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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18,0x - 19,9x | 19,0x |
| Selected Fwd EBITDA Multiple | 13,0x - 14,3x | 13,7x |
| Fair Value | ₹1.167 - ₹1.287 | ₹1.227 |
| Upside | -20,2% - -12,0% | -16,1% |
| Benchmarks | Ticker | Full Ticker |
| Pavna Industries Limited | PAVNAIND | NSEI:PAVNAIND |
| Lumax Auto Technologies Limited | LUMAXTECH | NSEI:LUMAXTECH |
| Jay Bharat Maruti Limited | JAYBARMARU | NSEI:JAYBARMARU |
| Asahi India Glass Limited | ASAHIINDIA | NSEI:ASAHIINDIA |
| Talbros Automotive Components Limited | TALBROAUTO | NSEI:TALBROAUTO |
| S.J.S. Enterprises Limited | SJS | NSEI:SJS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PAVNAIND | LUMAXTECH | JAYBARMARU | ASAHIINDIA | TALBROAUTO | SJS | ||
| NSEI:PAVNAIND | NSEI:LUMAXTECH | NSEI:JAYBARMARU | NSEI:ASAHIINDIA | NSEI:TALBROAUTO | NSEI:SJS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.0% | 40.5% | 2.3% | 10.5% | 26.9% | 24.8% | |
| 3Y CAGR | 3.5% | 44.5% | 2.2% | -0.4% | 18.5% | 27.1% | |
| Latest Twelve Months | -12.6% | 21.1% | 15.2% | 7.5% | 10.7% | 17.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.8% | 10.5% | 7.7% | 18.8% | 13.9% | 25.0% | |
| Prior Fiscal Year | 10.8% | 12.6% | 7.0% | 16.3% | 15.1% | 23.7% | |
| Latest Fiscal Year | 10.7% | 12.3% | 7.0% | 16.2% | 15.7% | 25.2% | |
| Latest Twelve Months | 10.3% | 12.2% | 8.4% | 16.3% | 16.0% | 25.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.14x | 2.19x | 0.68x | 5.20x | 2.23x | 5.78x | |
| EV / LTM EBITDA | 20.7x | 17.9x | 8.1x | 31.8x | 13.9x | 22.8x | |
| EV / LTM EBIT | 38.3x | 22.7x | 14.5x | 43.3x | 18.6x | 28.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.1x | 17.9x | 31.8x | ||||
| Historical EV / LTM EBITDA | 9.9x | 14.6x | 16.8x | ||||
| Selected EV / LTM EBITDA | 18.0x | 19.0x | 19.9x | ||||
| (x) LTM EBITDA | 1,982 | 1,982 | 1,982 | ||||
| (=) Implied Enterprise Value | 35,755 | 37,637 | 39,519 | ||||
| (-) Non-shareholder Claims * | 654 | 654 | 654 | ||||
| (=) Equity Value | 36,409 | 38,291 | 40,173 | ||||
| (/) Shares Outstanding | 31.4 | 31.4 | 31.4 | ||||
| Implied Value Range | 1,159.98 | 1,219.94 | 1,279.89 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,159.98 | 1,219.94 | 1,279.89 | 1,463.00 | |||
| Upside / (Downside) | -20.7% | -16.6% | -12.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PAVNAIND | LUMAXTECH | JAYBARMARU | ASAHIINDIA | TALBROAUTO | SJS | |
| Enterprise Value | 6,018 | 81,862 | 15,640 | 248,165 | 18,440 | 45,266 | |
| (+) Cash & Short Term Investments | 12 | 2,773 | 29 | 1,645 | 630 | 1,025 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (365) | (9,022) | (5,404) | (26,958) | (938) | (372) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,665 | 75,614 | 10,265 | 222,853 | 18,133 | 45,920 | |
| (/) Shares Outstanding | 139.5 | 68.2 | 108.3 | 243.1 | 61.7 | 31.4 | |
| Implied Stock Price | 40.60 | 1,109.40 | 94.83 | 916.75 | 293.75 | 1,463.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 40.60 | 1,109.40 | 94.83 | 916.75 | 293.75 | 1,463.00 | |
| 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 | |