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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.3x - 14.7x | 14.0x |
| Selected Fwd EBITDA Multiple | 12.0x - 13.3x | 12.7x |
| Fair Value | ₹514.98 - ₹571.19 | ₹543.08 |
| Upside | -38.9% - -32.3% | -35.6% |
| Benchmarks | Ticker | Full Ticker |
| Oberoi Realty Limited | 533273 | BSE:533273 |
| DLF Limited | 532868 | BSE:532868 |
| Mahindra Lifespace Developers Limited | 532313 | BSE:532313 |
| Parsvnath Developers Limited | 532780 | BSE:532780 |
| Sobha Limited | 532784 | BSE:532784 |
| AGI Infra Limited | AGIIL | NSEI:AGIIL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 533273 | 532868 | 532313 | 532780 | 532784 | AGIIL | ||
| BSE:533273 | BSE:532868 | BSE:532313 | BSE:532780 | BSE:532784 | NSEI:AGIIL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.0% | -0.6% | NM- | NM- | -16.4% | 27.5% | |
| 3Y CAGR | 34.4% | 13.3% | NM- | NM- | -25.6% | 33.1% | |
| Latest Twelve Months | 64.6% | 5.1% | -32.4% | -39.8% | -18.9% | 32.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 50.3% | 27.8% | -35.9% | -7.8% | 21.4% | 29.6% | |
| Prior Fiscal Year | 50.3% | 30.0% | -16.7% | -22.6% | 11.2% | 25.8% | |
| Latest Fiscal Year | 54.0% | 32.8% | -82.5% | -16.0% | 8.9% | 27.4% | |
| Latest Twelve Months | 60.0% | 26.5% | -46.3% | -33.2% | 7.3% | 30.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.02x | 23.50x | 14.54x | 14.80x | 3.46x | 6.11x | |
| EV / LTM EBITDA | 18.4x | 88.7x | -31.4x | -44.6x | 47.4x | 20.0x | |
| EV / LTM EBIT | 18.7x | 94.8x | -29.7x | -33.9x | 69.3x | 23.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -44.6x | 18.4x | 88.7x | ||||
| Historical EV / LTM EBITDA | 4.9x | 7.0x | 14.7x | ||||
| Selected EV / LTM EBITDA | 13.3x | 14.0x | 14.7x | ||||
| (x) LTM EBITDA | 991 | 991 | 991 | ||||
| (=) Implied Enterprise Value | 13,164 | 13,856 | 14,549 | ||||
| (-) Non-shareholder Claims * | (466) | (466) | (466) | ||||
| (=) Equity Value | 12,698 | 13,391 | 14,084 | ||||
| (/) Shares Outstanding | 24.4 | 24.4 | 24.4 | ||||
| Implied Value Range | 519.69 | 548.05 | 576.40 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 519.69 | 548.05 | 576.40 | 843.10 | |||
| Upside / (Downside) | -38.4% | -35.0% | -31.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 533273 | 532868 | 532313 | 532780 | 532784 | AGIIL | |
| Enterprise Value | 599,749 | 1,646,724 | 54,719 | 40,486 | 123,969 | 21,066 | |
| (+) Cash & Short Term Investments | 18,052 | 21,463 | 3,358 | 739 | 12,997 | 953 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (20,803) | (42,898) | (9,332) | (30,502) | (15,452) | (1,419) | |
| (-) 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 | 596,999 | 1,625,290 | 48,746 | 10,723 | 121,514 | 20,600 | |
| (/) Shares Outstanding | 363.6 | 2,475.3 | 155.2 | 435.0 | 100.9 | 24.4 | |
| Implied Stock Price | 1,641.90 | 656.60 | 314.00 | 24.65 | 1,204.30 | 843.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,641.90 | 656.60 | 314.00 | 24.65 | 1,204.30 | 843.10 | |
| 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 | |