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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.0x - 2.2x | 2.1x |
| Selected Fwd Revenue Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | ₹49.41 - ₹56.51 | ₹52.96 |
| Upside | 4.3% - 19.3% | 11.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Total Transport Systems Limited | TOTAL | NSEI:TOTAL |
| Tiger Logistics (India) Limited | 536264 | BSE:536264 |
| Gateway Distriparks Limited | GATEWAY | NSEI:GATEWAY |
| VRL Logistics Limited | VRLLOG | NSEI:VRLLOG |
| Transport Corporation of India Limited | TCI | NSEI:TCI |
| Snowman Logistics Limited | SNOWMAN | NSEI:SNOWMAN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| TOTAL | 536264 | GATEWAY | VRLLOG | TCI | SNOWMAN | |||
| NSEI:TOTAL | BSE:536264 | NSEI:GATEWAY | NSEI:VRLLOG | NSEI:TCI | NSEI:SNOWMAN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 13.8% | -6.2% | 29.0% | 6.6% | 7.9% | 16.7% | ||
| 3Y CAGR | 15.7% | 12.4% | 8.9% | 18.1% | 12.8% | 28.5% | ||
| Latest Twelve Months | 45.1% | 146.7% | -1.1% | 10.4% | 11.9% | 10.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 1.5% | 1.6% | 17.4% | 7.5% | 7.7% | 7.0% | ||
| Prior Fiscal Year | 2.4% | 5.8% | 18.8% | 9.6% | 8.4% | 8.7% | ||
| Latest Fiscal Year | 0.8% | 5.9% | 18.6% | 6.7% | 7.4% | 8.7% | ||
| Latest Twelve Months | 0.9% | 5.3% | 17.2% | 8.1% | 7.8% | 5.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.21x | 1.19x | 2.31x | 1.65x | 1.88x | 2.02x | ||
| EV / LTM EBIT | 24.6x | 22.2x | 13.5x | 20.2x | 24.1x | 36.4x | ||
| Price / LTM Sales | 0.17x | 1.13x | 2.02x | 1.33x | 1.90x | 1.46x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.21x | 1.65x | 2.31x | |||||
| Historical EV / LTM Revenue | 2.04x | 3.01x | 3.84x | |||||
| Selected EV / LTM Revenue | 2.03x | 2.14x | 2.24x | |||||
| (x) LTM Revenue | 5,421 | 5,421 | 5,421 | |||||
| (=) Implied Enterprise Value | 11,004 | 11,584 | 12,163 | |||||
| (-) Non-shareholder Claims * | (3,027) | (3,027) | (3,027) | |||||
| (=) Equity Value | 7,978 | 8,557 | 9,136 | |||||
| (/) Shares Outstanding | 167.1 | 167.1 | 167.1 | |||||
| Implied Value Range | 47.75 | 51.21 | 54.68 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 47.75 | 51.21 | 54.68 | 47.39 | ||||
| Upside / (Downside) | 0.8% | 8.1% | 15.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TOTAL | 536264 | GATEWAY | VRLLOG | TCI | SNOWMAN | |
| Enterprise Value | 1,380 | 6,112 | 35,053 | 51,475 | 82,397 | 10,945 | |
| (+) Cash & Short Term Investments | 165 | 50 | 432 | 250 | 3,370 | 46 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (400) | (343) | (4,801) | (10,270) | (2,217) | (3,073) | |
| (-) 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 | 1,146 | 5,819 | 30,683 | 41,456 | 83,550 | 7,918 | |
| (/) Shares Outstanding | 16.1 | 105.7 | 499.6 | 87.5 | 76.6 | 167.1 | |
| Implied Stock Price | 71.04 | 55.04 | 61.41 | 473.95 | 1,090.60 | 47.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 71.04 | 55.04 | 61.41 | 473.95 | 1,090.60 | 47.39 | |
| 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 | |