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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 21.8x - 24.1x | 23.0x |
Selected Fwd EBITDA Multiple | 12.4x - 13.7x | 13.1x |
Fair Value | ₹365.66 - ₹404.15 | ₹384.91 |
Upside | 48.1% - 63.7% | 55.9% |
Benchmarks | Ticker | Full Ticker |
Macrotech Developers Limited | LODHA | NSEI:LODHA |
AGI Infra Limited | AGIIL | NSEI:AGIIL |
DLF Limited | DLF | NSEI:DLF |
Suratwwala Business Group Limited | SBGLP | NSEI:SBGLP |
Kolte-Patil Developers Limited | KOLTEPATIL | NSEI:KOLTEPATIL |
Puravankara Limited | 532891 | BSE:532891 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
LODHA | AGIIL | DLF | SBGLP | KOLTEPATIL | 532891 | ||
NSEI:LODHA | NSEI:AGIIL | NSEI:DLF | NSEI:SBGLP | NSEI:KOLTEPATIL | BSE:532891 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -3.5% | 27.5% | -0.6% | 67.8% | -29.5% | 0.7% | |
3Y CAGR | 30.5% | 33.1% | 13.3% | 50.9% | -12.1% | 18.2% | |
Latest Twelve Months | 54.3% | 32.6% | 5.1% | -44.1% | -75.0% | 5.4% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 21.7% | 29.6% | 27.8% | 30.4% | 9.9% | 22.3% | |
Prior Fiscal Year | 21.8% | 25.8% | 30.0% | 48.1% | 12.3% | 23.9% | |
Latest Fiscal Year | 25.9% | 27.4% | 32.8% | 53.5% | 3.2% | 22.0% | |
Latest Twelve Months | 27.3% | 30.6% | 26.5% | 46.3% | 3.7% | 16.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 9.18x | 6.60x | 24.37x | 17.48x | 2.06x | 3.71x | |
EV / LTM EBITDA | 33.7x | 21.6x | 91.9x | 37.8x | 56.3x | 22.8x | |
EV / LTM EBIT | 34.8x | 25.7x | 98.3x | 38.6x | 64.5x | 23.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 21.6x | 37.8x | 91.9x | ||||
Historical EV / LTM EBITDA | -46.5x | 15.4x | 19.9x | ||||
Selected EV / LTM EBITDA | 21.8x | 23.0x | 24.1x | ||||
(x) LTM EBITDA | 3,928 | 3,928 | 3,928 | ||||
(=) Implied Enterprise Value | 85,697 | 90,207 | 94,718 | ||||
(-) Non-shareholder Claims * | 0 | 0 | 0 | ||||
(=) Equity Value | 85,697 | 90,207 | 94,718 | ||||
(/) Shares Outstanding | 237.1 | 237.1 | 237.1 | ||||
Implied Value Range | 361.36 | 380.38 | 399.40 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 361.36 | 380.38 | 399.40 | 246.90 | |||
Upside / (Downside) | 46.4% | 54.1% | 61.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | LODHA | AGIIL | DLF | SBGLP | KOLTEPATIL | 532891 | |
Enterprise Value | 1,245,822 | 21,428 | 1,705,884 | 6,205 | 31,439 | 58,552 | |
(+) Cash & Short Term Investments | 26,813 | 953 | 21,463 | 41 | 5,678 | 0 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (79,896) | (1,419) | (42,898) | (212) | (12,507) | 0 | |
(-) 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 | 1,192,739 | 20,963 | 1,684,450 | 6,033 | 24,610 | 58,552 | |
(/) Shares Outstanding | 997.4 | 24.4 | 2,475.3 | 173.4 | 76.0 | 237.1 | |
Implied Stock Price | 1,195.80 | 857.95 | 680.50 | 34.79 | 323.80 | 246.90 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1,195.80 | 857.95 | 680.50 | 34.79 | 323.80 | 246.90 | |
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 |