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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 29.2x - 32.3x | 30.7x |
| Selected Fwd EBIT Multiple | 14.5x - 16.0x | 15.2x |
| Fair Value | ₹4,140 - ₹4,561 | ₹4,350 |
| Upside | -17.2% - -8.8% | -13.0% |
| Benchmarks | Ticker | Full Ticker |
| Insecticides (India) Limited | INSECTICID | NSEI:INSECTICID |
| Bayer CropScience Limited | BAYERCROP | NSEI:BAYERCROP |
| Dhanuka Agritech Limited | DHANUKA | NSEI:DHANUKA |
| UPL Limited | UPL | NSEI:UPL |
| Tata Chemicals Limited | TATACHEM | NSEI:TATACHEM |
| BASF India Limited | BASF | NSEI:BASF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| INSECTICID | BAYERCROP | DHANUKA | UPL | TATACHEM | BASF | ||
| NSEI:INSECTICID | NSEI:BAYERCROP | NSEI:DHANUKA | NSEI:UPL | NSEI:TATACHEM | NSEI:BASF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.0% | -1.8% | 18.0% | 1.0% | -8.0% | 28.5% | |
| 3Y CAGR | 9.9% | -6.9% | 13.2% | -11.8% | -17.5% | -11.3% | |
| Latest Twelve Months | 44.1% | -32.9% | 25.6% | 94.8% | -55.6% | -25.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.0% | 16.2% | 16.7% | 13.6% | 12.0% | 4.9% | |
| Prior Fiscal Year | 6.8% | 17.7% | 16.3% | 6.4% | 12.7% | 5.4% | |
| Latest Fiscal Year | 9.6% | 11.0% | 17.7% | 11.5% | 5.8% | 3.6% | |
| Latest Twelve Months | 9.6% | 11.0% | 17.7% | 11.5% | 5.8% | 3.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.29x | 4.32x | 3.62x | 1.61x | 1.46x | 1.38x | |
| EV / LTM EBITDA | 11.7x | 34.3x | 17.7x | 9.2x | 11.8x | 28.6x | |
| EV / LTM EBIT | 13.5x | 39.1x | 20.4x | 14.0x | 25.0x | 37.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.5x | 20.4x | 39.1x | ||||
| Historical EV / LTM EBIT | 15.4x | 21.2x | 37.9x | ||||
| Selected EV / LTM EBIT | 29.2x | 30.7x | 32.3x | ||||
| (x) LTM EBIT | 5,532 | 5,532 | 5,532 | ||||
| (=) Implied Enterprise Value | 161,408 | 169,903 | 178,398 | ||||
| (-) Non-shareholder Claims * | 6,318 | 6,318 | 6,318 | ||||
| (=) Equity Value | 167,726 | 176,221 | 184,716 | ||||
| (/) Shares Outstanding | 43.3 | 43.3 | 43.3 | ||||
| Implied Value Range | 3,874.87 | 4,071.12 | 4,267.38 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3,874.87 | 4,071.12 | 4,267.38 | 4,998.50 | |||
| Upside / (Downside) | -22.5% | -18.6% | -14.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INSECTICID | BAYERCROP | DHANUKA | UPL | TATACHEM | BASF | |
| Enterprise Value | 25,655 | 236,739 | 73,561 | 752,574 | 218,094 | 210,045 | |
| (+) Cash & Short Term Investments | 667 | 9,291 | 1,250 | 98,570 | 14,010 | 8,204 | |
| (+) Investments & Other | 197 | 0 | 1,068 | 20,080 | 83,450 | 15 | |
| (-) Debt | (1,047) | (1,051) | (742) | (250,990) | (70,720) | (1,901) | |
| (-) Other Liabilities | 0 | 0 | 0 | (86,130) | (9,070) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,472 | 244,979 | 75,137 | 534,104 | 235,764 | 216,363 | |
| (/) Shares Outstanding | 29.1 | 44.9 | 45.1 | 844.4 | 254.8 | 43.3 | |
| Implied Stock Price | 875.40 | 5,451.00 | 1,666.80 | 632.50 | 925.45 | 4,998.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 875.40 | 5,451.00 | 1,666.80 | 632.50 | 925.45 | 4,998.50 | |
| 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 | |