWELLER |
| P N Gadgil Jewellers Limited | PNGJL | NSEI:PNGJL |
| Thangamayil Jewellery Limited | THANGAMAYL | NSEI:THANGAMAYL |
| Senco Gold Limited | SENCO | NSEI:SENCO |
| Manoj Vaibhav Gems 'N' Jewellers Limited | MVGJL | NSEI:MVGJL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TBZ | PCJEWELLER | PNGJL | THANGAMAYL | SENCO | MVGJL | ||
| NSEI:TBZ | NSEI:PCJEWELLER | NSEI:PNGJL | NSEI:THANGAMAYL | NSEI:SENCO | NSEI:MVGJL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 12.1% | NM- | NM- | 25.6% | 16.4% | 13.3% | |
| 3Y CAGR | 6.1% | NM- | 67.2% | 12.4% | 32.9% | 25.4% | |
| Latest Twelve Months | 25.5% | 208.8% | NM | 0.9% | -13.7% | 7.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.8% | 1.5% | 3.9% | 5.2% | 6.3% | 6.4% | |
| Prior Fiscal Year | 3.9% | 8.9% | 3.3% | 4.5% | 6.9% | 6.6% | |
| Latest Fiscal Year | 5.0% | -31.5% | 4.1% | 5.2% | 6.1% | 6.6% | |
| Latest Twelve Months | 5.6% | 14.5% | 4.0% | 4.7% | 4.3% | 6.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.71x | 7.71x | 0.89x | 1.52x | 0.95x | 0.56x | |
| EV / LTM EBITDA | 12.1x | 52.5x | 21.4x | 31.0x | 19.9x | 8.0x | |
| EV / LTM EBIT | 12.7x | 53.1x | 22.0x | 32.7x | 21.9x | 8.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.7x | 22.0x | 53.1x | ||||
| Historical EV / LTM EBIT | 10.4x | 10.4x | 10.4x | ||||
| Selected EV / LTM EBIT | 9.1x | 9.6x | 10.0x | ||||
| (x) LTM EBIT | 1,475 | 1,475 | 1,475 | ||||
| (=) Implied Enterprise Value | 13,412 | 14,118 | 14,824 | ||||
| (-) Non-shareholder Claims * | (2,732) | (2,732) | (2,732) | ||||
| (=) Equity Value | 10,681 | 11,387 | 12,093 | ||||
| (/) Shares Outstanding | 48.8 | 48.8 | 48.8 | ||||
| Implied Value Range | 218.66 | 233.11 | 247.56 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 218.66 | 233.11 | 247.56 | 197.59 | |||
| Upside / (Downside) | 10.7% | 18.0% | 25.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TBZ | PCJEWELLER | PNGJL | THANGAMAYL | SENCO | MVGJL | |
| Enterprise Value | 18,382 | 122,962 | 67,564 | 68,668 | 58,261 | 12,383 | |
| (+) Cash & Short Term Investments | 493 | 133 | 3,681 | 1,766 | 5,187 | 1,591 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (6,643) | (40,096) | (2,624) | (8,002) | (18,890) | (4,323) | |
| (-) 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 | 12,232 | 83,000 | 68,621 | 62,431 | 44,558 | 9,652 | |
| (/) Shares Outstanding | 66.7 | 6,355.3 | 135.7 | 31.1 | 163.6 | 48.8 | |
| Implied Stock Price | 183.30 | 13.06 | 505.65 | 2,008.60 | 272.35 | 197.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 183.30 | 13.06 | 505.65 | 2,008.60 | 272.35 | 197.59 | |
| 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 | |