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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.0x - 21.0x | 20.0x |
| Selected Fwd EBIT Multiple | 10.5x - 11.6x | 11.0x |
| Fair Value | ₹159.02 - ₹176.59 | ₹167.80 |
| Upside | 11.3% - 23.6% | 17.4% |
| Benchmarks | Ticker | Full Ticker |
| Sarda Energy & Minerals Limited | SARDAEN | NSEI:SARDAEN |
| Jayaswal Neco Industries Limited | JAYNECOIND | NSEI:JAYNECOIND |
| La Tim Metal & Industries Limited | 505693 | BSE:505693 |
| Maharashtra Seamless Limited | MAHSEAMLES | NSEI:MAHSEAMLES |
| Indian Metals and Ferro Alloys Limited | IMFA | NSEI:IMFA |
| South West Pinnacle Exploration Limited | SOUTHWEST | NSEI:SOUTHWEST |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SARDAEN | JAYNECOIND | 505693 | MAHSEAMLES | IMFA | SOUTHWEST | ||
| NSEI:SARDAEN | NSEI:JAYNECOIND | BSE:505693 | NSEI:MAHSEAMLES | NSEI:IMFA | NSEI:SOUTHWEST | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 26.7% | NM- | NM- | 13.9% | 98.4% | 18.5% | |
| 3Y CAGR | -7.1% | -14.2% | NM- | 22.3% | -11.8% | 9.5% | |
| Latest Twelve Months | 97.6% | 11.0% | -101.7% | -13.8% | -17.5% | 54.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.7% | 11.1% | 3.2% | 15.6% | 18.1% | 12.8% | |
| Prior Fiscal Year | 15.9% | 12.9% | 3.6% | 21.4% | 19.1% | 12.9% | |
| Latest Fiscal Year | 20.9% | 10.9% | -0.6% | 16.4% | 18.6% | 13.3% | |
| Latest Twelve Months | 24.0% | 12.8% | -0.1% | 16.4% | 17.3% | 13.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.96x | 1.34x | 0.64x | 1.24x | 1.67x | 2.35x | |
| EV / LTM EBITDA | 13.4x | 7.6x | 60.4x | 6.8x | 8.8x | 12.8x | |
| EV / LTM EBIT | 16.5x | 10.4x | -777.5x | 7.5x | 9.7x | 17.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -777.5x | 9.7x | 16.5x | ||||
| Historical EV / LTM EBIT | 13.5x | 23.1x | 43.7x | ||||
| Selected EV / LTM EBIT | 19.0x | 20.0x | 21.0x | ||||
| (x) LTM EBIT | 253 | 253 | 253 | ||||
| (=) Implied Enterprise Value | 4,805 | 5,057 | 5,310 | ||||
| (-) Non-shareholder Claims * | (237) | (237) | (237) | ||||
| (=) Equity Value | 4,568 | 4,821 | 5,074 | ||||
| (/) Shares Outstanding | 29.8 | 29.8 | 29.8 | ||||
| Implied Value Range | 153.13 | 161.61 | 170.09 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 153.13 | 161.61 | 170.09 | 142.92 | |||
| Upside / (Downside) | 7.1% | 13.1% | 19.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SARDAEN | JAYNECOIND | 505693 | MAHSEAMLES | IMFA | SOUTHWEST | |
| Enterprise Value | 219,295 | 82,947 | 1,711 | 65,073 | 42,500 | 4,500 | |
| (+) Cash & Short Term Investments | 12,569 | 1,906 | 24 | 22,845 | 9,284 | 410 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (28,611) | (27,506) | (429) | (1) | (3,886) | (647) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 203,254 | 57,347 | 1,306 | 87,917 | 47,898 | 4,263 | |
| (/) Shares Outstanding | 352.4 | 971.0 | 132.5 | 134.0 | 54.0 | 29.8 | |
| Implied Stock Price | 576.80 | 59.06 | 9.86 | 656.10 | 887.75 | 142.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 576.80 | 59.06 | 9.86 | 656.10 | 887.75 | 142.92 | |
| 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 | |