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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 122.2x - 135.1x | 128.7x |
| Selected Fwd Revenue Multiple | 116.5x - 128.7x | 122.6x |
| Fair Value | ₹0 - ₹9.34 | ₹0.72 |
| Upside | -100.0% - 531.0% | -51.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Tata Teleservices (Maharashtra) Limited | TTML | NSEI:TTML |
| RailTel Corporation of India Limited | RAILTEL | NSEI:RAILTEL |
| Vodafone Idea Limited | IDEA | NSEI:IDEA |
| Bharti Airtel Limited | BHARTIARTL | NSEI:BHARTIARTL |
| Bharti Hexacom Limited | BHARTIHEXA | NSEI:BHARTIHEXA |
| Reliance Communications Limited | RCOM | NSEI:RCOM |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| TTML | RAILTEL | IDEA | BHARTIARTL | BHARTIHEXA | RCOM | |||
| NSEI:TTML | NSEI:RAILTEL | NSEI:IDEA | NSEI:BHARTIARTL | NSEI:BHARTIHEXA | NSEI:RCOM | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -1.4% | 20.7% | 2.8% | 13.1% | 14.4% | -38.0% | ||
| 3Y CAGR | 4.4% | 23.1% | 0.5% | 14.0% | 15.5% | -20.7% | ||
| Latest Twelve Months | 15.2% | 23.1% | 1.3% | 9.6% | 16.9% | -9.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 30.0% | 13.0% | -15.9% | 21.1% | 12.2% | -31.5% | ||
| Prior Fiscal Year | 31.6% | 11.9% | -14.8% | 25.2% | 20.3% | -32.4% | ||
| Latest Fiscal Year | 32.0% | 12.3% | -13.2% | 26.0% | 24.7% | -36.0% | ||
| Latest Twelve Months | 30.3% | 10.6% | -10.4% | 26.1% | 24.0% | -36.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 23.27x | 3.16x | 6.60x | 7.83x | 9.97x | 129.16x | ||
| EV / LTM EBIT | 76.9x | 29.9x | -63.5x | 30.0x | 41.6x | -351.8x | ||
| Price / LTM Sales | 8.32x | 3.23x | 1.13x | 6.37x | 9.01x | 1.05x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 3.16x | 7.83x | 23.27x | |||||
| Historical EV / LTM Revenue | 29.58x | 73.51x | 117.42x | |||||
| Selected EV / LTM Revenue | 122.22x | 128.66x | 135.09x | |||||
| (x) LTM Revenue | 3,650 | 3,650 | 3,650 | |||||
| (=) Implied Enterprise Value | 446,119 | 469,599 | 493,079 | |||||
| (-) Non-shareholder Claims * | (467,650) | (467,650) | (467,650) | |||||
| (=) Equity Value | 0 | 1,949 | 25,429 | |||||
| (/) Shares Outstanding | 2,723.0 | 2,723.0 | 2,723.0 | |||||
| Implied Value Range | 0.00 | 0.72 | 9.34 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.00 | 0.72 | 9.34 | 1.48 | ||||
| Upside / (Downside) | -100.0% | -51.6% | 531.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TTML | RAILTEL | IDEA | BHARTIARTL | BHARTIHEXA | RCOM | |
| Enterprise Value | 314,298 | 94,236 | 2,937,720 | 12,824,295 | 813,791 | 471,680 | |
| (+) Cash & Short Term Investments | 444 | 2,664 | 142,231 | 162,862 | 446 | 5,630 | |
| (+) Investments & Other | 0 | 0 | 0 | 40,593 | 0 | 0 | |
| (-) Debt | (198,169) | (490) | (2,501,667) | (2,046,230) | (79,087) | (473,280) | |
| (-) Other Liabilities | 0 | 0 | 0 | (479,248) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 116,572 | 96,410 | 578,284 | 10,502,272 | 735,150 | 4,030 | |
| (/) Shares Outstanding | 1,954.9 | 320.9 | 71,393.0 | 6,091.3 | 500.0 | 2,723.0 | |
| Implied Stock Price | 59.63 | 300.40 | 8.10 | 1,724.15 | 1,470.30 | 1.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 59.63 | 300.40 | 8.10 | 1,724.15 | 1,470.30 | 1.48 | |
| 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 | |