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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.5x - 16.0x | 15.3x |
| Selected Fwd EBIT Multiple | 15.4x - 17.1x | 16.2x |
| Fair Value | ₹307.29 - ₹364.17 | ₹335.73 |
| Upside | -10.4% - 6.2% | -2.1% |
| Benchmarks | Ticker | Full Ticker |
| JSW Energy Limited | JSWENERGY | NSEI:JSWENERGY |
| Adani Power Limited | ADANIPOWER | NSEI:ADANIPOWER |
| Reliance Power Limited | RPOWER | NSEI:RPOWER |
| Torrent Power Limited | TORNTPOWER | NSEI:TORNTPOWER |
| Tata Power Company Limited | TATAPOWER | NSEI:TATAPOWER |
| NTPC Limited | NTPC | NSEI:NTPC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| JSWENERGY | ADANIPOWER | RPOWER | TORNTPOWER | TATAPOWER | NTPC | ||
| NSEI:JSWENERGY | NSEI:ADANIPOWER | NSEI:RPOWER | NSEI:TORNTPOWER | NSEI:TATAPOWER | NSEI:NTPC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.0% | 42.3% | -10.3% | 11.2% | 12.9% | 10.4% | |
| 3Y CAGR | 12.8% | 35.9% | -3.4% | 19.4% | 29.8% | 11.6% | |
| Latest Twelve Months | -4.0% | 19.7% | 837.8% | 18.4% | 41.2% | 7.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 27.5% | 22.3% | 16.9% | 15.1% | 12.0% | 19.6% | |
| Prior Fiscal Year | 32.7% | 28.4% | 1.4% | 12.2% | 11.5% | 19.2% | |
| Latest Fiscal Year | 30.7% | 30.5% | 19.8% | 13.4% | 15.2% | 19.5% | |
| Latest Twelve Months | 30.7% | 30.5% | 19.5% | 13.4% | 15.2% | 19.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.19x | 4.74x | 5.47x | 2.62x | 2.61x | 2.97x | |
| EV / LTM EBITDA | 25.2x | 12.4x | 16.3x | 14.2x | 12.4x | 10.3x | |
| EV / LTM EBIT | 36.5x | 15.5x | 28.1x | 19.5x | 17.1x | 15.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 15.5x | 19.5x | 36.5x | ||||
| Historical EV / LTM EBIT | 11.6x | 14.2x | 15.8x | ||||
| Selected EV / LTM EBIT | 14.5x | 15.3x | 16.0x | ||||
| (x) LTM EBIT | 367,264 | 367,264 | 367,264 | ||||
| (=) Implied Enterprise Value | 5,333,159 | 5,613,851 | 5,894,544 | ||||
| (-) Non-shareholder Claims * | (2,259,870) | (2,259,870) | (2,259,870) | ||||
| (=) Equity Value | 3,073,289 | 3,353,982 | 3,634,674 | ||||
| (/) Shares Outstanding | 9,696.7 | 9,696.7 | 9,696.7 | ||||
| Implied Value Range | 316.94 | 345.89 | 374.84 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 316.94 | 345.89 | 374.84 | 343.05 | |||
| Upside / (Downside) | -7.6% | 0.8% | 9.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JSWENERGY | ADANIPOWER | RPOWER | TORNTPOWER | TATAPOWER | NTPC | |
| Enterprise Value | 1,317,919 | 2,664,118 | 407,356 | 766,255 | 1,708,896 | 5,586,311 | |
| (+) Cash & Short Term Investments | 56,429 | 14,947 | 4,398 | 11,869 | 130,326 | 115,071 | |
| (+) Investments & Other | 76,442 | 693 | 0 | 75 | 147,929 | 196,536 | |
| (-) Debt | (501,852) | (394,949) | (151,531) | (88,397) | (633,373) | (2,500,962) | |
| (-) Other Liabilities | (17,236) | (13,265) | 0 | (6,005) | (67,654) | (70,515) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 931,701 | 2,271,544 | 260,223 | 683,797 | 1,286,124 | 3,326,441 | |
| (/) Shares Outstanding | 1,745.2 | 3,856.9 | 4,135.8 | 503.9 | 3,195.3 | 9,696.7 | |
| Implied Stock Price | 533.85 | 588.95 | 62.92 | 1,357.00 | 402.50 | 343.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 533.85 | 588.95 | 62.92 | 1,357.00 | 402.50 | 343.05 | |
| 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 | |