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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 24.4x - 27.0x | 25.7x |
| Selected Fwd EBITDA Multiple | 21.3x - 23.5x | 22.4x |
| Fair Value | ₹2,720 - ₹2,948 | ₹2,834 |
| Upside | 6.2% - 15.1% | 10.6% |
| Benchmarks | Ticker | Full Ticker |
| MSTC Limited | MSTCLTD | NSEI:MSTCLTD |
| Narmada Macplast Drip Irrigation Systems Ltd. | 517431 | BSE:517431 |
| Vinyl Chemicals (India) Limited | VINYLINDIA | NSEI:VINYLINDIA |
| Uniphos Enterprises Limited | UNIENTER | NSEI:UNIENTER |
| Lloyds Enterprises Limited | LLOYDSENT | NSEI:LLOYDSENT |
| IndiaMART InterMESH Limited | INDIAMART | NSEI:INDIAMART |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MSTCLTD | 517431 | VINYLINDIA | UNIENTER | LLOYDSENT | INDIAMART | ||
| NSEI:MSTCLTD | BSE:517431 | NSEI:VINYLINDIA | NSEI:UNIENTER | NSEI:LLOYDSENT | NSEI:INDIAMART | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.4% | NM- | 11.7% | NM- | NM- | 27.6% | |
| 3Y CAGR | 3.9% | 708.2% | -19.4% | NM- | 220.3% | 20.1% | |
| Latest Twelve Months | -12.4% | 35967.8% | -14.2% | -23.6% | 32.4% | 47.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.4% | 13.5% | 5.0% | 422.7% | -49.8% | 35.0% | |
| Prior Fiscal Year | 39.5% | 1.0% | 4.7% | -6.1% | 9.2% | 26.5% | |
| Latest Fiscal Year | 67.1% | 93.0% | 4.2% | -3.4% | 7.8% | 37.0% | |
| Latest Twelve Months | 67.1% | 93.0% | 4.2% | -3.4% | 7.8% | 37.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.41x | 10.13x | 0.71x | 9.52x | 6.16x | 8.42x | |
| EV / LTM EBITDA | 8.1x | 10.9x | 16.8x | -278.0x | 79.0x | 22.8x | |
| EV / LTM EBIT | 8.3x | 10.9x | 16.9x | -232.1x | 85.1x | 23.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -278.0x | 10.9x | 79.0x | ||||
| Historical EV / LTM EBITDA | 20.7x | 44.2x | 80.1x | ||||
| Selected EV / LTM EBITDA | 24.4x | 25.7x | 27.0x | ||||
| (x) LTM EBITDA | 5,285 | 5,285 | 5,285 | ||||
| (=) Implied Enterprise Value | 129,069 | 135,863 | 142,656 | ||||
| (-) Non-shareholder Claims * | 33,317 | 33,317 | 33,317 | ||||
| (=) Equity Value | 162,386 | 169,179 | 175,972 | ||||
| (/) Shares Outstanding | 60.0 | 60.0 | 60.0 | ||||
| Implied Value Range | 2,705.91 | 2,819.10 | 2,932.30 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,705.91 | 2,819.10 | 2,932.30 | 2,561.30 | |||
| Upside / (Downside) | 5.6% | 10.1% | 14.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MSTCLTD | 517431 | VINYLINDIA | UNIENTER | LLOYDSENT | INDIAMART | |
| Enterprise Value | 20,835 | 708 | 4,356 | (15,623) | 91,510 | 120,391 | |
| (+) Cash & Short Term Investments | 13,587 | 4 | 783 | 162 | 1,947 | 26,401 | |
| (+) Investments & Other | 116 | 0 | 0 | 26,155 | 24,617 | 7,220 | |
| (-) Debt | (1,450) | 0 | (5) | 0 | (5,960) | (304) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (5,662) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 33,088 | 712 | 5,134 | 10,693 | 106,452 | 153,708 | |
| (/) Shares Outstanding | 70.4 | 3.6 | 18.3 | 69.5 | 1,272.1 | 60.0 | |
| Implied Stock Price | 470.00 | 196.45 | 280.00 | 153.76 | 83.68 | 2,561.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 470.00 | 196.45 | 280.00 | 153.76 | 83.68 | 2,561.30 | |
| 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 | |