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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 22,1x - 24,4x | 23,2x |
| Selected Fwd EBITDA Multiple | 16,3x - 18,1x | 17,2x |
| Fair Value | ₹536,85 - ₹598,50 | ₹567,68 |
| Upside | -32,1% - -24,2% | -28,2% |
| Benchmarks | Ticker | Full Ticker |
| Bharat Petroleum Corporation Limited | BPCL | NSEI:BPCL |
| The Great Eastern Shipping Company Limited | GESHIP | NSEI:GESHIP |
| Oil and Natural Gas Corporation Limited | ONGC | NSEI:ONGC |
| Indian Oil Corporation Limited | IOC | NSEI:IOC |
| Mangalore Refinery and Petrochemicals Limited | MRPL | NSEI:MRPL |
| Aegis Logistics Limited | AEGISLOG | NSEI:AEGISLOG |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BPCL | GESHIP | ONGC | IOC | MRPL | AEGISLOG | ||
| NSEI:BPCL | NSEI:GESHIP | NSEI:ONGC | NSEI:IOC | NSEI:MRPL | NSEI:AEGISLOG | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.4% | 22.1% | 4.2% | 13.1% | NM- | 19.0% | |
| 3Y CAGR | 10.4% | 18.2% | 22.5% | -8.8% | -23.7% | 32.1% | |
| Latest Twelve Months | -41.4% | 11.5% | -13.0% | -53.1% | -71.1% | 18.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.1% | 48.0% | 14.8% | 7.2% | 4.3% | 9.7% | |
| Prior Fiscal Year | 9.7% | 52.9% | 12.5% | 9.9% | 8.8% | 7.4% | |
| Latest Fiscal Year | 5.8% | 56.1% | 16.8% | 4.8% | 2.4% | 12.5% | |
| Latest Twelve Months | 5.8% | 54.6% | 14.0% | 4.8% | 2.4% | 13.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.36x | 1.40x | 0.79x | 0.38x | 0.38x | 4.34x | |
| EV / LTM EBITDA | 6.3x | 2.6x | 5.6x | 7.9x | 15.7x | 31.8x | |
| EV / LTM EBIT | 8.8x | 3.4x | 8.3x | 14.8x | 38.1x | 35.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.6x | 6.3x | 15.7x | ||||
| Historical EV / LTM EBITDA | 16.0x | 21.1x | 29.0x | ||||
| Selected EV / LTM EBITDA | 22.1x | 23.2x | 24.4x | ||||
| (x) LTM EBITDA | 9,435 | 9,435 | 9,435 | ||||
| (=) Implied Enterprise Value | 208,235 | 219,195 | 230,154 | ||||
| (-) Non-shareholder Claims * | (17,159) | (17,159) | (17,159) | ||||
| (=) Equity Value | 191,076 | 202,035 | 212,995 | ||||
| (/) Shares Outstanding | 351.0 | 351.0 | 351.0 | ||||
| Implied Value Range | 544.38 | 575.60 | 606.82 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 544.38 | 575.60 | 606.82 | 790.10 | |||
| Upside / (Downside) | -31.1% | -27.1% | -23.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BPCL | GESHIP | ONGC | IOC | MRPL | AEGISLOG | |
| Enterprise Value | 1,615,817 | 78,211 | 4,483,607 | 2,852,697 | 360,141 | 294,484 | |
| (+) Cash & Short Term Investments | 141,387 | 74,240 | 433,822 | 136,739 | 314 | 26,584 | |
| (+) Investments & Other | 228,675 | 0 | 0 | 568,496 | 552 | 0 | |
| (-) Debt | (611,006) | (27,880) | (1,914,893) | (1,522,706) | (131,434) | (43,743) | |
| (-) Other Liabilities | 0 | 0 | 0 | (45,373) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,374,872 | 124,571 | 3,002,535 | 1,989,853 | 229,573 | 277,325 | |
| (/) Shares Outstanding | 4,338.5 | 142.8 | 12,580.3 | 13,771.6 | 1,752.6 | 351.0 | |
| Implied Stock Price | 316.90 | 872.55 | 238.67 | 144.49 | 130.99 | 790.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 316.90 | 872.55 | 238.67 | 144.49 | 130.99 | 790.10 | |
| 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 | |