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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 13.5x - 15.0x | 14.3x |
Selected Fwd EBITDA Multiple | 9.5x - 10.5x | 10.0x |
Fair Value | ₹813.66 - ₹911.53 | ₹862.59 |
Upside | -28.5% - -19.9% | -24.2% |
Benchmarks | Ticker | Full Ticker |
Motherson Sumi Wiring India Limited | MSUMI | NSEI:MSUMI |
Sundaram-Clayton Limited | SUNCLAY | NSEI:SUNCLAY |
JTEKT India Limited | JTEKTINDIA | NSEI:JTEKTINDIA |
Exide Industries Limited | EXIDEIND | NSEI:EXIDEIND |
Precision Camshafts Limited | PRECAM | NSEI:PRECAM |
Lumax Auto Technologies Limited | LUMAXTECH | NSEI:LUMAXTECH |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
MSUMI | SUNCLAY | JTEKTINDIA | EXIDEIND | PRECAM | LUMAXTECH | ||
NSEI:MSUMI | NSEI:SUNCLAY | NSEI:JTEKTINDIA | NSEI:EXIDEIND | NSEI:PRECAM | NSEI:LUMAXTECH | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | 9.2% | -10.4% | -6.0% | 41.4% | |
3Y CAGR | 14.3% | -20.5% | 17.8% | 8.8% | -10.0% | 46.2% | |
Latest Twelve Months | 9.4% | 78.8% | -9.5% | -0.9% | -14.9% | 30.3% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 10.9% | 5.6% | 7.8% | 14.4% | 10.3% | 10.2% | |
Prior Fiscal Year | 11.0% | 3.7% | 9.1% | 10.6% | 9.2% | 12.6% | |
Latest Fiscal Year | 10.8% | 4.2% | 7.7% | 10.2% | 9.3% | 12.8% | |
Latest Twelve Months | 10.8% | 4.2% | 7.7% | 10.2% | 9.3% | 12.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.84x | 2.66x | 1.60x | 1.62x | 2.41x | 2.30x | |
EV / LTM EBITDA | 26.4x | 63.6x | 20.7x | 15.8x | 25.8x | 18.0x | |
EV / LTM EBIT | 32.2x | -76.7x | 37.5x | 23.0x | 88.5x | 24.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 15.8x | 25.8x | 63.6x | ||||
Historical EV / LTM EBITDA | 8.2x | 13.9x | 18.0x | ||||
Selected EV / LTM EBITDA | 13.5x | 14.3x | 15.0x | ||||
(x) LTM EBITDA | 4,648 | 4,648 | 4,648 | ||||
(=) Implied Enterprise Value | 62,943 | 66,256 | 69,569 | ||||
(-) Non-shareholder Claims * | (7,914) | (7,914) | (7,914) | ||||
(=) Equity Value | 55,029 | 58,342 | 61,655 | ||||
(/) Shares Outstanding | 68.2 | 68.2 | 68.2 | ||||
Implied Value Range | 807.38 | 855.98 | 904.59 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 807.38 | 855.98 | 904.59 | 1,138.40 | |||
Upside / (Downside) | -29.1% | -24.8% | -20.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MSUMI | SUNCLAY | JTEKTINDIA | EXIDEIND | PRECAM | LUMAXTECH | |
Enterprise Value | 267,263 | 59,680 | 38,179 | 279,351 | 20,277 | 85,505 | |
(+) Cash & Short Term Investments | 2,375 | 327 | 163 | 4,991 | 936 | 2,710 | |
(+) Investments & Other | 0 | 262 | 0 | 61,497 | 1 | 1,983 | |
(-) Debt | (2,692) | (14,931) | (1,560) | (20,167) | (1,204) | (9,022) | |
(-) Other Liabilities | 0 | 0 | 0 | (206) | 0 | (3,585) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 266,946 | 45,338 | 36,782 | 325,465 | 20,011 | 77,591 | |
(/) Shares Outstanding | 4,421.1 | 22.0 | 254.3 | 850.0 | 95.0 | 68.2 | |
Implied Stock Price | 60.38 | 2,056.50 | 144.65 | 382.90 | 210.67 | 1,138.40 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 60.38 | 2,056.50 | 144.65 | 382.90 | 210.67 | 1,138.40 | |
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 |