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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.6x - 18.3x | 17.5x |
| Selected Fwd EBITDA Multiple | 10.7x - 11.8x | 11.2x |
| Fair Value | ₹57.90 - ₹69.19 | ₹63.55 |
| Upside | -26.5% - -12.2% | -19.4% |
| Benchmarks | Ticker | Full Ticker |
| Adani Green Energy Limited | ADANIGREEN | NSEI:ADANIGREEN |
| Indowind Energy Limited | INDOWIND | NSEI:INDOWIND |
| Adani Power Limited | ADANIPOWER | NSEI:ADANIPOWER |
| Reliance Power Limited | RPOWER | NSEI:RPOWER |
| ACME Solar Holdings Limited | ACMESOLAR | NSEI:ACMESOLAR |
| NHPC Limited | NHPC | NSEI:NHPC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ADANIGREEN | INDOWIND | ADANIPOWER | RPOWER | ACMESOLAR | NHPC | ||
| NSEI:ADANIGREEN | NSEI:INDOWIND | NSEI:ADANIPOWER | NSEI:RPOWER | NSEI:ACMESOLAR | NSEI:NHPC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 38.2% | 7.8% | 29.3% | -9.8% | 26.6% | 0.0% | |
| 3Y CAGR | 36.9% | 22.9% | 29.2% | -4.1% | 0.3% | 2.5% | |
| Latest Twelve Months | 21.7% | 23.5% | -1.2% | 201.9% | 68.6% | -0.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 72.5% | 41.1% | 33.4% | 34.0% | 85.9% | 57.3% | |
| Prior Fiscal Year | 78.7% | 42.4% | 36.2% | 17.4% | 83.8% | 61.7% | |
| Latest Fiscal Year | 78.9% | 34.5% | 38.1% | 34.2% | 89.4% | 53.8% | |
| Latest Twelve Months | 81.0% | 38.5% | 37.4% | 35.8% | 89.4% | 53.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 21.20x | 5.29x | 5.89x | 3.84x | 13.09x | 11.50x | |
| EV / LTM EBITDA | 26.2x | 13.7x | 15.8x | 10.7x | 14.6x | 21.5x | |
| EV / LTM EBIT | 36.3x | 27.2x | 20.1x | 17.0x | 19.2x | 28.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.7x | 14.6x | 26.2x | ||||
| Historical EV / LTM EBITDA | 8.6x | 12.0x | 24.5x | ||||
| Selected EV / LTM EBITDA | 16.6x | 17.5x | 18.3x | ||||
| (x) LTM EBITDA | 60,105 | 60,105 | 60,105 | ||||
| (=) Implied Enterprise Value | 997,144 | 1,049,625 | 1,102,107 | ||||
| (-) Non-shareholder Claims * | (495,373) | (495,373) | (495,373) | ||||
| (=) Equity Value | 501,771 | 554,252 | 606,734 | ||||
| (/) Shares Outstanding | 10,045.0 | 10,045.0 | 10,045.0 | ||||
| Implied Value Range | 49.95 | 55.18 | 60.40 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 49.95 | 55.18 | 60.40 | 78.82 | |||
| Upside / (Downside) | -36.6% | -30.0% | -23.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADANIGREEN | INDOWIND | ADANIPOWER | RPOWER | ACMESOLAR | NHPC | |
| Enterprise Value | 2,608,935 | 2,178 | 3,268,918 | 294,259 | 237,553 | 1,287,123 | |
| (+) Cash & Short Term Investments | 60,650 | 18 | 103,412 | 17,274 | 33,912 | 30,482 | |
| (+) Investments & Other | 11,710 | 0 | 2 | 1,416 | 2,750 | 4,479 | |
| (-) Debt | (881,530) | (180) | (484,637) | (152,315) | (129,977) | (472,331) | |
| (-) Other Liabilities | (102,350) | (8) | (11,962) | 0 | 13 | (58,003) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,697,415 | 2,008 | 2,875,734 | 160,633 | 144,252 | 791,750 | |
| (/) Shares Outstanding | 1,647.2 | 128.8 | 19,284.7 | 4,135.8 | 606.0 | 10,045.0 | |
| Implied Stock Price | 1,030.50 | 15.59 | 149.12 | 38.84 | 238.05 | 78.82 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,030.50 | 15.59 | 149.12 | 38.84 | 238.05 | 78.82 | |
| 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 | |