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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 22.8x - 25.2x | 24.0x |
| Selected Fwd EBITDA Multiple | 9.5x - 10.5x | 10.0x |
| Fair Value | ₹417.78 - ₹458.97 | ₹438.37 |
| Upside | 22.1% - 34.1% | 28.1% |
| Benchmarks | Ticker | Full Ticker |
| Unified Data- Tech Solutions Limited | 544406 | BSE:544406 |
| Silver Touch Technologies Limited | SILVERTUC | NSEI:SILVERTUC |
| Dynacons Systems & Solutions Limited | DSSL | NSEI:DSSL |
| Dev Information Technology Limited | DEVIT | NSEI:DEVIT |
| Allied Digital Services Limited | ADSL | NSEI:ADSL |
| Orient Technologies Limited | ORIENTTECH | NSEI:ORIENTTECH |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 544406 | SILVERTUC | DSSL | DEVIT | ADSL | ORIENTTECH | ||
| BSE:544406 | NSEI:SILVERTUC | NSEI:DSSL | NSEI:DEVIT | NSEI:ADSL | NSEI:ORIENTTECH | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 30.9% | 27.0% | 49.3% | 17.3% | 2.6% | NM- | |
| 3Y CAGR | 44.7% | 48.1% | 52.3% | 25.7% | -8.3% | 13.8% | |
| Latest Twelve Months | 11.5% | 55.0% | 36.3% | -21.6% | -34.7% | 23.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.4% | 8.0% | 6.0% | 6.3% | 12.4% | 8.0% | |
| Prior Fiscal Year | 12.3% | 10.8% | 7.5% | 8.2% | 12.1% | 9.1% | |
| Latest Fiscal Year | 16.2% | 13.0% | 8.3% | 6.1% | 6.7% | 8.1% | |
| Latest Twelve Months | 16.2% | 13.0% | 8.3% | 6.1% | 6.7% | 8.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.50x | 3.51x | 1.11x | 1.51x | 1.20x | 1.57x | |
| EV / LTM EBITDA | 15.4x | 27.0x | 13.4x | 24.6x | 17.9x | 19.4x | |
| EV / LTM EBIT | 15.5x | 33.2x | 13.6x | 34.7x | 39.5x | 21.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 13.4x | 17.9x | 27.0x | ||||
| Historical EV / LTM EBITDA | 19.4x | 19.4x | 19.4x | ||||
| Selected EV / LTM EBITDA | 22.8x | 24.0x | 25.2x | ||||
| (x) LTM EBITDA | 676 | 676 | 676 | ||||
| (=) Implied Enterprise Value | 15,402 | 16,213 | 17,023 | ||||
| (-) Non-shareholder Claims * | 1,100 | 1,100 | 1,100 | ||||
| (=) Equity Value | 16,502 | 17,313 | 18,123 | ||||
| (/) Shares Outstanding | 41.6 | 41.6 | 41.6 | ||||
| Implied Value Range | 396.28 | 415.75 | 435.22 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 396.28 | 415.75 | 435.22 | 342.25 | |||
| Upside / (Downside) | 15.8% | 21.5% | 27.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 544406 | SILVERTUC | DSSL | DEVIT | ADSL | ORIENTTECH | |
| Enterprise Value | 5,275 | 10,077 | 14,207 | 2,577 | 9,619 | 13,152 | |
| (+) Cash & Short Term Investments | 867 | 180 | 1,045 | 19 | 2,164 | 1,157 | |
| (+) Investments & Other | 346 | 3 | 605 | 36 | 60 | 2 | |
| (-) Debt | 0 | (435) | (1,388) | (200) | (949) | (59) | |
| (-) Other Liabilities | 0 | (0) | (1) | (1) | (446) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,487 | 9,825 | 14,467 | 2,431 | 10,448 | 14,252 | |
| (/) Shares Outstanding | 20.1 | 12.7 | 12.7 | 22.5 | 56.4 | 41.6 | |
| Implied Stock Price | 322.90 | 774.75 | 1,136.90 | 107.89 | 185.31 | 342.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 322.90 | 774.75 | 1,136.90 | 107.89 | 185.31 | 342.25 | |
| 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 | |