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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.5x - 8.3x | 7.9x |
| Selected Fwd EBITDA Multiple | 5.6x - 6.2x | 5.9x |
| Fair Value | ₹131.85 - ₹149.71 | ₹140.78 |
| Upside | 5.9% - 20.2% | 13.0% |
| Benchmarks | Ticker | Full Ticker |
| AVP Infracon Limited | AVPINFRA | NSEI:AVPINFRA |
| Capacit'e Infraprojects Limited | CAPACITE | NSEI:CAPACITE |
| PSP Projects Limited | PSPPROJECT | NSEI:PSPPROJECT |
| Ganesh Infraworld Limited | GANESHIN | NSEI:GANESHIN |
| Ahluwalia Contracts (India) Limited | AHLUCONT | NSEI:AHLUCONT |
| Chavda Infra Limited | CHAVDA | NSEI:CHAVDA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AVPINFRA | CAPACITE | PSPPROJECT | GANESHIN | AHLUCONT | CHAVDA | ||
| NSEI:AVPINFRA | NSEI:CAPACITE | NSEI:PSPPROJECT | NSEI:GANESHIN | NSEI:AHLUCONT | NSEI:CHAVDA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 68.0% | 8.6% | -1.2% | NM- | 18.2% | NM- | |
| 3Y CAGR | 83.4% | 20.6% | -11.5% | 161.0% | 10.8% | 42.0% | |
| Latest Twelve Months | NM | 15.0% | -31.2% | 128.1% | -10.6% | 66.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.9% | 17.1% | 11.6% | 7.0% | 8.9% | 17.0% | |
| Prior Fiscal Year | 19.3% | 17.1% | 10.4% | 7.9% | 9.9% | 16.7% | |
| Latest Fiscal Year | 22.2% | 16.1% | 7.1% | 9.7% | 8.3% | 17.6% | |
| Latest Twelve Months | 22.2% | 16.1% | 7.1% | 9.7% | 8.3% | 20.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.85x | 1.32x | 1.23x | 1.25x | 1.29x | 1.57x | |
| EV / LTM EBITDA | 12.9x | 8.1x | 17.2x | 12.9x | 15.4x | 7.6x | |
| EV / LTM EBIT | 14.0x | 10.9x | 29.0x | 13.3x | 19.2x | 10.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.1x | 12.9x | 17.2x | ||||
| Historical EV / LTM EBITDA | 7.6x | 7.6x | 7.6x | ||||
| Selected EV / LTM EBITDA | 7.5x | 7.9x | 8.3x | ||||
| (x) LTM EBITDA | 526 | 526 | 526 | ||||
| (=) Implied Enterprise Value | 3,970 | 4,179 | 4,388 | ||||
| (-) Non-shareholder Claims * | (932) | (932) | (932) | ||||
| (=) Equity Value | 3,038 | 3,247 | 3,456 | ||||
| (/) Shares Outstanding | 24.7 | 24.7 | 24.7 | ||||
| Implied Value Range | 123.21 | 131.68 | 140.16 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 123.21 | 131.68 | 140.16 | 124.55 | |||
| Upside / (Downside) | -1.1% | 5.7% | 12.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVPINFRA | CAPACITE | PSPPROJECT | GANESHIN | AHLUCONT | CHAVDA | |
| Enterprise Value | 5,800 | 30,796 | 30,992 | 6,754 | 52,043 | 4,003 | |
| (+) Cash & Short Term Investments | 137 | 939 | 2,078 | 462 | 9,644 | 61 | |
| (+) Investments & Other | 0 | 221 | 7 | 0 | 412 | 0 | |
| (-) Debt | (1,190) | (4,256) | (2,715) | (379) | (761) | (993) | |
| (-) Other Liabilities | (33) | (13) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,715 | 27,687 | 30,362 | 6,838 | 61,337 | 3,071 | |
| (/) Shares Outstanding | 25.0 | 84.6 | 39.6 | 42.7 | 67.0 | 24.7 | |
| Implied Stock Price | 188.75 | 327.25 | 765.90 | 160.05 | 915.65 | 124.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 188.75 | 327.25 | 765.90 | 160.05 | 915.65 | 124.55 | |
| 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 | |