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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.5x - 18.2x | 17.3x |
| Selected Fwd EBITDA Multiple | 9.7x - 10.7x | 10.2x |
| Fair Value | ₹899.76 - ₹1,014 | ₹956.97 |
| Upside | 5.9% - 19.4% | 12.7% |
| Benchmarks | Ticker | Full Ticker |
| Art Nirman Limited | ARTNIRMAN | NSEI:ARTNIRMAN |
| Sunteck Realty Limited | 512179 | BSE:512179 |
| Kolte-Patil Developers Limited | 532924 | BSE:532924 |
| Suratwwala Business Group Limited | 543218 | BSE:543218 |
| KBC Global Limited | 541161 | BSE:541161 |
| Ajmera Realty & Infra India Limited | AJMERA | NSEI:AJMERA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ARTNIRMAN | 512179 | 532924 | 543218 | 541161 | AJMERA | ||
| NSEI:ARTNIRMAN | BSE:512179 | BSE:532924 | BSE:543218 | BSE:541161 | NSEI:AJMERA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -26.9% | -20.9% | -29.5% | 67.8% | NM- | 9.6% | |
| 3Y CAGR | -6.5% | -4.7% | -12.1% | 50.9% | NM- | 28.2% | |
| Latest Twelve Months | 17.3% | 710.9% | -75.0% | -44.1% | -26.6% | 52.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -2.6% | 16.9% | 9.9% | 30.4% | -22.7% | 27.6% | |
| Prior Fiscal Year | 4.9% | 17.7% | 12.3% | 48.1% | -0.2% | 28.9% | |
| Latest Fiscal Year | 6.3% | 21.0% | 3.2% | 53.5% | -259.2% | 28.7% | |
| Latest Twelve Months | 7.4% | 25.0% | 3.7% | 46.3% | -136.4% | 30.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.56x | 5.44x | 2.10x | 18.87x | -11.41x | 5.14x | |
| EV / LTM EBITDA | 48.4x | 21.7x | 57.4x | 40.8x | 8.4x | 16.6x | |
| EV / LTM EBIT | 67.0x | 22.5x | 65.8x | 41.7x | 8.3x | 16.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.4x | 40.8x | 57.4x | ||||
| Historical EV / LTM EBITDA | 10.1x | 16.7x | 21.0x | ||||
| Selected EV / LTM EBITDA | 16.5x | 17.3x | 18.2x | ||||
| (x) LTM EBITDA | 2,528 | 2,528 | 2,528 | ||||
| (=) Implied Enterprise Value | 41,623 | 43,814 | 46,005 | ||||
| (-) Non-shareholder Claims * | (7,370) | (7,370) | (7,370) | ||||
| (=) Equity Value | 34,253 | 36,444 | 38,635 | ||||
| (/) Shares Outstanding | 39.4 | 39.4 | 39.4 | ||||
| Implied Value Range | 870.28 | 925.94 | 981.60 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 870.28 | 925.94 | 981.60 | 849.40 | |||
| Upside / (Downside) | 2.5% | 9.0% | 15.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ARTNIRMAN | 512179 | 532924 | 543218 | 541161 | AJMERA | |
| Enterprise Value | 1,134 | 58,392 | 31,940 | 6,635 | (3,536) | 40,802 | |
| (+) Cash & Short Term Investments | 51 | 937 | 5,678 | 41 | 7,083 | 817 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 3 | 0 | |
| (-) Debt | (86) | (2,959) | (12,507) | (212) | (726) | (8,187) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,099 | 56,369 | 25,112 | 6,463 | 2,824 | 33,432 | |
| (/) Shares Outstanding | 25.0 | 146.5 | 76.0 | 173.4 | 5,228.8 | 39.4 | |
| Implied Stock Price | 44.03 | 384.80 | 330.40 | 37.27 | 0.54 | 849.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 44.03 | 384.80 | 330.40 | 37.27 | 0.54 | 849.40 | |
| 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 | |