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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 35.5x - 39.2x | 37.4x |
| Selected Fwd EBITDA Multiple | 25.2x - 27.9x | 26.6x |
| Fair Value | ₹2,330 - ₹2,590 | ₹2,460 |
| Upside | -4.2% - 6.5% | 1.1% |
| Benchmarks | Ticker | Full Ticker |
| Morepen Laboratories Limited | MOREPENLAB | NSEI:MOREPENLAB |
| Lupin Limited | LUPIN | NSEI:LUPIN |
| Abbott India Limited | ABBOTINDIA | NSEI:ABBOTINDIA |
| Zydus Lifesciences Limited | ZYDUSLIFE | NSEI:ZYDUSLIFE |
| Glenmark Pharmaceuticals Limited | GLENMARK | NSEI:GLENMARK |
| Mankind Pharma Limited | MANKIND | NSEI:MANKIND |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MOREPENLAB | LUPIN | ABBOTINDIA | ZYDUSLIFE | GLENMARK | MANKIND | ||
| NSEI:MOREPENLAB | NSEI:LUPIN | NSEI:ABBOTINDIA | NSEI:ZYDUSLIFE | NSEI:GLENMARK | NSEI:MANKIND | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.1% | 18.6% | 19.9% | 20.1% | 10.6% | 26.4% | |
| 3Y CAGR | 9.7% | 40.9% | 19.8% | 29.6% | 8.8% | 21.0% | |
| Latest Twelve Months | 24.6% | 51.5% | 7.6% | 31.2% | 34.7% | 0.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 15.2% | 22.0% | 23.5% | 16.5% | 24.4% | |
| Prior Fiscal Year | 9.1% | 18.1% | 24.0% | 26.9% | 14.5% | 24.7% | |
| Latest Fiscal Year | 10.5% | 24.2% | 23.6% | 29.7% | 18.3% | 24.7% | |
| Latest Twelve Months | 10.5% | 24.2% | 23.6% | 29.7% | 18.3% | 24.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.00x | 4.04x | 9.99x | 3.77x | 3.04x | 8.76x | |
| EV / LTM EBITDA | 19.0x | 16.7x | 42.3x | 12.7x | 16.6x | 35.4x | |
| EV / LTM EBIT | 22.4x | 21.2x | 44.4x | 14.7x | 20.6x | 44.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.7x | 16.7x | 42.3x | ||||
| Historical EV / LTM EBITDA | 35.4x | 37.2x | 39.0x | ||||
| Selected EV / LTM EBITDA | 35.5x | 37.4x | 39.2x | ||||
| (x) LTM EBITDA | 30,179 | 30,179 | 30,179 | ||||
| (=) Implied Enterprise Value | 1,071,461 | 1,127,853 | 1,184,246 | ||||
| (-) Non-shareholder Claims * | (61,508) | (61,508) | (61,508) | ||||
| (=) Equity Value | 1,009,953 | 1,066,345 | 1,122,738 | ||||
| (/) Shares Outstanding | 412.7 | 412.7 | 412.7 | ||||
| Implied Value Range | 2,447.36 | 2,584.01 | 2,720.66 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,447.36 | 2,584.01 | 2,720.66 | 2,432.40 | |||
| Upside / (Downside) | 0.6% | 6.2% | 11.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MOREPENLAB | LUPIN | ABBOTINDIA | ZYDUSLIFE | GLENMARK | MANKIND | |
| Enterprise Value | 36,503 | 916,098 | 640,060 | 876,803 | 407,889 | 1,065,289 | |
| (+) Cash & Short Term Investments | 1,272 | 42,014 | 16,279 | 78,079 | 17,052 | 22,453 | |
| (+) Investments & Other | 72 | 873 | 0 | 15,567 | 564 | 3,511 | |
| (-) Debt | (1,051) | (54,478) | (1,967) | (32,132) | (24,727) | (85,115) | |
| (-) Other Liabilities | (307) | (909) | 0 | (24,053) | 4 | (2,358) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 36,488 | 903,598 | 654,372 | 914,264 | 400,782 | 1,003,781 | |
| (/) Shares Outstanding | 548.0 | 456.6 | 21.2 | 1,006.2 | 282.2 | 412.7 | |
| Implied Stock Price | 66.59 | 1,978.90 | 30,795.00 | 908.60 | 1,420.20 | 2,432.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 66.59 | 1,978.90 | 30,795.00 | 908.60 | 1,420.20 | 2,432.40 | |
| 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 | |