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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 27.9x - 30.9x | 29.4x |
| Selected Fwd EBIT Multiple | 15.8x - 17.4x | 16.6x |
| Fair Value | ₹16.65 - ₹18.31 | ₹17.48 |
| Upside | 60.6% - 76.5% | 68.6% |
| Benchmarks | Ticker | Full Ticker |
| Yatra Online Limited | YATRA | NSEI:YATRA |
| Yatra Online, Inc. | YTRA | NasdaqCM:YTRA |
| Le Travenues Technology Limited | IXIGO | NSEI:IXIGO |
| Thomas Cook (India) Limited | THOMASCOOK | NSEI:THOMASCOOK |
| MakeMyTrip Limited | MMYT | NasdaqGS:MMYT |
| Easy Trip Planners Limited | EASEMYTRIP | NSEI:EASEMYTRIP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| YATRA | YTRA | IXIGO | THOMASCOOK | MMYT | EASEMYTRIP | ||
| NSEI:YATRA | NasdaqCM:YTRA | NSEI:IXIGO | NSEI:THOMASCOOK | NasdaqGS:MMYT | NSEI:EASEMYTRIP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 61.0% | NM- | 68.9% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | 13.6% | |
| Latest Twelve Months | 388.3% | 65.4% | 186.3% | -1.2% | 59.3% | -6.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -4.6% | -21.3% | 4.2% | -8.8% | -7.3% | 39.9% | |
| Prior Fiscal Year | 0.7% | -6.2% | 4.7% | 4.6% | 9.7% | 35.0% | |
| Latest Fiscal Year | 1.7% | -1.1% | 9.5% | 4.1% | 12.4% | 33.0% | |
| Latest Twelve Months | 1.7% | -1.1% | 9.5% | 4.1% | 12.4% | 33.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.68x | 0.78x | 7.13x | 0.85x | 12.67x | 5.74x | |
| EV / LTM EBITDA | 30.0x | 28.4x | 67.2x | 14.5x | 90.0x | 16.3x | |
| EV / LTM EBIT | 98.4x | -69.1x | 75.1x | 20.6x | 102.2x | 17.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -69.1x | 75.1x | 102.2x | ||||
| Historical EV / LTM EBIT | 17.4x | 40.7x | 60.1x | ||||
| Selected EV / LTM EBIT | 27.9x | 29.4x | 30.9x | ||||
| (x) LTM EBIT | 1,940 | 1,940 | 1,940 | ||||
| (=) Implied Enterprise Value | 54,143 | 56,993 | 59,842 | ||||
| (-) Non-shareholder Claims * | 3,363 | 3,363 | 3,363 | ||||
| (=) Equity Value | 57,506 | 60,356 | 63,205 | ||||
| (/) Shares Outstanding | 3,577.0 | 3,577.0 | 3,577.0 | ||||
| Implied Value Range | 16.08 | 16.87 | 17.67 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.08 | 16.87 | 17.67 | 10.37 | |||
| Upside / (Downside) | 55.0% | 62.7% | 70.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | YATRA | YTRA | IXIGO | THOMASCOOK | MMYT | EASEMYTRIP | |
| Enterprise Value | 13,314 | 6,167 | 66,175 | 68,571 | 12,395 | 33,731 | |
| (+) Cash & Short Term Investments | 987 | 1,915 | 3,684 | 11,166 | 761 | 3,015 | |
| (+) Investments & Other | 0 | 45 | 300 | 212 | 5 | 942 | |
| (-) Debt | (784) | (784) | (402) | (4,651) | (237) | (376) | |
| (-) Other Liabilities | 0 | (2,501) | (25) | 229 | (5) | (217) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,517 | 4,842 | 69,732 | 75,526 | 12,919 | 37,094 | |
| (/) Shares Outstanding | 156.9 | 58.5 | 390.1 | 465.3 | 129.4 | 3,577.0 | |
| Implied Stock Price | 86.14 | 82.81 | 178.75 | 162.32 | 99.82 | 10.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 85.52 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 86.14 | 0.97 | 178.75 | 162.32 | 99.82 | 10.37 | |
| Trading Currency | INR | USD | INR | INR | USD | INR | |
| FX Rate to Reporting Currency | 1.00 | 85.52 | 1.00 | 1.00 | 1.00 | 1.00 | |