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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 6,4x - 7,1x | 6,8x |
Selected Fwd EBITDA Multiple | 3,9x - 4,3x | 4,1x |
Fair Value | 195,95₹ - 221,05₹ | 208,50₹ |
Upside | 8,5% - 22,4% | 15,4% |
Benchmarks | Ticker | Full Ticker |
Delton Cables Limited | 504240 | BSE:504240 |
V-MARC India Limited | VMARCIND | NSEI:VMARCIND |
DCG Cables & Wires Limited | DCG | NSEI:DCG |
Finolex Cables Limited | FINCABLES | NSEI:FINCABLES |
V-Guard Industries Limited | VGUARD | NSEI:VGUARD |
Cords Cable Industries Limited | CORDSCABLE | NSEI:CORDSCABLE |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
504240 | VMARCIND | DCG | FINCABLES | VGUARD | CORDSCABLE | ||
BSE:504240 | NSEI:VMARCIND | NSEI:DCG | NSEI:FINCABLES | NSEI:VGUARD | NSEI:CORDSCABLE | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 129.5% | 37.6% | NM- | 4.1% | 12.4% | 0.8% | |
3Y CAGR | 43.0% | 63.1% | 363.2% | 15.4% | 9.5% | 5.4% | |
Latest Twelve Months | 55.8% | 127.8% | NM | -7.2% | 28.0% | 16.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 7.4% | 10.1% | 9.0% | 12.1% | 9.1% | 8.4% | |
Prior Fiscal Year | 6.7% | 11.3% | 6.5% | 11.3% | 7.3% | 7.5% | |
Latest Fiscal Year | 7.2% | 11.8% | 16.0% | 11.7% | 8.3% | 6.5% | |
Latest Twelve Months | 5.9% | 11.4% | 15.4% | 10.3% | 8.8% | 6.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.10x | 1.11x | 1.54x | 2.10x | 2.92x | 0.39x | |
EV / LTM EBITDA | 18.7x | 9.7x | 10.0x | 20.4x | 33.3x | 6.3x | |
EV / LTM EBIT | 19.7x | 11.5x | 10.9x | 22.1x | 38.3x | 7.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 9.7x | 18.7x | 33.3x | ||||
Historical EV / LTM EBITDA | 2.2x | 3.5x | 7.2x | ||||
Selected EV / LTM EBITDA | 6.4x | 6.8x | 7.1x | ||||
(x) LTM EBITDA | 459 | 459 | 459 | ||||
(=) Implied Enterprise Value | 2,952 | 3,108 | 3,263 | ||||
(-) Non-shareholder Claims * | (549) | (549) | (549) | ||||
(=) Equity Value | 2,404 | 2,559 | 2,714 | ||||
(/) Shares Outstanding | 12.9 | 12.9 | 12.9 | ||||
Implied Value Range | 185.93 | 197.95 | 209.97 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 185.93 | 197.95 | 209.97 | 180.64 | |||
Upside / (Downside) | 2.9% | 9.6% | 16.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 504240 | VMARCIND | DCG | FINCABLES | VGUARD | CORDSCABLE | |
Enterprise Value | 7,023 | 8,128 | 1,658 | 107,685 | 157,062 | 2,884 | |
(+) Cash & Short Term Investments | 122 | 4 | 30 | 27,546 | 1,512 | 289 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (1,485) | (1,608) | (239) | (186) | (2,556) | (838) | |
(-) 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 | 5,660 | 6,525 | 1,448 | 135,045 | 156,018 | 2,335 | |
(/) Shares Outstanding | 8.6 | 22.8 | 18.1 | 152.9 | 435.8 | 12.9 | |
Implied Stock Price | 655.10 | 286.35 | 79.80 | 883.00 | 358.00 | 180.64 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 655.10 | 286.35 | 79.80 | 883.00 | 358.00 | 180.64 | |
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 |