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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 28,1x - 31,1x | 29,6x |
| Selected Fwd EBIT Multiple | 21,0x - 23,2x | 22,1x |
| Fair Value | ₹1.328 - ₹1.469 | ₹1.398 |
| Upside | -8,0% - 1,8% | -3,1% |
| Benchmarks | Ticker | Full Ticker |
| Dr. Reddy's Laboratories Limited | DRREDDY | NSEI:DRREDDY |
| Alembic Pharmaceuticals Limited | APLLTD | NSEI:APLLTD |
| Lupin Limited | LUPIN | NSEI:LUPIN |
| Alkem Laboratories Limited | ALKEM | NSEI:ALKEM |
| Torrent Pharmaceuticals Limited | TORNTPHARM | NSEI:TORNTPHARM |
| Ipca Laboratories Limited | IPCALAB | NSEI:IPCALAB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DRREDDY | APLLTD | LUPIN | ALKEM | TORNTPHARM | IPCALAB | ||
| NSEI:DRREDDY | NSEI:APLLTD | NSEI:LUPIN | NSEI:ALKEM | NSEI:TORNTPHARM | NSEI:IPCALAB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 20.5% | -8.1% | 25.9% | 15.9% | 14.0% | 11.9% | |
| 3Y CAGR | 27.6% | 7.5% | 51.0% | 5.5% | 18.3% | -10.8% | |
| Latest Twelve Months | 14.2% | 10.4% | 55.9% | 15.2% | 13.7% | 40.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.0% | 14.0% | 10.6% | 15.8% | 22.6% | 16.3% | |
| Prior Fiscal Year | 23.4% | 10.6% | 13.9% | 11.4% | 24.0% | 11.3% | |
| Latest Fiscal Year | 22.9% | 10.9% | 19.1% | 15.5% | 25.4% | 12.1% | |
| Latest Twelve Months | 22.9% | 10.9% | 19.1% | 17.4% | 25.4% | 13.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.06x | 3.01x | 4.02x | 4.93x | 9.66x | 4.39x | |
| EV / LTM EBITDA | 10.9x | 20.0x | 16.6x | 25.5x | 29.9x | 24.1x | |
| EV / LTM EBIT | 13.4x | 27.6x | 21.1x | 28.4x | 38.0x | 32.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.4x | 27.6x | 38.0x | ||||
| Historical EV / LTM EBIT | 17.9x | 24.6x | 39.8x | ||||
| Selected EV / LTM EBIT | 28.1x | 29.6x | 31.1x | ||||
| (x) LTM EBIT | 11,910 | 11,910 | 11,910 | ||||
| (=) Implied Enterprise Value | 335,129 | 352,767 | 370,405 | ||||
| (-) Non-shareholder Claims * | (2,990) | (2,990) | (2,990) | ||||
| (=) Equity Value | 332,139 | 349,778 | 367,416 | ||||
| (/) Shares Outstanding | 253.7 | 253.7 | 253.7 | ||||
| Implied Value Range | 1,309.16 | 1,378.68 | 1,448.21 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,309.16 | 1,378.68 | 1,448.21 | 1,442.80 | |||
| Upside / (Downside) | -9.3% | -4.4% | 0.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DRREDDY | APLLTD | LUPIN | ALKEM | TORNTPHARM | IPCALAB | |
| Enterprise Value | 995,713 | 201,290 | 911,440 | 625,465 | 1,111,757 | 369,034 | |
| (+) Cash & Short Term Investments | 57,908 | 901 | 42,014 | 22,889 | 6,910 | 9,032 | |
| (+) Investments & Other | 15,202 | 1,272 | 873 | 0 | 440 | 0 | |
| (-) Debt | (46,766) | (12,575) | (54,478) | (14,779) | (32,020) | (12,022) | |
| (-) Other Liabilities | (3,778) | 14 | (909) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,018,279 | 190,902 | 898,941 | 633,575 | 1,087,087 | 366,044 | |
| (/) Shares Outstanding | 833.2 | 196.6 | 456.6 | 119.6 | 338.4 | 253.7 | |
| Implied Stock Price | 1,222.20 | 971.20 | 1,968.70 | 5,299.00 | 3,212.00 | 1,442.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,222.20 | 971.20 | 1,968.70 | 5,299.00 | 3,212.00 | 1,442.80 | |
| 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 | |