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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.9x - 9.9x | 9.4x |
| Selected Fwd EBIT Multiple | 7.5x - 8.3x | 7.9x |
| Fair Value | ₹63.90 - ₹71.15 | ₹67.52 |
| Upside | 13.8% - 26.7% | 20.3% |
| Benchmarks | Ticker | Full Ticker |
| ASM Technologies Limited | 526433 | BSE:526433 |
| Onward Technologies Limited | ONWARDTEC | NSEI:ONWARDTEC |
| MosChip Technologies Limited | MOSCHIP | NSEI:MOSCHIP |
| 3i Infotech Limited | 3IINFOLTD | NSEI:3IINFOLTD |
| InfoBeans Technologies Limited | INFOBEAN | NSEI:INFOBEAN |
| S A Tech Software India Limited | SATECH | NSEI:SATECH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 526433 | ONWARDTEC | MOSCHIP | 3IINFOLTD | INFOBEAN | SATECH | ||
| BSE:526433 | NSEI:ONWARDTEC | NSEI:MOSCHIP | NSEI:3IINFOLTD | NSEI:INFOBEAN | NSEI:SATECH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 19.3% | NM- | NM- | 18.6% | NM- | |
| 3Y CAGR | 40.7% | 34.3% | 55.3% | NM- | -7.2% | 50.7% | |
| Latest Twelve Months | 10448.2% | 7.9% | 195.4% | 96.4% | 70.3% | NM | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.3% | 4.8% | 3.2% | -5.3% | 13.0% | 6.0% | |
| Prior Fiscal Year | -1.2% | 8.3% | 4.8% | -8.4% | 7.4% | 7.4% | |
| Latest Fiscal Year | 15.5% | 6.4% | 8.0% | -1.6% | 11.7% | 11.5% | |
| Latest Twelve Months | 18.0% | 7.3% | 8.6% | -0.4% | 13.2% | 11.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 15.53x | 1.31x | 6.07x | 0.55x | 3.36x | 0.89x | |
| EV / LTM EBITDA | 74.0x | 16.6x | 47.0x | 12.7x | 19.3x | 7.2x | |
| EV / LTM EBIT | 86.5x | 18.1x | 70.8x | -127.0x | 25.4x | 8.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -127.0x | 25.4x | 86.5x | ||||
| Historical EV / LTM EBIT | 0.0x | NM | 0.0x | ||||
| Selected EV / LTM EBIT | 8.9x | 9.4x | 9.9x | ||||
| (x) LTM EBIT | 100 | 100 | 100 | ||||
| (=) Implied Enterprise Value | 898 | 945 | 992 | ||||
| (-) Non-shareholder Claims * | (65) | (65) | (65) | ||||
| (=) Equity Value | 833 | 880 | 928 | ||||
| (/) Shares Outstanding | 13.1 | 13.1 | 13.1 | ||||
| Implied Value Range | 63.80 | 67.42 | 71.04 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 63.80 | 67.42 | 71.04 | 56.15 | |||
| Upside / (Downside) | 13.6% | 20.1% | 26.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 526433 | ONWARDTEC | MOSCHIP | 3IINFOLTD | INFOBEAN | SATECH | |
| Enterprise Value | 56,824 | 6,657 | 31,703 | 3,950 | 13,764 | 798 | |
| (+) Cash & Short Term Investments | 255 | 913 | 547 | 597 | 1,729 | 57 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (863) | (322) | (212) | (635) | (197) | (122) | |
| (-) 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 | 56,216 | 7,249 | 32,038 | 3,912 | 15,297 | 733 | |
| (/) Shares Outstanding | 14.6 | 22.7 | 192.1 | 169.6 | 24.2 | 13.1 | |
| Implied Stock Price | 3,853.45 | 318.90 | 166.76 | 23.06 | 631.05 | 56.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,853.45 | 318.90 | 166.76 | 23.06 | 631.05 | 56.15 | |
| 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 | |