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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1.8x - 1.9x | 1.8x |
Selected Fwd Revenue Multiple | 1.3x - 1.5x | 1.4x |
Fair Value | ₹95.98 - ₹106.18 | ₹101.08 |
Upside | 37.1% - 51.7% | 44.4% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Pidilite Industries Limited | PIDILITIND | NSEI:PIDILITIND |
Hindustan Adhesives Limited | 514428 | BSE:514428 |
Vishnu Chemicals Limited | VISHNU | NSEI:VISHNU |
Shree Pushkar Chemicals & Fertilisers Limited | SHREEPUSHK | NSEI:SHREEPUSHK |
Sika AG | 0Z4C | LSE:0Z4C |
Srivasavi Adhesive Tapes Limited | SRIVASAVI | NSEI:SRIVASAVI |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
PIDILITIND | 514428 | VISHNU | SHREEPUSHK | 0Z4C | SRIVASAVI | |||
NSEI:PIDILITIND | BSE:514428 | NSEI:VISHNU | NSEI:SHREEPUSHK | LSE:0Z4C | NSEI:SRIVASAVI | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 11.8% | 16.6% | 9.5% | 10.0% | 7.7% | NM- | ||
3Y CAGR | 19.3% | 12.0% | 21.3% | 26.9% | 8.3% | 11.6% | ||
Latest Twelve Months | 6.0% | 2.0% | 8.5% | 8.7% | 4.7% | 12.7% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 18.1% | 5.7% | 11.9% | 8.5% | 14.6% | 8.3% | ||
Prior Fiscal Year | 14.8% | 2.9% | 14.7% | 7.3% | 15.6% | 8.4% | ||
Latest Fiscal Year | 19.2% | 8.1% | 13.9% | 5.4% | 14.7% | 9.0% | ||
Latest Twelve Months | 20.1% | 7.8% | 14.0% | 7.2% | 14.7% | 10.0% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 11.49x | 0.84x | 2.28x | 0.94x | 3.06x | 1.30x | ||
EV / LTM EBIT | 57.1x | 10.8x | 16.3x | 13.1x | 20.9x | 12.9x | ||
Price / LTM Sales | 11.64x | 0.55x | 2.10x | 0.96x | 2.63x | 1.28x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.84x | 2.28x | 11.49x | |||||
Historical EV / LTM Revenue | 2.03x | 2.03x | 2.03x | |||||
Selected EV / LTM Revenue | 1.75x | 1.85x | 1.94x | |||||
(x) LTM Revenue | 775 | 775 | 775 | |||||
(=) Implied Enterprise Value | 1,359 | 1,430 | 1,502 | |||||
(-) Non-shareholder Claims * | (13) | (13) | (13) | |||||
(=) Equity Value | 1,346 | 1,418 | 1,489 | |||||
(/) Shares Outstanding | 14.2 | 14.2 | 14.2 | |||||
Implied Value Range | 94.97 | 100.02 | 105.06 | |||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 94.97 | 100.02 | 105.06 | 70.00 | ||||
Upside / (Downside) | 35.7% | 42.9% | 50.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PIDILITIND | 514428 | VISHNU | SHREEPUSHK | 0Z4C | SRIVASAVI | |
Enterprise Value | 1,479,952 | 2,461 | 30,844 | 7,299 | 35,924 | 1,005 | |
(+) Cash & Short Term Investments | 25,666 | 17 | 1,001 | 1,325 | 713 | 2 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 103 | 0 | |
(-) Debt | (3,789) | (874) | (3,425) | (1,127) | (5,753) | (14) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (14) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,501,828 | 1,604 | 28,421 | 7,497 | 30,974 | 992 | |
(/) Shares Outstanding | 508.6 | 5.1 | 67.3 | 32.3 | 160.4 | 14.2 | |
Implied Stock Price | 2,952.60 | 313.55 | 422.20 | 231.85 | 193.05 | 70.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2,952.60 | 313.55 | 422.20 | 231.85 | 193.05 | 70.00 | |
Trading Currency | INR | INR | INR | INR | CHF | INR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |