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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 37,8x - 41,8x | 39,8x |
| Selected Fwd EBITDA Multiple | 72,3x - 79,9x | 76,1x |
| Fair Value | 14,33₹ - 15,84₹ | 15,09₹ |
| Upside | 17,8% - 30,2% | 24,0% |
| Benchmarks | Ticker | Full Ticker |
| The Tata Power Company Limited | TATAPOWER | NSEI:TATAPOWER |
| Adani Energy Solutions Limited | ADANIENSOL | NSEI:ADANIENSOL |
| CESC Limited | CESC | NSEI:CESC |
| Torrent Power Limited | TORNTPOWER | NSEI:TORNTPOWER |
| Reliance Infrastructure Limited | RELINFRA | NSEI:RELINFRA |
| India Power Corporation Limited | DPSCLTD | NSEI:DPSCLTD |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TATAPOWER | ADANIENSOL | CESC | TORNTPOWER | RELINFRA | DPSCLTD | ||
| NSEI:TATAPOWER | NSEI:ADANIENSOL | NSEI:CESC | NSEI:TORNTPOWER | NSEI:RELINFRA | NSEI:DPSCLTD | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.2% | 17.0% | -5.5% | 7.7% | -2.1% | -10.6% | |
| 3Y CAGR | 15.8% | 15.8% | -11.8% | 10.2% | -13.1% | -16.3% | |
| Latest Twelve Months | 22.0% | 27.2% | 29.3% | 17.5% | 83.2% | 38.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.9% | 37.3% | 20.4% | 22.7% | 18.3% | 6.0% | |
| Prior Fiscal Year | 14.2% | 35.1% | 15.5% | 19.0% | 15.1% | -2.5% | |
| Latest Fiscal Year | 17.3% | 36.7% | 14.5% | 17.1% | 18.2% | 6.6% | |
| Latest Twelve Months | 19.9% | 34.6% | 15.9% | 18.4% | 25.2% | 6.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.72x | 6.18x | 2.01x | 2.96x | 0.74x | 2.14x | |
| EV / LTM EBITDA | 13.6x | 17.9x | 12.6x | 16.1x | 2.9x | 35.6x | |
| EV / LTM EBIT | 19.3x | 23.5x | 27.1x | 21.9x | 3.9x | -226.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.9x | 13.6x | 17.9x | ||||
| Historical EV / LTM EBITDA | -42.2x | 20.0x | 60.5x | ||||
| Selected EV / LTM EBITDA | 37.8x | 39.8x | 41.8x | ||||
| (x) LTM EBITDA | 388 | 388 | 388 | ||||
| (=) Implied Enterprise Value | 14,675 | 15,448 | 16,220 | ||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | ||||
| (=) Equity Value | 14,675 | 15,448 | 16,220 | ||||
| (/) Shares Outstanding | 973.8 | 973.8 | 973.8 | ||||
| Implied Value Range | 15.07 | 15.86 | 16.66 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.07 | 15.86 | 16.66 | 12.17 | |||
| Upside / (Downside) | 23.8% | 30.3% | 36.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TATAPOWER | ADANIENSOL | CESC | TORNTPOWER | RELINFRA | DPSCLTD | |
| Enterprise Value | 1,695,217 | 1,359,483 | 327,819 | 863,689 | 126,832 | 11,851 | |
| (+) Cash & Short Term Investments | 96,559 | 73,197 | 31,930 | 12,729 | 42,314 | 0 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (583,139) | (390,087) | (155,730) | (115,674) | (67,376) | 0 | |
| (-) 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 | 1,208,637 | 1,042,593 | 204,019 | 760,743 | 101,769 | 11,851 | |
| (/) Shares Outstanding | 3,195.3 | 1,201.3 | 1,325.6 | 503.9 | 395.7 | 973.8 | |
| Implied Stock Price | 378.25 | 867.90 | 153.91 | 1,509.70 | 257.20 | 12.17 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 378.25 | 867.90 | 153.91 | 1,509.70 | 257.20 | 12.17 | |
| 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 | |