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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 16.4x - 18.1x | 17.2x |
Selected Fwd EBITDA Multiple | 14.4x - 15.9x | 15.1x |
Fair Value | ₹6,696 - ₹7,329 | ₹7,013 |
Upside | -19.0% - -11.3% | -15.2% |
Benchmarks | Ticker | Full Ticker |
Raminfo Limited | 530951 | BSE:530951 |
Mphasis Limited | 526299 | BSE:526299 |
Tata Consultancy Services Limited | 532540 | BSE:532540 |
Birlasoft Limited | 532400 | BSE:532400 |
Sasken Technologies Limited | 532663 | BSE:532663 |
Oracle Financial Services Software Limited | OFSS | NSEI:OFSS |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
530951 | 526299 | 532540 | 532400 | 532663 | OFSS | ||
BSE:530951 | BSE:526299 | BSE:532540 | BSE:532400 | BSE:532663 | NSEI:OFSS | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 43.6% | 11.0% | 9.9% | 20.4% | -23.1% | 7.0% | |
3Y CAGR | 91.5% | 10.8% | 8.4% | 17.9% | -43.7% | 7.7% | |
Latest Twelve Months | -78.0% | 29.3% | 4.8% | -5.5% | -20.9% | 11.7% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 8.6% | 16.6% | 26.3% | 12.8% | 19.4% | 45.3% | |
Prior Fiscal Year | 11.8% | 15.4% | 26.0% | 10.1% | 7.1% | 43.2% | |
Latest Fiscal Year | 12.5% | 18.6% | 25.7% | 15.1% | 4.2% | 44.9% | |
Latest Twelve Months | 5.8% | 18.6% | 25.7% | 13.1% | 4.2% | 44.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.78x | 3.04x | 4.76x | 1.71x | 2.91x | 9.77x | |
EV / LTM EBITDA | 13.5x | 16.4x | 18.5x | 13.1x | 70.0x | 21.7x | |
EV / LTM EBIT | 624.0x | 20.0x | 19.6x | 14.0x | 179.2x | 22.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 13.1x | 16.4x | 70.0x | ||||
Historical EV / LTM EBITDA | 9.6x | 10.6x | 26.8x | ||||
Selected EV / LTM EBITDA | 16.4x | 17.2x | 18.1x | ||||
(x) LTM EBITDA | 30,763 | 30,763 | 30,763 | ||||
(=) Implied Enterprise Value | 503,786 | 530,301 | 556,816 | ||||
(-) Non-shareholder Claims * | 59,058 | 59,058 | 59,058 | ||||
(=) Equity Value | 562,844 | 589,359 | 615,874 | ||||
(/) Shares Outstanding | 86.9 | 86.9 | 86.9 | ||||
Implied Value Range | 6,478.79 | 6,784.00 | 7,089.21 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 6,478.79 | 6,784.00 | 7,089.21 | 8,266.50 | |||
Upside / (Downside) | -21.6% | -17.9% | -14.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 530951 | 526299 | 532540 | 532400 | 532663 | OFSS | |
Enterprise Value | 321 | 437,572 | 12,104,835 | 94,130 | 15,597 | 659,093 | |
(+) Cash & Short Term Investments | 330 | 33,970 | 461,520 | 15,596 | 2,370 | 59,514 | |
(+) Investments & Other | 0 | 4,238 | 2,750 | 0 | 3,932 | 0 | |
(-) Debt | (107) | (18,882) | (93,920) | (1,454) | (256) | (456) | |
(-) Other Liabilities | 0 | 0 | (10,150) | 0 | (157) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 545 | 456,898 | 12,465,035 | 108,272 | 21,486 | 718,151 | |
(/) Shares Outstanding | 7.5 | 190.2 | 3,618.1 | 277.8 | 15.1 | 86.9 | |
Implied Stock Price | 72.20 | 2,401.80 | 3,445.20 | 389.70 | 1,423.60 | 8,266.50 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 72.20 | 2,401.80 | 3,445.20 | 389.70 | 1,423.60 | 8,266.50 | |
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 |