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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 31.8x - 35.1x | 33.4x |
| Selected Fwd EBIT Multiple | 19.4x - 21.4x | 20.4x |
| Fair Value | ₹5,185 - ₹5,751 | ₹5,468 |
| Upside | -23.2% - -14.9% | -19.0% |
| Benchmarks | Ticker | Full Ticker |
| TCI Express Limited | 540212 | BSE:540212 |
| Transport Corporation of India Limited | 532349 | BSE:532349 |
| Mahindra Logistics Limited | 540768 | BSE:540768 |
| TVS Supply Chain Solutions Limited | 543965 | BSE:543965 |
| Delhivery Limited | 543529 | BSE:543529 |
| Blue Dart Express Limited | BLUEDART | NSEI:BLUEDART |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 540212 | 532349 | 540768 | 543965 | 543529 | BLUEDART | ||
| BSE:540212 | BSE:532349 | BSE:540768 | BSE:543965 | BSE:543529 | NSEI:BLUEDART | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -1.9% | 15.7% | -7.2% | NM- | NM- | 21.4% | |
| 3Y CAGR | -14.2% | 4.7% | 11.1% | -8.2% | NM- | -13.1% | |
| Latest Twelve Months | -38.1% | 20.3% | 172.1% | -3.4% | 72.7% | -6.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.7% | 7.8% | 1.2% | 1.6% | -9.4% | 9.2% | |
| Prior Fiscal Year | 13.6% | 7.4% | 0.4% | 1.6% | -7.2% | 8.1% | |
| Latest Fiscal Year | 8.7% | 8.0% | 1.0% | 1.4% | -1.8% | 7.0% | |
| Latest Twelve Months | 8.7% | 8.0% | 0.9% | 1.4% | -1.8% | 7.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.11x | 2.01x | 0.53x | 0.70x | 3.28x | 2.87x | |
| EV / LTM EBITDA | 20.9x | 19.4x | 24.5x | 26.5x | 359.6x | 26.7x | |
| EV / LTM EBIT | 24.1x | 25.2x | 56.4x | 49.0x | -184.0x | 41.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -184.0x | 25.2x | 56.4x | ||||
| Historical EV / LTM EBIT | 23.6x | 35.4x | 102.0x | ||||
| Selected EV / LTM EBIT | 31.8x | 33.4x | 35.1x | ||||
| (x) LTM EBIT | 4,009 | 4,009 | 4,009 | ||||
| (=) Implied Enterprise Value | 127,364 | 134,067 | 140,771 | ||||
| (-) Non-shareholder Claims * | (4,502) | (4,502) | (4,502) | ||||
| (=) Equity Value | 122,862 | 129,566 | 136,269 | ||||
| (/) Shares Outstanding | 23.7 | 23.7 | 23.7 | ||||
| Implied Value Range | 5,177.96 | 5,460.47 | 5,742.98 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,177.96 | 5,460.47 | 5,742.98 | 6,754.50 | |||
| Upside / (Downside) | -23.3% | -19.2% | -15.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 540212 | 532349 | 540768 | 543965 | 543529 | BLUEDART | |
| Enterprise Value | 25,502 | 90,436 | 32,997 | 70,408 | 292,600 | 164,772 | |
| (+) Cash & Short Term Investments | 1,599 | 2,221 | 966 | 6,120 | 28,921 | 5,574 | |
| (+) Investments & Other | 2 | 2,434 | 0 | 984 | 10,221 | 0 | |
| (-) Debt | (99) | (2,419) | (8,688) | (20,881) | (14,216) | (10,075) | |
| (-) Other Liabilities | 0 | (363) | 0 | (338) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 27,005 | 92,309 | 25,275 | 56,294 | 317,526 | 160,270 | |
| (/) Shares Outstanding | 38.4 | 76.7 | 72.1 | 441.2 | 746.6 | 23.7 | |
| Implied Stock Price | 703.40 | 1,203.55 | 350.40 | 127.60 | 425.30 | 6,754.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 703.40 | 1,203.55 | 350.40 | 127.60 | 425.30 | 6,754.50 | |
| 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 | |