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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 12,4x - 13,7x | 13,0x |
| Selected Fwd Revenue Multiple | 10,4x - 11,5x | 11,0x |
| Fair Value | ₹269,85 - ₹298,43 | ₹284,14 |
| Upside | -5,8% - 4,2% | -0,8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Adani Ports and Special Economic Zone Limited | ADANIPORTS | NSEI:ADANIPORTS |
| Gujarat Pipavav Port Limited | GPPL | NSEI:GPPL |
| GMR Airports Limited | GMRAIRPORT | NSEI:GMRAIRPORT |
| VMS Industries Limited | 533427 | BSE:533427 |
| Container Corporation of India Limited | CONCOR | NSEI:CONCOR |
| JSW Infrastructure Limited | JSWINFRA | NSEI:JSWINFRA |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ADANIPORTS | GPPL | GMRAIRPORT | 533427 | CONCOR | JSWINFRA | |||
| NSEI:ADANIPORTS | NSEI:GPPL | NSEI:GMRAIRPORT | BSE:533427 | NSEI:CONCOR | NSEI:JSWINFRA | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 19.6% | 7.2% | 3.5% | -2.9% | 4.5% | 28.0% | ||
| 3Y CAGR | 28.6% | 10.7% | 34.9% | 20.2% | 10.5% | 32.7% | ||
| Latest Twelve Months | 12.8% | 1.6% | 21.7% | 62.5% | 4.5% | 19.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 45.8% | 42.7% | 16.1% | 1.0% | 14.7% | 37.0% | ||
| Prior Fiscal Year | 45.4% | 42.8% | 10.4% | 0.6% | 16.5% | 39.0% | ||
| Latest Fiscal Year | 45.0% | 47.0% | 17.4% | 2.2% | 15.9% | 41.0% | ||
| Latest Twelve Months | 46.2% | 47.4% | 17.8% | 0.4% | 16.1% | 39.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 9.91x | 5.49x | 12.13x | 0.16x | 4.13x | 13.80x | ||
| EV / LTM EBIT | 21.5x | 11.6x | 68.3x | 47.0x | 25.7x | 35.3x | ||
| Price / LTM Sales | 8.35x | 6.55x | 8.84x | 0.20x | 4.45x | 13.67x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.16x | 5.49x | 12.13x | |||||
| Historical EV / LTM Revenue | 13.82x | 13.82x | 13.82x | |||||
| Selected EV / LTM Revenue | 12.37x | 13.03x | 13.68x | |||||
| (x) LTM Revenue | 42,976 | 42,976 | 42,976 | |||||
| (=) Implied Enterprise Value | 531,820 | 559,810 | 587,801 | |||||
| (-) Non-shareholder Claims * | (3,386) | (3,386) | (3,386) | |||||
| (=) Equity Value | 528,434 | 556,424 | 584,415 | |||||
| (/) Shares Outstanding | 2,051.5 | 2,051.5 | 2,051.5 | |||||
| Implied Value Range | 257.58 | 271.23 | 284.87 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 257.58 | 271.23 | 284.87 | 286.40 | ||||
| Upside / (Downside) | -10.1% | -5.3% | -0.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADANIPORTS | GPPL | GMRAIRPORT | 533427 | CONCOR | JSWINFRA | |
| Enterprise Value | 2,830,607 | 54,114 | 1,186,857 | 537 | 365,856 | 590,939 | |
| (+) Cash & Short Term Investments | 73,401 | 11,106 | 40,124 | 326 | 38,878 | 44,403 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (504,850) | (652) | (358,822) | (207) | (9,150) | (47,789) | |
| (-) 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 | 2,399,158 | 64,568 | 868,159 | 656 | 395,584 | 587,553 | |
| (/) Shares Outstanding | 2,160.1 | 483.4 | 10,559.0 | 24.5 | 609.3 | 2,051.5 | |
| Implied Stock Price | 1,110.65 | 133.56 | 82.22 | 26.82 | 649.25 | 286.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,110.65 | 133.56 | 82.22 | 26.82 | 649.25 | 286.40 | |
| 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 | |