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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.2x - 17.9x | 17.1x |
| Selected Fwd EBITDA Multiple | 12.2x - 13.5x | 12.9x |
| Fair Value | ₹712.99 - ₹780.90 | ₹746.94 |
| Upside | -22.8% - -15.5% | -19.2% |
| Benchmarks | Ticker | Full Ticker |
| Quess Corp Limited | QUESS | NSEI:QUESS |
| TeamLease Services Limited | TEAMLEASE | NSEI:TEAMLEASE |
| Walchand PeopleFirst Limited | 501370 | BSE:501370 |
| Cyber Media Research & Services Limited | CMRSL | NSEI:CMRSL |
| RITES Limited | RITES | NSEI:RITES |
| Datamatics Global Services Limited | DATAMATICS | NSEI:DATAMATICS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| QUESS | TEAMLEASE | 501370 | CMRSL | RITES | DATAMATICS | ||
| NSEI:QUESS | NSEI:TEAMLEASE | BSE:501370 | NSEI:CMRSL | NSEI:RITES | NSEI:DATAMATICS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -12.8% | 11.2% | NM- | 30.6% | -5.1% | 17.0% | |
| 3Y CAGR | -19.1% | 3.6% | -36.9% | -3.2% | -10.5% | 9.1% | |
| Latest Twelve Months | -49.0% | 37.1% | -69.0% | -51.9% | -19.3% | -2.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 1.5% | 3.7% | 6.0% | 26.7% | 13.5% | |
| Prior Fiscal Year | 2.7% | 1.1% | 10.6% | 6.7% | 26.0% | 15.2% | |
| Latest Fiscal Year | 1.8% | 1.2% | 2.8% | 3.8% | 23.2% | 13.3% | |
| Latest Twelve Months | 1.8% | 1.2% | 2.8% | 3.8% | 23.2% | 13.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.28x | 0.27x | 0.62x | 0.36x | 5.33x | 2.94x | |
| EV / LTM EBITDA | 16.1x | 22.0x | 22.4x | 9.7x | 22.9x | 22.0x | |
| EV / LTM EBIT | 19.1x | 35.9x | 36.4x | 10.0x | 26.1x | 27.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.7x | 22.0x | 22.9x | ||||
| Historical EV / LTM EBITDA | 5.2x | 8.3x | 22.0x | ||||
| Selected EV / LTM EBITDA | 16.2x | 17.1x | 17.9x | ||||
| (x) LTM EBITDA | 2,300 | 2,300 | 2,300 | ||||
| (=) Implied Enterprise Value | 37,267 | 39,228 | 41,190 | ||||
| (-) Non-shareholder Claims * | 4,014 | 4,014 | 4,014 | ||||
| (=) Equity Value | 41,281 | 43,242 | 45,204 | ||||
| (/) Shares Outstanding | 59.1 | 59.1 | 59.1 | ||||
| Implied Value Range | 698.42 | 731.60 | 764.79 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 698.42 | 731.60 | 764.79 | 924.10 | |||
| Upside / (Downside) | -24.4% | -20.8% | -17.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | QUESS | TEAMLEASE | 501370 | CMRSL | RITES | DATAMATICS | |
| Enterprise Value | 42,287 | 30,210 | 192 | 273 | 117,136 | 50,606 | |
| (+) Cash & Short Term Investments | 2,669 | 2,409 | 102 | 42 | 9,597 | 3,653 | |
| (+) Investments & Other | 0 | 133 | 124 | 9 | 968 | 2,178 | |
| (-) Debt | (1,129) | (1,181) | (3) | (61) | (90) | (1,899) | |
| (-) Other Liabilities | (11) | (161) | 0 | 0 | (1,091) | 82 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,816 | 31,412 | 416 | 264 | 126,519 | 54,620 | |
| (/) Shares Outstanding | 149.1 | 16.8 | 2.9 | 2.9 | 480.6 | 59.1 | |
| Implied Stock Price | 293.90 | 1,873.20 | 143.15 | 90.00 | 263.25 | 924.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 293.90 | 1,873.20 | 143.15 | 90.00 | 263.25 | 924.10 | |
| 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 | |