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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21,0x - 23,2x | 22,1x |
| Selected Fwd EBITDA Multiple | 10,3x - 11,3x | 10,8x |
| Fair Value | ₹951,08 - ₹1.067 | ₹1.009 |
| Upside | -24,6% - -15,3% | -20,0% |
| Benchmarks | Ticker | Full Ticker |
| Allied Blenders and Distillers Limited | ABDL | NSEI:ABDL |
| Tilaknagar Industries Ltd. | TI | NSEI:TI |
| United Spirits Limited | UNITDSPR | NSEI:UNITDSPR |
| Radico Khaitan Limited | RADICO | NSEI:RADICO |
| Jagatjit Industries Limited | 507155 | BSE:507155 |
| Globus Spirits Limited | GLOBUSSPR | NSEI:GLOBUSSPR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ABDL | TI | UNITDSPR | RADICO | 507155 | GLOBUSSPR | ||
| NSEI:ABDL | NSEI:TI | NSEI:UNITDSPR | NSEI:RADICO | BSE:507155 | NSEI:GLOBUSSPR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.1% | 134.6% | 8.5% | 12.6% | NM- | 4.2% | |
| 3Y CAGR | 30.7% | 30.8% | 14.6% | 18.7% | 66.5% | -22.6% | |
| Latest Twelve Months | 82.2% | 39.0% | 20.2% | 33.0% | -78.7% | -11.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.0% | 11.4% | 14.7% | 13.5% | 4.5% | 13.4% | |
| Prior Fiscal Year | 7.1% | 14.1% | 16.5% | 12.0% | 5.7% | 6.8% | |
| Latest Fiscal Year | 12.3% | 19.0% | 18.6% | 13.5% | 1.4% | 5.7% | |
| Latest Twelve Months | 12.3% | 19.0% | 18.6% | 13.5% | 1.4% | 5.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.11x | 6.85x | 7.59x | 7.56x | 2.44x | 1.61x | |
| EV / LTM EBITDA | 33.4x | 36.1x | 40.8x | 56.0x | 180.7x | 28.1x | |
| EV / LTM EBIT | 38.4x | 40.6x | 46.7x | 69.3x | -532.2x | 58.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 33.4x | 40.8x | 180.7x | ||||
| Historical EV / LTM EBITDA | 5.3x | 10.2x | 28.1x | ||||
| Selected EV / LTM EBITDA | 21.0x | 22.1x | 23.2x | ||||
| (x) LTM EBITDA | 1,455 | 1,455 | 1,455 | ||||
| (=) Implied Enterprise Value | 30,515 | 32,122 | 33,728 | ||||
| (-) Non-shareholder Claims * | (4,428) | (4,428) | (4,428) | ||||
| (=) Equity Value | 26,087 | 27,693 | 29,299 | ||||
| (/) Shares Outstanding | 28.9 | 28.9 | 28.9 | ||||
| Implied Value Range | 903.04 | 958.63 | 1,014.23 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 903.04 | 958.63 | 1,014.23 | 1,260.85 | |||
| Upside / (Downside) | -28.4% | -24.0% | -19.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ABDL | TI | UNITDSPR | RADICO | 507155 | GLOBUSSPR | |
| Enterprise Value | 144,504 | 97,968 | 915,383 | 364,650 | 12,468 | 40,852 | |
| (+) Cash & Short Term Investments | 1,039 | 1,114 | 29,030 | 565 | 9 | 785 | |
| (+) Investments & Other | 125 | 214 | 500 | 2,004 | 39 | 38 | |
| (-) Debt | (9,052) | (442) | (4,800) | (7,504) | (4,039) | (5,265) | |
| (-) Other Liabilities | (201) | 0 | 0 | 0 | 0 | 14 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 136,415 | 98,855 | 940,113 | 359,715 | 8,478 | 36,424 | |
| (/) Shares Outstanding | 279.7 | 193.8 | 710.1 | 133.9 | 44.3 | 28.9 | |
| Implied Stock Price | 487.70 | 510.05 | 1,324.00 | 2,687.10 | 191.45 | 1,260.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 487.70 | 510.05 | 1,324.00 | 2,687.10 | 191.45 | 1,260.85 | |
| 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 | |