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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 23.2x - 25.6x | 24.4x |
| Selected Fwd EBITDA Multiple | 18.1x - 20.0x | 19.1x |
| Fair Value | ₹330.86 - ₹364.12 | ₹347.49 |
| Upside | -10.4% - -1.4% | -5.9% |
| Benchmarks | Ticker | Full Ticker |
| Ingersoll-Rand (India) Limited | INGERRAND | NSEI:INGERRAND |
| Jamna Auto Industries Limited | JAMNAAUTO | NSEI:JAMNAAUTO |
| Kirloskar Oil Engines Limited | KIRLOSENG | NSEI:KIRLOSENG |
| SKP Bearing Industries Limited | SKP | NSEI:SKP |
| Vesuvius India Limited | VESUVIUS | NSEI:VESUVIUS |
| Jupiter Wagons Limited | JWL | NSEI:JWL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| INGERRAND | JAMNAAUTO | KIRLOSENG | SKP | VESUVIUS | JWL | ||
| NSEI:INGERRAND | NSEI:JAMNAAUTO | NSEI:KIRLOSENG | NSEI:SKP | NSEI:VESUVIUS | NSEI:JWL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.3% | 2.8% | 22.1% | 1.1% | 23.5% | 107.3% | |
| 3Y CAGR | 37.2% | 35.8% | 38.2% | 8.2% | 51.7% | 66.0% | |
| Latest Twelve Months | 15.9% | -2.7% | 29.2% | -43.2% | 21.6% | 28.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.1% | 12.2% | 13.0% | 37.8% | 13.3% | 9.7% | |
| Prior Fiscal Year | 21.6% | 11.1% | 14.4% | 40.3% | 17.8% | 12.2% | |
| Latest Fiscal Year | 24.4% | 13.4% | 17.1% | 33.9% | 18.6% | 13.4% | |
| Latest Twelve Months | 26.6% | 13.4% | 18.4% | 19.1% | 18.6% | 13.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.28x | 1.39x | 2.33x | 6.63x | 4.69x | 3.73x | |
| EV / LTM EBITDA | 31.1x | 10.4x | 12.7x | 34.7x | 25.2x | 27.1x | |
| EV / LTM EBIT | 32.5x | 12.1x | 13.9x | 40.9x | 29.1x | 28.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.4x | 25.2x | 34.7x | ||||
| Historical EV / LTM EBITDA | 13.2x | 19.6x | 36.1x | ||||
| Selected EV / LTM EBITDA | 23.2x | 24.4x | 25.6x | ||||
| (x) LTM EBITDA | 5,559 | 5,559 | 5,559 | ||||
| (=) Implied Enterprise Value | 128,831 | 135,611 | 142,392 | ||||
| (-) Non-shareholder Claims * | 6,302 | 6,302 | 6,302 | ||||
| (=) Equity Value | 135,133 | 141,913 | 148,694 | ||||
| (/) Shares Outstanding | 424.5 | 424.5 | 424.5 | ||||
| Implied Value Range | 318.34 | 334.31 | 350.28 | ||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 318.34 | 334.31 | 350.28 | 369.25 | |||
| Upside / (Downside) | -13.8% | -9.5% | -5.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INGERRAND | JAMNAAUTO | KIRLOSENG | SKP | VESUVIUS | JWL | |
| Enterprise Value | 110,058 | 31,764 | 146,002 | 4,026 | 87,752 | 150,444 | |
| (+) Cash & Short Term Investments | 2,905 | 495 | 12,795 | 14 | 4,820 | 10,802 | |
| (+) Investments & Other | 0 | 0 | 0 | 1 | 0 | 0 | |
| (-) Debt | (45) | (2,188) | (54,304) | (320) | (134) | (4,500) | |
| (-) 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 | 112,917 | 30,071 | 104,493 | 3,720 | 92,438 | 156,746 | |
| (/) Shares Outstanding | 31.6 | 399.0 | 145.2 | 16.6 | 20.3 | 424.5 | |
| Implied Stock Price | 3,576.95 | 75.37 | 719.75 | 224.10 | 4,554.50 | 369.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,576.95 | 75.37 | 719.75 | 224.10 | 4,554.50 | 369.25 | |
| 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 | |