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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 26,5x - 29,3x | 27,9x |
| Selected Fwd EBITDA Multiple | 23,2x - 25,7x | 24,5x |
| Fair Value | ₹1.959 - ₹2.130 | ₹2.045 |
| Upside | -30,4% - -24,4% | -27,4% |
| Benchmarks | Ticker | Full Ticker |
| Larsen & Toubro Limited | LT | NSEI:LT |
| Bharat Electronics Limited | BEL | NSEI:BEL |
| Garden Reach Shipbuilders & Engineers Limited | GRSE | NSEI:GRSE |
| Hindustan Aeronautics Limited | HAL | NSEI:HAL |
| Taneja Aerospace and Aviation Limited | 522229 | BSE:522229 |
| Mazagon Dock Shipbuilders Limited | MAZDOCK | NSEI:MAZDOCK |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LT | BEL | GRSE | HAL | 522229 | MAZDOCK | ||
| NSEI:LT | NSEI:BEL | NSEI:GRSE | NSEI:HAL | BSE:522229 | NSEI:MAZDOCK | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.6% | 11.5% | 42.6% | 18.1% | 6.6% | 40.4% | |
| 3Y CAGR | 13.5% | 15.9% | 51.6% | 25.7% | 9.3% | 83.5% | |
| Latest Twelve Months | 7.4% | 38.6% | 77.1% | 46.9% | 20.6% | 128.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.4% | 23.2% | 6.1% | 20.6% | 52.4% | 9.9% | |
| Prior Fiscal Year | 12.4% | 23.1% | 5.9% | 19.6% | 58.4% | 10.2% | |
| Latest Fiscal Year | 12.0% | 25.2% | 6.6% | 27.3% | 62.9% | 14.8% | |
| Latest Twelve Months | 11.4% | 27.5% | 6.6% | 27.4% | 62.1% | 21.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.16x | 9.42x | 3.82x | 8.43x | 18.97x | 8.81x | |
| EV / LTM EBITDA | 19.0x | 34.3x | 57.7x | 30.8x | 30.5x | 40.8x | |
| EV / LTM EBIT | 21.5x | 36.7x | 66.5x | 34.7x | 37.4x | 41.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 19.0x | 30.8x | 57.7x | ||||
| Historical EV / LTM EBITDA | -17.0x | -5.3x | 22.2x | ||||
| Selected EV / LTM EBITDA | 26.5x | 27.9x | 29.3x | ||||
| (x) LTM EBITDA | 24,523 | 24,523 | 24,523 | ||||
| (=) Implied Enterprise Value | 650,328 | 684,556 | 718,784 | ||||
| (-) Non-shareholder Claims * | 135,579 | 135,579 | 135,579 | ||||
| (=) Equity Value | 785,907 | 820,135 | 854,363 | ||||
| (/) Shares Outstanding | 403.4 | 403.4 | 403.4 | ||||
| Implied Value Range | 1,948.30 | 2,033.16 | 2,118.01 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,948.30 | 2,033.16 | 2,118.01 | 2,816.20 | |||
| Upside / (Downside) | -30.8% | -27.8% | -24.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LT | BEL | GRSE | HAL | 522229 | MAZDOCK | |
| Enterprise Value | 5,275,071 | 2,183,112 | 170,037 | 2,700,554 | 6,908 | 1,000,420 | |
| (+) Cash & Short Term Investments | 554,391 | 83,162 | 35,428 | 289,083 | 101 | 135,941 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,261,835) | (608) | (96) | (12) | (3) | (362) | |
| (-) 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 | 4,567,628 | 2,265,666 | 205,369 | 2,989,625 | 7,006 | 1,135,999 | |
| (/) Shares Outstanding | 1,375.2 | 7,309.8 | 114.6 | 668.8 | 25.5 | 403.4 | |
| Implied Stock Price | 3,321.40 | 309.95 | 1,792.80 | 4,470.30 | 274.75 | 2,816.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,321.40 | 309.95 | 1,792.80 | 4,470.30 | 274.75 | 2,816.20 | |
| 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 | |