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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3,6x - 3,9x | 3,7x |
| Selected Fwd Revenue Multiple | 2,6x - 2,9x | 2,7x |
| Fair Value | ₹713,43 - ₹786,08 | ₹749,75 |
| Upside | 1,8% - 12,2% | 7,0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Coforge Limited | COFORGE | NSEI:COFORGE |
| Mphasis Limited | MPHASIS | NSEI:MPHASIS |
| Persistent Systems Limited | PERSISTENT | NSEI:PERSISTENT |
| Cigniti Technologies Limited | CIGNITITEC | NSEI:CIGNITITEC |
| LTIMindtree Limited | LTIM | NSEI:LTIM |
| Hexaware Technologies Limited | HEXT | NSEI:HEXT |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| COFORGE | MPHASIS | PERSISTENT | CIGNITITEC | LTIM | HEXT | |||
| NSEI:COFORGE | NSEI:MPHASIS | NSEI:PERSISTENT | NSEI:CIGNITITEC | NSEI:LTIM | NSEI:HEXT | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 20.1% | 11.4% | 24.0% | 16.7% | 30.3% | 16.5% | ||
| 3Y CAGR | 25.3% | 10.9% | 33.0% | 26.5% | 42.1% | 18.6% | ||
| Latest Twelve Months | 23.9% | 5.3% | 19.2% | 8.7% | 5.1% | 15.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 12.8% | 15.3% | 13.2% | 12.1% | 16.8% | 12.9% | ||
| Prior Fiscal Year | 12.9% | 15.3% | 15.1% | 12.9% | 16.2% | 12.8% | ||
| Latest Fiscal Year | 12.2% | 13.9% | 14.2% | 10.5% | 15.7% | 14.3% | ||
| Latest Twelve Months | 10.2% | 14.0% | 13.7% | 10.1% | 14.7% | 14.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.98x | 3.31x | 7.19x | 1.85x | 3.31x | 3.44x | ||
| EV / LTM EBIT | 49.1x | 23.6x | 52.5x | 18.3x | 22.5x | 24.0x | ||
| Price / LTM Sales | 4.87x | 3.41x | 7.24x | 2.05x | 3.58x | 3.56x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.85x | 3.31x | 7.19x | |||||
| Historical EV / LTM Revenue | 3.44x | 3.99x | 4.55x | |||||
| Selected EV / LTM Revenue | 3.56x | 3.75x | 3.94x | |||||
| (x) LTM Revenue | 119,744 | 119,744 | 119,744 | |||||
| (=) Implied Enterprise Value | 426,365 | 448,805 | 471,245 | |||||
| (-) Non-shareholder Claims * | 14,157 | 14,157 | 14,157 | |||||
| (=) Equity Value | 440,522 | 462,962 | 485,402 | |||||
| (/) Shares Outstanding | 607.7 | 607.7 | 607.7 | |||||
| Implied Value Range | 724.91 | 761.83 | 798.76 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 724.91 | 761.83 | 798.76 | 700.75 | ||||
| Upside / (Downside) | 3.4% | 8.7% | 14.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | COFORGE | MPHASIS | PERSISTENT | CIGNITITEC | LTIM | HEXT | |
| Enterprise Value | 535,195 | 458,213 | 807,033 | 36,036 | 1,227,466 | 411,685 | |
| (+) Cash & Short Term Investments | 17,729 | 32,375 | 10,698 | 4,202 | 104,175 | 19,872 | |
| (+) Investments & Other | 0 | 2,452 | 6,903 | 0 | 21,566 | 4 | |
| (-) Debt | (10,637) | (17,792) | (4,739) | (266) | (22,357) | (5,742) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (128) | 23 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 542,287 | 475,248 | 819,895 | 39,971 | 1,330,722 | 425,842 | |
| (/) Shares Outstanding | 66.9 | 190.1 | 148.7 | 27.3 | 296.3 | 607.7 | |
| Implied Stock Price | 8,109.20 | 2,500.20 | 5,513.75 | 1,464.15 | 4,491.35 | 700.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8,109.20 | 2,500.20 | 5,513.75 | 1,464.15 | 4,491.35 | 700.75 | |
| 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 | |