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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.9x - 25.3x | 24.1x |
| Selected Fwd EBIT Multiple | 12.9x - 14.2x | 13.6x |
| Fair Value | ₹86.98 - ₹95.09 | ₹91.03 |
| Upside | -17.0% - -9.3% | -13.1% |
| Benchmarks | Ticker | Full Ticker |
| Cubex Tubings Limited | 526027 | BSE:526027 |
| Bansal Wire Industries Limited | 544209 | BSE:544209 |
| Manaksia Steels Limited | 539044 | BSE:539044 |
| Maithan Alloys Limited | 590078 | BSE:590078 |
| Ramkrishna Forgings Limited | 532527 | BSE:532527 |
| Sarthak Metals Limited | SMLT | NSEI:SMLT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 526027 | 544209 | 539044 | 590078 | 532527 | SMLT | ||
| BSE:526027 | BSE:544209 | BSE:539044 | BSE:590078 | BSE:532527 | NSEI:SMLT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 131.8% | 33.2% | -9.1% | -6.7% | 26.6% | -15.6% | |
| 3Y CAGR | 94.5% | 34.5% | -41.5% | -47.5% | -4.9% | -51.2% | |
| Latest Twelve Months | 60.7% | 49.1% | -22.9% | 163.8% | -57.8% | -64.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.9% | 5.7% | 4.4% | 16.9% | 12.5% | 6.5% | |
| Prior Fiscal Year | 2.5% | 5.3% | 4.7% | 5.4% | 13.9% | 5.8% | |
| Latest Fiscal Year | 3.2% | 6.8% | 1.9% | 8.5% | 7.4% | 2.4% | |
| Latest Twelve Months | 3.6% | 6.7% | 2.3% | 9.5% | 6.1% | 2.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 1.73x | 0.66x | 0.79x | 3.07x | 0.71x | |
| EV / LTM EBITDA | 14.2x | 22.7x | 20.7x | 7.4x | 23.8x | 18.5x | |
| EV / LTM EBIT | 16.0x | 25.9x | 28.5x | 8.3x | 50.0x | 31.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 25.9x | 50.0x | ||||
| Historical EV / LTM EBIT | 4.8x | 5.6x | 22.0x | ||||
| Selected EV / LTM EBIT | 22.9x | 24.1x | 25.3x | ||||
| (x) LTM EBIT | 42 | 42 | 42 | ||||
| (=) Implied Enterprise Value | 959 | 1,009 | 1,060 | ||||
| (-) Non-shareholder Claims * | 137 | 137 | 137 | ||||
| (=) Equity Value | 1,096 | 1,146 | 1,197 | ||||
| (/) Shares Outstanding | 13.7 | 13.7 | 13.7 | ||||
| Implied Value Range | 80.03 | 83.72 | 87.40 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 80.03 | 83.72 | 87.40 | 104.80 | |||
| Upside / (Downside) | -23.6% | -20.1% | -16.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 526027 | 544209 | 539044 | 590078 | 532527 | SMLT | |
| Enterprise Value | 1,496 | 63,760 | 4,526 | 17,358 | 125,402 | 1,298 | |
| (+) Cash & Short Term Investments | 19 | 58 | 1,354 | 20,391 | 290 | 137 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (335) | (6,080) | (2,055) | (5,885) | (21,265) | 0 | |
| (-) 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 | 1,181 | 57,738 | 3,825 | 31,864 | 104,428 | 1,435 | |
| (/) Shares Outstanding | 14.3 | 156.6 | 65.5 | 29.1 | 181.0 | 13.7 | |
| Implied Stock Price | 82.47 | 368.80 | 58.36 | 1,094.55 | 576.85 | 104.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 82.47 | 368.80 | 58.36 | 1,094.55 | 576.85 | 104.80 | |
| 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 | |