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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 25.2x - 27.8x | 26.5x |
| Selected Fwd EBITDA Multiple | 8.0x - 8.8x | 8.4x |
| Fair Value | ₹111.12 - ₹126.47 | ₹118.79 |
| Upside | -14.5% - -2.7% | -8.6% |
| Benchmarks | Ticker | Full Ticker |
| Navkar Corporation Limited | 539332 | BSE:539332 |
| Markolines Pavement Technologies Limited | 543364 | BSE:543364 |
| Allcargo Terminals Limited | 543954 | BSE:543954 |
| Adani Ports and Special Economic Zone Limited | 532921 | BSE:532921 |
| JITF Infralogistics Limited | 540311 | BSE:540311 |
| Suyog Gurbaxani Funicular Ropeways Limited | 543391 | BSE:543391 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 539332 | 543364 | 543954 | 532921 | 540311 | 543391 | ||
| BSE:539332 | BSE:543364 | BSE:543954 | BSE:532921 | BSE:540311 | BSE:543391 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -16.0% | 29.4% | NM- | 17.2% | 48.8% | NM- | |
| 3Y CAGR | -21.9% | 34.9% | NM- | 25.6% | 75.5% | NM- | |
| Latest Twelve Months | -16.8% | 15.0% | -6.2% | 17.3% | -4.1% | 46.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.7% | 10.0% | 13.1% | 60.7% | 12.9% | 3.9% | |
| Prior Fiscal Year | 21.8% | 8.9% | 16.0% | 60.7% | 16.7% | 26.5% | |
| Latest Fiscal Year | 15.1% | 9.8% | 11.7% | 58.6% | 14.7% | 23.9% | |
| Latest Twelve Months | 8.5% | 10.2% | 11.9% | 59.9% | 15.9% | 17.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.49x | 1.06x | 1.14x | 10.41x | 1.43x | 5.47x | |
| EV / LTM EBITDA | 41.0x | 10.4x | 9.5x | 17.4x | 9.0x | 31.4x | |
| EV / LTM EBIT | -2585.1x | 12.7x | 12.0x | 22.5x | 11.6x | 31.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.0x | 10.4x | 41.0x | ||||
| Historical EV / LTM EBITDA | 29.6x | 29.6x | 29.6x | ||||
| Selected EV / LTM EBITDA | 25.2x | 26.5x | 27.8x | ||||
| (x) LTM EBITDA | 130 | 130 | 130 | ||||
| (=) Implied Enterprise Value | 3,282 | 3,455 | 3,627 | ||||
| (-) Non-shareholder Claims * | (863) | (863) | (863) | ||||
| (=) Equity Value | 2,419 | 2,592 | 2,765 | ||||
| (/) Shares Outstanding | 24.9 | 24.9 | 24.9 | ||||
| Implied Value Range | 97.30 | 104.25 | 111.19 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 97.30 | 104.25 | 111.19 | 130.00 | |||
| Upside / (Downside) | -25.2% | -19.8% | -14.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 539332 | 543364 | 543954 | 532921 | 540311 | 543391 | |
| Enterprise Value | 17,597 | 3,418 | 8,441 | 2,984,841 | 41,337 | 4,095 | |
| (+) Cash & Short Term Investments | 21 | 3 | 1,045 | 73,401 | 3,331 | 1 | |
| (+) Investments & Other | 0 | 154 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,116) | (558) | (4,019) | (504,850) | (34,828) | (864) | |
| (-) 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 | 15,502 | 3,017 | 5,467 | 2,553,392 | 9,841 | 3,232 | |
| (/) Shares Outstanding | 150.5 | 22.0 | 245.7 | 2,160.1 | 25.7 | 24.9 | |
| Implied Stock Price | 102.99 | 137.10 | 22.25 | 1,182.05 | 382.85 | 130.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 102.99 | 137.10 | 22.25 | 1,182.05 | 382.85 | 130.00 | |
| 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 | |