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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,8x - 13,0x | 12,4x |
| Selected Fwd EBITDA Multiple | 10,2x - 11,2x | 10,7x |
| Fair Value | ₹184,70 - ₹197,10 | ₹190,90 |
| Upside | 0,1% - 6,9% | 3,5% |
| Benchmarks | Ticker | Full Ticker |
| Onward Technologies Limited | ONWARDTEC | NSEI:ONWARDTEC |
| Mindteck (India) Limited | MINDTECK | NSEI:MINDTECK |
| Dev Information Technology Limited | DEVIT | NSEI:DEVIT |
| InfoBeans Technologies Limited | INFOBEAN | NSEI:INFOBEAN |
| Innovana Thinklabs Limited | INNOVANA | NSEI:INNOVANA |
| CyberTech Systems and Software Limited | CYBERTECH | NSEI:CYBERTECH |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ONWARDTEC | MINDTECK | DEVIT | INFOBEAN | INNOVANA | CYBERTECH | ||
| NSEI:ONWARDTEC | NSEI:MINDTECK | NSEI:DEVIT | NSEI:INFOBEAN | NSEI:INNOVANA | NSEI:CYBERTECH | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.4% | 174.1% | 14.4% | 21.6% | 17.6% | 6.9% | |
| 3Y CAGR | 29.3% | 22.6% | 20.5% | -2.0% | 29.3% | 8.9% | |
| Latest Twelve Months | 67.0% | 6.5% | -45.5% | 45.3% | 35.8% | 10.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.1% | 6.6% | 6.1% | 18.2% | 41.7% | 17.8% | |
| Prior Fiscal Year | 9.2% | 7.7% | 8.2% | 12.5% | 46.2% | 12.1% | |
| Latest Fiscal Year | 7.1% | 7.7% | 5.4% | 16.1% | 52.6% | 15.0% | |
| Latest Twelve Months | 10.0% | 7.9% | 4.9% | 19.1% | 54.4% | 12.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.26x | 1.69x | 1.42x | 2.95x | 9.52x | 1.55x | |
| EV / LTM EBITDA | 12.6x | 21.3x | 28.7x | 15.5x | 17.5x | 12.1x | |
| EV / LTM EBIT | 13.7x | 22.0x | 48.2x | 19.4x | 20.4x | 14.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.6x | 17.5x | 28.7x | ||||
| Historical EV / LTM EBITDA | 6.1x | 10.4x | 14.6x | ||||
| Selected EV / LTM EBITDA | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBITDA | 303 | 303 | 303 | ||||
| (=) Implied Enterprise Value | 3,568 | 3,755 | 3,943 | ||||
| (-) Non-shareholder Claims * | 2,082 | 2,082 | 2,082 | ||||
| (=) Equity Value | 5,650 | 5,837 | 6,025 | ||||
| (/) Shares Outstanding | 31.1 | 31.1 | 31.1 | ||||
| Implied Value Range | 181.48 | 187.52 | 193.55 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 181.48 | 187.52 | 193.55 | 184.43 | |||
| Upside / (Downside) | -1.6% | 1.7% | 4.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ONWARDTEC | MINDTECK | DEVIT | INFOBEAN | INNOVANA | CYBERTECH | |
| Enterprise Value | 6,577 | 7,026 | 2,523 | 12,895 | 10,463 | 3,659 | |
| (+) Cash & Short Term Investments | 667 | 1,340 | 19 | 2,082 | 121 | 2,161 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (394) | (74) | (200) | (152) | (442) | (79) | |
| (-) 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 | 6,850 | 8,292 | 2,342 | 14,825 | 10,141 | 5,741 | |
| (/) Shares Outstanding | 22.7 | 32.0 | 56.3 | 24.2 | 20.5 | 31.1 | |
| Implied Stock Price | 301.25 | 259.50 | 41.57 | 611.60 | 494.70 | 184.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 301.25 | 259.50 | 41.57 | 611.60 | 494.70 | 184.43 | |
| 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 | |