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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.3x - 10.3x | 9.8x |
| Selected Fwd EBIT Multiple | 12.4x - 13.7x | 13.1x |
| Fair Value | ₹52.46 - ₹58.40 | ₹55.43 |
| Upside | -2.0% - 9.1% | 3.5% |
| Benchmarks | Ticker | Full Ticker |
| Kandarp Digi Smart BPO Limited | KANDARP | NSEI:KANDARP |
| RPSG Ventures Limited | RPSGVENT | NSEI:RPSGVENT |
| Cyber Media Research & Services Limited | CMRSL | NSEI:CMRSL |
| Spectrum Talent Management Limited | SPECTSTM | NSEI:SPECTSTM |
| Dynamic Services & Security Limited | DYNAMIC | NSEI:DYNAMIC |
| HRH Next Services Limited | HRHNEXT | NSEI:HRHNEXT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| KANDARP | RPSGVENT | CMRSL | SPECTSTM | DYNAMIC | HRHNEXT | ||
| NSEI:KANDARP | NSEI:RPSGVENT | NSEI:CMRSL | NSEI:SPECTSTM | NSEI:DYNAMIC | NSEI:HRHNEXT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -1.2% | 26.4% | 56.7% | NM- | 452.9% | NM- | |
| 3Y CAGR | 96.9% | 28.1% | 45.9% | 24.3% | 64.5% | 66.8% | |
| Latest Twelve Months | 27.2% | 1.7% | 7.9% | -41.8% | 105.8% | NM | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.8% | 8.9% | 5.8% | 1.7% | 10.7% | 8.0% | |
| Prior Fiscal Year | 9.5% | 7.0% | 6.8% | 2.9% | 16.9% | 11.2% | |
| Latest Fiscal Year | 12.4% | 12.0% | 6.7% | 0.8% | 14.1% | 9.4% | |
| Latest Twelve Months | 11.6% | 10.2% | 6.2% | 0.8% | 15.9% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.98x | 0.98x | 0.29x | 0.32x | 2.24x | 1.00x | |
| EV / LTM EBITDA | 25.0x | 8.5x | 4.7x | 37.3x | 13.8x | 7.1x | |
| EV / LTM EBIT | 34.4x | 9.6x | 4.7x | 42.5x | 14.1x | 9.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.7x | 14.1x | 42.5x | ||||
| Historical EV / LTM EBIT | 0.0x | NM | 0.0x | ||||
| Selected EV / LTM EBIT | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBIT | 60 | 60 | 60 | ||||
| (=) Implied Enterprise Value | 555 | 584 | 613 | ||||
| (-) Non-shareholder Claims * | (36) | (36) | (36) | ||||
| (=) Equity Value | 518 | 547 | 577 | ||||
| (/) Shares Outstanding | 9.2 | 9.2 | 9.2 | ||||
| Implied Value Range | 56.29 | 59.46 | 62.64 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 56.29 | 59.46 | 62.64 | 53.55 | |||
| Upside / (Downside) | 5.1% | 11.0% | 17.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KANDARP | RPSGVENT | CMRSL | SPECTSTM | DYNAMIC | HRHNEXT | |
| Enterprise Value | 749 | 69,972 | 238 | 3,596 | 3,089 | 529 | |
| (+) Cash & Short Term Investments | 2 | 9,389 | 38 | 345 | 472 | 122 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 6 | 2 | |
| (-) Debt | (45) | (51,360) | (74) | (140) | (1,048) | (160) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (553) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 705 | 28,001 | 202 | 3,801 | 1,967 | 493 | |
| (/) Shares Outstanding | 9.0 | 33.1 | 2.9 | 23.1 | 13.7 | 9.2 | |
| Implied Stock Price | 78.60 | 846.30 | 68.85 | 164.60 | 143.10 | 53.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 78.60 | 846.30 | 68.85 | 164.60 | 143.10 | 53.55 | |
| 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 | |