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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -113.5x - -125.5x | -119.5x |
| Selected Fwd EBIT Multiple | -524.0x - -579.1x | -551.6x |
| Fair Value | ₹5,859 - ₹8,115 | ₹6,987 |
| Upside | -52.4% - -34.0% | -43.2% |
| Benchmarks | Ticker | Full Ticker |
| Endurance Technologies Limited | 540153 | BSE:540153 |
| Sandhar Technologies Limited | 541163 | BSE:541163 |
| ZF Commercial Vehicle Control Systems India Limited | 533023 | BSE:533023 |
| Sona BLW Precision Forgings Limited | 543300 | BSE:543300 |
| Sansera Engineering Limited | 543358 | BSE:543358 |
| TVS Holdings Limited | 520056 | BSE:520056 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 540153 | 541163 | 533023 | 543300 | 543358 | 520056 | ||
| BSE:540153 | BSE:541163 | BSE:533023 | BSE:543300 | BSE:543358 | BSE:520056 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.2% | 16.4% | 25.4% | 30.5% | 21.6% | NM- | |
| 3Y CAGR | 20.2% | 26.1% | 45.5% | 21.5% | 18.1% | NM- | |
| Latest Twelve Months | 18.5% | 13.5% | 10.9% | 4.4% | 9.2% | 4.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.3% | 4.8% | 9.1% | 20.4% | 11.5% | 6.0% | |
| Prior Fiscal Year | 8.3% | 5.3% | 12.0% | 21.4% | 11.8% | -1.1% | |
| Latest Fiscal Year | 8.8% | 5.5% | 13.2% | 20.1% | 11.9% | -1.0% | |
| Latest Twelve Months | 8.8% | 5.5% | 13.2% | 20.1% | 11.9% | -1.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.14x | 1.00x | 6.30x | 7.97x | 2.78x | 1.46x | |
| EV / LTM EBITDA | 23.7x | 10.1x | 38.3x | 30.5x | 15.8x | 82.4x | |
| EV / LTM EBIT | 35.8x | 18.2x | 47.6x | 39.6x | 23.4x | -147.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 18.2x | 35.8x | 47.6x | ||||
| Historical EV / LTM EBIT | -147.8x | 9.3x | 12.8x | ||||
| Selected EV / LTM EBIT | -113.5x | -119.5x | -125.5x | ||||
| (x) LTM EBIT | (3,819) | (3,819) | (3,819) | ||||
| (=) Implied Enterprise Value | 433,559 | 456,378 | 479,197 | ||||
| (-) Non-shareholder Claims * | (315,022) | (315,022) | (315,022) | ||||
| (=) Equity Value | 118,537 | 141,356 | 164,175 | ||||
| (/) Shares Outstanding | 20.2 | 20.2 | 20.2 | ||||
| Implied Value Range | 5,858.87 | 6,986.73 | 8,114.58 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,858.87 | 6,986.73 | 8,114.58 | 12,304.05 | |||
| Upside / (Downside) | -52.4% | -43.2% | -34.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 540153 | 541163 | 533023 | 543300 | 543358 | 520056 | |
| Enterprise Value | 362,182 | 38,646 | 243,270 | 281,263 | 84,262 | 563,958 | |
| (+) Cash & Short Term Investments | 18,068 | 823 | 14,962 | 26,293 | 4,281 | 51,351 | |
| (+) Investments & Other | 157 | 596 | 18 | 889 | 508 | 13,198 | |
| (-) Debt | (9,437) | (9,238) | (661) | (2,022) | (4,070) | (324,880) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1,499) | (173) | (54,690) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 370,970 | 30,827 | 257,588 | 304,923 | 84,807 | 248,937 | |
| (/) Shares Outstanding | 140.7 | 60.2 | 19.0 | 621.7 | 62.1 | 20.2 | |
| Implied Stock Price | 2,637.30 | 512.15 | 13,580.45 | 490.45 | 1,365.75 | 12,304.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,637.30 | 512.15 | 13,580.45 | 490.45 | 1,365.75 | 12,304.05 | |
| 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 | |