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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.2x - 12.4x | 11.8x |
| Selected Fwd EBIT Multiple | 6.4x - 7.1x | 6.7x |
| Fair Value | ₹1,138 - ₹1,241 | ₹1,189 |
| Upside | 32.5% - 44.5% | 38.5% |
| Benchmarks | Ticker | Full Ticker |
| Cigniti Technologies Limited | CIGNITITEC | NSEI:CIGNITITEC |
| LTIMindtree Limited | LTIM | NSEI:LTIM |
| Wipro Limited | WIPRO | NSEI:WIPRO |
| Tech Mahindra Limited | TECHM | NSEI:TECHM |
| Tata Consultancy Services Limited | TCS | NSEI:TCS |
| Expleo Solutions Limited | EXPLEOSOL | NSEI:EXPLEOSOL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CIGNITITEC | LTIM | WIPRO | TECHM | TCS | EXPLEOSOL | ||
| NSEI:CIGNITITEC | NSEI:LTIM | NSEI:WIPRO | NSEI:TECHM | NSEI:TCS | NSEI:EXPLEOSOL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.8% | 25.7% | 8.1% | 3.5% | 10.0% | 16.1% | |
| 3Y CAGR | 12.9% | 5.8% | 3.7% | -7.7% | 8.7% | 20.8% | |
| Latest Twelve Months | -15.0% | -1.2% | 8.1% | 61.6% | 4.8% | 5.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.1% | 16.7% | 16.7% | 11.3% | 24.9% | 17.0% | |
| Prior Fiscal Year | 12.9% | 15.7% | 15.4% | 6.1% | 24.6% | 19.1% | |
| Latest Fiscal Year | 10.5% | 14.5% | 16.8% | 9.7% | 24.3% | 11.9% | |
| Latest Twelve Months | 10.1% | 14.5% | 16.8% | 9.7% | 24.3% | 12.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.69x | 3.28x | 2.42x | 2.42x | 4.75x | 1.06x | |
| EV / LTM EBITDA | 15.1x | 19.2x | 12.1x | 18.3x | 18.5x | 7.3x | |
| EV / LTM EBIT | 16.7x | 22.7x | 14.4x | 24.9x | 19.5x | 8.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.4x | 19.5x | 24.9x | ||||
| Historical EV / LTM EBIT | 1.5x | 11.8x | 24.2x | ||||
| Selected EV / LTM EBIT | 11.2x | 11.8x | 12.4x | ||||
| (x) LTM EBIT | 1,269 | 1,269 | 1,269 | ||||
| (=) Implied Enterprise Value | 14,250 | 15,000 | 15,750 | ||||
| (-) Non-shareholder Claims * | 2,433 | 2,433 | 2,433 | ||||
| (=) Equity Value | 16,683 | 17,433 | 18,183 | ||||
| (/) Shares Outstanding | 15.5 | 15.5 | 15.5 | ||||
| Implied Value Range | 1,074.98 | 1,123.30 | 1,171.63 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,074.98 | 1,123.30 | 1,171.63 | 858.90 | |||
| Upside / (Downside) | 25.2% | 30.8% | 36.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CIGNITITEC | LTIM | WIPRO | TECHM | TCS | EXPLEOSOL | |
| Enterprise Value | 32,827 | 1,246,884 | 2,159,368 | 1,277,102 | 12,135,589 | 10,897 | |
| (+) Cash & Short Term Investments | 4,202 | 109,622 | 533,448 | 74,350 | 461,520 | 2,762 | |
| (+) Investments & Other | 0 | 24,706 | 27,785 | 2,893 | 2,750 | 0 | |
| (-) Debt | (266) | (21,873) | (192,035) | (20,252) | (93,920) | (329) | |
| (-) Other Liabilities | 0 | (132) | (2,138) | (4,302) | (10,150) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 36,762 | 1,359,207 | 2,526,428 | 1,329,791 | 12,495,789 | 13,330 | |
| (/) Shares Outstanding | 27.3 | 296.3 | 10,461.4 | 884.8 | 3,618.1 | 15.5 | |
| Implied Stock Price | 1,346.60 | 4,586.50 | 241.50 | 1,503.00 | 3,453.70 | 858.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,346.60 | 4,586.50 | 241.50 | 1,503.00 | 3,453.70 | 858.90 | |
| 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 | |