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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,5x - 10,6x | 10,0x |
| Selected Fwd EBITDA Multiple | 10,5x - 11,6x | 11,0x |
| Fair Value | ₹282,11 - ₹337,22 | ₹309,67 |
| Upside | -19,8% - -4,1% | -12,0% |
| Benchmarks | Ticker | Full Ticker |
| Adani Power Limited | ADANIPOWER | NSEI:ADANIPOWER |
| JSW Energy Limited | JSWENERGY | NSEI:JSWENERGY |
| Reliance Power Limited | RPOWER | NSEI:RPOWER |
| Torrent Power Limited | TORNTPOWER | NSEI:TORNTPOWER |
| NHPC Limited | NHPC | NSEI:NHPC |
| NTPC Limited | NTPC | NSEI:NTPC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ADANIPOWER | JSWENERGY | RPOWER | TORNTPOWER | NHPC | NTPC | ||
| NSEI:ADANIPOWER | NSEI:JSWENERGY | NSEI:RPOWER | NSEI:TORNTPOWER | NSEI:NHPC | NSEI:NTPC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 27.3% | 13.4% | -20.0% | 7.7% | 3.2% | 13.3% | |
| 3Y CAGR | 28.0% | 22.4% | -29.0% | 10.2% | 2.8% | 13.8% | |
| Latest Twelve Months | 43.0% | 4.6% | 99.3% | 17.5% | 24.7% | 6.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.2% | 41.0% | 35.9% | 22.7% | 57.6% | 29.1% | |
| Prior Fiscal Year | 26.3% | 31.8% | 27.8% | 19.0% | 60.3% | 27.7% | |
| Latest Fiscal Year | 36.2% | 46.5% | 17.4% | 17.1% | 61.5% | 28.1% | |
| Latest Twelve Months | 39.0% | 45.8% | 26.5% | 18.4% | 63.5% | 28.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.12x | 10.23x | 4.06x | 2.96x | 12.25x | 3.12x | |
| EV / LTM EBITDA | 10.6x | 22.4x | 15.3x | 16.1x | 19.3x | 11.0x | |
| EV / LTM EBIT | 13.3x | 32.2x | 42.0x | 21.9x | 23.2x | 16.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.6x | 16.1x | 22.4x | ||||
| Historical EV / LTM EBITDA | 8.0x | 9.0x | 10.9x | ||||
| Selected EV / LTM EBITDA | 9.5x | 10.0x | 10.6x | ||||
| (x) LTM EBITDA | 528,034 | 528,034 | 528,034 | ||||
| (=) Implied Enterprise Value | 5,041,032 | 5,306,349 | 5,571,667 | ||||
| (-) Non-shareholder Claims * | (2,341,371) | (2,341,371) | (2,341,371) | ||||
| (=) Equity Value | 2,699,661 | 2,964,979 | 3,230,296 | ||||
| (/) Shares Outstanding | 9,696.7 | 9,696.7 | 9,696.7 | ||||
| Implied Value Range | 278.41 | 305.77 | 333.13 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 278.41 | 305.77 | 333.13 | 351.75 | |||
| Upside / (Downside) | -20.8% | -13.1% | -5.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADANIPOWER | JSWENERGY | RPOWER | TORNTPOWER | NHPC | NTPC | |
| Enterprise Value | 2,293,358 | 1,160,931 | 310,140 | 863,689 | 1,177,033 | 5,752,173 | |
| (+) Cash & Short Term Investments | 64,423 | 65,996 | 8,846 | 12,729 | 27,809 | 78,724 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (377,050) | (308,531) | (149,028) | (115,674) | (364,173) | (2,420,095) | |
| (-) 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 | 1,980,731 | 918,396 | 169,958 | 760,743 | 840,669 | 3,410,802 | |
| (/) Shares Outstanding | 3,856.9 | 1,745.2 | 4,017.0 | 503.9 | 10,045.0 | 9,696.7 | |
| Implied Stock Price | 513.55 | 526.25 | 42.31 | 1,509.70 | 83.69 | 351.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 513.55 | 526.25 | 42.31 | 1,509.70 | 83.69 | 351.75 | |
| 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 | |