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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 28,7x - 31,8x | 30,3x |
| Selected Fwd EBIT Multiple | 15,3x - 16,9x | 16,1x |
| Fair Value | ₹227,90 - ₹267,72 | ₹247,81 |
| Upside | 8,9% - 28,0% | 18,5% |
| Benchmarks | Ticker | Full Ticker |
| Adani Green Energy Limited | ADANIGREEN | NSEI:ADANIGREEN |
| JSW Energy Limited | JSWENERGY | NSEI:JSWENERGY |
| NTPC Green Energy Limited | NTPCGREEN | NSEI:NTPCGREEN |
| ReNew Energy Global Plc | RNW | NasdaqGS:RNW |
| NHPC Limited | NHPC | NSEI:NHPC |
| ACME Solar Holdings Limited | ACMESOLAR | NSEI:ACMESOLAR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADANIGREEN | JSWENERGY | NTPCGREEN | RNW | NHPC | ACMESOLAR | ||
| NSEI:ADANIGREEN | NSEI:JSWENERGY | NSEI:NTPCGREEN | NasdaqGS:RNW | NSEI:NHPC | NSEI:ACMESOLAR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 52.2% | 17.3% | NM- | 7.7% | 7.2% | 32.0% | |
| 3Y CAGR | 45.7% | 29.0% | NM- | 13.3% | 4.5% | -5.2% | |
| Latest Twelve Months | 8.1% | 3.1% | NM | 11.8% | 34.1% | NM | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 56.2% | 27.0% | 56.6% | 59.6% | 45.6% | 57.8% | |
| Prior Fiscal Year | 54.5% | 20.7% | 59.8% | 53.8% | 49.8% | 54.0% | |
| Latest Fiscal Year | 59.1% | 32.7% | 56.7% | 54.3% | 50.3% | 61.5% | |
| Latest Twelve Months | 57.0% | 31.7% | 53.2% | 55.9% | 52.9% | 64.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 19.82x | 9.56x | 51.16x | 9.96x | 12.62x | 18.19x | |
| EV / LTM EBITDA | 25.4x | 20.9x | 59.5x | 12.7x | 19.9x | 24.2x | |
| EV / LTM EBIT | 34.8x | 30.1x | 96.1x | 17.8x | 23.9x | 28.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 17.8x | 30.1x | 96.1x | ||||
| Historical EV / LTM EBIT | 0.0x | NM | 0.0x | ||||
| Selected EV / LTM EBIT | 28.7x | 30.3x | 31.8x | ||||
| (x) LTM EBIT | 7,780 | 7,780 | 7,780 | ||||
| (=) Implied Enterprise Value | 223,600 | 235,369 | 247,137 | ||||
| (-) Non-shareholder Claims * | (90,995) | (90,995) | (90,995) | ||||
| (=) Equity Value | 132,605 | 144,374 | 156,142 | ||||
| (/) Shares Outstanding | 605.1 | 605.1 | 605.1 | ||||
| Implied Value Range | 219.14 | 238.59 | 258.04 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 219.14 | 238.59 | 258.04 | 209.21 | |||
| Upside / (Downside) | 4.7% | 14.0% | 23.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADANIGREEN | JSWENERGY | NTPCGREEN | RNW | NHPC | ACMESOLAR | |
| Enterprise Value | 2,026,728 | 1,078,820 | 1,013,909 | 860,369 | 1,198,127 | 217,591 | |
| (+) Cash & Short Term Investments | 74,310 | 65,996 | 14,554 | 81,045 | 27,809 | 15,984 | |
| (+) Investments & Other | 0 | 0 | 167 | 5,047 | 0 | 0 | |
| (-) Debt | (674,300) | (308,531) | (180,445) | (732,592) | (364,173) | (106,979) | |
| (-) Other Liabilities | 0 | 0 | (918) | (18,157) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,426,738 | 836,285 | 847,267 | 195,712 | 861,764 | 126,596 | |
| (/) Shares Outstanding | 1,584.0 | 1,745.2 | 8,426.3 | 362.6 | 10,045.0 | 605.1 | |
| Implied Stock Price | 900.70 | 479.20 | 100.55 | 539.70 | 85.79 | 209.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 84.59 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 900.70 | 479.20 | 100.55 | 6.38 | 85.79 | 209.21 | |
| Trading Currency | INR | INR | INR | USD | INR | INR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 84.59 | 1.00 | 1.00 | |