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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 30.0x - 33.2x | 31.6x |
| Selected Fwd EBITDA Multiple | 42.0x - 46.4x | 44.2x |
| Fair Value | ₹157.40 - ₹174.03 | ₹165.72 |
| Upside | -6.2% - 3.7% | -1.2% |
| Benchmarks | Ticker | Full Ticker |
| Paras Defence and Space Technologies Limited | PARAS | NSEI:PARAS |
| Unimech Aerospace and Manufacturing Limited | UNIMECH | NSEI:UNIMECH |
| Data Patterns (India) Limited | DATAPATTNS | NSEI:DATAPATTNS |
| Hindustan Aeronautics Limited | HAL | NSEI:HAL |
| Bharat Electronics Limited | BEL | NSEI:BEL |
| TechEra Engineering (India) Limited | TECHERA | NSEI:TECHERA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PARAS | UNIMECH | DATAPATTNS | HAL | BEL | TECHERA | ||
| NSEI:PARAS | NSEI:UNIMECH | NSEI:DATAPATTNS | NSEI:HAL | NSEI:BEL | NSEI:TECHERA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.6% | NM- | 46.6% | 14.1% | 19.8% | NM- | |
| 3Y CAGR | 22.5% | NM- | 24.9% | 23.5% | 27.2% | 78.3% | |
| Latest Twelve Months | 90.2% | NM | 25.2% | 0.1% | 33.6% | NM | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 26.5% | 32.2% | 41.9% | 21.0% | 23.6% | 8.9% | |
| Prior Fiscal Year | 20.1% | 35.2% | 42.2% | 27.3% | 25.2% | 15.3% | |
| Latest Fiscal Year | 26.7% | 37.5% | 38.8% | 26.8% | 28.8% | 22.7% | |
| Latest Twelve Months | 26.7% | 37.5% | 38.8% | 26.8% | 28.8% | 23.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 17.72x | 26.18x | 22.22x | 9.56x | 11.50x | 6.64x | |
| EV / LTM EBITDA | 66.5x | 69.7x | 57.2x | 35.7x | 40.0x | 28.6x | |
| EV / LTM EBIT | 78.5x | 74.7x | 60.3x | 42.7x | 42.9x | 35.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 35.7x | 57.2x | 69.7x | ||||
| Historical EV / LTM EBITDA | 0.0x | NM | 0.0x | ||||
| Selected EV / LTM EBITDA | 30.0x | 31.6x | 33.2x | ||||
| (x) LTM EBITDA | 98 | 98 | 98 | ||||
| (=) Implied Enterprise Value | 2,933 | 3,088 | 3,242 | ||||
| (-) Non-shareholder Claims * | (10) | (10) | (10) | ||||
| (=) Equity Value | 2,924 | 3,078 | 3,232 | ||||
| (/) Shares Outstanding | 16.5 | 16.5 | 16.5 | ||||
| Implied Value Range | 176.97 | 186.31 | 195.66 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 176.97 | 186.31 | 195.66 | 167.80 | |||
| Upside / (Downside) | 5.5% | 11.0% | 16.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PARAS | UNIMECH | DATAPATTNS | HAL | BEL | TECHERA | |
| Enterprise Value | 63,516 | 65,100 | 154,986 | 2,927,236 | 2,709,262 | 2,782 | |
| (+) Cash & Short Term Investments | 1,108 | 2,325 | 4,530 | 381,823 | 95,451 | 144 | |
| (+) Investments & Other | 282 | 0 | 0 | 17,542 | 7,430 | 8 | |
| (-) Debt | (240) | (776) | (62) | (12) | (612) | (162) | |
| (-) Other Liabilities | 33 | 0 | 0 | (36) | (189) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 64,700 | 66,648 | 159,454 | 3,326,554 | 2,811,341 | 2,772 | |
| (/) Shares Outstanding | 40.3 | 50.9 | 56.0 | 668.8 | 7,309.8 | 16.5 | |
| Implied Stock Price | 1,605.70 | 1,310.50 | 2,848.20 | 4,974.10 | 384.60 | 167.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,605.70 | 1,310.50 | 2,848.20 | 4,974.10 | 384.60 | 167.80 | |
| 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 | |