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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,5x - 13,9x | 13,2x |
| Selected Fwd EBITDA Multiple | 10,8x - 12,0x | 11,4x |
| Fair Value | ₹148,54 - ₹161,32 | ₹154,93 |
| Upside | -10,7% - -3,0% | -6,9% |
| Benchmarks | Ticker | Full Ticker |
| Hindustan Hardy Limited | 505893 | BSE:505893 |
| Lumax Auto Technologies Limited | LUMAXTECH | NSEI:LUMAXTECH |
| Sharda Motor Industries Limited | SHARDAMOTR | NSEI:SHARDAMOTR |
| Rane Engine Valve Limited | RANEENGINE | NSEI:RANEENGINE |
| Shigan Quantum Technologies Limited | SHIGAN | NSEI:SHIGAN |
| Precision Camshafts Limited | PRECAM | NSEI:PRECAM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 505893 | LUMAXTECH | SHARDAMOTR | RANEENGINE | SHIGAN | PRECAM | ||
| BSE:505893 | NSEI:LUMAXTECH | NSEI:SHARDAMOTR | NSEI:RANEENGINE | NSEI:SHIGAN | NSEI:PRECAM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 23.3% | 25.7% | 20.0% | 17.7% | 17.6% | -5.5% | |
| 3Y CAGR | 13.0% | 56.8% | 41.1% | NM- | 24.6% | 17.7% | |
| Latest Twelve Months | -0.8% | 52.7% | 15.6% | 8.0% | 146.4% | 17.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.2% | 10.0% | 10.4% | 4.7% | 7.7% | 10.6% | |
| Prior Fiscal Year | 9.7% | 10.5% | 10.5% | 7.0% | 7.1% | 9.8% | |
| Latest Fiscal Year | 11.0% | 12.6% | 12.8% | 8.2% | 8.6% | 9.2% | |
| Latest Twelve Months | 10.7% | 13.1% | 14.2% | 8.8% | 9.5% | 10.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.77x | 1.32x | 1.55x | 0.63x | 0.90x | 1.42x | |
| EV / LTM EBITDA | 16.6x | 10.0x | 11.0x | 7.2x | 9.4x | 14.1x | |
| EV / LTM EBIT | 19.0x | 14.8x | 12.7x | 11.2x | 12.4x | 95.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 10.0x | 16.6x | ||||
| Historical EV / LTM EBITDA | 1.6x | 6.3x | 21.6x | ||||
| Selected EV / LTM EBITDA | 12.5x | 13.2x | 13.9x | ||||
| (x) LTM EBITDA | 936 | 936 | 936 | ||||
| (=) Implied Enterprise Value | 11,735 | 12,353 | 12,971 | ||||
| (-) Non-shareholder Claims * | 2,575 | 2,575 | 2,575 | ||||
| (=) Equity Value | 14,310 | 14,928 | 15,546 | ||||
| (/) Shares Outstanding | 95.0 | 95.0 | 95.0 | ||||
| Implied Value Range | 150.66 | 157.16 | 163.66 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 150.66 | 157.16 | 163.66 | 166.36 | |||
| Upside / (Downside) | -9.4% | -5.5% | -1.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 505893 | LUMAXTECH | SHARDAMOTR | RANEENGINE | SHIGAN | PRECAM | |
| Enterprise Value | 1,321 | 40,541 | 43,260 | 3,587 | 1,718 | 13,227 | |
| (+) Cash & Short Term Investments | 38 | 3,683 | 5,191 | 129 | 80 | 3,610 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (43) | (7,681) | (232) | (1,418) | (508) | (1,035) | |
| (-) 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 | 1,316 | 36,543 | 48,220 | 2,299 | 1,290 | 15,802 | |
| (/) Shares Outstanding | 1.5 | 68.2 | 28.7 | 7.2 | 18.1 | 95.0 | |
| Implied Stock Price | 878.00 | 536.15 | 1,679.90 | 317.75 | 71.15 | 166.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 878.00 | 536.15 | 1,679.90 | 317.75 | 71.15 | 166.36 | |
| 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 | |