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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,4x - 12,6x | 12,0x |
| Selected Fwd EBITDA Multiple | 7,7x - 8,5x | 8,1x |
| Fair Value | ₹143,26 - ₹168,17 | ₹155,71 |
| Upside | -8,9% - 7,0% | -0,9% |
| Benchmarks | Ticker | Full Ticker |
| Torrent Power Limited | TORNTPOWER | NSEI:TORNTPOWER |
| The Tata Power Company Limited | TATAPOWER | NSEI:TATAPOWER |
| Adani Energy Solutions Limited | ADANIENSOL | NSEI:ADANIENSOL |
| India Power Corporation Limited | DPSCLTD | NSEI:DPSCLTD |
| NHPC Limited | NHPC | NSEI:NHPC |
| CESC Limited | CESC | NSEI:CESC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TORNTPOWER | TATAPOWER | ADANIENSOL | DPSCLTD | NHPC | CESC | ||
| NSEI:TORNTPOWER | NSEI:TATAPOWER | NSEI:ADANIENSOL | NSEI:DPSCLTD | NSEI:NHPC | NSEI:CESC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.7% | 9.2% | 15.2% | -10.6% | 3.2% | -5.5% | |
| 3Y CAGR | 10.2% | 15.8% | 29.6% | -16.3% | 2.8% | -11.8% | |
| Latest Twelve Months | 17.5% | 22.0% | 37.8% | 38.5% | 24.7% | 29.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.7% | 18.9% | 37.1% | 6.0% | 57.6% | 20.4% | |
| Prior Fiscal Year | 19.0% | 14.2% | 36.7% | -2.5% | 60.3% | 15.5% | |
| Latest Fiscal Year | 17.1% | 17.3% | 35.4% | 6.6% | 61.5% | 14.5% | |
| Latest Twelve Months | 18.4% | 19.9% | 35.4% | 6.0% | 63.5% | 15.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.05x | 2.81x | 6.12x | 2.22x | 12.70x | 2.05x | |
| EV / LTM EBITDA | 16.6x | 14.1x | 17.3x | 36.9x | 20.0x | 12.8x | |
| EV / LTM EBIT | 22.6x | 20.0x | 22.4x | -235.4x | 24.0x | 27.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.1x | 17.3x | 36.9x | ||||
| Historical EV / LTM EBITDA | 5.4x | 7.2x | 13.6x | ||||
| Selected EV / LTM EBITDA | 11.4x | 12.0x | 12.6x | ||||
| (x) LTM EBITDA | 26,308 | 26,308 | 26,308 | ||||
| (=) Implied Enterprise Value | 300,026 | 315,817 | 331,608 | ||||
| (-) Non-shareholder Claims * | (123,800) | (123,800) | (123,800) | ||||
| (=) Equity Value | 176,226 | 192,017 | 207,808 | ||||
| (/) Shares Outstanding | 1,325.6 | 1,325.6 | 1,325.6 | ||||
| Implied Value Range | 132.94 | 144.86 | 156.77 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 132.94 | 144.86 | 156.77 | 157.17 | |||
| Upside / (Downside) | -15.4% | -7.8% | -0.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TORNTPOWER | TATAPOWER | ADANIENSOL | DPSCLTD | NHPC | CESC | |
| Enterprise Value | 886,314 | 1,743,467 | 1,451,970 | 12,513 | 1,205,460 | 332,140 | |
| (+) Cash & Short Term Investments | 12,729 | 96,559 | 59,084 | 0 | 27,809 | 31,930 | |
| (+) Investments & Other | 0 | 0 | 3,487 | 0 | 0 | 0 | |
| (-) Debt | (115,674) | (583,139) | (402,753) | 0 | (364,173) | (155,730) | |
| (-) Other Liabilities | 0 | 0 | (9,431) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 783,368 | 1,256,887 | 1,102,357 | 12,513 | 869,096 | 208,340 | |
| (/) Shares Outstanding | 503.9 | 3,195.3 | 1,201.3 | 973.8 | 10,045.0 | 1,325.6 | |
| Implied Stock Price | 1,554.60 | 393.35 | 917.65 | 12.85 | 86.52 | 157.17 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,554.60 | 393.35 | 917.65 | 12.85 | 86.52 | 157.17 | |
| 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 | |