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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5.7x - 6.3x | 6.0x |
Selected Fwd EBITDA Multiple | 3.5x - 3.9x | 3.7x |
Fair Value | ₨53.61 - ₨74.81 | ₨64.21 |
Upside | -23.7% - 6.5% | -8.6% |
Benchmarks | Ticker | Full Ticker |
Feroze1888 Mills Limited | FML | KASE:FML |
Zahidjee Textile Mills Limited | ZAHID | KASE:ZAHID |
Gadoon Textile Mills Limited | GADT | KASE:GADT |
Gul Ahmed Textile Mills Limited | GATM | KASE:GATM |
Kohinoor Textile Mills Limited | KTML | KASE:KTML |
Kohinoor Mills Limited | KML | KASE:KML |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
FML | ZAHID | GADT | GATM | KTML | KML | ||
KASE:FML | KASE:ZAHID | KASE:GADT | KASE:GATM | KASE:KTML | KASE:KML | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 8.8% | 3.6% | 12.8% | 18.2% | 22.7% | 14.5% | |
3Y CAGR | 5.1% | -6.4% | 3.7% | 10.3% | 22.1% | 30.4% | |
Latest Twelve Months | -38.5% | 38.4% | 25.4% | 1.8% | 21.5% | -40.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 13.4% | 12.0% | 10.0% | 11.0% | 22.0% | 9.3% | |
Prior Fiscal Year | 16.6% | 8.7% | 9.4% | 11.4% | 22.1% | 13.0% | |
Latest Fiscal Year | 11.5% | 5.4% | 7.3% | 8.7% | 20.9% | 7.5% | |
Latest Twelve Months | 9.1% | 6.0% | 9.1% | 8.5% | 29.1% | 6.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.00x | 0.68x | 0.44x | 0.57x | 0.70x | 0.39x | |
EV / LTM EBITDA | 11.0x | 11.5x | 4.8x | 6.7x | 2.4x | 6.5x | |
EV / LTM EBIT | 20.2x | 22.9x | 7.7x | 9.9x | 2.9x | 9.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 2.4x | 6.7x | 11.5x | ||||
Historical EV / LTM EBITDA | 2.9x | 3.8x | 6.0x | ||||
Selected EV / LTM EBITDA | 5.7x | 6.0x | 6.3x | ||||
(x) LTM EBITDA | 1,718 | 1,718 | 1,718 | ||||
(=) Implied Enterprise Value | 9,862 | 10,381 | 10,900 | ||||
(-) Non-shareholder Claims * | (7,521) | (7,521) | (7,521) | ||||
(=) Equity Value | 2,341 | 2,860 | 3,379 | ||||
(/) Shares Outstanding | 50.9 | 50.9 | 50.9 | ||||
Implied Value Range | 45.98 | 56.17 | 66.37 | ||||
FX Rate: PKR/PKR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 45.98 | 56.17 | 66.37 | 70.26 | |||
Upside / (Downside) | -34.6% | -20.1% | -5.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | FML | ZAHID | GADT | GATM | KTML | KML | |
Enterprise Value | 64,370 | 27,767 | 32,533 | 104,707 | 88,481 | 11,098 | |
(+) Cash & Short Term Investments | 653 | 4,470 | 1,025 | 925 | 40,188 | 1,537 | |
(+) Investments & Other | 0 | 0 | 6,151 | 70 | 8,833 | 22 | |
(-) Debt | (34,580) | (8,576) | (26,052) | (80,310) | (41,502) | (9,080) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (29,967) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 30,443 | 23,662 | 13,657 | 25,391 | 66,032 | 3,577 | |
(/) Shares Outstanding | 399.4 | 191.4 | 28.0 | 740.1 | 269.3 | 50.9 | |
Implied Stock Price | 76.22 | 123.61 | 487.24 | 34.31 | 245.20 | 70.26 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 76.22 | 123.61 | 487.24 | 34.31 | 245.20 | 70.26 | |
Trading Currency | PKR | PKR | PKR | PKR | PKR | PKR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |