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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.7x - 1.9x | 1.8x |
| Selected Fwd Revenue Multiple | 1.3x - 1.4x | 1.3x |
| Fair Value | ₹164 - ₹185.36 | ₹174.68 |
| Upside | -1.1% - 11.8% | 5.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| G R Infraprojects Limited | GRINFRA | NSEI:GRINFRA |
| H.G. Infra Engineering Limited | HGINFRA | NSEI:HGINFRA |
| PNC Infratech Limited | PNCINFRA | NSEI:PNCINFRA |
| KEC International Limited | KEC | NSEI:KEC |
| Hindustan Construction Company Limited | HCC | NSEI:HCC |
| Vishnu Prakash R Punglia Limited | VPRPL | NSEI:VPRPL |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| GRINFRA | HGINFRA | PNCINFRA | KEC | HCC | VPRPL | |||
| NSEI:GRINFRA | NSEI:HGINFRA | NSEI:PNCINFRA | NSEI:KEC | NSEI:HCC | NSEI:VPRPL | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 11.2% | 21.7% | 18.0% | 12.6% | -7.8% | 31.8% | ||
| 3Y CAGR | 4.6% | 27.3% | 14.3% | 14.9% | -5.2% | 44.8% | ||
| Latest Twelve Months | -15.1% | 3.8% | -8.3% | 9.7% | -34.8% | 17.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 20.6% | 16.3% | 19.1% | 5.6% | 6.6% | 12.2% | ||
| Prior Fiscal Year | 24.4% | 17.4% | 16.9% | 3.7% | 5.1% | 12.8% | ||
| Latest Fiscal Year | 21.0% | 17.2% | 21.1% | 5.2% | 8.4% | 13.6% | ||
| Latest Twelve Months | 18.3% | 18.7% | 29.2% | 5.5% | 1.9% | 13.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.84x | 1.75x | 1.76x | 1.18x | 1.00x | 1.70x | ||
| EV / LTM EBIT | 10.1x | 9.4x | 6.0x | 21.4x | 53.8x | 12.5x | ||
| Price / LTM Sales | 1.33x | 1.32x | 0.88x | 1.00x | 0.74x | 1.38x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.00x | 1.75x | 1.84x | |||||
| Historical EV / LTM Revenue | 1.59x | 1.59x | 1.59x | |||||
| Selected EV / LTM Revenue | 1.69x | 1.78x | 1.87x | |||||
| (x) LTM Revenue | 14,896 | 14,896 | 14,896 | |||||
| (=) Implied Enterprise Value | 25,236 | 26,564 | 27,892 | |||||
| (-) Non-shareholder Claims * | (4,856) | (4,856) | (4,856) | |||||
| (=) Equity Value | 20,380 | 21,708 | 23,036 | |||||
| (/) Shares Outstanding | 124.6 | 124.6 | 124.6 | |||||
| Implied Value Range | 163.50 | 174.16 | 184.81 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 163.50 | 174.16 | 184.81 | 165.80 | ||||
| Upside / (Downside) | -1.4% | 5.0% | 11.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GRINFRA | HGINFRA | PNCINFRA | KEC | HCC | VPRPL | |
| Enterprise Value | 141,563 | 93,946 | 135,393 | 242,196 | 60,375 | 25,522 | |
| (+) Cash & Short Term Investments | 4,853 | 1,158 | 20,471 | 5,165 | 6,476 | 767 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (43,136) | (24,474) | (87,868) | (43,119) | (22,319) | (5,623) | |
| (-) 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 | 103,280 | 70,629 | 67,996 | 204,242 | 44,532 | 20,666 | |
| (/) Shares Outstanding | 96.7 | 65.2 | 256.5 | 266.2 | 1,679.8 | 124.6 | |
| Implied Stock Price | 1,067.60 | 1,083.75 | 265.05 | 767.25 | 26.51 | 165.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,067.60 | 1,083.75 | 265.05 | 767.25 | 26.51 | 165.80 | |
| 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 | |