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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5,0x - 5,6x | 5,3x |
Selected Fwd EBITDA Multiple | 4,7x - 5,2x | 5,0x |
Fair Value | ₹24,46 - ₹27,25 | ₹25,86 |
Upside | 35,9% - 51,4% | 43,6% |
Benchmarks | Ticker | Full Ticker |
Firstsource Solutions Limited | FSL | NSEI:FSL |
eClerx Services Limited | ECLERX | NSEI:ECLERX |
NMS Global Limited | 522289 | BSE:522289 |
Vinsys IT Services India Limited | VINSYS | NSEI:VINSYS |
TeamLease Services Limited | TEAMLEASE | NSEI:TEAMLEASE |
Plada Infotech Services Limited | PLADAINFO | NSEI:PLADAINFO |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
FSL | ECLERX | 522289 | VINSYS | TEAMLEASE | PLADAINFO | ||
NSEI:FSL | NSEI:ECLERX | BSE:522289 | NSEI:VINSYS | NSEI:TEAMLEASE | NSEI:PLADAINFO | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 15.4% | 22.7% | 53.7% | NM- | 11.2% | 1.5% | |
3Y CAGR | 8.0% | 9.2% | 216.0% | 143.2% | 3.6% | 0.8% | |
Latest Twelve Months | 26.5% | 6.9% | 3.3% | 51.4% | 37.1% | -11.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 12.6% | 26.4% | -1.6% | 16.9% | 1.5% | 7.6% | |
Prior Fiscal Year | 12.6% | 25.8% | 6.8% | 16.4% | 1.1% | 7.7% | |
Latest Fiscal Year | 12.6% | 24.0% | 12.8% | 19.8% | 1.2% | 6.5% | |
Latest Twelve Months | 12.6% | 24.0% | 12.8% | 19.8% | 1.2% | 6.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.46x | 4.51x | 5.55x | 2.54x | 0.29x | 0.26x | |
EV / LTM EBITDA | 27.3x | 18.8x | 43.4x | 12.9x | 23.3x | 3.9x | |
EV / LTM EBIT | 31.3x | 22.8x | 62.2x | 14.1x | 38.1x | 4.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 12.9x | 23.3x | 43.4x | ||||
Historical EV / LTM EBITDA | 3.9x | 4.5x | 5.1x | ||||
Selected EV / LTM EBITDA | 5.0x | 5.3x | 5.6x | ||||
(x) LTM EBITDA | 44 | 44 | 44 | ||||
(=) Implied Enterprise Value | 220 | 231 | 243 | ||||
(-) Non-shareholder Claims * | (17) | (17) | (17) | ||||
(=) Equity Value | 202 | 214 | 225 | ||||
(/) Shares Outstanding | 8.6 | 8.6 | 8.6 | ||||
Implied Value Range | 23.59 | 24.94 | 26.29 | ||||
FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 23.59 | 24.94 | 26.29 | 18.00 | |||
Upside / (Downside) | 31.1% | 38.5% | 46.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | FSL | ECLERX | 522289 | VINSYS | TEAMLEASE | PLADAINFO | |
Enterprise Value | 276,599 | 151,656 | 767 | 5,470 | 31,409 | 172 | |
(+) Cash & Short Term Investments | 2,190 | 10,262 | 15 | 200 | 2,409 | 31 | |
(+) Investments & Other | 88 | 219 | 1 | 15 | 133 | 120 | |
(-) Debt | (25,923) | (3,581) | (590) | (193) | (1,181) | (169) | |
(-) Other Liabilities | (4) | (22) | 0 | (1) | (161) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 252,950 | 158,535 | 192 | 5,491 | 32,610 | 154 | |
(/) Shares Outstanding | 689.9 | 47.0 | 3.0 | 14.7 | 16.8 | 8.6 | |
Implied Stock Price | 366.65 | 3,372.00 | 63.99 | 374.10 | 1,944.70 | 18.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 366.65 | 3,372.00 | 63.99 | 374.10 | 1,944.70 | 18.00 | |
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 |