| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| YATRA | THOMASCOOK | YTRA | IXIGO | MMYT | | EASEMYTRIP | |
| NSEI:YATRA | NSEI:THOMASCOOK | NasdaqCM:YTRA | NSEI:IXIGO | NasdaqGS:MMYT | | NSEI:EASEMYTRIP | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -12.9% | 1.9% | -14.8% | 74.6% | 10.0% | | 42.3% | |
| 3Y CAGR | 49.9% | 109.5% | 48.8% | 69.1% | 68.5% | | 62.2% | |
| Latest Twelve Months | 56.8% | 12.9% | 55.7% | 26.6% | 28.5% | | 12.7% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -5.2% | -9.0% | -21.8% | 1.2% | -9.3% | | 38.7% | |
| Prior Fiscal Year | 5.5% | 2.1% | -1.7% | 3.7% | 3.6% | | 39.4% | |
| Latest Fiscal Year | 0.7% | 4.6% | -6.2% | 4.7% | 8.4% | | 35.0% | |
| Latest Twelve Months | 1.0% | 4.6% | -2.8% | 7.8% | 10.3% | | 29.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.69x | 0.72x | 0.65x | 6.76x | 11.52x | | 6.71x | |
| EV / LTM EBIT | 162.6x | 15.5x | -23.2x | 87.1x | 112.1x | | 22.9x | |
| Price / LTM Sales | 1.92x | 0.86x | 0.53x | 7.09x | 12.02x | | 7.12x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.65x | 1.69x | 11.52x | | | | | |
| Historical EV / LTM Revenue | 14.01x | 19.30x | 34.82x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 9.44x | 9.93x | 10.43x | | | | | |
| (x) LTM Revenue | 6,119 | 6,119 | 6,119 | | | | | |
| (=) Implied Enterprise Value | 57,733 | 60,772 | 63,810 | | | | | |
| (-) Non-shareholder Claims * | 2,774 | 2,774 | 2,774 | | | | | |
| (=) Equity Value | 60,507 | 63,545 | 66,584 | | | | | |
| (/) Shares Outstanding | 3,544.1 | 3,544.1 | 3,544.1 | | | | | |
| Implied Value Range | 17.07 | 17.93 | 18.79 | | | | | |
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 17.07 | 17.93 | 18.79 | | 12.19 | | | |
| Upside / (Downside) | 40.1% | 47.1% | 54.1% | | | | | |