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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 3.9x - 4.3x | 4.1x |
Selected Fwd Ps Multiple | 4.3x - 4.8x | 4.6x |
Fair Value | ₹152.51 - ₹168.57 | ₹160.54 |
Upside | -6.4% - 3.5% | -1.4% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Tamilnad Mercantile Bank Limited | - | NSEI:TMB |
The Karnataka Bank Limited | - | NSEI:KTKBANK |
The South Indian Bank Limited | - | NSEI:SOUTHBANK |
Ujjivan Small Finance Bank Limited | - | NSEI:UJJIVANSFB |
Capital Small Finance Bank Limited | - | NSEI:CAPITALSFB |
City Union Bank Limited | - | NSEI:CUB |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
TMB | KTKBANK | SOUTHBANK | UJJIVANSFB | CAPITALSFB | CUB | |||
NSEI:TMB | NSEI:KTKBANK | NSEI:SOUTHBANK | NSEI:UJJIVANSFB | NSEI:CAPITALSFB | NSEI:CUB | |||
Historical Sales Growth | ||||||||
5Y CAGR | 18.5% | 14.2% | 19.0% | 25.6% | 18.4% | 7.3% | ||
3Y CAGR | 15.0% | 20.6% | 29.8% | 47.5% | 20.1% | 13.9% | ||
Latest Twelve Months | 10.6% | 8.6% | 7.5% | 3.8% | 18.2% | 17.6% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 37.4% | 25.9% | 11.6% | 4.6% | 25.6% | 35.9% | ||
Prior Fiscal Year | 40.5% | 34.6% | 22.6% | 33.0% | 29.6% | 40.2% | ||
Latest Fiscal Year | 39.6% | 32.5% | 23.7% | 32.2% | 30.2% | 39.4% | ||
Latest Twelve Months | 38.9% | 30.2% | 25.9% | 24.6% | 29.4% | 38.0% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
Price / LTM Sales | 2.3x | 1.6x | 1.3x | 1.8x | 2.9x | 4.2x | ||
LTM P/E Ratio | 5.9x | 5.4x | 5.0x | 7.3x | 9.9x | 11.1x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 1.3x | 1.8x | 2.9x | |||||
Historical LTM P/S Ratio | 4.0x | 4.9x | 7.4x | |||||
Selected Price / Sales Multiple | 3.9x | 4.1x | 4.3x | |||||
(x) LTM Sales | 28,680 | 28,680 | 28,680 | |||||
(=) Equity Value | 112,840 | 118,779 | 124,717 | |||||
(/) Shares Outstanding | 741.0 | 741.0 | 741.0 | |||||
Implied Value Range | 152.28 | 160.30 | 168.31 | |||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 152.28 | 160.30 | 168.31 | 162.90 | ||||
Upside / (Downside) | -6.5% | -1.6% | 3.3% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | TMB | KTKBANK | SOUTHBANK | UJJIVANSFB | CAPITALSFB | CUB | |
Value of Common Equity | 67,426 | 69,302 | 61,980 | 70,678 | 12,486 | 120,707 | |
(/) Shares Outstanding | 158.4 | 377.9 | 2,616.3 | 1,934.8 | 45.2 | 741.0 | |
Implied Stock Price | 425.80 | 183.37 | 23.69 | 36.53 | 275.95 | 162.90 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 425.80 | 183.37 | 23.69 | 36.53 | 275.95 | 162.90 | |
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 |