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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 19.3x - 21.3x | 20.3x |
| Selected Fwd EBITDA Multiple | 23.1x - 25.5x | 24.3x |
| Fair Value | ₹15.28 - ₹17.37 | ₹16.32 |
| Upside | 27.3% - 44.7% | 36.0% |
| Benchmarks | Ticker | Full Ticker |
| Mangalam Seeds Limited | 539275 | BSE:539275 |
| Kaveri Seed Company Limited | KSCL | NSEI:KSCL |
| Upsurge Seeds Of Agriculture Limited | USASEEDS | NSEI:USASEEDS |
| Bombay Super Hybrid Seeds Limited | BSHSL | NSEI:BSHSL |
| Avanti Feeds Limited | AVANTIFEED | NSEI:AVANTIFEED |
| ShreeOswal Seeds and Chemicals Limited | OSWALSEEDS | NSEI:OSWALSEEDS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 539275 | KSCL | USASEEDS | BSHSL | AVANTIFEED | OSWALSEEDS | ||
| BSE:539275 | NSEI:KSCL | NSEI:USASEEDS | NSEI:BSHSL | NSEI:AVANTIFEED | NSEI:OSWALSEEDS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 27.2% | 2.9% | 107.7% | 40.5% | 6.8% | 6.4% | |
| 3Y CAGR | 30.7% | 12.9% | 102.5% | 33.3% | 25.4% | -3.1% | |
| Latest Twelve Months | -10.8% | 2.0% | 26.4% | 18.1% | 38.4% | 818.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.7% | 24.7% | 8.7% | 8.3% | 8.9% | 3.4% | |
| Prior Fiscal Year | 18.3% | 24.8% | 10.0% | 11.1% | 8.5% | 0.4% | |
| Latest Fiscal Year | 17.8% | 24.1% | 10.2% | 9.1% | 11.2% | 3.9% | |
| Latest Twelve Months | 17.8% | 24.1% | 13.5% | 9.7% | 11.2% | 3.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.51x | 4.15x | 1.36x | 4.25x | 1.35x | 0.62x | |
| EV / LTM EBITDA | 14.1x | 17.2x | 10.1x | 43.8x | 12.0x | 15.8x | |
| EV / LTM EBIT | 15.5x | 19.9x | 12.1x | 45.5x | 13.2x | 16.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.1x | 14.1x | 43.8x | ||||
| Historical EV / LTM EBITDA | 9.2x | 15.8x | 52.2x | ||||
| Selected EV / LTM EBITDA | 19.3x | 20.3x | 21.3x | ||||
| (x) LTM EBITDA | 96 | 96 | 96 | ||||
| (=) Implied Enterprise Value | 1,847 | 1,944 | 2,041 | ||||
| (-) Non-shareholder Claims * | (417) | (417) | (417) | ||||
| (=) Equity Value | 1,430 | 1,527 | 1,625 | ||||
| (/) Shares Outstanding | 91.5 | 91.5 | 91.5 | ||||
| Implied Value Range | 15.64 | 16.70 | 17.76 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.64 | 16.70 | 17.76 | 12.00 | |||
| Upside / (Downside) | 30.3% | 39.2% | 48.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 539275 | KSCL | USASEEDS | BSHSL | AVANTIFEED | OSWALSEEDS | |
| Enterprise Value | 2,592 | 49,962 | 1,506 | 15,101 | 75,101 | 1,514 | |
| (+) Cash & Short Term Investments | 17 | 6,298 | 2 | 6 | 19,198 | 2 | |
| (+) Investments & Other | 6 | 42 | 0 | 0 | 610 | 0 | |
| (-) Debt | (648) | 0 | (97) | (921) | (151) | (419) | |
| (-) Other Liabilities | (16) | (43) | 0 | 0 | (3,739) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,950 | 56,259 | 1,412 | 14,185 | 91,019 | 1,098 | |
| (/) Shares Outstanding | 11.0 | 51.4 | 7.1 | 104.9 | 136.2 | 91.5 | |
| Implied Stock Price | 177.60 | 1,093.70 | 200.00 | 135.18 | 668.05 | 12.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 177.60 | 1,093.70 | 200.00 | 135.18 | 668.05 | 12.00 | |
| 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 | |