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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 15.5x - 17.2x | 16.4x |
Selected Fwd EBITDA Multiple | 11.7x - 12.9x | 12.3x |
Fair Value | ₹55.36 - ₹62.23 | ₹58.80 |
Upside | -16.8% - -6.4% | -11.6% |
Benchmarks | Ticker | Full Ticker |
Ahluwalia Contracts (India) Limited | AHLUCONT | NSEI:AHLUCONT |
Capacit'e Infraprojects Limited | CAPACITE | NSEI:CAPACITE |
PSP Projects Limited | PSPPROJECT | NSEI:PSPPROJECT |
Deepak Builders & Engineers India Limited | DBEIL | NSEI:DBEIL |
Vascon Engineers Limited | VASCONEQ | NSEI:VASCONEQ |
B.L. Kashyap and Sons Limited | BLKASHYAP | NSEI:BLKASHYAP |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
AHLUCONT | CAPACITE | PSPPROJECT | DBEIL | VASCONEQ | BLKASHYAP | ||
NSEI:AHLUCONT | NSEI:CAPACITE | NSEI:PSPPROJECT | NSEI:DBEIL | NSEI:VASCONEQ | NSEI:BLKASHYAP | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 12.4% | 5.6% | 11.8% | 35.7% | 24.5% | 13.0% | |
3Y CAGR | 37.1% | 35.9% | 24.2% | 49.3% | NM- | 20.5% | |
Latest Twelve Months | -17.8% | 6.2% | -32.5% | NM | -16.4% | -10.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 8.8% | 17.1% | 11.8% | 16.4% | 5.9% | 8.0% | |
Prior Fiscal Year | 10.5% | 19.7% | 11.9% | 11.8% | 11.6% | 8.8% | |
Latest Fiscal Year | 9.9% | 17.1% | 10.4% | 22.1% | 8.5% | 8.8% | |
Latest Twelve Months | 7.8% | 17.0% | 7.8% | 26.0% | 8.2% | 7.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.32x | 1.50x | 1.01x | 1.61x | 0.89x | 1.40x | |
EV / LTM EBITDA | 16.9x | 8.8x | 12.9x | 6.2x | 10.8x | 18.7x | |
EV / LTM EBIT | 20.6x | 10.9x | 19.9x | 6.5x | 12.1x | 21.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 6.2x | 10.8x | 16.9x | ||||
Historical EV / LTM EBITDA | 9.2x | 18.1x | 25.0x | ||||
Selected EV / LTM EBITDA | 15.5x | 16.4x | 17.2x | ||||
(x) LTM EBITDA | 897 | 897 | 897 | ||||
(=) Implied Enterprise Value | 13,929 | 14,662 | 15,396 | ||||
(-) Non-shareholder Claims * | (2,234) | (2,234) | (2,234) | ||||
(=) Equity Value | 11,695 | 12,429 | 13,162 | ||||
(/) Shares Outstanding | 225.4 | 225.4 | 225.4 | ||||
Implied Value Range | 51.88 | 55.13 | 58.38 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 51.88 | 55.13 | 58.38 | 66.52 | |||
Upside / (Downside) | -22.0% | -17.1% | -12.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AHLUCONT | CAPACITE | PSPPROJECT | DBEIL | VASCONEQ | BLKASHYAP | |
Enterprise Value | 52,847 | 34,010 | 25,341 | 8,774 | 11,004 | 17,230 | |
(+) Cash & Short Term Investments | 7,629 | 1,532 | 2,793 | 1 | 495 | 591 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (717) | (3,456) | (2,738) | (1,945) | (2,334) | (2,825) | |
(-) 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 | 59,760 | 32,086 | 25,397 | 6,830 | 9,165 | 14,996 | |
(/) Shares Outstanding | 67.0 | 84.6 | 39.6 | 46.6 | 221.3 | 225.4 | |
Implied Stock Price | 892.10 | 379.25 | 640.65 | 146.62 | 41.41 | 66.52 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 892.10 | 379.25 | 640.65 | 146.62 | 41.41 | 66.52 | |
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 |