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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 48.8x - 54.0x | 51.4x |
| Selected Fwd EBITDA Multiple | 34.3x - 37.9x | 36.1x |
| Fair Value | ₹1,625 - ₹1,784 | ₹1,704 |
| Upside | 11.1% - 22.0% | 16.6% |
| Benchmarks | Ticker | Full Ticker |
| Leonardo DRS, Inc. | DRS | NasdaqGS:DRS |
| Axon Enterprise, Inc. | AXON | NasdaqGS:AXON |
| Krishna Defence and Allied Industries Limited | KRISHNADEF | NSEI:KRISHNADEF |
| Elbit Systems Ltd. | ESLT | NasdaqGS:ESLT |
| Apollo Micro Systems Limited | 540879 | BSE:540879 |
| Zen Technologies Limited | ZENTEC | NSEI:ZENTEC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DRS | AXON | KRISHNADEF | ESLT | 540879 | ZENTEC | ||
| NasdaqGS:DRS | NasdaqGS:AXON | NSEI:KRISHNADEF | NasdaqGS:ESLT | BSE:540879 | NSEI:ZENTEC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.2% | 78.2% | 23.3% | 5.9% | 11.5% | 60.9% | |
| 3Y CAGR | 9.4% | NM- | 51.7% | 6.1% | 29.5% | 192.0% | |
| Latest Twelve Months | 19.9% | -29.9% | 140.3% | 22.7% | 52.0% | 77.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.7% | 1.6% | 14.0% | 9.8% | 20.4% | 27.3% | |
| Prior Fiscal Year | 11.6% | 11.5% | 14.3% | 9.1% | 21.6% | 32.9% | |
| Latest Fiscal Year | 12.1% | 6.0% | 14.5% | 9.8% | 22.5% | 41.3% | |
| Latest Twelve Months | 12.1% | 6.0% | 15.1% | 9.8% | 22.2% | 36.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.83x | 20.78x | 5.96x | 2.73x | 6.81x | 15.41x | |
| EV / LTM EBITDA | 23.4x | 345.4x | 39.5x | 27.8x | 30.6x | 41.9x | |
| EV / LTM EBIT | 30.5x | 563.0x | 43.6x | 36.5x | 33.9x | 44.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 23.4x | 30.6x | 345.4x | ||||
| Historical EV / LTM EBITDA | 2.6x | 59.6x | 495.1x | ||||
| Selected EV / LTM EBITDA | 48.8x | 51.4x | 54.0x | ||||
| (x) LTM EBITDA | 2,905 | 2,905 | 2,905 | ||||
| (=) Implied Enterprise Value | 141,900 | 149,368 | 156,836 | ||||
| (-) Non-shareholder Claims * | 10,390 | 10,390 | 10,390 | ||||
| (=) Equity Value | 152,290 | 159,758 | 167,227 | ||||
| (/) Shares Outstanding | 90.3 | 90.3 | 90.3 | ||||
| Implied Value Range | 1,686.67 | 1,769.38 | 1,852.10 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,686.67 | 1,769.38 | 1,852.10 | 1,462.00 | |||
| Upside / (Downside) | 15.4% | 21.0% | 26.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DRS | AXON | KRISHNADEF | ESLT | 540879 | ZENTEC | |
| Enterprise Value | 9,167 | 42,933 | 9,834 | 19,130 | 36,494 | 121,614 | |
| (+) Cash & Short Term Investments | 598 | 986 | 300 | 267 | 185 | 11,055 | |
| (+) Investments & Other | 0 | 333 | 7 | 135 | 0 | 0 | |
| (-) Debt | (458) | (731) | (132) | (1,370) | (2,154) | (665) | |
| (-) Other Liabilities | 0 | 0 | 0 | (3) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,307 | 43,520 | 10,009 | 18,158 | 34,526 | 132,005 | |
| (/) Shares Outstanding | 265.2 | 76.6 | 13.7 | 44.7 | 306.5 | 90.3 | |
| Implied Stock Price | 35.10 | 567.98 | 730.30 | 406.21 | 112.65 | 1,462.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 35.10 | 567.98 | 730.30 | 406.21 | 112.65 | 1,462.00 | |
| Trading Currency | USD | USD | INR | USD | INR | INR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |