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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 95.1x - 105.1x | 100.1x |
| Selected Fwd EBITDA Multiple | 17.9x - 19.8x | 18.9x |
| Fair Value | ₹59.85 - ₹67.30 | ₹63.58 |
| Upside | -46.1% - -39.3% | -42.7% |
| Benchmarks | Ticker | Full Ticker |
| Allcargo Logistics Limited | ALLCARGO | NSEI:ALLCARGO |
| GMR Airports Limited | GMRAIRPORT | NSEI:GMRAIRPORT |
| Allcargo Terminals Limited | ATL | NSEI:ATL |
| JITF Infralogistics Limited | JITFINFRA | NSEI:JITFINFRA |
| Starlog Enterprises Limited | 520155 | BSE:520155 |
| Navkar Corporation Limited | NAVKARCORP | NSEI:NAVKARCORP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ALLCARGO | GMRAIRPORT | ATL | JITFINFRA | 520155 | NAVKARCORP | ||
| NSEI:ALLCARGO | NSEI:GMRAIRPORT | NSEI:ATL | NSEI:JITFINFRA | BSE:520155 | NSEI:NAVKARCORP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -11.2% | 10.0% | NM- | 48.8% | -41.3% | -42.3% | |
| 3Y CAGR | -23.3% | 26.9% | NM- | 75.5% | -53.0% | -53.8% | |
| Latest Twelve Months | 12.9% | 59.9% | -6.2% | -4.1% | 154.0% | -83.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.9% | 32.4% | 13.1% | 12.9% | -4.9% | 18.3% | |
| Prior Fiscal Year | 5.4% | 25.7% | 16.0% | 16.7% | -41.8% | 15.1% | |
| Latest Fiscal Year | 1.8% | 33.7% | 11.7% | 14.7% | 19.2% | 2.2% | |
| Latest Twelve Months | 1.7% | 35.0% | 11.9% | 15.9% | 19.2% | 2.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.30x | 12.86x | 1.44x | 1.48x | 6.30x | 3.73x | |
| EV / LTM EBITDA | 17.2x | 36.7x | 12.1x | 9.3x | 32.8x | 169.7x | |
| EV / LTM EBIT | 45.3x | 72.4x | 15.1x | 12.0x | -60.2x | -45.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.3x | 17.2x | 36.7x | ||||
| Historical EV / LTM EBITDA | 6.1x | 6.7x | 169.7x | ||||
| Selected EV / LTM EBITDA | 95.1x | 100.1x | 105.1x | ||||
| (x) LTM EBITDA | 108 | 108 | 108 | ||||
| (=) Implied Enterprise Value | 10,247 | 10,786 | 11,325 | ||||
| (-) Non-shareholder Claims * | (1,646) | (1,646) | (1,646) | ||||
| (=) Equity Value | 8,601 | 9,140 | 9,679 | ||||
| (/) Shares Outstanding | 150.5 | 150.5 | 150.5 | ||||
| Implied Value Range | 57.14 | 60.72 | 64.31 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 57.14 | 60.72 | 64.31 | 110.96 | |||
| Upside / (Downside) | -48.5% | -45.3% | -42.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALLCARGO | GMRAIRPORT | ATL | JITFINFRA | 520155 | NAVKARCORP | |
| Enterprise Value | 44,422 | 1,259,925 | 9,507 | 42,653 | 922 | 18,347 | |
| (+) Cash & Short Term Investments | 8,102 | 40,124 | 1,045 | 3,331 | 28 | 38 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 121 | 0 | |
| (-) Debt | (21,941) | (358,822) | (4,019) | (34,828) | (5) | (1,684) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (54) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 30,584 | 941,227 | 6,533 | 11,157 | 1,014 | 16,702 | |
| (/) Shares Outstanding | 982.8 | 10,559.0 | 245.7 | 25.7 | 15.0 | 150.5 | |
| Implied Stock Price | 31.12 | 89.14 | 26.59 | 434.05 | 67.72 | 110.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 31.12 | 89.14 | 26.59 | 434.05 | 67.72 | 110.96 | |
| 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 | |