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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.6x - 17.3x | 16.4x |
| Selected Fwd EBITDA Multiple | 11.7x - 12.9x | 12.3x |
| Fair Value | ₹55.41 - ₹62.29 | ₹58.85 |
| Upside | -12.9% - -2.1% | -7.5% |
| Benchmarks | Ticker | Full Ticker |
| Ahluwalia Contracts (India) Limited | AHLUCONT | NSEI:AHLUCONT |
| Capacit'e Infraprojects Limited | CAPACITE | NSEI:CAPACITE |
| PSP Projects Limited | PSPPROJECT | NSEI:PSPPROJECT |
| Deepak Builders & Engineers India Limited | DBEIL | NSEI:DBEIL |
| Vascon Engineers Limited | VASCONEQ | NSEI:VASCONEQ |
| B.L. Kashyap and Sons Limited | BLKASHYAP | NSEI:BLKASHYAP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AHLUCONT | CAPACITE | PSPPROJECT | DBEIL | VASCONEQ | BLKASHYAP | ||
| NSEI:AHLUCONT | NSEI:CAPACITE | NSEI:PSPPROJECT | NSEI:DBEIL | NSEI:VASCONEQ | NSEI:BLKASHYAP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.4% | 5.6% | 11.8% | 35.7% | 24.5% | 13.0% | |
| 3Y CAGR | 37.1% | 35.9% | 24.2% | 49.3% | NM- | 20.5% | |
| Latest Twelve Months | -17.8% | 6.2% | -32.5% | NM | -16.4% | -10.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.8% | 17.1% | 11.8% | 16.4% | 5.9% | 8.0% | |
| Prior Fiscal Year | 10.5% | 19.7% | 11.9% | 11.8% | 11.6% | 8.8% | |
| Latest Fiscal Year | 9.9% | 17.1% | 10.4% | 22.1% | 8.5% | 8.8% | |
| Latest Twelve Months | 7.8% | 17.0% | 7.8% | 26.0% | 8.2% | 7.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.25x | 1.33x | 1.01x | 1.47x | 0.83x | 1.38x | |
| EV / LTM EBITDA | 16.1x | 7.8x | 13.0x | 5.6x | 10.0x | 18.5x | |
| EV / LTM EBIT | 19.5x | 9.7x | 20.0x | 6.0x | 11.3x | 20.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.6x | 10.0x | 16.1x | ||||
| Historical EV / LTM EBITDA | 9.2x | 18.1x | 25.0x | ||||
| Selected EV / LTM EBITDA | 15.6x | 16.4x | 17.3x | ||||
| (x) LTM EBITDA | 897 | 897 | 897 | ||||
| (=) Implied Enterprise Value | 13,999 | 14,735 | 15,472 | ||||
| (-) Non-shareholder Claims * | (2,234) | (2,234) | (2,234) | ||||
| (=) Equity Value | 11,765 | 12,501 | 13,238 | ||||
| (/) Shares Outstanding | 225.4 | 225.4 | 225.4 | ||||
| Implied Value Range | 52.19 | 55.45 | 58.72 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 52.19 | 55.45 | 58.72 | 63.60 | |||
| Upside / (Downside) | -17.9% | -12.8% | -7.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AHLUCONT | CAPACITE | PSPPROJECT | DBEIL | VASCONEQ | BLKASHYAP | |
| Enterprise Value | 50,419 | 30,338 | 25,323 | 8,010 | 10,143 | 16,572 | |
| (+) Cash & Short Term Investments | 7,629 | 1,532 | 2,793 | 1 | 495 | 591 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (717) | (3,456) | (2,738) | (1,945) | (2,334) | (2,825) | |
| (-) 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 | 57,331 | 28,414 | 25,379 | 6,066 | 8,304 | 14,338 | |
| (/) Shares Outstanding | 67.0 | 84.6 | 39.6 | 46.6 | 221.3 | 225.4 | |
| Implied Stock Price | 855.85 | 335.85 | 640.20 | 130.23 | 37.52 | 63.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 855.85 | 335.85 | 640.20 | 130.23 | 37.52 | 63.60 | |
| 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 | |