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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.7x - 3.0x | 2.8x |
| Selected Fwd Ps Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | ₹1,365 - ₹1,508 | ₹1,437 |
| Upside | 4.7% - 15.7% | 10.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Suraj Limited | - | NSEI:SURAJLTD |
| Hi-Tech Pipes Limited | - | NSEI:HITECH |
| Hariom Pipe Industries Limited | - | NSEI:HARIOMPIPE |
| Vibhor Steel Tubes Limited | - | NSEI:VSTL |
| Maharashtra Seamless Limited | - | NSEI:MAHSEAMLES |
| Venus Pipes and Tubes Limited | - | NSEI:VENUSPIPES |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| SURAJLTD | HITECH | HARIOMPIPE | VSTL | MAHSEAMLES | VENUSPIPES | |||
| NSEI:SURAJLTD | NSEI:HITECH | NSEI:HARIOMPIPE | NSEI:VSTL | NSEI:MAHSEAMLES | NSEI:VENUSPIPES | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 5.9% | 20.5% | 53.2% | 12.3% | 15.0% | 40.0% | ||
| 3Y CAGR | -12.1% | 17.8% | 46.6% | 6.8% | 8.1% | 35.3% | ||
| Latest Twelve Months | -25.8% | 2.3% | 17.4% | -4.3% | -1.3% | 15.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 4.0% | 1.9% | 6.0% | 1.3% | 11.5% | 9.1% | ||
| Prior Fiscal Year | 6.5% | 1.6% | 4.9% | 1.7% | 17.4% | 10.7% | ||
| Latest Fiscal Year | 5.7% | 2.4% | 4.5% | 1.2% | 14.6% | 9.7% | ||
| Latest Twelve Months | 4.5% | 2.5% | 4.6% | 1.2% | 16.7% | 9.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 28.0x | 10.9x | 9.8x | 11.6x | 6.8x | 17.2x | ||
| Price / LTM Sales | 2.7x | 0.6x | 1.0x | 0.3x | 1.7x | 2.7x | ||
| LTM P/E Ratio | 59.5x | 22.8x | 22.4x | 24.6x | 10.1x | 29.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 1.0x | 2.7x | |||||
| Historical LTM P/S Ratio | 2.7x | 3.1x | 5.1x | |||||
| Selected Price / Sales Multiple | 2.7x | 2.8x | 3.0x | |||||
| (x) LTM Sales | 9,948 | 9,948 | 9,948 | |||||
| (=) Equity Value | 26,698 | 28,103 | 29,508 | |||||
| (/) Shares Outstanding | 20.5 | 20.5 | 20.5 | |||||
| Implied Value Range | 1,302.82 | 1,371.39 | 1,439.96 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,302.82 | 1,371.39 | 1,439.96 | 1,304.00 | ||||
| Upside / (Downside) | -0.1% | 5.2% | 10.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | SURAJLTD | HITECH | HARIOMPIPE | VSTL | MAHSEAMLES | VENUSPIPES | |
| Value of Common Equity | 6,177 | 17,611 | 15,193 | 2,927 | 89,512 | 26,722 | |
| (/) Shares Outstanding | 18.4 | 203.1 | 31.0 | 19.0 | 134.0 | 20.5 | |
| Implied Stock Price | 336.35 | 86.71 | 490.60 | 154.38 | 668.00 | 1,304.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 336.35 | 86.71 | 490.60 | 154.38 | 668.00 | 1,304.00 | |
| 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 | |