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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.5x - 15.0x | 14.3x |
| Selected Fwd EBITDA Multiple | 7.8x - 8.6x | 8.2x |
| Fair Value | ₹1,325 - ₹1,450 | ₹1,387 |
| Upside | -2.5% - 6.6% | 2.1% |
| Benchmarks | Ticker | Full Ticker |
| Persistent Systems Limited | 533179 | BSE:533179 |
| Mphasis Limited | 526299 | BSE:526299 |
| LTIMindtree Limited | 540005 | BSE:540005 |
| Tech Mahindra Limited | 532755 | BSE:532755 |
| Tata Consultancy Services Limited | 532540 | BSE:532540 |
| Cigniti Technologies Limited | CIGNITITEC | NSEI:CIGNITITEC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 533179 | 526299 | 540005 | 532755 | 532540 | CIGNITITEC | ||
| BSE:533179 | BSE:526299 | BSE:540005 | BSE:532755 | BSE:532540 | NSEI:CIGNITITEC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 35.0% | 11.0% | 28.3% | 5.6% | 9.9% | 6.4% | |
| 3Y CAGR | 30.0% | 10.8% | 9.5% | -2.5% | 8.4% | 15.5% | |
| Latest Twelve Months | 27.4% | 29.3% | 8.7% | 56.2% | 4.8% | -15.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.1% | 16.6% | 18.0% | 13.8% | 26.3% | 12.8% | |
| Prior Fiscal Year | 16.4% | 15.4% | 16.8% | 8.6% | 26.0% | 13.9% | |
| Latest Fiscal Year | 17.2% | 18.6% | 17.1% | 13.2% | 25.7% | 11.6% | |
| Latest Twelve Months | 17.2% | 18.6% | 17.1% | 13.2% | 25.7% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.67x | 3.18x | 3.28x | 2.40x | 4.74x | 1.71x | |
| EV / LTM EBITDA | 38.7x | 17.1x | 19.2x | 18.2x | 18.5x | 15.3x | |
| EV / LTM EBIT | 45.5x | 20.8x | 22.6x | 24.8x | 19.5x | 16.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 17.1x | 18.5x | 38.7x | ||||
| Historical EV / LTM EBITDA | 3.8x | 8.7x | 12.7x | ||||
| Selected EV / LTM EBITDA | 13.5x | 14.3x | 15.0x | ||||
| (x) LTM EBITDA | 2,170 | 2,170 | 2,170 | ||||
| (=) Implied Enterprise Value | 29,388 | 30,934 | 32,481 | ||||
| (-) Non-shareholder Claims * | 3,936 | 3,936 | 3,936 | ||||
| (=) Equity Value | 33,323 | 34,870 | 36,417 | ||||
| (/) Shares Outstanding | 27.3 | 27.3 | 27.3 | ||||
| Implied Value Range | 1,220.62 | 1,277.28 | 1,333.94 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,220.62 | 1,277.28 | 1,333.94 | 1,359.30 | |||
| Upside / (Downside) | -10.2% | -6.0% | -1.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 533179 | 526299 | 540005 | 532755 | 532540 | CIGNITITEC | |
| Enterprise Value | 789,451 | 448,005 | 1,244,513 | 1,270,467 | 12,099,770 | 33,173 | |
| (+) Cash & Short Term Investments | 13,643 | 33,970 | 109,622 | 74,350 | 461,520 | 4,202 | |
| (+) Investments & Other | 6,415 | 4,238 | 24,706 | 2,893 | 2,750 | 0 | |
| (-) Debt | (3,109) | (18,882) | (21,873) | (20,252) | (93,920) | (266) | |
| (-) Other Liabilities | 0 | 0 | (132) | (4,302) | (10,150) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 806,400 | 467,331 | 1,356,836 | 1,323,156 | 12,459,970 | 37,109 | |
| (/) Shares Outstanding | 148.7 | 190.1 | 296.3 | 884.8 | 3,618.1 | 27.3 | |
| Implied Stock Price | 5,423.00 | 2,458.55 | 4,578.50 | 1,495.50 | 3,443.80 | 1,359.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5,423.00 | 2,458.55 | 4,578.50 | 1,495.50 | 3,443.80 | 1,359.30 | |
| 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 | |