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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 50,5x - 55,8x | 53,2x |
Selected Fwd EBIT Multiple | 30,5x - 33,7x | 32,1x |
Fair Value | ₹1.322 - ₹1.451 | ₹1.386 |
Upside | -17,6% - -9,5% | -13,5% |
Benchmarks | Ticker | Full Ticker |
Add-Shop E-Retail Limited | 541865 | BSE:541865 |
Avax Apparels and Ornaments Limited | 544337 | BSE:544337 |
7NR Retail Limited | 540615 | BSE:540615 |
Manoj Vaibhav Gems 'N' Jewellers Limited | MVGJL | NSEI:MVGJL |
Khadim India Limited | KHADIM | NSEI:KHADIM |
CarTrade Tech Limited | CARTRADE | NSEI:CARTRADE |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
541865 | 544337 | 540615 | MVGJL | KHADIM | CARTRADE | ||
BSE:541865 | BSE:544337 | BSE:540615 | NSEI:MVGJL | NSEI:KHADIM | NSEI:CARTRADE | ||
Historical EBIT Growth | |||||||
5Y CAGR | 18.3% | NM- | 59.7% | 14.8% | NM- | 37.4% | |
3Y CAGR | -38.4% | 464.9% | 3.1% | 17.5% | 30.7% | NM- | |
Latest Twelve Months | -19.0% | 21.3% | 139.9% | 10.2% | 21.1% | 160.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 10.4% | 18.4% | -8.7% | 6.4% | 1.4% | -3.5% | |
Prior Fiscal Year | 3.5% | 9.1% | -13.9% | 6.6% | 4.9% | 8.6% | |
Latest Fiscal Year | 3.7% | 7.1% | 3.0% | 6.6% | 8.7% | 17.1% | |
Latest Twelve Months | 3.7% | 7.1% | 3.0% | 6.6% | 8.7% | 17.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.44x | 0.40x | 1.15x | 0.63x | 1.81x | 11.18x | |
EV / LTM EBITDA | 10.8x | 5.0x | 26.9x | 9.2x | 9.9x | 47.6x | |
EV / LTM EBIT | 11.9x | 5.7x | 38.4x | 9.7x | 20.9x | 65.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 5.7x | 11.9x | 38.4x | ||||
Historical EV / LTM EBIT | -31.9x | 24.4x | 84.1x | ||||
Selected EV / LTM EBIT | 50.5x | 53.2x | 55.8x | ||||
(x) LTM EBIT | 1,097 | 1,097 | 1,097 | ||||
(=) Implied Enterprise Value | 55,408 | 58,324 | 61,240 | ||||
(-) Non-shareholder Claims * | 4,535 | 4,535 | 4,535 | ||||
(=) Equity Value | 59,943 | 62,859 | 65,775 | ||||
(/) Shares Outstanding | 47.5 | 47.5 | 47.5 | ||||
Implied Value Range | 1,262.51 | 1,323.93 | 1,385.36 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1,262.51 | 1,323.93 | 1,385.36 | 1,603.20 | |||
Upside / (Downside) | -21.3% | -17.4% | -13.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 541865 | 544337 | 540615 | MVGJL | KHADIM | CARTRADE | |
Enterprise Value | 681 | 138 | 247 | 15,082 | 7,584 | 71,583 | |
(+) Cash & Short Term Investments | 4 | 2 | 11 | 298 | 131 | 6,835 | |
(+) Investments & Other | 0 | 0 | 0 | 38 | 0 | 73 | |
(-) Debt | (378) | (7) | (48) | (3,996) | (2,954) | (1,314) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (1,059) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 307 | 133 | 210 | 11,422 | 4,762 | 76,118 | |
(/) Shares Outstanding | 28.0 | 1.0 | 28.0 | 48.8 | 18.4 | 47.5 | |
Implied Stock Price | 10.95 | 127.65 | 7.51 | 233.82 | 259.10 | 1,603.20 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 10.95 | 127.65 | 7.51 | 233.82 | 259.10 | 1,603.20 | |
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 |