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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,9x - 15,3x | 14,6x |
| Selected Fwd EBIT Multiple | 5,1x - 5,7x | 5,4x |
| Fair Value | ₹1.329 - ₹1.456 | ₹1.392 |
| Upside | 25,7% - 37,6% | 31,6% |
| Benchmarks | Ticker | Full Ticker |
| Cigniti Technologies Limited | CIGNITITEC | NSEI:CIGNITITEC |
| LTIMindtree Limited | LTIM | NSEI:LTIM |
| Tech Mahindra Limited | TECHM | NSEI:TECHM |
| Wipro Limited | WIPRO | NSEI:WIPRO |
| Tata Consultancy Services Limited | TCS | NSEI:TCS |
| Expleo Solutions Limited | EXPLEOSOL | NSEI:EXPLEOSOL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CIGNITITEC | LTIM | TECHM | WIPRO | TCS | EXPLEOSOL | ||
| NSEI:CIGNITITEC | NSEI:LTIM | NSEI:TECHM | NSEI:WIPRO | NSEI:TCS | NSEI:EXPLEOSOL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.2% | 25.7% | 3.5% | 8.3% | 10.0% | 22.0% | |
| 3Y CAGR | 31.1% | 5.8% | -7.7% | 4.0% | 8.7% | 6.8% | |
| Latest Twelve Months | 33.1% | -1.2% | 61.6% | 11.4% | 4.8% | 12.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.9% | 16.7% | 11.3% | 16.7% | 24.9% | 16.7% | |
| Prior Fiscal Year | 10.5% | 15.7% | 6.1% | 15.1% | 24.6% | 11.9% | |
| Latest Fiscal Year | 12.7% | 14.5% | 9.7% | 17.0% | 24.3% | 12.5% | |
| Latest Twelve Months | 12.7% | 14.5% | 9.7% | 17.0% | 24.3% | 12.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.97x | 3.66x | 2.53x | 2.52x | 4.79x | 1.41x | |
| EV / LTM EBITDA | 13.7x | 23.2x | 19.2x | 12.9x | 18.6x | 8.6x | |
| EV / LTM EBIT | 15.5x | 25.3x | 26.1x | 14.9x | 19.7x | 11.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.9x | 19.7x | 26.1x | ||||
| Historical EV / LTM EBIT | 7.2x | 11.8x | 24.2x | ||||
| Selected EV / LTM EBIT | 13.9x | 14.6x | 15.3x | ||||
| (x) LTM EBIT | 1,283 | 1,283 | 1,283 | ||||
| (=) Implied Enterprise Value | 17,781 | 18,717 | 19,652 | ||||
| (-) Non-shareholder Claims * | 1,996 | 1,996 | 1,996 | ||||
| (=) Equity Value | 19,776 | 20,712 | 21,648 | ||||
| (/) Shares Outstanding | 15.5 | 15.5 | 15.5 | ||||
| Implied Value Range | 1,274.27 | 1,334.57 | 1,394.87 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,274.27 | 1,334.57 | 1,394.87 | 1,057.70 | |||
| Upside / (Downside) | 20.5% | 26.2% | 31.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CIGNITITEC | LTIM | TECHM | WIPRO | TCS | EXPLEOSOL | |
| Enterprise Value | 39,664 | 1,392,430 | 1,340,069 | 2,247,026 | 12,209,064 | 14,420 | |
| (+) Cash & Short Term Investments | 4,004 | 106,970 | 74,350 | 533,239 | 408,720 | 2,294 | |
| (+) Investments & Other | 0 | 24,707 | 2,893 | 27,785 | 17,170 | 0 | |
| (-) Debt | (279) | (21,873) | (20,252) | (192,035) | (93,920) | (298) | |
| (-) Other Liabilities | 0 | (132) | (4,302) | (2,138) | (10,150) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,388 | 1,502,102 | 1,392,758 | 2,613,877 | 12,530,884 | 16,415 | |
| (/) Shares Outstanding | 27.3 | 296.3 | 884.9 | 10,469.3 | 3,618.1 | 15.5 | |
| Implied Stock Price | 1,589.30 | 5,068.90 | 1,573.90 | 249.67 | 3,463.40 | 1,057.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,589.30 | 5,068.90 | 1,573.90 | 249.67 | 3,463.40 | 1,057.70 | |
| 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 | |