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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16,7x - 18,4x | 17,5x |
| Selected Fwd EBITDA Multiple | 10,5x - 11,6x | 11,0x |
| Fair Value | ₹106,80 - ₹118,13 | ₹112,46 |
| Upside | 57,1% - 73,7% | 65,4% |
| Benchmarks | Ticker | Full Ticker |
| Pidilite Industries Limited | PIDILITIND | NSEI:PIDILITIND |
| Hindustan Adhesives Limited | 514428 | BSE:514428 |
| The Fertilisers and Chemicals Travancore Limited | FACT | NSEI:FACT |
| Kanoria Chemicals & Industries Limited | KANORICHEM | NSEI:KANORICHEM |
| Khaitan Chemicals and Fertilizers Limited | KHAICHEM | NSEI:KHAICHEM |
| Srivasavi Adhesive Tapes Limited | SRIVASAVI | NSEI:SRIVASAVI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PIDILITIND | 514428 | FACT | KANORICHEM | KHAICHEM | SRIVASAVI | ||
| NSEI:PIDILITIND | BSE:514428 | NSEI:FACT | NSEI:KANORICHEM | NSEI:KHAICHEM | NSEI:SRIVASAVI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.3% | 16.3% | -20.1% | 6.0% | NM- | 23.9% | |
| 3Y CAGR | 18.0% | -0.4% | -46.0% | -22.1% | NM- | 15.7% | |
| Latest Twelve Months | 14.7% | -1.8% | -73.3% | -46.9% | -193.3% | 16.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.2% | 9.1% | 11.0% | 4.7% | 7.9% | 9.9% | |
| Prior Fiscal Year | 21.2% | 11.0% | 7.0% | 4.0% | 8.9% | 10.1% | |
| Latest Fiscal Year | 22.9% | 11.5% | 2.3% | 2.0% | -5.7% | 10.1% | |
| Latest Twelve Months | 22.9% | 11.5% | 2.3% | 2.0% | -2.1% | 10.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.65x | 0.93x | 14.58x | 0.63x | 1.97x | 1.06x | |
| EV / LTM EBITDA | 50.8x | 8.1x | 622.8x | 30.9x | -95.3x | 10.5x | |
| EV / LTM EBIT | 57.7x | 11.5x | 1014.6x | -31.0x | -50.3x | 12.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -95.3x | 30.9x | 622.8x | ||||
| Historical EV / LTM EBITDA | 10.5x | 15.1x | 19.7x | ||||
| Selected EV / LTM EBITDA | 16.7x | 17.5x | 18.4x | ||||
| (x) LTM EBITDA | 91 | 91 | 91 | ||||
| (=) Implied Enterprise Value | 1,513 | 1,593 | 1,673 | ||||
| (-) Non-shareholder Claims * | (11) | (11) | (11) | ||||
| (=) Equity Value | 1,502 | 1,581 | 1,661 | ||||
| (/) Shares Outstanding | 14.2 | 14.2 | 14.2 | ||||
| Implied Value Range | 105.96 | 111.58 | 117.19 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 105.96 | 111.58 | 117.19 | 68.00 | |||
| Upside / (Downside) | 55.8% | 64.1% | 72.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PIDILITIND | 514428 | FACT | KANORICHEM | KHAICHEM | SRIVASAVI | |
| Enterprise Value | 1,494,113 | 2,681 | 581,248 | 9,662 | 12,397 | 975 | |
| (+) Cash & Short Term Investments | 34,982 | 62 | 27,774 | 110 | 82 | 3 | |
| (+) Investments & Other | 3,894 | 31 | 1,581 | 119 | 0 | 0 | |
| (-) Debt | (4,541) | (1,086) | (18,046) | (5,951) | (2,917) | (14) | |
| (-) Other Liabilities | (2,033) | 0 | 0 | 105 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,526,414 | 1,688 | 592,556 | 4,044 | 9,561 | 964 | |
| (/) Shares Outstanding | 508.7 | 5.1 | 647.1 | 43.7 | 97.0 | 14.2 | |
| Implied Stock Price | 3,000.80 | 329.95 | 915.75 | 92.56 | 98.58 | 68.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,000.80 | 329.95 | 915.75 | 92.56 | 98.58 | 68.00 | |
| 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 | |