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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23,8x - 26,3x | 25,1x |
| Selected Fwd EBIT Multiple | 14,9x - 16,4x | 15,7x |
| Fair Value | ₹1.698 - ₹1.886 | ₹1.792 |
| Upside | 19,5% - 32,7% | 26,1% |
| Benchmarks | Ticker | Full Ticker |
| Suraj Limited | SURAJLTD | NSEI:SURAJLTD |
| Hi-Tech Pipes Limited | HITECH | NSEI:HITECH |
| APL Apollo Tubes Limited | APLAPOLLO | NSEI:APLAPOLLO |
| Jindal Saw Limited | JINDALSAW | NSEI:JINDALSAW |
| Maharashtra Seamless Limited | MAHSEAMLES | NSEI:MAHSEAMLES |
| Venus Pipes and Tubes Limited | VENUSPIPES | NSEI:VENUSPIPES |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SURAJLTD | HITECH | APLAPOLLO | JINDALSAW | MAHSEAMLES | VENUSPIPES | ||
| NSEI:SURAJLTD | NSEI:HITECH | NSEI:APLAPOLLO | NSEI:JINDALSAW | NSEI:MAHSEAMLES | NSEI:VENUSPIPES | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.6% | 21.4% | 21.0% | 21.9% | 12.5% | 70.0% | |
| 3Y CAGR | 49.8% | 15.3% | 6.0% | 47.0% | 19.8% | 45.2% | |
| Latest Twelve Months | -55.4% | 40.0% | 5.5% | 7.7% | -26.5% | 10.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.0% | 4.3% | 5.8% | 8.9% | 15.5% | 14.2% | |
| Prior Fiscal Year | 9.1% | 3.7% | 5.6% | 12.5% | 20.6% | 16.8% | |
| Latest Fiscal Year | 7.4% | 4.5% | 4.8% | 13.5% | 15.6% | 15.6% | |
| Latest Twelve Months | 5.7% | 4.5% | 5.1% | 13.5% | 15.6% | 15.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.13x | 0.61x | 1.98x | 0.83x | 1.19x | 3.22x | |
| EV / LTM EBITDA | 29.6x | 11.6x | 32.6x | 5.1x | 6.8x | 18.4x | |
| EV / LTM EBIT | 54.9x | 13.4x | 39.1x | 6.2x | 7.7x | 20.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.2x | 13.4x | 54.9x | ||||
| Historical EV / LTM EBIT | 20.7x | 24.8x | 34.7x | ||||
| Selected EV / LTM EBIT | 23.8x | 25.1x | 26.3x | ||||
| (x) LTM EBIT | 1,491 | 1,491 | 1,491 | ||||
| (=) Implied Enterprise Value | 35,476 | 37,344 | 39,211 | ||||
| (-) Non-shareholder Claims * | (1,752) | (1,752) | (1,752) | ||||
| (=) Equity Value | 33,724 | 35,592 | 37,459 | ||||
| (/) Shares Outstanding | 20.5 | 20.5 | 20.5 | ||||
| Implied Value Range | 1,645.72 | 1,736.84 | 1,827.96 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,645.72 | 1,736.84 | 1,827.96 | 1,421.50 | |||
| Upside / (Downside) | 15.8% | 22.2% | 28.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SURAJLTD | HITECH | APLAPOLLO | JINDALSAW | MAHSEAMLES | VENUSPIPES | |
| Enterprise Value | 7,149 | 18,549 | 414,495 | 172,030 | 62,802 | 30,882 | |
| (+) Cash & Short Term Investments | 2 | 1,826 | 9,468 | 7,656 | 22,466 | 163 | |
| (+) Investments & Other | 0 | 38 | 0 | 1,692 | 6,898 | 0 | |
| (-) Debt | (641) | (1,918) | (6,344) | (48,592) | (1) | (1,915) | |
| (-) Other Liabilities | 0 | 0 | 0 | 4,569 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,510 | 18,495 | 417,619 | 137,355 | 92,165 | 29,130 | |
| (/) Shares Outstanding | 18.4 | 203.1 | 277.5 | 636.6 | 134.0 | 20.5 | |
| Implied Stock Price | 354.50 | 91.06 | 1,504.80 | 215.76 | 687.80 | 1,421.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 354.50 | 91.06 | 1,504.80 | 215.76 | 687.80 | 1,421.50 | |
| 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 | |