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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Selected Fwd Revenue Multiple | 0.7x - 0.7x | 0.7x |
| Fair Value | $1.08 - $1.21 | $1.15 |
| Upside | 30.0% - 45.8% | 37.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Airbnb, Inc. | ABNB | NasdaqGS:ABNB |
| MakeMyTrip Limited | MMYT | NasdaqGS:MMYT |
| eDreams ODIGEO S.A. | EDDR.F | OTCPK:EDDR.F |
| Bloomberry Resorts Corporation | BLBR.F | OTCPK:BLBR.F |
| First Watch Restaurant Group, Inc. | FWRG | NasdaqGS:FWRG |
| Yatra Online, Inc. | YTRA | NasdaqCM:YTRA |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ABNB | MMYT | EDDR.F | BLBR.F | FWRG | YTRA | |||
| NasdaqGS:ABNB | NasdaqGS:MMYT | OTCPK:EDDR.F | OTCPK:BLBR.F | NasdaqGS:FWRG | NasdaqCM:YTRA | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 18.2% | 10.0% | 3.4% | 2.6% | 18.4% | -14.8% | ||
| 3Y CAGR | 22.8% | 68.5% | 82.4% | 33.9% | 19.1% | 48.8% | ||
| Latest Twelve Months | 11.9% | 28.5% | 4.2% | 10.2% | 13.9% | 55.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -5.3% | -9.3% | -7.9% | 16.9% | 2.4% | -21.8% | ||
| Prior Fiscal Year | 15.3% | 3.6% | -1.8% | 32.4% | 5.4% | -1.7% | ||
| Latest Fiscal Year | 23.0% | 8.4% | 6.3% | 19.5% | 4.3% | -6.2% | ||
| Latest Twelve Months | 23.0% | 10.3% | 7.7% | 19.5% | 4.3% | -2.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 6.01x | 11.65x | 1.87x | 2.13x | 1.77x | 0.73x | ||
| EV / LTM EBIT | 26.1x | 113.3x | 24.1x | 10.9x | 40.7x | -26.1x | ||
| Price / LTM Sales | 6.75x | 12.14x | 1.34x | 0.67x | 1.01x | 0.61x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.77x | 2.13x | 11.65x | |||||
| Historical EV / LTM Revenue | 0.37x | 3.83x | 3.96x | |||||
| Selected EV / LTM Revenue | 0.91x | 0.96x | 1.01x | |||||
| (x) LTM Revenue | 6,789 | 6,789 | 6,789 | |||||
| (=) Implied Enterprise Value | 6,199 | 6,525 | 6,851 | |||||
| (-) Non-shareholder Claims * | (816) | (816) | (816) | |||||
| (=) Equity Value | 5,383 | 5,709 | 6,036 | |||||
| (/) Shares Outstanding | 58.5 | 58.5 | 58.5 | |||||
| Implied Value Range | 92.07 | 97.65 | 103.23 | |||||
| FX Rate: INR/USD | 85.6 | 85.6 | 85.6 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.08 | 1.14 | 1.21 | 0.83 | ||||
| Upside / (Downside) | 29.5% | 37.3% | 45.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ABNB | MMYT | EDDR.F | BLBR.F | FWRG | YTRA | |
| Enterprise Value | 66,672 | 10,893 | 1,288 | 171,278 | 1,800 | 4,974 | |
| (+) Cash & Short Term Investments | 10,611 | 704 | 44 | 33,179 | 33 | 1,883 | |
| (+) Investments & Other | 0 | 5 | 0 | 439 | 0 | 12 | |
| (-) Debt | (2,294) | (233) | (387) | (110,214) | (810) | (264) | |
| (-) Other Liabilities | 0 | (6) | 0 | 85 | 0 | (2,447) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 74,989 | 11,364 | 945 | 94,767 | 1,023 | 4,158 | |
| (/) Shares Outstanding | 621.3 | 109.8 | 119.9 | 9,715.1 | 60.7 | 58.5 | |
| Implied Stock Price | 120.69 | 103.51 | 7.88 | 9.75 | 16.86 | 71.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.92 | 57.38 | 1.00 | 85.57 | |
| Implied Stock Price (Trading Cur) | 120.69 | 103.51 | 8.53 | 0.17 | 16.86 | 0.83 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.92 | 57.38 | 1.00 | 85.57 | |