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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.7x - 12.9x | 12.3x |
| Selected Fwd EBITDA Multiple | 8.9x - 9.9x | 9.4x |
| Fair Value | ₹452.85 - ₹502.88 | ₹477.86 |
| Upside | 27.3% - 41.4% | 34.4% |
| Benchmarks | Ticker | Full Ticker |
| Kapston Services Limited | KAPSTON | NSEI:KAPSTON |
| Updater Services Limited | UDS | NSEI:UDS |
| Radiant Cash Management Services Limited | RADIANTCMS | NSEI:RADIANTCMS |
| CMS Info Systems Limited | CMSINFO | NSEI:CMSINFO |
| Krystal Integrated Services Limited | KRYSTAL | NSEI:KRYSTAL |
| SIS Limited | SIS | NSEI:SIS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KAPSTON | UDS | RADIANTCMS | CMSINFO | KRYSTAL | SIS | ||
| NSEI:KAPSTON | NSEI:UDS | NSEI:RADIANTCMS | NSEI:CMSINFO | NSEI:KRYSTAL | NSEI:SIS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.7% | NM- | 4.9% | 20.2% | NM- | 4.3% | |
| 3Y CAGR | 12.9% | 23.0% | 7.7% | 16.8% | 27.0% | 9.4% | |
| Latest Twelve Months | 59.6% | 41.9% | 16.3% | 4.8% | 11.7% | 14.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.3% | 6.0% | 19.6% | 24.1% | 6.6% | 4.6% | |
| Prior Fiscal Year | 3.3% | 5.2% | 15.8% | 24.4% | 6.8% | 4.3% | |
| Latest Fiscal Year | 4.6% | 6.6% | 16.6% | 23.9% | 6.4% | 4.6% | |
| Latest Twelve Months | 4.6% | 6.6% | 16.6% | 23.9% | 6.4% | 4.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.97x | 0.74x | 1.31x | 3.04x | 0.72x | 0.41x | |
| EV / LTM EBITDA | 21.2x | 11.3x | 7.9x | 12.7x | 11.2x | 9.1x | |
| EV / LTM EBIT | 24.7x | 15.3x | 9.2x | 15.8x | 12.6x | 12.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.9x | 11.3x | 21.2x | ||||
| Historical EV / LTM EBITDA | 9.1x | 13.0x | 17.3x | ||||
| Selected EV / LTM EBITDA | 11.7x | 12.3x | 12.9x | ||||
| (x) LTM EBITDA | 6,037 | 6,037 | 6,037 | ||||
| (=) Implied Enterprise Value | 70,597 | 74,313 | 78,028 | ||||
| (-) Non-shareholder Claims * | (3,254) | (3,254) | (3,254) | ||||
| (=) Equity Value | 67,344 | 71,059 | 74,775 | ||||
| (/) Shares Outstanding | 144.5 | 144.5 | 144.5 | ||||
| Implied Value Range | 466.01 | 491.72 | 517.43 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 466.01 | 491.72 | 517.43 | 355.65 | |||
| Upside / (Downside) | 31.0% | 38.3% | 45.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KAPSTON | UDS | RADIANTCMS | CMSINFO | KRYSTAL | SIS | |
| Enterprise Value | 6,272 | 20,190 | 5,611 | 73,651 | 8,732 | 54,649 | |
| (+) Cash & Short Term Investments | 85 | 2,682 | 2,503 | 7,865 | 743 | 11,806 | |
| (+) Investments & Other | 0 | 79 | 0 | 1,255 | 92 | 1,394 | |
| (-) Debt | (1,287) | (1,024) | (1,174) | (1,895) | (910) | (16,454) | |
| (-) Other Liabilities | 0 | (64) | (12) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,069 | 21,864 | 6,929 | 80,876 | 8,657 | 51,396 | |
| (/) Shares Outstanding | 20.3 | 67.0 | 106.7 | 164.4 | 14.0 | 144.5 | |
| Implied Stock Price | 249.83 | 326.55 | 64.93 | 492.05 | 619.60 | 355.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 249.83 | 326.55 | 64.93 | 492.05 | 619.60 | 355.65 | |
| 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 | |