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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,4x - 13,7x | 13,0x |
| Selected Fwd EBITDA Multiple | 3,4x - 3,8x | 3,6x |
| Fair Value | ₹606,74 - ₹681,94 | ₹644,34 |
| Upside | 51,9% - 70,7% | 61,3% |
| Benchmarks | Ticker | Full Ticker |
| Hi-Tech Pipes Limited | HITECH | NSEI:HITECH |
| Jindal Steel & Power Limited | JINDALSTEL | NSEI:JINDALSTEL |
| APL Apollo Tubes Limited | APLAPOLLO | NSEI:APLAPOLLO |
| Vibhor Steel Tubes Limited | VSTL | NSEI:VSTL |
| JTL Industries Limited | JTLIND | NSEI:JTLIND |
| Hariom Pipe Industries Limited | HARIOMPIPE | NSEI:HARIOMPIPE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HITECH | JINDALSTEL | APLAPOLLO | VSTL | JTLIND | HARIOMPIPE | ||
| NSEI:HITECH | NSEI:JINDALSTEL | NSEI:APLAPOLLO | NSEI:VSTL | NSEI:JTLIND | NSEI:HARIOMPIPE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.9% | 3.9% | 24.7% | 15.4% | 45.1% | 52.1% | |
| 3Y CAGR | 17.4% | -10.9% | 20.9% | 36.8% | 66.8% | 59.3% | |
| Latest Twelve Months | 33.9% | 7.7% | -11.0% | NM | -16.7% | 57.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.8% | 25.8% | 6.8% | 4.2% | 7.5% | 12.7% | |
| Prior Fiscal Year | 4.3% | 18.5% | 6.3% | 4.1% | 8.3% | 12.7% | |
| Latest Fiscal Year | 4.2% | 20.3% | 6.6% | 4.5% | 7.5% | 12.0% | |
| Latest Twelve Months | 5.1% | 18.9% | 5.4% | 3.7% | 7.3% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.78x | 2.12x | 2.27x | 0.43x | 1.45x | 1.23x | |
| EV / LTM EBITDA | 15.3x | 11.2x | 41.8x | 11.7x | 19.8x | 9.1x | |
| EV / LTM EBIT | 17.1x | 16.1x | 51.4x | 15.3x | 20.8x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 11.2x | 15.3x | 41.8x | ||||
| Historical EV / LTM EBITDA | 15.6x | 17.3x | 19.1x | ||||
| Selected EV / LTM EBITDA | 12.4x | 13.0x | 13.7x | ||||
| (x) LTM EBITDA | 1,743 | 1,743 | 1,743 | ||||
| (=) Implied Enterprise Value | 21,587 | 22,723 | 23,860 | ||||
| (-) Non-shareholder Claims * | (3,334) | (3,334) | (3,334) | ||||
| (=) Equity Value | 18,253 | 19,389 | 20,525 | ||||
| (/) Shares Outstanding | 31.0 | 31.0 | 31.0 | ||||
| Implied Value Range | 589.43 | 626.12 | 662.81 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 589.43 | 626.12 | 662.81 | 399.45 | |||
| Upside / (Downside) | 47.6% | 56.7% | 65.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HITECH | JINDALSTEL | APLAPOLLO | VSTL | JTLIND | HARIOMPIPE | |
| Enterprise Value | 23,782 | 1,063,445 | 452,373 | 4,314 | 27,512 | 15,704 | |
| (+) Cash & Short Term Investments | 345 | 42,345 | 7,887 | 154 | 1,745 | 24 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (3,635) | (172,665) | (10,226) | (1,354) | (457) | (3,358) | |
| (-) 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 | 20,492 | 933,126 | 450,034 | 3,114 | 28,801 | 12,370 | |
| (/) Shares Outstanding | 203.1 | 1,020.1 | 277.5 | 19.0 | 393.1 | 31.0 | |
| Implied Stock Price | 100.89 | 914.75 | 1,621.60 | 164.22 | 73.27 | 399.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 100.89 | 914.75 | 1,621.60 | 164.22 | 73.27 | 399.45 | |
| 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 | |