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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 38,0x - 42,0x | 40,0x |
| Selected Fwd EBIT Multiple | 23,3x - 25,8x | 24,5x |
| Fair Value | ₹1.222 - ₹1.318 | ₹1.270 |
| Upside | -29,8% - -24,3% | -27,0% |
| Benchmarks | Ticker | Full Ticker |
| Larsen & Toubro Limited | LT | NSEI:LT |
| Taneja Aerospace and Aviation Limited | 522229 | BSE:522229 |
| Mazagon Dock Shipbuilders Limited | MAZDOCK | NSEI:MAZDOCK |
| Hindustan Aeronautics Limited | HAL | NSEI:HAL |
| Bharat Dynamics Limited | BDL | NSEI:BDL |
| Garden Reach Shipbuilders & Engineers Limited | 542011 | BSE:542011 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LT | 522229 | MAZDOCK | HAL | BDL | 542011 | ||
| NSEI:LT | BSE:522229 | NSEI:MAZDOCK | NSEI:HAL | NSEI:BDL | BSE:542011 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.2% | 7.4% | 46.6% | 22.9% | -2.7% | 67.5% | |
| 3Y CAGR | 13.9% | 13.7% | 99.8% | 30.6% | 23.3% | 67.0% | |
| Latest Twelve Months | 7.9% | 14.2% | 133.9% | 53.1% | 24.7% | 100.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.1% | 41.3% | 8.8% | 17.1% | 17.1% | 4.4% | |
| Prior Fiscal Year | 10.9% | 49.4% | 9.3% | 16.5% | 13.3% | 4.5% | |
| Latest Fiscal Year | 10.6% | 51.0% | 14.1% | 24.2% | 19.8% | 5.6% | |
| Latest Twelve Months | 10.0% | 50.7% | 21.0% | 24.3% | 17.4% | 5.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.12x | 19.83x | 8.43x | 7.90x | 19.65x | 3.62x | |
| EV / LTM EBITDA | 18.6x | 31.9x | 39.1x | 28.9x | 99.2x | 54.7x | |
| EV / LTM EBIT | 21.1x | 39.2x | 40.1x | 32.6x | 112.7x | 63.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 21.1x | 39.2x | 112.7x | ||||
| Historical EV / LTM EBIT | -225.2x | 2.8x | 34.3x | ||||
| Selected EV / LTM EBIT | 38.0x | 40.0x | 42.0x | ||||
| (x) LTM EBIT | 2,557 | 2,557 | 2,557 | ||||
| (=) Implied Enterprise Value | 97,164 | 102,278 | 107,391 | ||||
| (-) Non-shareholder Claims * | 35,332 | 35,332 | 35,332 | ||||
| (=) Equity Value | 132,496 | 137,609 | 142,723 | ||||
| (/) Shares Outstanding | 114.6 | 114.6 | 114.6 | ||||
| Implied Value Range | 1,156.64 | 1,201.28 | 1,245.93 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,156.64 | 1,201.28 | 1,245.93 | 1,740.30 | |||
| Upside / (Downside) | -33.5% | -31.0% | -28.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LT | 522229 | MAZDOCK | HAL | BDL | 542011 | |
| Enterprise Value | 5,218,825 | 7,368 | 979,605 | 2,592,747 | 488,527 | 164,023 | |
| (+) Cash & Short Term Investments | 554,391 | 101 | 135,941 | 289,083 | 34,734 | 35,428 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,261,835) | (3) | (362) | (12) | (29) | (96) | |
| (-) 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 | 4,511,381 | 7,467 | 1,115,184 | 2,881,818 | 523,231 | 199,355 | |
| (/) Shares Outstanding | 1,375.2 | 25.5 | 403.4 | 668.8 | 366.6 | 114.6 | |
| Implied Stock Price | 3,280.50 | 292.80 | 2,764.60 | 4,309.10 | 1,427.40 | 1,740.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,280.50 | 292.80 | 2,764.60 | 4,309.10 | 1,427.40 | 1,740.30 | |
| 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 | |