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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.7x - 19.6x | 18.6x |
| Selected Fwd EBIT Multiple | 20.9x - 23.1x | 22.0x |
| Fair Value | €15.36 - €16.95 | €16.16 |
| Upside | 13.8% - 25.6% | 19.7% |
| Benchmarks | Ticker | Full Ticker |
| Alembic Pharmaceuticals Limited | 533573 | BSE:533573 |
| Alkem Laboratories Limited | 539523 | BSE:539523 |
| Laurus Labs Limited | 540222 | BSE:540222 |
| Cipla Limited | 500087 | BSE:500087 |
| Torrent Pharmaceuticals Limited | 500420 | BSE:500420 |
| Dr. Reddy's Laboratories Limited | RDDA | DB:RDDA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 533573 | 539523 | 540222 | 500087 | 500420 | RDDA | ||
| BSE:533573 | BSE:539523 | BSE:540222 | BSE:500087 | BSE:500420 | DB:RDDA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -8.1% | 11.2% | 10.3% | 23.2% | 14.0% | 20.0% | |
| 3Y CAGR | 7.5% | 7.3% | -19.0% | 19.1% | 18.3% | 26.7% | |
| Latest Twelve Months | 10.4% | 9.5% | 58.3% | 12.6% | 13.7% | 11.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.0% | 15.9% | 18.6% | 18.1% | 22.6% | 20.0% | |
| Prior Fiscal Year | 10.6% | 15.5% | 7.8% | 20.9% | 24.0% | 23.5% | |
| Latest Fiscal Year | 10.9% | 16.6% | 11.3% | 22.2% | 25.4% | 22.4% | |
| Latest Twelve Months | 10.9% | 16.6% | 11.3% | 22.2% | 25.4% | 22.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.07x | 4.29x | 6.97x | 4.22x | 9.68x | 3.38x | |
| EV / LTM EBITDA | 20.3x | 22.1x | 37.4x | 16.1x | 30.0x | 12.4x | |
| EV / LTM EBIT | 28.1x | 25.8x | 61.9x | 19.0x | 38.1x | 15.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 19.0x | 28.1x | 61.9x | ||||
| Historical EV / LTM EBIT | 14.8x | 15.2x | 23.2x | ||||
| Selected EV / LTM EBIT | 17.7x | 18.6x | 19.6x | ||||
| (x) LTM EBIT | 73,031 | 73,031 | 73,031 | ||||
| (=) Implied Enterprise Value | 1,293,664 | 1,361,752 | 1,429,840 | ||||
| (-) Non-shareholder Claims * | 22,566 | 22,566 | 22,566 | ||||
| (=) Equity Value | 1,316,230 | 1,384,318 | 1,452,406 | ||||
| (/) Shares Outstanding | 832.1 | 832.1 | 832.1 | ||||
| Implied Value Range | 1,581.89 | 1,663.72 | 1,745.55 | ||||
| FX Rate: INR/EUR | 97.8 | 97.8 | 97.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.18 | 17.02 | 17.86 | 13.50 | |||
| Upside / (Downside) | 19.9% | 26.1% | 32.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 533573 | 539523 | 540222 | 500087 | 500420 | RDDA | |
| Enterprise Value | 203,580 | 555,991 | 384,794 | 1,135,317 | 1,114,092 | 1,075,554 | |
| (+) Cash & Short Term Investments | 901 | 45,808 | 1,442 | 80,931 | 6,910 | 57,908 | |
| (+) Investments & Other | 1,272 | 9,432 | 2,333 | 9,230 | 440 | 15,202 | |
| (-) Debt | (12,575) | (13,809) | (27,637) | (4,382) | (32,020) | (46,766) | |
| (-) Other Liabilities | 14 | (4,488) | (1,300) | (958) | 0 | (3,778) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 193,192 | 592,935 | 359,631 | 1,220,137 | 1,089,422 | 1,098,120 | |
| (/) Shares Outstanding | 196.6 | 119.6 | 539.8 | 807.7 | 338.4 | 832.1 | |
| Implied Stock Price | 982.85 | 4,959.10 | 666.20 | 1,510.65 | 3,218.90 | 1,319.76 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 97.76 | |
| Implied Stock Price (Trading Cur) | 982.85 | 4,959.10 | 666.20 | 1,510.65 | 3,218.90 | 13.50 | |
| Trading Currency | INR | INR | INR | INR | INR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 97.76 | |