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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14,3x - 15,9x | 15,1x |
| Selected Fwd EBITDA Multiple | 13,3x - 14,7x | 14,0x |
| Fair Value | 1.467₹ - 1.621₹ | 1.544₹ |
| Upside | -4,8% - 5,2% | 0,2% |
| Benchmarks | Ticker | Full Ticker |
| Abbott India Limited | ABBOTINDIA | NSEI:ABBOTINDIA |
| Alembic Pharmaceuticals Limited | APLLTD | NSEI:APLLTD |
| Zydus Lifesciences Limited | ZYDUSLIFE | NSEI:ZYDUSLIFE |
| GlaxoSmithKline Pharmaceuticals Limited | GLAXO | NSEI:GLAXO |
| Lupin Limited | LUPIN | NSEI:LUPIN |
| Glenmark Pharmaceuticals Limited | GLENMARK | NSEI:GLENMARK |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ABBOTINDIA | APLLTD | ZYDUSLIFE | GLAXO | LUPIN | GLENMARK | ||
| NSEI:ABBOTINDIA | NSEI:APLLTD | NSEI:ZYDUSLIFE | NSEI:GLAXO | NSEI:LUPIN | NSEI:GLENMARK | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.3% | 1.3% | 12.1% | 8.1% | 7.2% | 2.9% | |
| 3Y CAGR | 16.7% | -14.6% | 15.5% | 15.4% | 12.8% | -2.0% | |
| Latest Twelve Months | 13.5% | 12.2% | 26.2% | 34.4% | 61.7% | 94.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.7% | 18.8% | 23.0% | 23.4% | 14.7% | 16.3% | |
| Prior Fiscal Year | 21.6% | 12.3% | 20.5% | 24.2% | 9.5% | 12.3% | |
| Latest Fiscal Year | 24.0% | 14.7% | 26.9% | 25.5% | 18.1% | 14.5% | |
| Latest Twelve Months | 24.8% | 15.1% | 27.9% | 29.0% | 23.1% | 22.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.29x | 2.99x | 4.01x | 12.59x | 4.23x | 3.11x | |
| EV / LTM EBITDA | 41.5x | 19.9x | 14.3x | 43.4x | 18.3x | 14.2x | |
| EV / LTM EBIT | 42.2x | 26.8x | 16.3x | 45.2x | 22.5x | 16.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.3x | 19.9x | 43.4x | ||||
| Historical EV / LTM EBITDA | 4.9x | 9.5x | 20.0x | ||||
| Selected EV / LTM EBITDA | 14.3x | 15.1x | 15.9x | ||||
| (x) LTM EBITDA | 30,687 | 30,687 | 30,687 | ||||
| (=) Implied Enterprise Value | 440,074 | 463,236 | 486,398 | ||||
| (-) Non-shareholder Claims * | 394 | 394 | 394 | ||||
| (=) Equity Value | 440,468 | 463,630 | 486,792 | ||||
| (/) Shares Outstanding | 282.2 | 282.2 | 282.2 | ||||
| Implied Value Range | 1,560.90 | 1,642.98 | 1,725.06 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,560.90 | 1,642.98 | 1,725.06 | 1,541.05 | |||
| Upside / (Downside) | 1.3% | 6.6% | 11.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ABBOTINDIA | APLLTD | ZYDUSLIFE | GLAXO | LUPIN | GLENMARK | |
| Enterprise Value | 642,338 | 192,129 | 868,881 | 466,988 | 931,144 | 434,472 | |
| (+) Cash & Short Term Investments | 11,057 | 1,290 | 24,950 | 21,108 | 29,123 | 18,202 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (605) | (10,664) | (1,905) | (148) | (34,425) | (17,808) | |
| (-) 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 | 652,790 | 182,755 | 891,926 | 487,949 | 925,842 | 434,866 | |
| (/) Shares Outstanding | 21.2 | 196.6 | 1,006.2 | 169.4 | 456.5 | 282.2 | |
| Implied Stock Price | 30,720.55 | 929.75 | 886.40 | 2,880.35 | 2,027.95 | 1,541.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 30,720.55 | 929.75 | 886.40 | 2,880.35 | 2,027.95 | 1,541.05 | |
| 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 | |