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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.2x - 2.4x | 2.3x |
| Selected Fwd Revenue Multiple | 1.8x - 2.0x | 1.9x |
| Fair Value | ₹235.63 - ₹261.36 | ₹248.50 |
| Upside | -21.0% - -12.3% | -16.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| D.P. Wires Limited | 543962 | BSE:543962 |
| Rajratan Global Wire Limited | 517522 | BSE:517522 |
| Bharat Wire Ropes Limited | 539799 | BSE:539799 |
| Mukand Limited | 500460 | BSE:500460 |
| Vardhman Special Steels Limited | 534392 | BSE:534392 |
| Usha Martin Limited | USHAMART | NSEI:USHAMART |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 543962 | 517522 | 539799 | 500460 | 534392 | USHAMART | |||
| BSE:543962 | BSE:517522 | BSE:539799 | BSE:500460 | BSE:534392 | NSEI:USHAMART | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 24.9% | 12.6% | 20.9% | 7.0% | 8.2% | 5.3% | ||
| 3Y CAGR | 29.2% | 17.7% | 35.5% | 23.8% | 21.0% | 15.4% | ||
| Latest Twelve Months | -40.8% | 6.1% | -6.7% | -4.3% | 8.0% | 4.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 5.8% | 14.5% | 13.5% | -1.7% | 8.3% | 12.9% | ||
| Prior Fiscal Year | 4.6% | 16.1% | 20.1% | -4.2% | 8.4% | 14.1% | ||
| Latest Fiscal Year | 5.0% | 12.4% | 23.0% | 4.6% | 8.3% | 16.7% | ||
| Latest Twelve Months | 5.3% | 11.6% | 18.7% | 5.0% | 9.0% | 15.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.33x | 1.92x | 2.22x | 0.56x | 0.97x | 2.75x | ||
| EV / LTM EBIT | 6.3x | 16.6x | 11.9x | 11.1x | 10.9x | 17.6x | ||
| Price / LTM Sales | 0.44x | 1.58x | 2.02x | 0.26x | 0.92x | 2.67x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.33x | 0.97x | 2.22x | |||||
| Historical EV / LTM Revenue | 0.33x | 1.71x | 3.05x | |||||
| Selected EV / LTM Revenue | 2.18x | 2.29x | 2.41x | |||||
| (x) LTM Revenue | 34,071 | 34,071 | 34,071 | |||||
| (=) Implied Enterprise Value | 74,245 | 78,153 | 82,060 | |||||
| (-) Non-shareholder Claims * | (2,689) | (2,689) | (2,689) | |||||
| (=) Equity Value | 71,556 | 75,464 | 79,371 | |||||
| (/) Shares Outstanding | 304.7 | 304.7 | 304.7 | |||||
| Implied Value Range | 234.81 | 247.63 | 260.45 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 234.81 | 247.63 | 260.45 | 298.15 | ||||
| Upside / (Downside) | -21.2% | -16.9% | -12.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 543962 | 517522 | 539799 | 500460 | 534392 | USHAMART | |
| Enterprise Value | 2,326 | 17,746 | 13,125 | 27,894 | 17,327 | 93,548 | |
| (+) Cash & Short Term Investments | 782 | 23 | 79 | 135 | 436 | 1,904 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (10) | (3,141) | (1,246) | (14,800) | (1,417) | (4,593) | |
| (-) 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 | 3,098 | 14,627 | 11,958 | 13,230 | 16,347 | 90,859 | |
| (/) Shares Outstanding | 15.5 | 50.8 | 68.4 | 144.5 | 81.7 | 304.7 | |
| Implied Stock Price | 199.85 | 288.10 | 174.70 | 91.56 | 200.00 | 298.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 199.85 | 288.10 | 174.70 | 91.56 | 200.00 | 298.15 | |
| 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 | |