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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.6x - 10.6x | 10.1x |
| Selected Fwd EBITDA Multiple | 7.5x - 8.2x | 7.8x |
| Fair Value | ₹250.55 - ₹276.32 | ₹263.44 |
| Upside | -2.8% - 7.2% | 2.2% |
| Benchmarks | Ticker | Full Ticker |
| Goodluck India Limited | GOODLUCK | NSEI:GOODLUCK |
| Welspun Corp Limited | WELCORP | NSEI:WELCORP |
| Jindal Saw Limited | JINDALSAW | NSEI:JINDALSAW |
| JTL Industries Limited | JTLIND | NSEI:JTLIND |
| APL Apollo Tubes Limited | APLAPOLLO | NSEI:APLAPOLLO |
| Surya Roshni Limited | SURYAROSNI | NSEI:SURYAROSNI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GOODLUCK | WELCORP | JINDALSAW | JTLIND | APLAPOLLO | SURYAROSNI | ||
| NSEI:GOODLUCK | NSEI:WELCORP | NSEI:JINDALSAW | NSEI:JTLIND | NSEI:APLAPOLLO | NSEI:SURYAROSNI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.7% | 15.0% | 17.0% | 45.1% | 24.7% | 8.9% | |
| 3Y CAGR | 33.1% | 27.2% | 39.7% | 66.8% | 20.9% | 15.1% | |
| Latest Twelve Months | 4.9% | -7.0% | 23.3% | -16.7% | -11.0% | -18.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.6% | 9.2% | 11.9% | 7.5% | 6.8% | 6.8% | |
| Prior Fiscal Year | 7.1% | 5.3% | 8.9% | 8.3% | 6.3% | 7.6% | |
| Latest Fiscal Year | 8.1% | 9.2% | 15.1% | 7.5% | 6.6% | 7.3% | |
| Latest Twelve Months | 7.9% | 11.1% | 16.5% | 7.3% | 5.4% | 7.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.78x | 1.63x | 1.00x | 1.49x | 2.13x | 0.70x | |
| EV / LTM EBITDA | 9.9x | 14.7x | 6.1x | 20.4x | 39.3x | 9.6x | |
| EV / LTM EBIT | 11.3x | 19.0x | 7.4x | 21.4x | 48.3x | 12.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.1x | 14.7x | 39.3x | ||||
| Historical EV / LTM EBITDA | 3.8x | 7.7x | 8.6x | ||||
| Selected EV / LTM EBITDA | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBITDA | 5,382 | 5,382 | 5,382 | ||||
| (=) Implied Enterprise Value | 51,802 | 54,528 | 57,254 | ||||
| (-) Non-shareholder Claims * | 1,241 | 1,241 | 1,241 | ||||
| (=) Equity Value | 53,042 | 55,769 | 58,495 | ||||
| (/) Shares Outstanding | 217.0 | 217.0 | 217.0 | ||||
| Implied Value Range | 244.39 | 256.96 | 269.52 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 244.39 | 256.96 | 269.52 | 257.72 | |||
| Upside / (Downside) | -5.2% | -0.3% | 4.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GOODLUCK | WELCORP | JINDALSAW | JTLIND | APLAPOLLO | SURYAROSNI | |
| Enterprise Value | 29,982 | 229,582 | 220,802 | 29,584 | 426,730 | 54,694 | |
| (+) Cash & Short Term Investments | 819 | 15,560 | 7,271 | 1,745 | 7,887 | 1,975 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (6,643) | (22,617) | (55,259) | (457) | (10,226) | (734) | |
| (-) 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 | 24,158 | 222,525 | 172,815 | 30,873 | 424,391 | 55,934 | |
| (/) Shares Outstanding | 32.7 | 262.3 | 635.8 | 393.1 | 277.5 | 217.0 | |
| Implied Stock Price | 737.90 | 848.20 | 271.80 | 78.54 | 1,529.20 | 257.72 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 737.90 | 848.20 | 271.80 | 78.54 | 1,529.20 | 257.72 | |
| 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 | |