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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 4.2x - 4.7x | 4.4x |
Selected Fwd Revenue Multiple | 3.1x - 3.5x | 3.3x |
Fair Value | ₹2,084 - ₹2,300 | ₹2,192 |
Upside | -16.5% - -7.9% | -12.2% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
PNGS Gargi Fashion Jewellery Limited | 543709 | BSE:543709 |
V2 Retail Limited | V2RETAIL | NSEI:V2RETAIL |
Trent Limited | TRENT | NSEI:TRENT |
U.H. Zaveri Limited | 541338 | BSE:541338 |
FSN E-Commerce Ventures Limited | NYKAA | NSEI:NYKAA |
Ethos Limited | ETHOSLTD | NSEI:ETHOSLTD |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
543709 | V2RETAIL | TRENT | 541338 | NYKAA | ETHOSLTD | |||
BSE:543709 | NSEI:V2RETAIL | NSEI:TRENT | BSE:541338 | NSEI:NYKAA | NSEI:ETHOSLTD | |||
Historical Revenue Growth | ||||||||
5Y CAGR | NM- | 9.3% | 36.3% | 18.5% | 41.9% | 17.6% | ||
3Y CAGR | 1933.9% | 29.3% | 68.4% | 43.2% | 37.8% | 37.2% | ||
Latest Twelve Months | 182.1% | 58.4% | 44.0% | 77.1% | 25.5% | 25.0% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 27.6% | 2.4% | 5.7% | 3.4% | 2.2% | 8.9% | ||
Prior Fiscal Year | 22.1% | 2.0% | 7.0% | 7.5% | 1.6% | 10.5% | ||
Latest Fiscal Year | 21.6% | 6.2% | 10.1% | 3.6% | 1.9% | 10.4% | ||
Latest Twelve Months | 29.7% | 8.5% | 10.7% | -0.3% | 2.4% | 10.1% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 8.02x | 3.87x | 10.19x | 0.58x | 6.85x | 5.05x | ||
EV / LTM EBIT | 26.9x | 45.8x | 95.4x | -200.3x | 286.4x | 49.9x | ||
Price / LTM Sales | 8.44x | 3.49x | 10.13x | 0.29x | 6.70x | 5.12x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.58x | 6.85x | 10.19x | |||||
Historical EV / LTM Revenue | 2.81x | 4.70x | 6.60x | |||||
Selected EV / LTM Revenue | 4.23x | 4.45x | 4.67x | |||||
(x) LTM Revenue | 11,928 | 11,928 | 11,928 | |||||
(=) Implied Enterprise Value | 50,403 | 53,056 | 55,709 | |||||
(-) Non-shareholder Claims * | 918 | 918 | 918 | |||||
(=) Equity Value | 51,321 | 53,974 | 56,627 | |||||
(/) Shares Outstanding | 24.5 | 24.5 | 24.5 | |||||
Implied Value Range | 2,096.41 | 2,204.77 | 2,313.14 | |||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 2,096.41 | 2,204.77 | 2,313.14 | 2,497.15 | ||||
Upside / (Downside) | -16.0% | -11.7% | -7.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 543709 | V2RETAIL | TRENT | 541338 | NYKAA | ETHOSLTD | |
Enterprise Value | 9,540 | 65,169 | 1,650,945 | 191 | 517,203 | 60,214 | |
(+) Cash & Short Term Investments | 531 | 43 | 9,900 | 2 | 1,948 | 2,714 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (27) | (6,488) | (18,422) | (96) | (13,063) | (1,796) | |
(-) 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 | 10,044 | 58,724 | 1,642,423 | 97 | 506,088 | 61,131 | |
(/) Shares Outstanding | 10.4 | 34.6 | 355.5 | 10.2 | 2,859.3 | 24.5 | |
Implied Stock Price | 969.70 | 1,697.75 | 4,620.20 | 9.51 | 177.00 | 2,497.15 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 969.70 | 1,697.75 | 4,620.20 | 9.51 | 177.00 | 2,497.15 | |
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 |