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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -30.6x - -33.8x | -32.2x |
| Selected Fwd EBIT Multiple | 33.3x - 36.8x | 35.0x |
| Fair Value | ₹84.62 - ₹93.38 | ₹89 |
| Upside | -18.6% - -10.2% | -14.4% |
| Benchmarks | Ticker | Full Ticker |
| Sigma Solve Limited | SIGMA | NSEI:SIGMA |
| Systango Technologies Limited | SYSTANGO | NSEI:SYSTANGO |
| Enfuse Solutions Limited | ENFUSE | NSEI:ENFUSE |
| Ksolves India Limited | KSOLVES | NSEI:KSOLVES |
| Expleo Solutions Limited | EXPLEOSOL | NSEI:EXPLEOSOL |
| Vertexplus Technologies Limited | VERTEXPLUS | NSEI:VERTEXPLUS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SIGMA | SYSTANGO | ENFUSE | KSOLVES | EXPLEOSOL | VERTEXPLUS | ||
| NSEI:SIGMA | NSEI:SYSTANGO | NSEI:ENFUSE | NSEI:KSOLVES | NSEI:EXPLEOSOL | NSEI:VERTEXPLUS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 73.1% | NM- | NM- | 116.2% | 24.9% | NM- | |
| 3Y CAGR | 20.8% | 42.1% | 52.5% | 32.0% | 11.1% | -20.9% | |
| Latest Twelve Months | 18.7% | 3.3% | NM | -0.6% | 26.2% | -179.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 37.1% | 27.4% | 15.6% | 41.5% | 16.8% | 5.2% | |
| Prior Fiscal Year | 33.8% | 29.3% | 15.9% | 42.3% | 11.9% | 10.7% | |
| Latest Fiscal Year | 33.6% | 30.0% | 18.6% | 33.2% | 13.9% | 4.0% | |
| Latest Twelve Months | 33.6% | 29.9% | 18.2% | 33.2% | 13.9% | -8.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.98x | 4.46x | 5.21x | 5.50x | 1.36x | 3.74x | |
| EV / LTM EBITDA | 14.2x | 14.5x | 22.3x | 15.8x | 7.7x | -62.4x | |
| EV / LTM EBIT | 14.8x | 14.9x | 28.7x | 16.6x | 9.8x | -43.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.8x | 14.9x | 28.7x | ||||
| Historical EV / LTM EBIT | 100.9x | 100.9x | 100.9x | ||||
| Selected EV / LTM EBIT | -30.6x | -32.2x | -33.8x | ||||
| (x) LTM EBIT | (13) | (13) | (13) | ||||
| (=) Implied Enterprise Value | 403 | 425 | 446 | ||||
| (-) Non-shareholder Claims * | 8 | 8 | 8 | ||||
| (=) Equity Value | 411 | 433 | 454 | ||||
| (/) Shares Outstanding | 5.5 | 5.5 | 5.5 | ||||
| Implied Value Range | 75.08 | 78.96 | 82.83 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 75.08 | 78.96 | 82.83 | 104.00 | |||
| Upside / (Downside) | -27.8% | -24.1% | -20.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SIGMA | SYSTANGO | ENFUSE | KSOLVES | EXPLEOSOL | VERTEXPLUS | |
| Enterprise Value | 3,755 | 3,266 | 2,584 | 7,476 | 14,219 | 562 | |
| (+) Cash & Short Term Investments | 121 | 506 | 24 | 105 | 2,294 | 32 | |
| (+) Investments & Other | 152 | 181 | 11 | 0 | 0 | 3 | |
| (-) Debt | (37) | (0) | (185) | (90) | (298) | (27) | |
| (-) 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 | 3,991 | 3,952 | 2,433 | 7,491 | 16,214 | 570 | |
| (/) Shares Outstanding | 10.3 | 14.7 | 8.8 | 23.7 | 15.5 | 5.5 | |
| Implied Stock Price | 388.30 | 269.40 | 275.00 | 315.90 | 1,044.75 | 104.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 388.30 | 269.40 | 275.00 | 315.90 | 1,044.75 | 104.00 | |
| 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 | |