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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 23,7x - 26,2x | 24,9x |
| Selected Fwd EBITDA Multiple | 21,5x - 23,8x | 22,7x |
| Fair Value | ₹957,27 - ₹1.057 | ₹1.007 |
| Upside | -3,5% - 6,5% | 1,5% |
| Benchmarks | Ticker | Full Ticker |
| Sika AG | 0Z4C | LSE:0Z4C |
| Foseco India Limited | FOSECOIND | NSEI:FOSECOIND |
| Sudarshan Chemical Industries Limited | SUDARSCHEM | NSEI:SUDARSCHEM |
| Tinna Rubber and Infrastructure Limited | 530475 | BSE:530475 |
| Vidhi Specialty Food Ingredients Limited | VIDHIING | NSEI:VIDHIING |
| Carborundum Universal Limited | CARBORUNIV | NSEI:CARBORUNIV |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 0Z4C | FOSECOIND | SUDARSCHEM | 530475 | VIDHIING | CARBORUNIV | ||
| LSE:0Z4C | NSEI:FOSECOIND | NSEI:SUDARSCHEM | BSE:530475 | NSEI:VIDHIING | NSEI:CARBORUNIV | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.9% | 13.0% | 9.5% | 32.2% | 4.4% | 10.4% | |
| 3Y CAGR | 8.6% | 26.7% | 4.9% | 54.0% | 2.1% | 15.7% | |
| Latest Twelve Months | 1.2% | 28.7% | 37.0% | 64.5% | 26.1% | -2.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.8% | 13.7% | 12.6% | 13.5% | 17.8% | 15.6% | |
| Prior Fiscal Year | 18.8% | 14.7% | 9.7% | 12.3% | 13.8% | 13.7% | |
| Latest Fiscal Year | 18.2% | 17.2% | 12.6% | 17.2% | 18.9% | 15.3% | |
| Latest Twelve Months | 18.2% | 17.2% | 14.2% | 16.0% | 18.5% | 15.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.10x | 3.67x | 2.99x | 3.78x | 6.22x | 3.86x | |
| EV / LTM EBITDA | 17.1x | 21.3x | 21.1x | 23.6x | 33.7x | 25.5x | |
| EV / LTM EBIT | 21.2x | 24.0x | 34.6x | 25.4x | 38.3x | 33.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 17.1x | 21.3x | 33.7x | ||||
| Historical EV / LTM EBITDA | 9.8x | 25.5x | 35.0x | ||||
| Selected EV / LTM EBITDA | 23.7x | 24.9x | 26.2x | ||||
| (x) LTM EBITDA | 7,387 | 7,387 | 7,387 | ||||
| (=) Implied Enterprise Value | 174,966 | 184,175 | 193,383 | ||||
| (-) Non-shareholder Claims * | 2,114 | 2,114 | 2,114 | ||||
| (=) Equity Value | 177,080 | 186,289 | 195,498 | ||||
| (/) Shares Outstanding | 190.4 | 190.4 | 190.4 | ||||
| Implied Value Range | 929.96 | 978.32 | 1,026.68 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 929.96 | 978.32 | 1,026.68 | 992.50 | |||
| Upside / (Downside) | -6.3% | -1.4% | 3.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0Z4C | FOSECOIND | SUDARSCHEM | 530475 | VIDHIING | CARBORUNIV | |
| Enterprise Value | 36,250 | 19,373 | 82,643 | 18,374 | 21,993 | 186,876 | |
| (+) Cash & Short Term Investments | 713 | 2,580 | 1,787 | 24 | 125 | 3,903 | |
| (+) Investments & Other | 103 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (5,753) | (18) | (5,594) | (1,162) | (300) | (1,789) | |
| (-) Other Liabilities | (14) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 31,300 | 21,935 | 78,836 | 17,237 | 21,818 | 188,990 | |
| (/) Shares Outstanding | 160.4 | 6.4 | 78.6 | 17.1 | 49.9 | 190.4 | |
| Implied Stock Price | 195.08 | 3,434.60 | 1,003.35 | 1,006.25 | 436.85 | 992.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 195.08 | 3,434.60 | 1,003.35 | 1,006.25 | 436.85 | 992.50 | |
| Trading Currency | CHF | INR | INR | INR | INR | INR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |