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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 35.1x - 38.8x | 37.0x |
Selected Fwd EBITDA Multiple | 20.3x - 22.5x | 21.4x |
Fair Value | ₹9.51 - ₹10.90 | ₹10.20 |
Upside | -18.3% - -6.4% | -12.3% |
Benchmarks | Ticker | Full Ticker |
Mangalam Seeds Limited | 539275 | BSE:539275 |
Upsurge Seeds Of Agriculture Limited | USASEEDS | NSEI:USASEEDS |
Avanti Feeds Limited | AVANTIFEED | NSEI:AVANTIFEED |
Bombay Super Hybrid Seeds Limited | BSHSL | NSEI:BSHSL |
Kaveri Seed Company Limited | KSCL | NSEI:KSCL |
ShreeOswal Seeds and Chemicals Limited | OSWALSEEDS | NSEI:OSWALSEEDS |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
539275 | USASEEDS | AVANTIFEED | BSHSL | KSCL | OSWALSEEDS | ||
BSE:539275 | NSEI:USASEEDS | NSEI:AVANTIFEED | NSEI:BSHSL | NSEI:KSCL | NSEI:OSWALSEEDS | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 34.2% | 107.7% | 1.9% | 46.3% | 6.1% | -30.3% | |
3Y CAGR | 32.5% | 102.5% | -0.2% | 49.5% | -1.4% | -48.8% | |
Latest Twelve Months | -28.1% | 26.4% | 31.2% | 7.7% | 6.4% | -47.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 19.5% | 8.7% | 8.9% | 7.9% | 24.9% | 3.5% | |
Prior Fiscal Year | 24.5% | 10.0% | 7.7% | 9.5% | 23.5% | 4.4% | |
Latest Fiscal Year | 18.3% | 10.2% | 8.5% | 11.1% | 24.8% | 0.4% | |
Latest Twelve Months | 15.7% | 13.5% | 10.7% | 8.8% | 24.3% | 1.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.29x | 0.98x | 1.97x | 3.81x | 4.85x | 0.53x | |
EV / LTM EBITDA | 14.5x | 7.2x | 18.4x | 43.0x | 20.0x | 44.3x | |
EV / LTM EBIT | 16.3x | 8.7x | 20.6x | 45.0x | 22.5x | 54.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 7.2x | 18.4x | 43.0x | ||||
Historical EV / LTM EBITDA | 7.6x | 11.8x | 52.2x | ||||
Selected EV / LTM EBITDA | 35.1x | 37.0x | 38.8x | ||||
(x) LTM EBITDA | 32 | 32 | 32 | ||||
(=) Implied Enterprise Value | 1,113 | 1,172 | 1,231 | ||||
(-) Non-shareholder Claims * | (340) | (340) | (340) | ||||
(=) Equity Value | 774 | 832 | 891 | ||||
(/) Shares Outstanding | 91.5 | 91.5 | 91.5 | ||||
Implied Value Range | 8.46 | 9.10 | 9.74 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 8.46 | 9.10 | 9.74 | 11.64 | |||
Upside / (Downside) | -27.3% | -21.8% | -16.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 539275 | USASEEDS | AVANTIFEED | BSHSL | KSCL | OSWALSEEDS | |
Enterprise Value | 2,344 | 1,083 | 105,235 | 13,055 | 58,826 | 1,405 | |
(+) Cash & Short Term Investments | 40 | 2 | 19,408 | 2 | 6,149 | 1 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (591) | (97) | (162) | (374) | 0 | (341) | |
(-) 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 | 1,794 | 988 | 124,481 | 12,683 | 64,975 | 1,065 | |
(/) Shares Outstanding | 11.0 | 7.1 | 136.2 | 104.9 | 51.4 | 91.5 | |
Implied Stock Price | 163.35 | 140.00 | 913.65 | 120.86 | 1,263.15 | 11.64 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 163.35 | 140.00 | 913.65 | 120.86 | 1,263.15 | 11.64 | |
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 |