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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 23.0x - 25.4x | 24.2x |
Selected Fwd EBITDA Multiple | 12.8x - 14.2x | 13.5x |
Fair Value | ₹5.91 - ₹8.73 | ₹7.32 |
Upside | -35.7% - -4.9% | -20.3% |
Benchmarks | Ticker | Full Ticker |
Reliance Communications Limited | RCOM | NSEI:RCOM |
Bharti Hexacom Limited | BHARTIHEXA | NSEI:BHARTIHEXA |
Bharti Airtel Limited | BHARTIARTL | NSEI:BHARTIARTL |
Sify Technologies Limited | SIFY | NasdaqCM:SIFY |
RailTel Corporation of India Limited | RAILTEL | NSEI:RAILTEL |
Vodafone Idea Limited | IDEA | NSEI:IDEA |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
RCOM | BHARTIHEXA | BHARTIARTL | SIFY | RAILTEL | IDEA | ||
NSEI:RCOM | NSEI:BHARTIHEXA | NSEI:BHARTIARTL | NasdaqCM:SIFY | NSEI:RAILTEL | NSEI:IDEA | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 67.6% | 18.6% | 11.2% | 9.9% | 7.5% | |
3Y CAGR | NM- | 33.8% | 18.1% | 2.8% | 13.9% | 7.6% | |
Latest Twelve Months | -470.0% | 16.8% | 31.3% | 17.8% | 14.2% | 9.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -6.5% | 37.9% | 46.3% | 17.7% | 19.3% | 27.1% | |
Prior Fiscal Year | -2.9% | 43.8% | 46.6% | 16.8% | 17.4% | 24.8% | |
Latest Fiscal Year | -2.8% | 46.0% | 48.5% | 16.8% | 14.8% | 26.7% | |
Latest Twelve Months | -8.3% | 47.4% | 50.0% | 16.7% | 14.4% | 26.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 136.76x | 10.63x | 7.54x | 3.16x | 3.39x | 7.38x | |
EV / LTM EBITDA | -1650.8x | 22.4x | 15.1x | 18.9x | 23.7x | 27.6x | |
EV / LTM EBIT | -329.0x | 37.5x | 25.7x | 58.5x | 32.9x | -87.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -1650.8x | 18.9x | 23.7x | ||||
Historical EV / LTM EBITDA | 10.9x | 25.9x | 29.2x | ||||
Selected EV / LTM EBITDA | 23.0x | 24.2x | 25.4x | ||||
(x) LTM EBITDA | 117,735 | 117,735 | 117,735 | ||||
(=) Implied Enterprise Value | 2,702,808 | 2,845,062 | 2,987,315 | ||||
(-) Non-shareholder Claims * | (2,269,186) | (2,269,186) | (2,269,186) | ||||
(=) Equity Value | 433,622 | 575,876 | 718,129 | ||||
(/) Shares Outstanding | 108,343.0 | 108,343.0 | 108,343.0 | ||||
Implied Value Range | 4.00 | 5.32 | 6.63 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 4.00 | 5.32 | 6.63 | 9.18 | |||
Upside / (Downside) | -56.4% | -42.1% | -27.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | RCOM | BHARTIHEXA | BHARTIARTL | SIFY | RAILTEL | IDEA | |
Enterprise Value | 470,474 | 946,046 | 13,936,578 | 129,022 | 120,087 | 3,263,775 | |
(+) Cash & Short Term Investments | 5,580 | 1,355 | 212,641 | 6,304 | 7,980 | 63,101 | |
(+) Investments & Other | 0 | 0 | 42,291 | 0 | 0 | 0 | |
(-) Debt | (472,160) | (64,251) | (2,033,545) | (39,510) | (445) | (2,332,287) | |
(-) Other Liabilities | 0 | 0 | (410,246) | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,894 | 883,150 | 11,747,719 | 95,816 | 127,621 | 994,589 | |
(/) Shares Outstanding | 2,723.0 | 500.0 | 6,090.1 | 72.4 | 320.9 | 108,343.0 | |
Implied Stock Price | 1.43 | 1,766.30 | 1,929.00 | 1,324.33 | 397.65 | 9.18 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 88.76 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.43 | 1,766.30 | 1,929.00 | 14.92 | 397.65 | 9.18 | |
Trading Currency | INR | INR | INR | USD | INR | INR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 88.76 | 1.00 | 1.00 |