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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 25,4x - 28,1x | 26,8x |
Selected Fwd EBIT Multiple | 37,8x - 41,8x | 39,8x |
Fair Value | ₹1.046 - ₹1.131 | ₹1.088 |
Upside | 27,8% - 38,1% | 33,0% |
Benchmarks | Ticker | Full Ticker |
GlaxoSmithKline Pharmaceuticals Limited | 500660 | BSE:500660 |
Medico Remedies Limited | 540937 | BSE:540937 |
Pfizer Limited | 500680 | BSE:500680 |
Abbott India Limited | 500488 | BSE:500488 |
Piramal Pharma Limited | 543635 | BSE:543635 |
Novartis India Limited | 500672 | BSE:500672 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
500660 | 540937 | 500680 | 500488 | 543635 | 500672 | ||
BSE:500660 | BSE:540937 | BSE:500680 | BSE:500488 | BSE:543635 | BSE:500672 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 8.5% | 39.4% | 2.8% | 18.4% | NM- | 37.8% | |
3Y CAGR | 17.3% | 40.8% | -1.5% | 16.7% | -19.5% | 55.1% | |
Latest Twelve Months | 35.3% | 15.2% | 17.0% | 13.7% | 84.6% | 37.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 22.0% | 4.4% | 26.8% | 21.2% | 5.3% | 11.3% | |
Prior Fiscal Year | 23.0% | 4.9% | 29.1% | 21.1% | -0.6% | 15.9% | |
Latest Fiscal Year | 24.3% | 6.9% | 26.3% | 23.6% | 5.6% | 18.8% | |
Latest Twelve Months | 27.8% | 6.6% | 29.0% | 24.4% | 7.2% | 23.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 12.26x | 3.15x | 7.73x | 10.02x | 3.69x | 4.05x | |
EV / LTM EBITDA | 42.3x | 37.9x | 27.2x | 40.4x | 24.1x | 17.6x | |
EV / LTM EBIT | 44.0x | 47.7x | 26.7x | 41.1x | 51.0x | 17.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 26.7x | 44.0x | 51.0x | ||||
Historical EV / LTM EBIT | 13.7x | 39.1x | 78.1x | ||||
Selected EV / LTM EBIT | 25.4x | 26.8x | 28.1x | ||||
(x) LTM EBIT | 826 | 826 | 826 | ||||
(=) Implied Enterprise Value | 21,006 | 22,112 | 23,218 | ||||
(-) Non-shareholder Claims * | 5,912 | 5,912 | 5,912 | ||||
(=) Equity Value | 26,918 | 28,024 | 29,130 | ||||
(/) Shares Outstanding | 24.7 | 24.7 | 24.7 | ||||
Implied Value Range | 1,090.22 | 1,135.00 | 1,179.78 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1,090.22 | 1,135.00 | 1,179.78 | 818.35 | |||
Upside / (Downside) | 33.2% | 38.7% | 44.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 500660 | 540937 | 500680 | 500488 | 543635 | 500672 | |
Enterprise Value | 454,063 | 4,761 | 172,183 | 621,670 | 330,142 | 14,294 | |
(+) Cash & Short Term Investments | 21,108 | 15 | 22,813 | 11,057 | 4,084 | 5,972 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (148) | (114) | (747) | (605) | (47,864) | (60) | |
(-) 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 | 475,023 | 4,662 | 194,249 | 632,122 | 286,362 | 20,206 | |
(/) Shares Outstanding | 169.4 | 83.0 | 45.7 | 21.2 | 1,325.7 | 24.7 | |
Implied Stock Price | 2,804.05 | 56.18 | 4,246.10 | 29,747.90 | 216.00 | 818.35 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2,804.05 | 56.18 | 4,246.10 | 29,747.90 | 216.00 | 818.35 | |
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 |