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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.1x - 5.6x | 5.4x |
| Selected Fwd EBITDA Multiple | 4.9x - 5.4x | 5.1x |
| Fair Value | ₹25 - ₹27.84 | ₹26.42 |
| Upside | 32.3% - 47.3% | 39.8% |
| Benchmarks | Ticker | Full Ticker |
| Firstsource Solutions Limited | FSL | NSEI:FSL |
| eClerx Services Limited | ECLERX | NSEI:ECLERX |
| NMS Global Limited | 522289 | BSE:522289 |
| Vinsys IT Services India Limited | VINSYS | NSEI:VINSYS |
| TeamLease Services Limited | TEAMLEASE | NSEI:TEAMLEASE |
| Plada Infotech Services Limited | PLADAINFO | NSEI:PLADAINFO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FSL | ECLERX | 522289 | VINSYS | TEAMLEASE | PLADAINFO | ||
| NSEI:FSL | NSEI:ECLERX | BSE:522289 | NSEI:VINSYS | NSEI:TEAMLEASE | NSEI:PLADAINFO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.4% | 22.7% | 53.7% | NM- | 11.2% | 1.5% | |
| 3Y CAGR | 8.0% | 9.2% | 216.0% | 143.2% | 3.6% | 0.8% | |
| Latest Twelve Months | 26.5% | 6.9% | 3.3% | 51.4% | 37.1% | -11.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.6% | 26.4% | -1.6% | 16.9% | 1.5% | 7.6% | |
| Prior Fiscal Year | 12.6% | 25.8% | 6.8% | 16.4% | 1.1% | 7.7% | |
| Latest Fiscal Year | 12.6% | 24.0% | 12.8% | 19.8% | 1.2% | 6.5% | |
| Latest Twelve Months | 12.6% | 24.0% | 12.8% | 19.8% | 1.2% | 6.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.33x | 4.99x | 5.80x | 2.45x | 0.29x | 0.27x | |
| EV / LTM EBITDA | 26.3x | 20.8x | 45.3x | 12.4x | 23.0x | 4.1x | |
| EV / LTM EBIT | 30.2x | 25.2x | 64.9x | 13.6x | 37.7x | 5.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.4x | 23.0x | 45.3x | ||||
| Historical EV / LTM EBITDA | 4.1x | 4.6x | 5.1x | ||||
| Selected EV / LTM EBITDA | 5.1x | 5.4x | 5.6x | ||||
| (x) LTM EBITDA | 44 | 44 | 44 | ||||
| (=) Implied Enterprise Value | 222 | 233 | 245 | ||||
| (-) Non-shareholder Claims * | (17) | (17) | (17) | ||||
| (=) Equity Value | 204 | 216 | 228 | ||||
| (/) Shares Outstanding | 8.6 | 8.6 | 8.6 | ||||
| Implied Value Range | 23.84 | 25.20 | 26.56 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.84 | 25.20 | 26.56 | 18.90 | |||
| Upside / (Downside) | 26.1% | 33.3% | 40.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FSL | ECLERX | 522289 | VINSYS | TEAMLEASE | PLADAINFO | |
| Enterprise Value | 266,699 | 167,651 | 791 | 5,234 | 31,626 | 179 | |
| (+) Cash & Short Term Investments | 2,190 | 10,262 | 15 | 200 | 2,409 | 31 | |
| (+) Investments & Other | 88 | 219 | 1 | 15 | 133 | 120 | |
| (-) Debt | (25,923) | (3,581) | (590) | (193) | (1,181) | (169) | |
| (-) Other Liabilities | (4) | (22) | 0 | (1) | (161) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 243,050 | 174,529 | 216 | 5,255 | 32,827 | 162 | |
| (/) Shares Outstanding | 689.9 | 47.0 | 3.0 | 14.7 | 16.8 | 8.6 | |
| Implied Stock Price | 352.30 | 3,712.20 | 71.94 | 358.00 | 1,957.60 | 18.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 352.30 | 3,712.20 | 71.94 | 358.00 | 1,957.60 | 18.90 | |
| 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 | |