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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1,0x - 1,2x | 1,1x |
Selected Fwd Revenue Multiple | 1,2x - 1,3x | 1,2x |
Fair Value | 454,86₹ - 527,59₹ | 491,22₹ |
Upside | -11,1% - 3,1% | -4,0% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Veto Switchgears and Cables Limited | VETO | NSEI:VETO |
Dynamic Cables Limited | DYCL | NSEI:DYCL |
Finolex Cables Limited | FINCABLES | NSEI:FINCABLES |
Akanksha Power and Infrastructure Limited | AKANKSHA | NSEI:AKANKSHA |
V-Guard Industries Limited | VGUARD | NSEI:VGUARD |
Universal Cables Limited | UNIVCABLES | NSEI:UNIVCABLES |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
VETO | DYCL | FINCABLES | AKANKSHA | VGUARD | UNIVCABLES | |||
NSEI:VETO | NSEI:DYCL | NSEI:FINCABLES | NSEI:AKANKSHA | NSEI:VGUARD | NSEI:UNIVCABLES | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 6.6% | 7.8% | 10.3% | 21.2% | 13.4% | 7.4% | ||
3Y CAGR | 18.2% | 30.9% | 21.9% | -8.7% | 21.3% | 16.4% | ||
Latest Twelve Months | -4.9% | 32.5% | 5.9% | NM | 15.7% | 14.4% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 11.6% | 8.0% | 11.0% | 9.5% | 8.1% | 6.8% | ||
Prior Fiscal Year | 11.3% | 8.3% | 10.4% | 10.9% | 6.2% | 7.7% | ||
Latest Fiscal Year | 9.8% | 8.9% | 10.9% | 8.9% | 7.2% | 7.1% | ||
Latest Twelve Months | 8.1% | 9.2% | 9.5% | 9.4% | 7.6% | 6.6% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.70x | 1.48x | 2.16x | 2.51x | 2.85x | 1.07x | ||
EV / LTM EBIT | 8.6x | 16.0x | 22.7x | 26.7x | 37.3x | 16.2x | ||
Price / LTM Sales | 0.65x | 1.47x | 2.69x | 2.44x | 2.83x | 0.72x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.70x | 2.16x | 2.85x | |||||
Historical EV / LTM Revenue | 0.54x | 0.81x | 1.15x | |||||
Selected EV / LTM Revenue | 1.05x | 1.10x | 1.16x | |||||
(x) LTM Revenue | 23,147 | 23,147 | 23,147 | |||||
(=) Implied Enterprise Value | 24,270 | 25,547 | 26,824 | |||||
(-) Non-shareholder Claims * | (8,191) | (8,191) | (8,191) | |||||
(=) Equity Value | 16,078 | 17,356 | 18,633 | |||||
(/) Shares Outstanding | 34.7 | 34.7 | 34.7 | |||||
Implied Value Range | 463.41 | 500.23 | 537.05 | |||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 463.41 | 500.23 | 537.05 | 511.60 | ||||
Upside / (Downside) | -9.4% | -2.2% | 5.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | VETO | DYCL | FINCABLES | AKANKSHA | VGUARD | UNIVCABLES | |
Enterprise Value | 2,040 | 13,615 | 109,497 | 1,569 | 153,647 | 25,941 | |
(+) Cash & Short Term Investments | 22 | 1,078 | 27,546 | 107 | 1,512 | 79 | |
(+) Investments & Other | 0 | 0 | 0 | 62 | 0 | 0 | |
(-) Debt | (161) | (1,177) | (186) | (209) | (2,556) | (8,270) | |
(-) 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 | 1,901 | 13,516 | 136,858 | 1,528 | 152,603 | 17,750 | |
(/) Shares Outstanding | 19.1 | 24.2 | 152.9 | 18.5 | 435.4 | 34.7 | |
Implied Stock Price | 99.44 | 557.85 | 894.85 | 82.50 | 350.45 | 511.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 99.44 | 557.85 | 894.85 | 82.50 | 350.45 | 511.60 | |
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 |