Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.3x - 10.3x | 9.8x |
| Selected Fwd EBITDA Multiple | 11.0x - 12.2x | 11.6x |
| Fair Value | ₹289.08 - ₹344.92 | ₹317 |
| Upside | -13.6% - 3.0% | -5.3% |
| 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 |
| NHPC Limited | NHPC | NSEI:NHPC |
| NTPC Limited | NTPC | NSEI:NTPC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JSWENERGY | ADANIPOWER | RPOWER | TORNTPOWER | NHPC | NTPC | ||
| NSEI:JSWENERGY | NSEI:ADANIPOWER | NSEI:RPOWER | NSEI:TORNTPOWER | NSEI:NHPC | NSEI:NTPC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.4% | 29.2% | -20.0% | 7.7% | 3.2% | 13.3% | |
| 3Y CAGR | 22.4% | 29.0% | -29.0% | 10.2% | 2.8% | 13.8% | |
| Latest Twelve Months | 4.6% | 17.0% | 99.3% | 17.5% | 24.7% | 6.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 41.0% | 32.0% | 35.9% | 22.7% | 57.6% | 29.1% | |
| Prior Fiscal Year | 31.8% | 36.2% | 27.8% | 19.0% | 60.3% | 27.7% | |
| Latest Fiscal Year | 46.5% | 37.9% | 17.4% | 17.1% | 61.5% | 28.1% | |
| Latest Twelve Months | 45.8% | 37.9% | 26.5% | 18.4% | 63.5% | 28.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.27x | 4.11x | 3.89x | 2.74x | 11.83x | 3.03x | |
| EV / LTM EBITDA | 20.3x | 10.8x | 14.7x | 14.9x | 18.6x | 10.7x | |
| EV / LTM EBIT | 29.2x | 13.6x | 40.1x | 20.3x | 22.4x | 15.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.8x | 14.9x | 20.3x | ||||
| Historical EV / LTM EBITDA | 8.0x | 9.0x | 10.9x | ||||
| Selected EV / LTM EBITDA | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBITDA | 528,034 | 528,034 | 528,034 | ||||
| (=) Implied Enterprise Value | 4,916,743 | 5,175,519 | 5,434,295 | ||||
| (-) Non-shareholder Claims * | (2,341,371) | (2,341,371) | (2,341,371) | ||||
| (=) Equity Value | 2,575,373 | 2,834,149 | 3,092,924 | ||||
| (/) Shares Outstanding | 9,696.7 | 9,696.7 | 9,696.7 | ||||
| Implied Value Range | 265.59 | 292.28 | 318.97 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 265.59 | 292.28 | 318.97 | 334.75 | |||
| Upside / (Downside) | -20.7% | -12.7% | -4.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JSWENERGY | ADANIPOWER | RPOWER | TORNTPOWER | NHPC | NTPC | |
| Enterprise Value | 1,045,051 | 2,310,795 | 295,438 | 794,150 | 1,119,575 | 5,587,330 | |
| (+) Cash & Short Term Investments | 65,996 | 71,576 | 8,846 | 12,729 | 27,809 | 78,724 | |
| (+) Investments & Other | 0 | 595 | 0 | 0 | 0 | 0 | |
| (-) Debt | (308,531) | (394,949) | (149,028) | (115,674) | (364,173) | (2,420,095) | |
| (-) Other Liabilities | 0 | (13,265) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 802,516 | 1,974,753 | 155,256 | 691,204 | 783,211 | 3,245,959 | |
| (/) Shares Outstanding | 1,745.2 | 3,856.9 | 4,017.0 | 503.9 | 10,045.0 | 9,696.7 | |
| Implied Stock Price | 459.85 | 512.00 | 38.65 | 1,371.70 | 77.97 | 334.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 459.85 | 512.00 | 38.65 | 1,371.70 | 77.97 | 334.75 | |
| 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 | |