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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,5x - 11,6x | 11,1x |
| Selected Fwd EBITDA Multiple | 13,5x - 14,9x | 14,2x |
| Fair Value | ₹165,16 - ₹184,79 | ₹174,98 |
| Upside | 11,2% - 24,4% | 17,8% |
| Benchmarks | Ticker | Full Ticker |
| Refractory Shapes Limited | REFRACTORY | NSEI:REFRACTORY |
| The India Cements Limited | INDIACEM | NSEI:INDIACEM |
| Aviva Industries Limited | 512109 | BSE:512109 |
| Birla Corporation Limited | BIRLACORPN | NSEI:BIRLACORPN |
| Shri Keshav Cements and Infra Limited | 530977 | BSE:530977 |
| SP Refractories Limited | SPRL | NSEI:SPRL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| REFRACTORY | INDIACEM | 512109 | BIRLACORPN | 530977 | SPRL | ||
| NSEI:REFRACTORY | NSEI:INDIACEM | BSE:512109 | NSEI:BIRLACORPN | BSE:530977 | NSEI:SPRL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | -2.0% | 9.2% | 26.7% | |
| 3Y CAGR | 41.5% | NM- | NM- | 3.5% | 14.6% | 25.5% | |
| Latest Twelve Months | 28.4% | -564.9% | NM | -14.7% | -24.0% | 41.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.7% | 4.7% | 0.0% | 14.6% | 31.8% | 7.2% | |
| Prior Fiscal Year | 21.8% | 1.6% | NA | 14.8% | 29.0% | 5.4% | |
| Latest Fiscal Year | 19.0% | -9.2% | NA | 13.2% | 31.4% | 10.1% | |
| Latest Twelve Months | 19.0% | -9.2% | NA | 13.2% | 24.8% | 11.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.65x | 2.71x | 60.91x | 1.38x | 4.02x | 1.04x | |
| EV / LTM EBITDA | 14.0x | -29.4x | NA | 10.4x | 16.2x | 9.4x | |
| EV / LTM EBIT | 17.9x | -18.1x | -51.2x | 19.7x | 26.7x | 10.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -29.4x | 12.2x | 16.2x | ||||
| Historical EV / LTM EBITDA | 12.1x | 13.6x | 15.1x | ||||
| Selected EV / LTM EBITDA | 10.5x | 11.1x | 11.6x | ||||
| (x) LTM EBITDA | 32 | 32 | 32 | ||||
| (=) Implied Enterprise Value | 340 | 358 | 375 | ||||
| (-) Non-shareholder Claims * | (38) | (38) | (38) | ||||
| (=) Equity Value | 302 | 319 | 337 | ||||
| (/) Shares Outstanding | 1.8 | 1.8 | 1.8 | ||||
| Implied Value Range | 168.52 | 178.51 | 188.50 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 168.52 | 178.51 | 188.50 | 148.50 | |||
| Upside / (Downside) | 13.5% | 20.2% | 26.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | REFRACTORY | INDIACEM | 512109 | BIRLACORPN | 530977 | SPRL | |
| Enterprise Value | 1,588 | 112,482 | 47 | 127,129 | 4,824 | 304 | |
| (+) Cash & Short Term Investments | 40 | 1,052 | 0 | 8,220 | 207 | 0 | |
| (+) Investments & Other | 66 | 1,194 | 17 | 7,568 | 0 | 0 | |
| (-) Debt | (171) | (11,652) | (8) | (34,886) | (2,359) | (38) | |
| (-) Other Liabilities | 0 | (21) | 0 | (0) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,523 | 103,056 | 56 | 108,031 | 2,672 | 266 | |
| (/) Shares Outstanding | 21.8 | 309.9 | 1.5 | 77.0 | 17.5 | 1.8 | |
| Implied Stock Price | 69.85 | 332.55 | 37.31 | 1,402.90 | 152.55 | 148.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 69.85 | 332.55 | 37.31 | 1,402.90 | 152.55 | 148.50 | |
| 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 | |