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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 22.3x - 24.6x | 23.5x |
| Selected Fwd EBITDA Multiple | 13.5x - 14.9x | 14.2x |
| Fair Value | ₹1,183 - ₹1,332 | ₹1,257 |
| Upside | -26.7% - -17.5% | -22.1% |
| Benchmarks | Ticker | Full Ticker |
| Lodha Developers Limited | LODHA | NSEI:LODHA |
| Sobha Limited | SOBHA | NSEI:SOBHA |
| Brigade Enterprises Limited | BRIGADE | NSEI:BRIGADE |
| Oberoi Realty Limited | OBEROIRLTY | NSEI:OBEROIRLTY |
| Mahindra Lifespace Developers Limited | MAHLIFE | NSEI:MAHLIFE |
| Prestige Estates Projects Limited | PRESTIGE | NSEI:PRESTIGE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LODHA | SOBHA | BRIGADE | OBEROIRLTY | MAHLIFE | PRESTIGE | ||
| NSEI:LODHA | NSEI:SOBHA | NSEI:BRIGADE | NSEI:OBEROIRLTY | NSEI:MAHLIFE | NSEI:PRESTIGE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.9% | -23.3% | 16.5% | 24.3% | NM- | 4.0% | |
| 3Y CAGR | 22.3% | -17.6% | 22.8% | 38.0% | NM- | 18.3% | |
| Latest Twelve Months | 49.4% | 6.9% | 18.7% | 27.7% | 0.7% | 18.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.4% | 20.3% | 24.9% | 50.9% | -37.0% | 25.6% | |
| Prior Fiscal Year | 25.9% | 8.9% | 24.3% | 54.0% | -80.7% | 27.4% | |
| Latest Fiscal Year | 28.9% | 7.3% | 27.9% | 58.7% | -45.6% | 34.8% | |
| Latest Twelve Months | 28.9% | 7.3% | 27.9% | 58.7% | -45.6% | 34.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.25x | 3.85x | 5.55x | 12.83x | 21.37x | 10.80x | |
| EV / LTM EBITDA | 35.4x | 52.9x | 19.9x | 21.9x | -46.8x | 31.0x | |
| EV / LTM EBIT | 38.0x | 76.0x | 25.0x | 22.5x | -42.4x | 45.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -46.8x | 21.9x | 52.9x | ||||
| Historical EV / LTM EBITDA | 12.3x | 16.5x | 31.0x | ||||
| Selected EV / LTM EBITDA | 22.3x | 23.5x | 24.6x | ||||
| (x) LTM EBITDA | 25,588 | 25,588 | 25,588 | ||||
| (=) Implied Enterprise Value | 570,417 | 600,439 | 630,461 | ||||
| (-) Non-shareholder Claims * | (100,189) | (100,189) | (100,189) | ||||
| (=) Equity Value | 470,228 | 500,250 | 530,272 | ||||
| (/) Shares Outstanding | 430.7 | 430.7 | 430.7 | ||||
| Implied Value Range | 1,091.70 | 1,161.40 | 1,231.10 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,091.70 | 1,161.40 | 1,231.10 | 1,613.00 | |||
| Upside / (Downside) | -32.3% | -28.0% | -23.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LODHA | SOBHA | BRIGADE | OBEROIRLTY | MAHLIFE | PRESTIGE | |
| Enterprise Value | 1,401,182 | 155,137 | 286,712 | 673,075 | 79,896 | 794,957 | |
| (+) Cash & Short Term Investments | 24,985 | 18,089 | 32,976 | 35,099 | 3,161 | 32,500 | |
| (+) Investments & Other | 10,867 | 1,146 | 64 | 4,584 | 8,442 | 3,925 | |
| (-) Debt | (70,940) | (11,835) | (54,639) | (33,004) | (14,395) | (131,799) | |
| (-) Other Liabilities | (670) | 0 | (2,769) | 0 | (2) | (4,815) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,365,424 | 162,538 | 262,344 | 679,754 | 77,103 | 694,768 | |
| (/) Shares Outstanding | 998.0 | 107.0 | 244.4 | 363.6 | 213.3 | 430.7 | |
| Implied Stock Price | 1,368.10 | 1,519.70 | 1,073.30 | 1,869.50 | 361.55 | 1,613.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,368.10 | 1,519.70 | 1,073.30 | 1,869.50 | 361.55 | 1,613.00 | |
| 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 | |