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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 12.8x - 14.2x | 13.5x |
| Selected Fwd Revenue Multiple | 10.8x - 11.9x | 11.3x |
| Fair Value | ₹279.26 - ₹308.83 | ₹294.04 |
| Upside | -12.7% - -3.4% | -8.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Adani Ports and Special Economic Zone Limited | ADANIPORTS | NSEI:ADANIPORTS |
| Gujarat Pipavav Port Limited | GPPL | NSEI:GPPL |
| GMR Airports Limited | GMRAIRPORT | NSEI:GMRAIRPORT |
| VMS Industries Limited | 533427 | BSE:533427 |
| Container Corporation of India Limited | CONCOR | NSEI:CONCOR |
| JSW Infrastructure Limited | JSWINFRA | NSEI:JSWINFRA |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ADANIPORTS | GPPL | GMRAIRPORT | 533427 | CONCOR | JSWINFRA | |||
| NSEI:ADANIPORTS | NSEI:GPPL | NSEI:GMRAIRPORT | BSE:533427 | NSEI:CONCOR | NSEI:JSWINFRA | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 19.6% | 7.2% | 3.5% | -2.9% | 4.5% | 28.0% | ||
| 3Y CAGR | 28.6% | 10.7% | 34.9% | 20.2% | 10.5% | 32.7% | ||
| Latest Twelve Months | 12.8% | 1.6% | 21.7% | 62.5% | 4.5% | 19.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 45.8% | 42.7% | 16.1% | 1.0% | 14.7% | 37.0% | ||
| Prior Fiscal Year | 45.4% | 42.8% | 10.4% | 0.6% | 16.5% | 39.0% | ||
| Latest Fiscal Year | 45.0% | 47.0% | 17.4% | 2.2% | 15.9% | 41.0% | ||
| Latest Twelve Months | 46.2% | 47.4% | 17.8% | 0.4% | 16.1% | 39.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 10.41x | 5.67x | 11.28x | 0.15x | 4.39x | 15.39x | ||
| EV / LTM EBIT | 22.5x | 12.0x | 63.5x | 41.6x | 27.3x | 39.4x | ||
| Price / LTM Sales | 8.85x | 6.73x | 8.00x | 0.18x | 4.71x | 15.27x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.15x | 5.67x | 11.28x | |||||
| Historical EV / LTM Revenue | 13.82x | 13.82x | 13.82x | |||||
| Selected EV / LTM Revenue | 12.85x | 13.52x | 14.20x | |||||
| (x) LTM Revenue | 42,976 | 42,976 | 42,976 | |||||
| (=) Implied Enterprise Value | 552,084 | 581,141 | 610,198 | |||||
| (-) Non-shareholder Claims * | (3,386) | (3,386) | (3,386) | |||||
| (=) Equity Value | 548,698 | 577,755 | 606,812 | |||||
| (/) Shares Outstanding | 2,051.5 | 2,051.5 | 2,051.5 | |||||
| Implied Value Range | 267.46 | 281.62 | 295.79 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 267.46 | 281.62 | 295.79 | 319.80 | ||||
| Upside / (Downside) | -16.4% | -11.9% | -7.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADANIPORTS | GPPL | GMRAIRPORT | 533427 | CONCOR | JSWINFRA | |
| Enterprise Value | 2,986,785 | 56,304 | 1,118,329 | 478 | 391,660 | 659,459 | |
| (+) Cash & Short Term Investments | 73,401 | 11,106 | 40,124 | 326 | 38,878 | 44,403 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (504,850) | (652) | (358,822) | (207) | (9,150) | (47,789) | |
| (-) 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 | 2,555,336 | 66,758 | 799,631 | 597 | 421,388 | 656,073 | |
| (/) Shares Outstanding | 2,160.1 | 483.4 | 10,559.0 | 24.5 | 609.3 | 2,051.5 | |
| Implied Stock Price | 1,182.95 | 138.09 | 75.73 | 24.41 | 691.60 | 319.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,182.95 | 138.09 | 75.73 | 24.41 | 691.60 | 319.80 | |
| 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 | |