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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8,7x - 9,6x | 9,1x |
| Selected Fwd EBITDA Multiple | 7,8x - 8,6x | 8,2x |
| Fair Value | ₹18,73 - ₹21,71 | ₹20,22 |
| Upside | 31,5% - 52,4% | 41,9% |
| Benchmarks | Ticker | Full Ticker |
| Indowind Energy Limited | INDOWIND | NSEI:INDOWIND |
| Adani Green Energy Limited | ADANIGREEN | NSEI:ADANIGREEN |
| Waa Solar Limited | 541445 | BSE:541445 |
| RattanIndia Power Limited | RTNPOWER | NSEI:RTNPOWER |
| Orient Green Power Company Limited | GREENPOWER | NSEI:GREENPOWER |
| Jaiprakash Power Ventures Limited | 532627 | BSE:532627 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| INDOWIND | ADANIGREEN | 541445 | RTNPOWER | GREENPOWER | 532627 | ||
| NSEI:INDOWIND | NSEI:ADANIGREEN | BSE:541445 | NSEI:RTNPOWER | NSEI:GREENPOWER | BSE:532627 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.3% | 33.3% | -21.5% | 3.5% | -4.6% | 10.9% | |
| 3Y CAGR | 15.1% | 48.0% | -20.8% | 0.8% | 4.5% | 24.6% | |
| Latest Twelve Months | -23.0% | 16.3% | -83.4% | 12.4% | -5.9% | 23.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 41.9% | 71.3% | 74.0% | 26.5% | 67.2% | 29.3% | |
| Prior Fiscal Year | 41.6% | 69.8% | 72.2% | 23.0% | 64.5% | 20.1% | |
| Latest Fiscal Year | 41.7% | 78.7% | 68.5% | 19.5% | 67.7% | 33.0% | |
| Latest Twelve Months | 41.4% | 78.1% | 34.3% | 21.6% | 64.9% | 38.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.37x | 20.52x | 1.51x | 2.53x | 6.63x | 2.89x | |
| EV / LTM EBITDA | 15.4x | 26.3x | 4.4x | 11.7x | 10.2x | 7.5x | |
| EV / LTM EBIT | 32.9x | 36.0x | 55.1x | 23.8x | 18.6x | 9.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.4x | 11.7x | 26.3x | ||||
| Historical EV / LTM EBITDA | 9.2x | 10.3x | 27.8x | ||||
| Selected EV / LTM EBITDA | 8.7x | 9.1x | 9.6x | ||||
| (x) LTM EBITDA | 21,869 | 21,869 | 21,869 | ||||
| (=) Implied Enterprise Value | 189,911 | 199,906 | 209,901 | ||||
| (-) Non-shareholder Claims * | (65,443) | (65,443) | (65,443) | ||||
| (=) Equity Value | 124,468 | 134,464 | 144,459 | ||||
| (/) Shares Outstanding | 6,853.5 | 6,853.5 | 6,853.5 | ||||
| Implied Value Range | 18.16 | 19.62 | 21.08 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.16 | 19.62 | 21.08 | 14.25 | |||
| Upside / (Downside) | 27.4% | 37.7% | 47.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INDOWIND | ADANIGREEN | 541445 | RTNPOWER | GREENPOWER | 532627 | |
| Enterprise Value | 2,055 | 2,102,682 | 262 | 82,577 | 17,935 | 163,104 | |
| (+) Cash & Short Term Investments | 251 | 74,310 | 226 | 4,627 | 1,869 | 12,753 | |
| (+) Investments & Other | 0 | 0 | 976 | 0 | 0 | 0 | |
| (-) Debt | (193) | (674,300) | (620) | (34,631) | (6,021) | (40,140) | |
| (-) Other Liabilities | 0 | 0 | 11 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (38,055) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,112 | 1,502,692 | 855 | 52,573 | 13,783 | 97,662 | |
| (/) Shares Outstanding | 128.8 | 1,584.0 | 13.3 | 5,370.1 | 1,173.0 | 6,853.5 | |
| Implied Stock Price | 16.40 | 948.65 | 64.46 | 9.79 | 11.75 | 14.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.40 | 948.65 | 64.46 | 9.79 | 11.75 | 14.25 | |
| 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 | |