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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,8x - 12,0x | 11,4x |
| Selected Fwd EBITDA Multiple | 7,8x - 8,6x | 8,2x |
| Fair Value | ₹770,51 - ₹851,08 | ₹810,80 |
| Upside | -12,5% - -3,4% | -8,0% |
| Benchmarks | Ticker | Full Ticker |
| Kalyani Steels Limited | KSL | NSEI:KSL |
| Jindal Steel & Power Limited | JINDALSTEL | NSEI:JINDALSTEL |
| Steel Authority of India Limited | SAIL | NSEI:SAIL |
| NMDC Limited | NMDC | NSEI:NMDC |
| Jai Balaji Industries Limited | JAIBALAJI | NSEI:JAIBALAJI |
| Shyam Metalics and Energy Limited | SHYAMMETL | NSEI:SHYAMMETL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KSL | JINDALSTEL | SAIL | NMDC | JAIBALAJI | SHYAMMETL | ||
| NSEI:KSL | NSEI:JINDALSTEL | NSEI:SAIL | NSEI:NMDC | NSEI:JAIBALAJI | NSEI:SHYAMMETL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.9% | 6.0% | 1.8% | 1.0% | 102.8% | NM- | |
| 3Y CAGR | 12.2% | -17.4% | -4.5% | -6.1% | 112.9% | 5.0% | |
| Latest Twelve Months | -4.2% | -6.4% | -9.9% | 10.3% | 18.5% | 26.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.3% | 25.5% | 14.8% | 43.6% | 6.9% | 17.0% | |
| Prior Fiscal Year | 14.7% | 20.3% | 8.2% | 34.3% | 5.6% | 12.5% | |
| Latest Fiscal Year | 18.9% | 19.1% | 10.3% | 34.2% | 14.5% | 12.0% | |
| Latest Twelve Months | 18.3% | 19.1% | 10.3% | 34.9% | 14.9% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.67x | 2.09x | 0.87x | 2.05x | 1.68x | 1.72x | |
| EV / LTM EBITDA | 9.1x | 10.9x | 8.5x | 5.9x | 11.3x | 12.8x | |
| EV / LTM EBIT | 11.3x | 15.4x | 16.5x | 6.1x | 12.2x | 21.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.9x | 9.1x | 11.3x | ||||
| Historical EV / LTM EBITDA | 3.3x | 4.3x | 11.7x | ||||
| Selected EV / LTM EBITDA | 10.8x | 11.4x | 12.0x | ||||
| (x) LTM EBITDA | 19,729 | 19,729 | 19,729 | ||||
| (=) Implied Enterprise Value | 213,686 | 224,932 | 236,179 | ||||
| (-) Non-shareholder Claims * | 1,434 | 1,434 | 1,434 | ||||
| (=) Equity Value | 215,119 | 226,366 | 237,613 | ||||
| (/) Shares Outstanding | 279.1 | 279.1 | 279.1 | ||||
| Implied Value Range | 770.67 | 810.96 | 851.26 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 770.67 | 810.96 | 851.26 | 880.95 | |||
| Upside / (Downside) | -12.5% | -7.9% | -3.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KSL | JINDALSTEL | SAIL | NMDC | JAIBALAJI | SHYAMMETL | |
| Enterprise Value | 32,415 | 1,038,675 | 879,249 | 478,753 | 111,018 | 244,467 | |
| (+) Cash & Short Term Investments | 6,641 | 58,853 | 7,544 | 142,645 | 857 | 12,295 | |
| (+) Investments & Other | 0 | 10,884 | 0 | 0 | 0 | 0 | |
| (-) Debt | (5,598) | (184,061) | (412,650) | (41,577) | (4,321) | (10,861) | |
| (-) Other Liabilities | 0 | (2,344) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 33,458 | 922,007 | 474,143 | 579,820 | 107,554 | 245,901 | |
| (/) Shares Outstanding | 43.8 | 1,020.1 | 4,130.5 | 8,791.8 | 912.3 | 279.1 | |
| Implied Stock Price | 764.60 | 903.85 | 114.79 | 65.95 | 117.90 | 880.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 764.60 | 903.85 | 114.79 | 65.95 | 117.90 | 880.95 | |
| 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 | |