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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.5x - 13.8x | 13.1x |
| Selected Fwd EBITDA Multiple | 17.5x - 19.4x | 18.4x |
| Fair Value | ₹41.65 - ₹52.07 | ₹46.86 |
| Upside | 23.2% - 54.0% | 38.6% |
| Benchmarks | Ticker | Full Ticker |
| Nahar Spinning Mills Limited | NAHARSPING | NSEI:NAHARSPING |
| Ambika Cotton Mills Limited | AMBIKCO | NSEI:AMBIKCO |
| Alok Industries Limited | ALOKINDS | NSEI:ALOKINDS |
| Loyal Textile Mills Limited | LOYALTEX | NSEI:LOYALTEX |
| Neelam Linens and Garments (India) Limited | NEELAM | NSEI:NEELAM |
| Bannari Amman Spinning Mills Ltd | BASML | NSEI:BASML |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NAHARSPING | AMBIKCO | ALOKINDS | LOYALTEX | NEELAM | BASML | ||
| NSEI:NAHARSPING | NSEI:AMBIKCO | NSEI:ALOKINDS | NSEI:LOYALTEX | NSEI:NEELAM | NSEI:BASML | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.4% | -3.3% | NM- | NM- | 19.9% | -7.6% | |
| 3Y CAGR | -42.2% | -29.9% | NM- | NM- | 42.3% | -26.9% | |
| Latest Twelve Months | 73.8% | -14.9% | -275.3% | -82.6% | NM | 116.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.3% | 19.7% | 2.1% | 2.8% | 6.4% | 6.2% | |
| Prior Fiscal Year | 2.9% | 13.3% | 0.9% | -4.5% | 7.1% | 3.2% | |
| Latest Fiscal Year | 4.8% | 13.2% | -2.4% | -11.4% | 8.8% | 7.3% | |
| Latest Twelve Months | 4.8% | 13.2% | -2.4% | -11.4% | 10.1% | 7.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.58x | 1.00x | 9.54x | 0.75x | 1.20x | 0.82x | |
| EV / LTM EBITDA | 12.2x | 7.6x | -395.7x | -6.6x | 11.8x | 11.3x | |
| EV / LTM EBIT | 31.2x | 8.7x | -91.3x | -4.6x | 14.8x | 18.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -395.7x | 7.6x | 12.2x | ||||
| Historical EV / LTM EBITDA | 5.9x | 12.7x | 16.5x | ||||
| Selected EV / LTM EBITDA | 12.5x | 13.1x | 13.8x | ||||
| (x) LTM EBITDA | 648 | 648 | 648 | ||||
| (=) Implied Enterprise Value | 8,093 | 8,519 | 8,945 | ||||
| (-) Non-shareholder Claims * | (4,578) | (4,578) | (4,578) | ||||
| (=) Equity Value | 3,516 | 3,942 | 4,367 | ||||
| (/) Shares Outstanding | 79.9 | 79.9 | 79.9 | ||||
| Implied Value Range | 43.99 | 49.32 | 54.65 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 43.99 | 49.32 | 54.65 | 33.82 | |||
| Upside / (Downside) | 30.1% | 45.8% | 61.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NAHARSPING | AMBIKCO | ALOKINDS | LOYALTEX | NEELAM | BASML | |
| Enterprise Value | 19,016 | 7,053 | 353,400 | 5,139 | 1,249 | 7,280 | |
| (+) Cash & Short Term Investments | 332 | 2,070 | 715 | 43 | 88 | 56 | |
| (+) Investments & Other | 1,388 | 0 | 1 | 359 | 0 | 39 | |
| (-) Debt | (11,009) | (507) | (259,627) | (4,133) | (827) | (4,673) | |
| (-) 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 | 9,727 | 8,616 | 94,489 | 1,409 | 509 | 2,703 | |
| (/) Shares Outstanding | 36.1 | 5.7 | 4,965.2 | 4.8 | 20.2 | 79.9 | |
| Implied Stock Price | 269.70 | 1,504.90 | 19.03 | 292.45 | 25.20 | 33.82 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 269.70 | 1,504.90 | 19.03 | 292.45 | 25.20 | 33.82 | |
| 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 | |