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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 42,5x - 47,0x | 44,7x |
| Selected Fwd EBITDA Multiple | 27,7x - 30,6x | 29,1x |
| Fair Value | ₹1.449 - ₹1.596 | ₹1.523 |
| Upside | -8,2% - 1,1% | -3,6% |
| Benchmarks | Ticker | Full Ticker |
| Polycab India Limited | POLYCAB | NSEI:POLYCAB |
| R R Kabel Limited | RRKABEL | NSEI:RRKABEL |
| CG Power and Industrial Solutions Limited | CGPOWER | NSEI:CGPOWER |
| Bharat Heavy Electricals Limited | BHEL | NSEI:BHEL |
| Paramount Communications Limited | PARACABLES | NSEI:PARACABLES |
| Havells India Limited | HAVELLS | NSEI:HAVELLS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| POLYCAB | RRKABEL | CGPOWER | BHEL | PARACABLES | HAVELLS | ||
| NSEI:POLYCAB | NSEI:RRKABEL | NSEI:CGPOWER | NSEI:BHEL | NSEI:PARACABLES | NSEI:HAVELLS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.6% | 19.2% | 164.8% | NM- | 23.6% | 15.7% | |
| 3Y CAGR | 33.0% | 17.6% | 29.8% | 25.8% | 91.8% | 6.3% | |
| Latest Twelve Months | 19.1% | 7.8% | 18.9% | 152.0% | 39.5% | 16.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.5% | 6.4% | 9.4% | -2.9% | 5.6% | 11.0% | |
| Prior Fiscal Year | 13.7% | 6.8% | 13.6% | 2.1% | 8.3% | 9.5% | |
| Latest Fiscal Year | 13.1% | 6.4% | 13.2% | 4.4% | 7.8% | 9.4% | |
| Latest Twelve Months | 13.1% | 6.4% | 13.2% | 4.4% | 7.8% | 9.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.02x | 2.02x | 10.51x | 3.25x | 1.06x | 4.38x | |
| EV / LTM EBITDA | 30.6x | 31.6x | 79.8x | 74.2x | 13.5x | 46.5x | |
| EV / LTM EBIT | 33.8x | 37.0x | 87.3x | 95.0x | 15.0x | 54.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 13.5x | 31.6x | 79.8x | ||||
| Historical EV / LTM EBITDA | 40.7x | 47.9x | 55.7x | ||||
| Selected EV / LTM EBITDA | 42.5x | 44.7x | 47.0x | ||||
| (x) LTM EBITDA | 20,539 | 20,539 | 20,539 | ||||
| (=) Implied Enterprise Value | 873,163 | 919,119 | 965,075 | ||||
| (-) Non-shareholder Claims * | 30,344 | 30,344 | 30,344 | ||||
| (=) Equity Value | 903,507 | 949,463 | 995,418 | ||||
| (/) Shares Outstanding | 627.2 | 627.2 | 627.2 | ||||
| Implied Value Range | 1,440.53 | 1,513.80 | 1,587.07 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,440.53 | 1,513.80 | 1,587.07 | 1,579.10 | |||
| Upside / (Downside) | -8.8% | -4.1% | 0.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | POLYCAB | RRKABEL | CGPOWER | BHEL | PARACABLES | HAVELLS | |
| Enterprise Value | 905,681 | 153,648 | 1,048,475 | 906,152 | 16,684 | 960,078 | |
| (+) Cash & Short Term Investments | 24,827 | 2,793 | 16,959 | 76,124 | 395 | 33,591 | |
| (+) Investments & Other | 465 | 1,868 | 741 | 2,760 | 402 | 110 | |
| (-) Debt | (2,400) | (2,901) | (410) | (90,146) | (332) | (3,185) | |
| (-) Other Liabilities | (818) | 0 | (1,937) | 0 | 0 | (172) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 927,756 | 155,407 | 1,063,828 | 894,890 | 17,149 | 990,422 | |
| (/) Shares Outstanding | 150.5 | 113.1 | 1,529.0 | 3,482.1 | 305.0 | 627.2 | |
| Implied Stock Price | 6,166.50 | 1,374.40 | 695.75 | 257.00 | 56.22 | 1,579.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6,166.50 | 1,374.40 | 695.75 | 257.00 | 56.22 | 1,579.10 | |
| 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 | |