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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.5x - 11.6x | 11.1x |
| Selected Fwd EBIT Multiple | 5.8x - 6.4x | 6.1x |
| Fair Value | ₹172.93 - ₹184.43 | ₹178.68 |
| Upside | 17.6% - 25.4% | 21.5% |
| Benchmarks | Ticker | Full Ticker |
| Onward Technologies Limited | ONWARDTEC | NSEI:ONWARDTEC |
| Dev Information Technology Limited | DEVIT | NSEI:DEVIT |
| Mindteck (India) Limited | MINDTECK | NSEI:MINDTECK |
| InfoBeans Technologies Limited | INFOBEAN | NSEI:INFOBEAN |
| SecureKloud Technologies Limited | SECURKLOUD | NSEI:SECURKLOUD |
| CyberTech Systems and Software Limited | CYBERTECH | NSEI:CYBERTECH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ONWARDTEC | DEVIT | MINDTECK | INFOBEAN | SECURKLOUD | CYBERTECH | ||
| NSEI:ONWARDTEC | NSEI:DEVIT | NSEI:MINDTECK | NSEI:INFOBEAN | NSEI:SECURKLOUD | NSEI:CYBERTECH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.7% | 15.3% | 59.4% | 9.9% | NM- | 15.2% | |
| 3Y CAGR | 59.9% | 90.4% | 27.6% | -1.9% | NM- | 5.7% | |
| Latest Twelve Months | -35.0% | -0.3% | 8.3% | 146.7% | 33.8% | 43.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.5% | 4.8% | 5.3% | 13.0% | -12.6% | 15.8% | |
| Prior Fiscal Year | 3.8% | 4.6% | 6.9% | 11.6% | -19.9% | 15.3% | |
| Latest Fiscal Year | 8.3% | 7.6% | 7.4% | 7.4% | -14.4% | 10.4% | |
| Latest Twelve Months | 5.7% | 6.9% | 7.2% | 11.6% | -21.2% | 13.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.20x | 1.66x | 0.97x | 1.48x | 0.79x | 1.12x | |
| EV / LTM EBITDA | 18.4x | 22.1x | 13.0x | 9.1x | -6.0x | 7.6x | |
| EV / LTM EBIT | 21.2x | 24.2x | 13.5x | 12.8x | -3.7x | 8.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.7x | 13.5x | 24.2x | ||||
| Historical EV / LTM EBIT | 2.3x | 11.8x | 17.3x | ||||
| Selected EV / LTM EBIT | 10.5x | 11.1x | 11.6x | ||||
| (x) LTM EBIT | 306 | 306 | 306 | ||||
| (=) Implied Enterprise Value | 3,217 | 3,387 | 3,556 | ||||
| (-) Non-shareholder Claims * | 1,981 | 1,981 | 1,981 | ||||
| (=) Equity Value | 5,198 | 5,368 | 5,537 | ||||
| (/) Shares Outstanding | 31.1 | 31.1 | 31.1 | ||||
| Implied Value Range | 166.98 | 172.42 | 177.86 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 166.98 | 172.42 | 177.86 | 147.04 | |||
| Upside / (Downside) | 13.6% | 17.3% | 21.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ONWARDTEC | DEVIT | MINDTECK | INFOBEAN | SECURKLOUD | CYBERTECH | |
| Enterprise Value | 5,820 | 2,699 | 4,072 | 5,757 | 1,712 | 2,596 | |
| (+) Cash & Short Term Investments | 233 | 56 | 1,251 | 1,569 | 4 | 2,054 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (339) | (248) | (3) | (250) | (1,142) | (73) | |
| (-) 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 | 5,715 | 2,507 | 5,320 | 7,077 | 574 | 4,577 | |
| (/) Shares Outstanding | 22.7 | 22.5 | 31.9 | 24.3 | 33.4 | 31.1 | |
| Implied Stock Price | 252.00 | 111.24 | 166.70 | 291.25 | 17.18 | 147.04 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 252.00 | 111.24 | 166.70 | 291.25 | 17.18 | 147.04 | |
| 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 | |