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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 54.5x - 60.3x | 57.4x |
| Selected Fwd EBITDA Multiple | 15.6x - 17.3x | 16.5x |
| Fair Value | ₹860.77 - ₹952.38 | ₹906.57 |
| Upside | -4.7% - 5.5% | 0.4% |
| Benchmarks | Ticker | Full Ticker |
| Aarti Industries Limited | AARTIIND | NSEI:AARTIIND |
| Fine Organic Industries Limited | FINEORG | NSEI:FINEORG |
| Alkyl Amines Chemicals Limited | ALKYLAMINE | NSEI:ALKYLAMINE |
| Vinati Organics Limited | VINATIORGA | NSEI:VINATIORGA |
| Kronox Lab Sciences Limited | KRONOX | NSEI:KRONOX |
| Tatva Chintan Pharma Chem Limited | 543321 | BSE:543321 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AARTIIND | FINEORG | ALKYLAMINE | VINATIORGA | KRONOX | 543321 | ||
| NSEI:AARTIIND | NSEI:FINEORG | NSEI:ALKYLAMINE | NSEI:VINATIORGA | NSEI:KRONOX | BSE:543321 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.6% | 16.3% | 2.4% | 7.0% | 22.3% | -9.9% | |
| 3Y CAGR | -16.4% | 11.9% | -3.8% | 10.2% | 20.1% | -31.9% | |
| Latest Twelve Months | 3.8% | -3.4% | 14.3% | 23.7% | 15.7% | -50.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.6% | 22.7% | 23.3% | 29.5% | 29.0% | 18.8% | |
| Prior Fiscal Year | 15.1% | 25.0% | 17.7% | 24.7% | 31.9% | 17.5% | |
| Latest Fiscal Year | 13.8% | 22.6% | 18.5% | 25.8% | 33.1% | 8.9% | |
| Latest Twelve Months | 13.8% | 22.6% | 18.5% | 25.8% | 33.1% | 8.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.83x | 5.80x | 6.21x | 8.52x | 6.01x | 5.58x | |
| EV / LTM EBITDA | 20.5x | 25.6x | 33.5x | 33.0x | 18.2x | 62.4x | |
| EV / LTM EBIT | 36.2x | 28.6x | 44.4x | 38.9x | 19.0x | 325.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 18.2x | 25.6x | 33.5x | ||||
| Historical EV / LTM EBITDA | 37.8x | 47.8x | 62.4x | ||||
| Selected EV / LTM EBITDA | 54.5x | 57.4x | 60.3x | ||||
| (x) LTM EBITDA | 342 | 342 | 342 | ||||
| (=) Implied Enterprise Value | 18,651 | 19,632 | 20,614 | ||||
| (-) Non-shareholder Claims * | (223) | (223) | (223) | ||||
| (=) Equity Value | 18,428 | 19,409 | 20,391 | ||||
| (/) Shares Outstanding | 23.4 | 23.4 | 23.4 | ||||
| Implied Value Range | 787.78 | 829.74 | 871.71 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 787.78 | 829.74 | 871.71 | 903.00 | |||
| Upside / (Downside) | -12.8% | -8.1% | -3.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AARTIIND | FINEORG | ALKYLAMINE | VINATIORGA | KRONOX | 543321 | |
| Enterprise Value | 205,153 | 131,502 | 97,567 | 191,325 | 6,021 | 21,346 | |
| (+) Cash & Short Term Investments | 2,950 | 9,499 | 2,041 | 139 | 367 | 141 | |
| (+) Investments & Other | 480 | 2,543 | 0 | 259 | 0 | 0 | |
| (-) Debt | (38,470) | (28) | (55) | (626) | 0 | (364) | |
| (-) 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 | 170,113 | 143,516 | 99,552 | 191,097 | 6,389 | 21,123 | |
| (/) Shares Outstanding | 362.5 | 30.7 | 51.1 | 103.7 | 37.1 | 23.4 | |
| Implied Stock Price | 469.25 | 4,680.90 | 1,946.80 | 1,843.40 | 172.18 | 903.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 469.25 | 4,680.90 | 1,946.80 | 1,843.40 | 172.18 | 903.00 | |
| 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 | |