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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.6x - 25.0x | 23.8x |
| Selected Fwd EBIT Multiple | 16.9x - 18.7x | 17.8x |
| Fair Value | ₹412.07 - ₹455.15 | ₹433.61 |
| Upside | 2.7% - 13.5% | 8.1% |
| Benchmarks | Ticker | Full Ticker |
| Venus Pipes and Tubes Limited | 543528 | BSE:543528 |
| Kalyani Steels Limited | 500235 | BSE:500235 |
| National Aluminium Company Limited | 532234 | BSE:532234 |
| Indian Metals and Ferro Alloys Limited | 533047 | BSE:533047 |
| Kirloskar Ferrous Industries Limited | 500245 | BSE:500245 |
| Shivalik Bimetal Controls Limited | SBCL | NSEI:SBCL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 543528 | 500235 | 532234 | 533047 | 500245 | SBCL | ||
| BSE:543528 | BSE:500235 | BSE:532234 | BSE:533047 | BSE:500245 | NSEI:SBCL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 79.4% | 12.3% | -2.7% | 19.5% | 30.1% | 26.6% | |
| 3Y CAGR | 58.2% | 12.3% | 21.5% | 31.5% | 17.2% | 50.2% | |
| Latest Twelve Months | 34.0% | -10.6% | 165.6% | 1.4% | -35.4% | 0.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.5% | 15.2% | 16.1% | 16.4% | 12.7% | 17.8% | |
| Prior Fiscal Year | 12.2% | 12.1% | 12.9% | 15.0% | 10.7% | 21.0% | |
| Latest Fiscal Year | 16.8% | 15.8% | 16.2% | 19.1% | 10.2% | 20.8% | |
| Latest Twelve Months | 16.6% | 14.7% | 33.4% | 19.8% | 7.3% | 20.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.81x | 1.59x | 1.48x | 1.00x | 1.36x | 4.55x | |
| EV / LTM EBITDA | 15.1x | 8.7x | 3.8x | 4.6x | 11.6x | 20.1x | |
| EV / LTM EBIT | 17.0x | 10.8x | 4.4x | 5.1x | 18.7x | 22.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.4x | 10.8x | 18.7x | ||||
| Historical EV / LTM EBIT | 4.8x | 29.7x | 34.6x | ||||
| Selected EV / LTM EBIT | 22.6x | 23.8x | 25.0x | ||||
| (x) LTM EBIT | 1,011 | 1,011 | 1,011 | ||||
| (=) Implied Enterprise Value | 22,892 | 24,096 | 25,301 | ||||
| (-) Non-shareholder Claims * | 162 | 162 | 162 | ||||
| (=) Equity Value | 23,053 | 24,258 | 25,463 | ||||
| (/) Shares Outstanding | 57.6 | 57.6 | 57.6 | ||||
| Implied Value Range | 400.20 | 421.12 | 442.03 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 400.20 | 421.12 | 442.03 | 401.05 | |||
| Upside / (Downside) | -0.2% | 5.0% | 10.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 543528 | 500235 | 532234 | 533047 | 500245 | SBCL | |
| Enterprise Value | 25,976 | 30,849 | 223,455 | 27,039 | 86,757 | 22,940 | |
| (+) Cash & Short Term Investments | 260 | 6,641 | 40,643 | 8,136 | 824 | 549 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,810) | (5,598) | (908) | (2,964) | (13,437) | (387) | |
| (-) 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 | 24,426 | 31,892 | 263,189 | 32,211 | 74,144 | 23,102 | |
| (/) Shares Outstanding | 20.4 | 43.8 | 1,836.6 | 54.0 | 164.6 | 57.6 | |
| Implied Stock Price | 1,195.55 | 728.80 | 143.30 | 597.00 | 450.40 | 401.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,195.55 | 728.80 | 143.30 | 597.00 | 450.40 | 401.05 | |
| 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 | |