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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 34,9x - 38,6x | 36,8x |
Selected Fwd EBITDA Multiple | 26,4x - 29,2x | 27,8x |
Fair Value | ₹2.487 - ₹2.733 | ₹2.610 |
Upside | -27,7% - -20,5% | -24,1% |
Benchmarks | Ticker | Full Ticker |
Lupin Limited | 500257 | BSE:500257 |
J. B. Chemicals & Pharmaceuticals Limited | 506943 | BSE:506943 |
Abbott India Limited | 500488 | BSE:500488 |
Dr. Reddy's Laboratories Limited | 500124 | BSE:500124 |
Alembic Pharmaceuticals Limited | 533573 | BSE:533573 |
GlaxoSmithKline Pharmaceuticals Limited | GLAXO | NSEI:GLAXO |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
500257 | 506943 | 500488 | 500124 | 533573 | GLAXO | ||
BSE:500257 | BSE:506943 | BSE:500488 | BSE:500124 | BSE:533573 | NSEI:GLAXO | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 18.6% | 22.4% | 16.0% | 16.3% | -4.6% | 12.4% | |
3Y CAGR | 40.9% | 24.2% | 13.3% | 23.0% | 4.8% | 15.8% | |
Latest Twelve Months | 51.5% | 16.0% | 7.6% | 12.1% | 8.2% | 30.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 15.2% | 24.4% | 22.0% | 25.4% | 18.1% | 23.9% | |
Prior Fiscal Year | 18.1% | 25.5% | 24.0% | 28.4% | 14.7% | 25.5% | |
Latest Fiscal Year | 24.2% | 26.3% | 23.6% | 27.3% | 14.8% | 30.7% | |
Latest Twelve Months | 24.2% | 26.3% | 23.6% | 27.3% | 14.8% | 30.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.95x | 7.05x | 11.38x | 3.26x | 3.03x | 14.96x | |
EV / LTM EBITDA | 16.3x | 26.8x | 48.2x | 11.9x | 20.4x | 48.7x | |
EV / LTM EBIT | 20.8x | 32.1x | 50.6x | 14.5x | 27.7x | 50.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 11.9x | 20.4x | 48.2x | ||||
Historical EV / LTM EBITDA | 26.9x | 34.1x | 48.7x | ||||
Selected EV / LTM EBITDA | 34.9x | 36.8x | 38.6x | ||||
(x) LTM EBITDA | 11,527 | 11,527 | 11,527 | ||||
(=) Implied Enterprise Value | 402,664 | 423,857 | 445,049 | ||||
(-) Non-shareholder Claims * | 24,882 | 24,882 | 24,882 | ||||
(=) Equity Value | 427,546 | 448,738 | 469,931 | ||||
(/) Shares Outstanding | 169.4 | 169.4 | 169.4 | ||||
Implied Value Range | 2,523.79 | 2,648.89 | 2,773.99 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2,523.79 | 2,648.89 | 2,773.99 | 3,439.60 | |||
Upside / (Downside) | -26.6% | -23.0% | -19.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 500257 | 506943 | 500488 | 500124 | 533573 | GLAXO | |
Enterprise Value | 897,113 | 275,981 | 729,599 | 1,060,161 | 201,484 | 557,807 | |
(+) Cash & Short Term Investments | 42,014 | 4,466 | 16,279 | 57,908 | 835 | 24,981 | |
(+) Investments & Other | 873 | 280 | 0 | 15,202 | 1,272 | 0 | |
(-) Debt | (54,478) | (279) | (1,967) | (46,766) | (12,575) | (100) | |
(-) Other Liabilities | (909) | 0 | 0 | (3,778) | 14 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 884,613 | 280,448 | 743,912 | 1,082,727 | 191,030 | 582,689 | |
(/) Shares Outstanding | 456.7 | 155.9 | 21.2 | 832.1 | 196.6 | 169.4 | |
Implied Stock Price | 1,936.90 | 1,799.35 | 35,008.75 | 1,301.15 | 971.85 | 3,439.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1,936.90 | 1,799.35 | 35,008.75 | 1,301.15 | 971.85 | 3,439.60 | |
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 |