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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,5x - 13,8x | 13,2x |
| Selected Fwd EBITDA Multiple | 15,3x - 16,9x | 16,1x |
| Fair Value | ₹169,16 - ₹196,67 | ₹182,91 |
| Upside | -16,4% - -2,8% | -9,6% |
| Benchmarks | Ticker | Full Ticker |
| D. P. Abhushan Limited | DPABHUSHAN | NSEI:DPABHUSHAN |
| Manoj Vaibhav Gems 'N' Jewellers Limited | MVGJL | NSEI:MVGJL |
| PC Jeweller Limited | PCJEWELLER | NSEI:PCJEWELLER |
| PNGS Gargi Fashion Jewellery Limited | 543709 | BSE:543709 |
| P N Gadgil Jewellers Limited | PNGJL | NSEI:PNGJL |
| Tribhovandas Bhimji Zaveri Limited | TBZ | NSEI:TBZ |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DPABHUSHAN | MVGJL | PCJEWELLER | 543709 | PNGJL | TBZ | ||
| NSEI:DPABHUSHAN | NSEI:MVGJL | NSEI:PCJEWELLER | BSE:543709 | NSEI:PNGJL | NSEI:TBZ | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 28.4% | 12.3% | NM- | NM- | NM- | 10.4% | |
| 3Y CAGR | 25.1% | 23.4% | NM- | 1305.4% | 59.4% | 5.4% | |
| Latest Twelve Months | 81.9% | 7.8% | 213.3% | 266.1% | NM | 23.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.3% | 6.7% | 2.2% | 28.2% | 4.1% | 5.5% | |
| Prior Fiscal Year | 3.8% | 7.0% | 9.2% | 22.4% | 3.5% | 4.2% | |
| Latest Fiscal Year | 4.2% | 6.9% | -30.8% | 22.0% | 4.2% | 5.3% | |
| Latest Twelve Months | 4.8% | 6.9% | 14.7% | 30.0% | 4.1% | 5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.09x | 0.62x | 7.56x | 8.39x | 0.90x | 0.74x | |
| EV / LTM EBITDA | 22.6x | 8.9x | 51.4x | 28.0x | 21.8x | 12.8x | |
| EV / LTM EBIT | 23.0x | 9.3x | 52.0x | 28.2x | 22.3x | 13.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.9x | 22.6x | 51.4x | ||||
| Historical EV / LTM EBITDA | 8.3x | 10.4x | 13.5x | ||||
| Selected EV / LTM EBITDA | 12.5x | 13.2x | 13.8x | ||||
| (x) LTM EBITDA | 1,514 | 1,514 | 1,514 | ||||
| (=) Implied Enterprise Value | 18,924 | 19,920 | 20,916 | ||||
| (-) Non-shareholder Claims * | (6,150) | (6,150) | (6,150) | ||||
| (=) Equity Value | 12,774 | 13,770 | 14,766 | ||||
| (/) Shares Outstanding | 66.7 | 66.7 | 66.7 | ||||
| Implied Value Range | 191.42 | 206.35 | 221.27 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 191.42 | 206.35 | 221.27 | 202.30 | |||
| Upside / (Downside) | -5.4% | 2.0% | 9.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DPABHUSHAN | MVGJL | PCJEWELLER | 543709 | PNGJL | TBZ | |
| Enterprise Value | 34,430 | 13,730 | 121,183 | 9,983 | 68,704 | 19,650 | |
| (+) Cash & Short Term Investments | 294 | 1,591 | 133 | 531 | 3,681 | 493 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,981) | (4,323) | (40,096) | (27) | (2,624) | (6,643) | |
| (-) 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 | 32,742 | 10,998 | 81,221 | 10,487 | 69,761 | 13,500 | |
| (/) Shares Outstanding | 22.7 | 48.8 | 6,355.3 | 10.4 | 135.7 | 66.7 | |
| Implied Stock Price | 1,444.90 | 225.16 | 12.78 | 1,012.50 | 514.05 | 202.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,444.90 | 225.16 | 12.78 | 1,012.50 | 514.05 | 202.30 | |
| 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 | |