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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 13.9x - 15.3x | 14.6x |
Selected Fwd EBIT Multiple | 3.1x - 3.4x | 3.2x |
Fair Value | ₹691.45 - ₹763.91 | ₹727.68 |
Upside | 21.2% - 33.9% | 27.6% |
Benchmarks | Ticker | Full Ticker |
Transformers and Rectifiers (India) Limited | 532928 | BSE:532928 |
Aartech Solonics Limited | 542580 | BSE:542580 |
Exicom Tele-Systems Limited | 544133 | BSE:544133 |
Veto Switchgears and Cables Limited | 539331 | BSE:539331 |
Ultracab (India) Limited | 538706 | BSE:538706 |
Star Delta Transformers Limited | 539255 | BSE:539255 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
532928 | 542580 | 544133 | 539331 | 538706 | 539255 | ||
BSE:532928 | BSE:542580 | BSE:544133 | BSE:539331 | BSE:538706 | BSE:539255 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 20.4% | -3.3% | NM- | 8.3% | 23.6% | 12.0% | |
3Y CAGR | 29.9% | 67.3% | 70.4% | 8.4% | 23.7% | NM- | |
Latest Twelve Months | 246.0% | 60.4% | -98.1% | -26.6% | 59.4% | 3.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 6.9% | 2.3% | 5.7% | 11.6% | 9.4% | 4.7% | |
Prior Fiscal Year | 6.9% | 7.1% | 7.2% | 11.3% | 10.6% | 6.9% | |
Latest Fiscal Year | 8.4% | 1.4% | 10.2% | 9.8% | 9.8% | 10.2% | |
Latest Twelve Months | 13.0% | 6.2% | 0.2% | 8.1% | 8.4% | 10.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 8.60x | 4.35x | 2.22x | 0.72x | 0.68x | 1.19x | |
EV / LTM EBITDA | 60.1x | 58.3x | 175.5x | 8.0x | 7.7x | 11.4x | |
EV / LTM EBIT | 65.9x | 70.4x | 1034.1x | 8.8x | 8.1x | 11.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.1x | 65.9x | 1034.1x | ||||
Historical EV / LTM EBIT | -20.7x | 12.1x | 30.3x | ||||
Selected EV / LTM EBIT | 13.9x | 14.6x | 15.3x | ||||
(x) LTM EBIT | 144 | 144 | 144 | ||||
(=) Implied Enterprise Value | 1,991 | 2,096 | 2,201 | ||||
(-) Non-shareholder Claims * | 9 | 9 | 9 | ||||
(=) Equity Value | 2,000 | 2,105 | 2,210 | ||||
(/) Shares Outstanding | 3.0 | 3.0 | 3.0 | ||||
Implied Value Range | 666.71 | 701.64 | 736.57 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 666.71 | 701.64 | 736.57 | 570.30 | |||
Upside / (Downside) | 16.9% | 23.0% | 29.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 532928 | 542580 | 544133 | 539331 | 538706 | 539255 | |
Enterprise Value | 159,390 | 1,558 | 20,175 | 2,073 | 1,431 | 1,702 | |
(+) Cash & Short Term Investments | 3,925 | 152 | 3,860 | 22 | 29 | 61 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (2,441) | (42) | (6,196) | (161) | (541) | (52) | |
(-) 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 | 160,874 | 1,667 | 17,840 | 1,934 | 919 | 1,711 | |
(/) Shares Outstanding | 300.2 | 31.8 | 120.8 | 19.1 | 95.4 | 3.0 | |
Implied Stock Price | 535.95 | 52.46 | 147.65 | 101.17 | 9.63 | 570.30 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 535.95 | 52.46 | 147.65 | 101.17 | 9.63 | 570.30 | |
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 |