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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26.8x - 29.6x | 28.2x |
| Selected Fwd EBIT Multiple | 17.2x - 19.0x | 18.1x |
| Fair Value | ₹1,273 - ₹1,450 | ₹1,361 |
| Upside | -20.1% - -9.0% | -14.6% |
| Benchmarks | Ticker | Full Ticker |
| Sify Technologies Limited | SIFY | NasdaqCM:SIFY |
| RailTel Corporation of India Limited | RAILTEL | NSEI:RAILTEL |
| Steelman Telecom Limited | 543622 | BSE:543622 |
| HFCL Limited | HFCL | NSEI:HFCL |
| SAR Televenture Limited | SARTELE | NSEI:SARTELE |
| Tata Communications Limited | 500483 | BSE:500483 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SIFY | RAILTEL | 543622 | HFCL | SARTELE | 500483 | ||
| NasdaqCM:SIFY | NSEI:RAILTEL | BSE:543622 | NSEI:HFCL | NSEI:SARTELE | BSE:500483 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.4% | 10.7% | NM- | 5.4% | NM- | 21.0% | |
| 3Y CAGR | -3.2% | 18.7% | NM- | 1.3% | 1052.8% | -3.3% | |
| Latest Twelve Months | 16.9% | 6.9% | -752.0% | 23.2% | NM | 0.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.2% | 13.0% | -0.4% | 11.5% | -59.4% | 10.0% | |
| Prior Fiscal Year | 7.3% | 11.9% | 1.3% | 11.3% | 14.4% | 11.5% | |
| Latest Fiscal Year | 6.1% | 12.3% | -3.9% | 11.2% | 13.1% | 8.4% | |
| Latest Twelve Months | 6.0% | 10.6% | -4.5% | 12.5% | 14.0% | 7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.09x | 3.24x | 0.96x | 2.73x | 3.42x | 2.49x | |
| EV / LTM EBITDA | 6.7x | 21.6x | 38.0x | 19.5x | 23.3x | 14.7x | |
| EV / LTM EBIT | 18.1x | 30.6x | -21.4x | 21.7x | 24.5x | 31.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -21.4x | 21.7x | 30.6x | ||||
| Historical EV / LTM EBIT | 18.6x | 21.1x | 36.6x | ||||
| Selected EV / LTM EBIT | 26.8x | 28.2x | 29.6x | ||||
| (x) LTM EBIT | 17,933 | 17,933 | 17,933 | ||||
| (=) Implied Enterprise Value | 480,804 | 506,109 | 531,415 | ||||
| (-) Non-shareholder Claims * | (116,165) | (116,165) | (116,165) | ||||
| (=) Equity Value | 364,639 | 389,945 | 415,250 | ||||
| (/) Shares Outstanding | 285.0 | 285.0 | 285.0 | ||||
| Implied Value Range | 1,279.44 | 1,368.23 | 1,457.02 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,279.44 | 1,368.23 | 1,457.02 | 1,593.35 | |||
| Upside / (Downside) | -19.7% | -14.1% | -8.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SIFY | RAILTEL | 543622 | HFCL | SARTELE | 500483 | |
| Enterprise Value | 43,214 | 96,708 | 2,098 | 125,246 | 9,625 | 570,269 | |
| (+) Cash & Short Term Investments | 7,147 | 2,664 | 139 | 4,119 | 155 | 8,039 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (37,848) | (490) | (550) | (12,148) | (90) | (124,204) | |
| (-) Other Liabilities | 0 | 0 | (4) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,513 | 98,881 | 1,684 | 117,217 | 9,690 | 454,105 | |
| (/) Shares Outstanding | 30.6 | 320.9 | 9.7 | 1,442.7 | 37.1 | 285.0 | |
| Implied Stock Price | 409.50 | 308.10 | 174.00 | 81.25 | 260.90 | 1,593.35 | |
| FX Conversion Rate to Trading Currency | 85.67 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.78 | 308.10 | 174.00 | 81.25 | 260.90 | 1,593.35 | |
| Trading Currency | USD | INR | INR | INR | INR | INR | |
| FX Rate to Reporting Currency | 85.67 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |