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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,7x - 1,9x | 1,8x |
| Selected Fwd Revenue Multiple | 1,3x - 1,4x | 1,3x |
| Fair Value | ₹1.251 - ₹1.366 | ₹1.309 |
| Upside | 37,3% - 50,0% | 43,6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Cigniti Technologies Limited | CIGNITITEC | NSEI:CIGNITITEC |
| LTIMindtree Limited | LTIM | NSEI:LTIM |
| Wipro Limited | WIPRO | NSEI:WIPRO |
| Tech Mahindra Limited | TECHM | NSEI:TECHM |
| Tata Consultancy Services Limited | TCS | NSEI:TCS |
| Expleo Solutions Limited | EXPLEOSOL | NSEI:EXPLEOSOL |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CIGNITITEC | LTIM | WIPRO | TECHM | TCS | EXPLEOSOL | |||
| NSEI:CIGNITITEC | NSEI:LTIM | NSEI:WIPRO | NSEI:TECHM | NSEI:TCS | NSEI:EXPLEOSOL | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 17.9% | 28.4% | 7.9% | 7.5% | 10.2% | 27.5% | ||
| 3Y CAGR | 17.5% | 13.3% | 4.0% | 5.9% | 10.0% | 47.5% | ||
| Latest Twelve Months | 11.0% | 7.0% | -0.7% | 1.9% | 6.0% | 8.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 11.9% | 16.7% | 16.7% | 11.3% | 24.9% | 17.0% | ||
| Prior Fiscal Year | 10.5% | 15.7% | 15.4% | 6.1% | 24.6% | 19.1% | ||
| Latest Fiscal Year | 12.7% | 14.5% | 16.8% | 9.7% | 24.3% | 11.9% | ||
| Latest Twelve Months | 12.7% | 14.5% | 16.8% | 9.7% | 24.3% | 12.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.95x | 3.64x | 2.55x | 2.60x | 4.87x | 1.12x | ||
| EV / LTM EBIT | 15.4x | 25.1x | 15.1x | 26.8x | 20.0x | 9.1x | ||
| Price / LTM Sales | 2.13x | 3.92x | 2.96x | 2.70x | 5.01x | 1.36x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.95x | 2.60x | 4.87x | |||||
| Historical EV / LTM Revenue | 0.27x | 1.89x | 4.26x | |||||
| Selected EV / LTM Revenue | 1.70x | 1.79x | 1.88x | |||||
| (x) LTM Revenue | 10,244 | 10,244 | 10,244 | |||||
| (=) Implied Enterprise Value | 17,395 | 18,311 | 19,227 | |||||
| (-) Non-shareholder Claims * | 2,433 | 2,433 | 2,433 | |||||
| (=) Equity Value | 19,829 | 20,744 | 21,660 | |||||
| (/) Shares Outstanding | 15.5 | 15.5 | 15.5 | |||||
| Implied Value Range | 1,277.65 | 1,336.65 | 1,395.64 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,277.65 | 1,336.65 | 1,395.64 | 911.15 | ||||
| Upside / (Downside) | 40.2% | 46.7% | 53.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CIGNITITEC | LTIM | WIPRO | TECHM | TCS | EXPLEOSOL | |
| Enterprise Value | 39,243 | 1,382,058 | 2,317,863 | 1,388,796 | 12,592,192 | 11,707 | |
| (+) Cash & Short Term Investments | 4,004 | 106,970 | 533,448 | 74,350 | 461,520 | 2,762 | |
| (+) Investments & Other | 0 | 24,707 | 27,785 | 2,893 | 2,750 | 0 | |
| (-) Debt | (279) | (21,873) | (192,035) | (20,252) | (93,920) | (329) | |
| (-) Other Liabilities | 0 | (132) | (2,138) | (4,302) | (10,150) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 42,968 | 1,491,730 | 2,684,923 | 1,441,485 | 12,952,392 | 14,141 | |
| (/) Shares Outstanding | 27.3 | 296.3 | 10,464.7 | 884.8 | 3,618.1 | 15.5 | |
| Implied Stock Price | 1,573.90 | 5,033.90 | 256.57 | 1,629.10 | 3,579.90 | 911.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,573.90 | 5,033.90 | 256.57 | 1,629.10 | 3,579.90 | 911.15 | |
| 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 | |