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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 17.2x - 19.1x | 18.1x |
Selected Fwd EBIT Multiple | 14.8x - 16.4x | 15.6x |
Fair Value | ₹1,271 - ₹1,407 | ₹1,339 |
Upside | 1.5% - 12.3% | 6.9% |
Benchmarks | Ticker | Full Ticker |
Atul Ltd | 500027 | BSE:500027 |
Bayer CropScience Limited | 506285 | BSE:506285 |
PI Industries Limited | 523642 | BSE:523642 |
Sumitomo Chemical India Limited | 542920 | BSE:542920 |
Insecticides (India) Limited | 532851 | BSE:532851 |
Dhanuka Agritech Limited | DHANUKA | NSEI:DHANUKA |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
500027 | 506285 | 523642 | 542920 | 532851 | DHANUKA | ||
BSE:500027 | BSE:506285 | BSE:523642 | BSE:542920 | BSE:532851 | NSEI:DHANUKA | ||
Historical EBIT Growth | |||||||
5Y CAGR | -9.5% | 14.0% | 28.7% | 8.9% | -5.0% | 16.5% | |
3Y CAGR | -20.4% | 6.9% | 26.7% | -2.4% | 1.4% | 4.2% | |
Latest Twelve Months | 25.3% | -41.9% | 12.1% | 64.8% | 59.8% | 12.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 14.2% | 16.6% | 19.8% | 16.3% | 8.0% | 16.5% | |
Prior Fiscal Year | 11.3% | 16.5% | 20.3% | 17.5% | 5.9% | 15.7% | |
Latest Fiscal Year | 8.3% | 17.7% | 22.3% | 14.5% | 6.8% | 16.3% | |
Latest Twelve Months | 9.9% | 10.9% | 23.0% | 18.7% | 9.0% | 17.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.32x | 4.06x | 6.08x | 8.47x | 0.90x | 3.00x | |
EV / LTM EBITDA | 22.1x | 34.9x | 22.4x | 42.0x | 8.5x | 15.2x | |
EV / LTM EBIT | 33.7x | 37.2x | 26.4x | 45.4x | 10.0x | 17.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 10.0x | 33.7x | 45.4x | ||||
Historical EV / LTM EBIT | 10.3x | 12.9x | 15.5x | ||||
Selected EV / LTM EBIT | 17.2x | 18.1x | 19.1x | ||||
(x) LTM EBIT | 3,363 | 3,363 | 3,363 | ||||
(=) Implied Enterprise Value | 57,978 | 61,029 | 64,081 | ||||
(-) Non-shareholder Claims * | (656) | (656) | (656) | ||||
(=) Equity Value | 57,322 | 60,373 | 63,425 | ||||
(/) Shares Outstanding | 45.1 | 45.1 | 45.1 | ||||
Implied Value Range | 1,271.60 | 1,339.29 | 1,406.99 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1,271.60 | 1,339.29 | 1,406.99 | 1,252.15 | |||
Upside / (Downside) | 1.6% | 7.0% | 12.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 500027 | 506285 | 523642 | 542920 | 532851 | DHANUKA | |
Enterprise Value | 167,078 | 207,154 | 486,099 | 262,520 | 18,107 | 57,101 | |
(+) Cash & Short Term Investments | 5,749 | 9,799 | 39,075 | 13,222 | 716 | 187 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (2,181) | (334) | (1,744) | (289) | (659) | (843) | |
(-) 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 | 170,646 | 216,619 | 523,430 | 275,454 | 18,163 | 56,445 | |
(/) Shares Outstanding | 29.4 | 44.9 | 151.7 | 499.1 | 29.1 | 45.1 | |
Implied Stock Price | 5,796.05 | 4,819.95 | 3,450.60 | 551.85 | 624.20 | 1,252.15 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 5,796.05 | 4,819.95 | 3,450.60 | 551.85 | 624.20 | 1,252.15 | |
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 |