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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,0x - 14,4x | 13,7x |
| Selected Fwd EBIT Multiple | 12,6x - 13,9x | 13,3x |
| Fair Value | ₹146,35 - ₹160,65 | ₹153,50 |
| Upside | -8,1% - 0,9% | -3,6% |
| Benchmarks | Ticker | Full Ticker |
| Sonata Software Limited | SONATSOFTW | NSEI:SONATSOFTW |
| Mastek Limited | MASTEK | NSEI:MASTEK |
| Xchanging Solutions Limited | XCHANGING | NSEI:XCHANGING |
| R Systems International Limited | RSYSTEMS | NSEI:RSYSTEMS |
| Persistent Systems Limited | PERSISTENT | NSEI:PERSISTENT |
| Saksoft Limited | SAKSOFT | NSEI:SAKSOFT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SONATSOFTW | MASTEK | XCHANGING | RSYSTEMS | PERSISTENT | SAKSOFT | ||
| NSEI:SONATSOFTW | NSEI:MASTEK | NSEI:XCHANGING | NSEI:RSYSTEMS | NSEI:PERSISTENT | NSEI:SAKSOFT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.7% | 27.1% | 1.9% | 26.7% | 26.7% | 17.9% | |
| 3Y CAGR | 24.1% | 6.7% | -5.5% | 12.5% | 40.0% | 26.8% | |
| Latest Twelve Months | -6.2% | 4.8% | -8.0% | -5.4% | 16.9% | 4.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.8% | 16.6% | 27.8% | 10.9% | 13.2% | 15.6% | |
| Prior Fiscal Year | 7.4% | 15.3% | 28.1% | 12.0% | 15.1% | 14.8% | |
| Latest Fiscal Year | 7.6% | 13.8% | 26.7% | 11.0% | 14.2% | 16.4% | |
| Latest Twelve Months | 6.0% | 13.6% | 25.5% | 11.0% | 13.7% | 15.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.91x | 2.23x | 4.56x | 2.31x | 6.31x | 2.33x | |
| EV / LTM EBITDA | 11.9x | 14.0x | 17.8x | 15.7x | 41.0x | 14.2x | |
| EV / LTM EBIT | 15.1x | 16.4x | 17.9x | 21.0x | 46.1x | 14.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 15.1x | 17.9x | 46.1x | ||||
| Historical EV / LTM EBIT | 2.0x | 10.6x | 19.7x | ||||
| Selected EV / LTM EBIT | 13.0x | 13.7x | 14.4x | ||||
| (x) LTM EBIT | 1,306 | 1,306 | 1,306 | ||||
| (=) Implied Enterprise Value | 17,009 | 17,904 | 18,799 | ||||
| (-) Non-shareholder Claims * | 1,345 | 1,345 | 1,345 | ||||
| (=) Equity Value | 18,354 | 19,249 | 20,144 | ||||
| (/) Shares Outstanding | 128.0 | 128.0 | 128.0 | ||||
| Implied Value Range | 143.37 | 150.36 | 157.36 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 143.37 | 150.36 | 157.36 | 159.29 | |||
| Upside / (Downside) | -10.0% | -5.6% | -1.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SONATSOFTW | MASTEK | XCHANGING | RSYSTEMS | PERSISTENT | SAKSOFT | |
| Enterprise Value | 88,069 | 74,520 | 8,174 | 40,316 | 706,251 | 19,047 | |
| (+) Cash & Short Term Investments | 5,511 | 4,271 | 2,961 | 1,937 | 10,698 | 1,877 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 6,903 | 0 | |
| (-) Debt | (6,235) | (6,713) | (1,056) | (729) | (4,739) | (532) | |
| (-) Other Liabilities | 0 | 0 | 0 | (2,407) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 87,346 | 72,078 | 10,079 | 39,118 | 719,113 | 20,392 | |
| (/) Shares Outstanding | 277.6 | 30.9 | 111.4 | 118.4 | 148.7 | 128.0 | |
| Implied Stock Price | 314.70 | 2,329.60 | 90.47 | 330.45 | 4,836.00 | 159.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 314.70 | 2,329.60 | 90.47 | 330.45 | 4,836.00 | 159.29 | |
| 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 | |