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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 29.4x - 32.5x | 30.9x |
| Selected Fwd EBITDA Multiple | 16.8x - 18.6x | 17.7x |
| Fair Value | ₹1,072 - ₹1,153 | ₹1,113 |
| Upside | -36.6% - -31.8% | -34.2% |
| Benchmarks | Ticker | Full Ticker |
| Larsen & Toubro Limited | LT | NSEI:LT |
| CFF Fluid Control Limited | 543920 | BSE:543920 |
| Mazagon Dock Shipbuilders Limited | MAZDOCK | NSEI:MAZDOCK |
| Hindustan Aeronautics Limited | HAL | NSEI:HAL |
| Bharat Electronics Limited | BEL | NSEI:BEL |
| Garden Reach Shipbuilders & Engineers Limited | 542011 | BSE:542011 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LT | 543920 | MAZDOCK | HAL | BEL | 542011 | ||
| NSEI:LT | BSE:543920 | NSEI:MAZDOCK | NSEI:HAL | NSEI:BEL | BSE:542011 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.6% | NM- | 40.4% | 18.1% | 11.5% | 42.6% | |
| 3Y CAGR | 13.5% | 123.0% | 83.5% | 25.7% | 15.9% | 51.6% | |
| Latest Twelve Months | 7.4% | 37.9% | 128.8% | 46.9% | 38.6% | 77.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.4% | 26.0% | 9.9% | 20.6% | 23.2% | 6.1% | |
| Prior Fiscal Year | 12.4% | 26.1% | 10.2% | 19.6% | 23.1% | 5.9% | |
| Latest Fiscal Year | 12.0% | 28.9% | 14.8% | 27.3% | 25.2% | 6.6% | |
| Latest Twelve Months | 11.4% | 28.2% | 21.6% | 27.4% | 27.5% | 6.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.25x | 6.70x | 8.19x | 7.82x | 9.14x | 3.55x | |
| EV / LTM EBITDA | 19.8x | 23.7x | 38.0x | 28.6x | 33.2x | 53.6x | |
| EV / LTM EBIT | 22.4x | 27.9x | 39.0x | 32.2x | 35.6x | 61.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 19.8x | 28.6x | 38.0x | ||||
| Historical EV / LTM EBITDA | -58.9x | 2.3x | 26.3x | ||||
| Selected EV / LTM EBITDA | 29.4x | 30.9x | 32.5x | ||||
| (x) LTM EBITDA | 2,946 | 2,946 | 2,946 | ||||
| (=) Implied Enterprise Value | 86,584 | 91,141 | 95,698 | ||||
| (-) Non-shareholder Claims * | 35,332 | 35,332 | 35,332 | ||||
| (=) Equity Value | 121,916 | 126,473 | 131,030 | ||||
| (/) Shares Outstanding | 114.6 | 114.6 | 114.6 | ||||
| Implied Value Range | 1,064.28 | 1,104.07 | 1,143.85 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,064.28 | 1,104.07 | 1,143.85 | 1,690.75 | |||
| Upside / (Downside) | -37.1% | -34.7% | -32.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LT | 543920 | MAZDOCK | HAL | BEL | 542011 | |
| Enterprise Value | 5,433,771 | 8,536 | 904,556 | 2,535,634 | 2,051,901 | 158,347 | |
| (+) Cash & Short Term Investments | 554,391 | 42 | 135,941 | 289,083 | 83,162 | 35,428 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,261,835) | (200) | (362) | (12) | (608) | (96) | |
| (-) 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 | 4,726,327 | 8,378 | 1,040,135 | 2,824,705 | 2,134,455 | 193,679 | |
| (/) Shares Outstanding | 1,375.2 | 19.5 | 403.4 | 668.8 | 7,309.8 | 114.6 | |
| Implied Stock Price | 3,436.80 | 430.20 | 2,578.55 | 4,223.70 | 292.00 | 1,690.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,436.80 | 430.20 | 2,578.55 | 4,223.70 | 292.00 | 1,690.75 | |
| 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 | |