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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 9.3x - 10.3x | 9.8x |
Selected Fwd EBIT Multiple | 12.8x - 14.2x | 13.5x |
Fair Value | ₹11.60 - ₹12.73 | ₹12.17 |
Upside | 35.7% - 48.9% | 42.3% |
Benchmarks | Ticker | Full Ticker |
Godrej Industries Limited | 500164 | BSE:500164 |
Balmer Lawrie Investments Limited | 532485 | BSE:532485 |
DCM Limited | 502820 | BSE:502820 |
Siemens Limited | 500550 | BSE:500550 |
APAR Industries Limited | 532259 | BSE:532259 |
Jonjua Overseas Limited | 542446 | BSE:542446 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
500164 | 532485 | 502820 | 500550 | 532259 | 542446 | ||
BSE:500164 | BSE:532485 | BSE:502820 | BSE:500550 | BSE:532259 | BSE:542446 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 13.7% | 2.0% | NM- | 16.1% | 28.7% | NM- | |
3Y CAGR | 37.4% | 27.9% | NM- | 31.8% | 62.8% | 32.7% | |
Latest Twelve Months | 44.9% | 15.8% | 70.8% | 27.1% | -2.6% | 105.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 10.9% | 9.7% | -11.8% | 10.4% | 6.6% | 25.8% | |
Prior Fiscal Year | 12.2% | 8.0% | -8.4% | 11.0% | 8.0% | 16.5% | |
Latest Fiscal Year | 10.6% | 12.7% | -0.6% | 12.5% | 8.8% | 35.1% | |
Latest Twelve Months | 16.0% | 12.2% | -0.8% | 12.3% | 7.9% | 33.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.56x | 0.78x | 2.49x | 7.52x | 1.15x | 2.11x | |
EV / LTM EBITDA | 20.1x | 5.7x | 94.4x | 56.0x | 13.6x | 5.3x | |
EV / LTM EBIT | 22.2x | 6.4x | -304.4x | 61.1x | 14.7x | 6.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -304.4x | 14.7x | 61.1x | ||||
Historical EV / LTM EBIT | 0.1x | 4.0x | 161.4x | ||||
Selected EV / LTM EBIT | 9.3x | 9.8x | 10.3x | ||||
(x) LTM EBIT | 19 | 19 | 19 | ||||
(=) Implied Enterprise Value | 178 | 188 | 197 | ||||
(-) Non-shareholder Claims * | 14 | 14 | 14 | ||||
(=) Equity Value | 192 | 201 | 211 | ||||
(/) Shares Outstanding | 15.9 | 15.9 | 15.9 | ||||
Implied Value Range | 12.11 | 12.70 | 13.29 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 12.11 | 12.70 | 13.29 | 8.55 | |||
Upside / (Downside) | 41.6% | 48.5% | 55.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 500164 | 532485 | 502820 | 500550 | 532259 | 542446 | |
Enterprise Value | 643,081 | 12,708 | 1,716 | 1,666,675 | 204,970 | 122 | |
(+) Cash & Short Term Investments | 74,689 | 4,047 | 183 | 95,282 | 5,687 | 35 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 15 | |
(-) Debt | (351,838) | (1,237) | (15) | (2,794) | (5,429) | (36) | |
(-) 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 | 365,932 | 15,518 | 1,884 | 1,759,163 | 205,228 | 136 | |
(/) Shares Outstanding | 336.8 | 222.0 | 18.7 | 356.1 | 40.2 | 15.9 | |
Implied Stock Price | 1,086.65 | 69.91 | 100.89 | 4,939.80 | 5,109.20 | 8.55 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1,086.65 | 69.91 | 100.89 | 4,939.80 | 5,109.20 | 8.55 | |
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 |