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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 3.5x - 3.9x | 3.7x |
| Selected Fwd Ps Multiple | 2.6x - 2.9x | 2.8x |
| Fair Value | ₹23.69 - ₹26.18 | ₹24.94 |
| Upside | -44.6% - -38.8% | -41.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| The Federal Bank Limited | - | NSEI:FEDERALBNK |
| CSB Bank Limited | - | NSEI:CSBBANK |
| The South Indian Bank Limited | - | NSEI:SOUTHBANK |
| Utkarsh Small Finance Bank Limited | - | NSEI:UTKARSHBNK |
| Punjab & Sind Bank | - | NSEI:PSB |
| Indian Overseas Bank | - | NSEI:IOB |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| FEDERALBNK | CSBBANK | SOUTHBANK | UTKARSHBNK | PSB | IOB | |||
| NSEI:FEDERALBNK | NSEI:CSBBANK | NSEI:SOUTHBANK | NSEI:UTKARSHBNK | NSEI:PSB | NSEI:IOB | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 20.2% | 41.1% | 19.0% | 35.9% | 32.8% | NM- | ||
| 3Y CAGR | 25.3% | 22.1% | 29.8% | 40.8% | NM- | 24.3% | ||
| Latest Twelve Months | 15.5% | 12.2% | 7.5% | -3.2% | -0.4% | 26.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 30.2% | 24.3% | 11.6% | 19.4% | -78.3% | 21.3% | ||
| Prior Fiscal Year | 33.4% | 32.7% | 22.6% | 26.5% | 34.8% | 24.0% | ||
| Latest Fiscal Year | 32.3% | 27.8% | 23.7% | 25.6% | 16.9% | 21.9% | ||
| Latest Twelve Months | 30.5% | 25.2% | 25.9% | 10.3% | 21.9% | 23.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.6x | 2.4x | 1.3x | 1.5x | 7.9x | 6.4x | ||
| LTM P/E Ratio | 11.9x | 9.5x | 5.0x | 14.6x | 35.9x | 27.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.3x | 2.4x | 7.9x | |||||
| Historical LTM P/S Ratio | -1.7x | 4.8x | 10.9x | |||||
| Selected Price / Sales Multiple | 3.5x | 3.7x | 3.9x | |||||
| (x) LTM Sales | 131,230 | 131,230 | 131,230 | |||||
| (=) Equity Value | 463,228 | 487,608 | 511,989 | |||||
| (/) Shares Outstanding | 18,902.4 | 18,902.4 | 18,902.4 | |||||
| Implied Value Range | 24.51 | 25.80 | 27.09 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 24.51 | 25.80 | 27.09 | 42.77 | ||||
| Upside / (Downside) | -42.7% | -39.7% | -36.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | FEDERALBNK | CSBBANK | SOUTHBANK | UTKARSHBNK | PSB | IOB | |
| Value of Common Equity | 480,790 | 51,933 | 62,399 | 25,679 | 316,794 | 808,456 | |
| (/) Shares Outstanding | 2,455.5 | 173.5 | 2,616.3 | 1,101.6 | 6,777.8 | 18,902.4 | |
| Implied Stock Price | 195.80 | 299.35 | 23.85 | 23.31 | 46.74 | 42.77 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 195.80 | 299.35 | 23.85 | 23.31 | 46.74 | 42.77 | |
| 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 | |