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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.3x - 16.9x | 16.1x |
| Selected Fwd EBIT Multiple | 16.1x - 17.8x | 16.9x |
| Fair Value | $9.16 - $10.11 | $9.64 |
| Upside | -23.3% - -15.4% | -19.4% |
| Benchmarks | Ticker | Full Ticker |
| BSE Limited | BSE | NSEI:BSE |
| Intercontinental Exchange, Inc. | ICE | NYSE:ICE |
| Hong Kong Exchanges and Clearing Limited | 388 | SEHK:388 |
| CME Group Inc. | MX4A | DB:MX4A |
| Singapore Exchange Limited | S68 | SGX:S68 |
| Japan Exchange Group, Inc. | OSCU.F | OTCPK:OSCU.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BSE | ICE | 388 | MX4A | S68 | OSCU.F | ||
| NSEI:BSE | NYSE:ICE | SEHK:388 | DB:MX4A | SGX:S68 | OTCPK:OSCU.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 23.6% | 10.6% | 6.2% | 8.2% | 5.6% | 5.0% | |
| 3Y CAGR | 60.2% | 7.6% | 0.5% | 14.8% | 5.0% | 6.0% | |
| Latest Twelve Months | 138.6% | 11.4% | 11.6% | 13.8% | 15.3% | 10.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 30.0% | 50.4% | 68.5% | 58.6% | 50.3% | 53.8% | |
| Prior Fiscal Year | 29.2% | 49.7% | 66.8% | 62.1% | 49.4% | 50.0% | |
| Latest Fiscal Year | 33.0% | 47.7% | 68.3% | 64.3% | 49.3% | 56.3% | |
| Latest Twelve Months | 53.5% | 47.7% | 68.3% | 64.3% | 52.5% | 55.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 20.02x | 13.07x | 13.78x | 15.18x | 9.76x | 10.38x | |
| EV / LTM EBITDA | 35.5x | 21.5x | 19.7x | 21.7x | 18.0x | 15.8x | |
| EV / LTM EBIT | 37.4x | 27.4x | 20.2x | 23.6x | 18.6x | 18.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 18.6x | 23.6x | 37.4x | ||||
| Historical EV / LTM EBIT | 14.2x | 15.6x | 24.8x | ||||
| Selected EV / LTM EBIT | 15.3x | 16.1x | 16.9x | ||||
| (x) LTM EBIT | 89,662 | 89,662 | 89,662 | ||||
| (=) Implied Enterprise Value | 1,374,217 | 1,446,544 | 1,518,872 | ||||
| (-) Non-shareholder Claims * | 30,424 | 30,424 | 30,424 | ||||
| (=) Equity Value | 1,404,641 | 1,476,968 | 1,549,296 | ||||
| (/) Shares Outstanding | 1,040.4 | 1,040.4 | 1,040.4 | ||||
| Implied Value Range | 1,350.07 | 1,419.58 | 1,489.10 | ||||
| FX Rate: JPY/USD | 151.0 | 151.0 | 151.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.94 | 9.40 | 9.86 | 11.95 | |||
| Upside / (Downside) | -25.2% | -21.3% | -17.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BSE | ICE | 388 | MX4A | S68 | OSCU.F | |
| Enterprise Value | 576,010 | 121,299 | 303,807 | 92,446 | 12,884 | 1,847,464 | |
| (+) Cash & Short Term Investments | 67,275 | 844 | 148,117 | 3,006 | 1,297 | 72,921 | |
| (+) Investments & Other | 0 | 0 | 2,600 | 2,570 | 718 | 20,162 | |
| (-) Debt | (0) | (20,740) | (1,746) | (3,821) | (719) | (52,485) | |
| (-) Other Liabilities | 0 | (73) | (555) | 0 | (1) | (10,174) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 643,285 | 101,330 | 452,223 | 94,201 | 14,179 | 1,877,888 | |
| (/) Shares Outstanding | 137.3 | 574.6 | 1,263.9 | 360.4 | 1,070.1 | 1,040.4 | |
| Implied Stock Price | 4,684.35 | 176.36 | 357.80 | 261.39 | 13.25 | 1,804.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.08 | 1.00 | 151.04 | |
| Implied Stock Price (Trading Cur) | 4,684.35 | 176.36 | 357.80 | 242.10 | 13.25 | 11.95 | |
| Trading Currency | INR | USD | HKD | EUR | SGD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.08 | 1.00 | 151.04 | |