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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10,5x - 11,6x | 11,1x |
| Selected Fwd EBIT Multiple | 10,5x - 11,6x | 11,0x |
| Fair Value | ₹396,67 - ₹444,27 | ₹420,47 |
| Upside | 13,0% - 26,6% | 19,8% |
| Benchmarks | Ticker | Full Ticker |
| Oil and Natural Gas Corporation Limited | ONGC | NSEI:ONGC |
| Hindustan Petroleum Corporation Limited | HINDPETRO | NSEI:HINDPETRO |
| Indian Oil Corporation Limited | IOC | NSEI:IOC |
| Reliance Industries Limited | RELIANCE | NSEI:RELIANCE |
| Aegis Vopak Terminals Limited | AEGISVOPAK | NSEI:AEGISVOPAK |
| Bharat Petroleum Corporation Limited | BPCL | NSEI:BPCL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ONGC | HINDPETRO | IOC | RELIANCE | AEGISVOPAK | BPCL | ||
| NSEI:ONGC | NSEI:HINDPETRO | NSEI:IOC | NSEI:RELIANCE | NSEI:AEGISVOPAK | NSEI:BPCL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.4% | 27.9% | 12.6% | 10.8% | NM- | 21.8% | |
| 3Y CAGR | 2.0% | 16.2% | -19.6% | 12.3% | NM- | 8.9% | |
| Latest Twelve Months | -27.3% | -44.6% | -68.5% | 0.5% | 23.7% | -51.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.1% | 2.2% | 5.2% | 11.7% | 51.0% | 4.7% | |
| Prior Fiscal Year | 12.5% | 4.5% | 7.9% | 12.4% | 51.2% | 8.4% | |
| Latest Fiscal Year | 8.1% | 2.5% | 2.5% | 11.6% | 55.3% | 4.1% | |
| Latest Twelve Months | 8.1% | 2.5% | 2.5% | 11.6% | 55.3% | 4.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 0.32x | 0.39x | 2.19x | 49.89x | 0.40x | |
| EV / LTM EBITDA | 4.2x | 8.1x | 8.1x | 12.8x | 66.7x | 6.9x | |
| EV / LTM EBIT | 7.5x | 12.7x | 15.2x | 18.9x | 90.3x | 9.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.5x | 15.2x | 90.3x | ||||
| Historical EV / LTM EBIT | 4.2x | 9.7x | 96.5x | ||||
| Selected EV / LTM EBIT | 10.5x | 11.1x | 11.6x | ||||
| (x) LTM EBIT | 181,447 | 181,447 | 181,447 | ||||
| (=) Implied Enterprise Value | 1,905,090 | 2,005,358 | 2,105,626 | ||||
| (-) Non-shareholder Claims * | (240,945) | (240,945) | (240,945) | ||||
| (=) Equity Value | 1,664,146 | 1,764,414 | 1,864,682 | ||||
| (/) Shares Outstanding | 4,338.5 | 4,338.5 | 4,338.5 | ||||
| Implied Value Range | 383.58 | 406.69 | 429.80 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 383.58 | 406.69 | 429.80 | 350.95 | |||
| Upside / (Downside) | 9.3% | 15.9% | 22.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ONGC | HINDPETRO | IOC | RELIANCE | AEGISVOPAK | BPCL | |
| Enterprise Value | 4,016,308 | 1,371,482 | 2,960,666 | 21,149,972 | 323,689 | 1,763,543 | |
| (+) Cash & Short Term Investments | 304,303 | 35,063 | 136,739 | 2,252,110 | 5,923 | 141,387 | |
| (+) Investments & Other | 923,649 | 237,939 | 568,496 | 1,236,720 | 0 | 228,675 | |
| (-) Debt | (1,878,173) | (705,582) | (1,522,706) | (3,695,750) | (40,094) | (611,006) | |
| (-) Other Liabilities | (307,946) | 0 | (45,373) | (1,664,260) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,058,140 | 938,902 | 2,097,822 | 19,278,792 | 289,518 | 1,522,599 | |
| (/) Shares Outstanding | 12,580.3 | 2,127.8 | 13,771.6 | 12,706.8 | 1,108.0 | 4,338.5 | |
| Implied Stock Price | 243.09 | 441.25 | 152.33 | 1,517.20 | 261.30 | 350.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 243.09 | 441.25 | 152.33 | 1,517.20 | 261.30 | 350.95 | |
| 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 | |