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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 32,8x - 36,3x | 34,5x |
| Selected Fwd EBITDA Multiple | 27,0x - 29,8x | 28,4x |
| Fair Value | ₹2.175 - ₹2.390 | ₹2.283 |
| Upside | -22,8% - -15,1% | -18,9% |
| Benchmarks | Ticker | Full Ticker |
| Lupin Limited | 500257 | BSE:500257 |
| Mankind Pharma Limited | 543904 | BSE:543904 |
| Abbott India Limited | 500488 | BSE:500488 |
| Alembic Pharmaceuticals Limited | 533573 | BSE:533573 |
| Novartis India Limited | 500672 | BSE:500672 |
| GlaxoSmithKline Pharmaceuticals Limited | GLAXO | NSEI:GLAXO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 500257 | 543904 | 500488 | 533573 | 500672 | GLAXO | ||
| BSE:500257 | BSE:543904 | BSE:500488 | BSE:533573 | BSE:500672 | NSEI:GLAXO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.2% | 22.1% | 18.3% | 1.3% | 31.9% | 8.1% | |
| 3Y CAGR | 12.8% | 14.2% | 16.7% | -14.6% | 46.7% | 15.4% | |
| Latest Twelve Months | 61.7% | 25.0% | 13.5% | 12.2% | 32.6% | 34.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.7% | 24.3% | 21.7% | 18.8% | 11.7% | 23.4% | |
| Prior Fiscal Year | 9.5% | 21.8% | 21.6% | 12.3% | 16.3% | 24.2% | |
| Latest Fiscal Year | 18.1% | 24.5% | 24.0% | 14.7% | 18.8% | 25.5% | |
| Latest Twelve Months | 23.1% | 24.9% | 24.8% | 15.1% | 23.1% | 29.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.05x | 8.80x | 10.28x | 2.75x | 4.04x | 12.74x | |
| EV / LTM EBITDA | 17.5x | 35.4x | 41.4x | 18.2x | 17.5x | 43.9x | |
| EV / LTM EBIT | 21.5x | 41.7x | 42.2x | 24.6x | 17.3x | 45.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 17.5x | 18.2x | 41.4x | ||||
| Historical EV / LTM EBITDA | 26.9x | 32.8x | 39.2x | ||||
| Selected EV / LTM EBITDA | 32.8x | 34.5x | 36.3x | ||||
| (x) LTM EBITDA | 10,740 | 10,740 | 10,740 | ||||
| (=) Implied Enterprise Value | 352,474 | 371,026 | 389,577 | ||||
| (-) Non-shareholder Claims * | 20,960 | 20,960 | 20,960 | ||||
| (=) Equity Value | 373,435 | 391,986 | 410,537 | ||||
| (/) Shares Outstanding | 169.4 | 169.4 | 169.4 | ||||
| Implied Value Range | 2,204.38 | 2,313.88 | 2,423.39 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,204.38 | 2,313.88 | 2,423.39 | 2,815.40 | |||
| Upside / (Downside) | -21.7% | -17.8% | -13.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 500257 | 543904 | 500488 | 533573 | 500672 | GLAXO | |
| Enterprise Value | 922,495 | 1,023,470 | 646,100 | 176,502 | 14,536 | 455,985 | |
| (+) Cash & Short Term Investments | 29,123 | 47,267 | 11,057 | 1,290 | 5,972 | 21,108 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (34,425) | (4,821) | (605) | (10,664) | (60) | (148) | |
| (-) 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 | 917,194 | 1,065,917 | 656,552 | 167,128 | 20,448 | 476,946 | |
| (/) Shares Outstanding | 456.6 | 412.6 | 21.2 | 196.6 | 24.7 | 169.4 | |
| Implied Stock Price | 2,008.90 | 2,583.55 | 30,897.60 | 850.25 | 828.15 | 2,815.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,008.90 | 2,583.55 | 30,897.60 | 850.25 | 828.15 | 2,815.40 | |
| 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 | |