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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.7x - 3.0x | 2.9x |
| Selected Fwd Revenue Multiple | 2.3x - 2.6x | 2.4x |
| Fair Value | ₹1,336 - ₹1,498 | ₹1,417 |
| Upside | -12.7% - -2.1% | -7.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| CESC Limited | CESC | NSEI:CESC |
| Adani Energy Solutions Limited | ADANIENSOL | NSEI:ADANIENSOL |
| The Tata Power Company Limited | TATAPOWER | NSEI:TATAPOWER |
| NTPC Limited | NTPC | NSEI:NTPC |
| NHPC Limited | NHPC | NSEI:NHPC |
| Torrent Power Limited | TORNTPOWER | NSEI:TORNTPOWER |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CESC | ADANIENSOL | TATAPOWER | NTPC | NHPC | TORNTPOWER | |||
| NSEI:CESC | NSEI:ADANIENSOL | NSEI:TATAPOWER | NSEI:NTPC | NSEI:NHPC | NSEI:TORNTPOWER | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.5% | 17.9% | 15.5% | 12.2% | 1.4% | 15.6% | ||
| 3Y CAGR | 9.6% | 18.7% | 23.4% | 17.0% | -0.1% | 30.7% | ||
| Latest Twelve Months | 10.0% | 44.8% | 10.6% | 6.1% | 1.5% | 9.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 13.8% | 25.9% | 12.2% | 19.6% | 45.6% | 15.3% | ||
| Prior Fiscal Year | 9.8% | 23.5% | 8.3% | 19.5% | 49.8% | 14.1% | ||
| Latest Fiscal Year | 6.9% | 26.5% | 11.5% | 19.2% | 50.3% | 12.2% | ||
| Latest Twelve Months | 7.4% | 26.3% | 14.1% | 19.3% | 52.9% | 13.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.99x | 5.99x | 2.74x | 3.12x | 12.30x | 2.95x | ||
| EV / LTM EBIT | 26.9x | 22.8x | 19.5x | 16.1x | 23.2x | 21.9x | ||
| Price / LTM Sales | 1.21x | 4.52x | 1.89x | 1.83x | 8.36x | 2.58x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.99x | 3.12x | 12.30x | |||||
| Historical EV / LTM Revenue | 1.40x | 2.22x | 2.81x | |||||
| Selected EV / LTM Revenue | 2.73x | 2.87x | 3.02x | |||||
| (x) LTM Revenue | 292,375 | 292,375 | 292,375 | |||||
| (=) Implied Enterprise Value | 798,310 | 840,326 | 882,342 | |||||
| (-) Non-shareholder Claims * | (102,945) | (102,945) | (102,945) | |||||
| (=) Equity Value | 695,364 | 737,381 | 779,397 | |||||
| (/) Shares Outstanding | 503.9 | 503.9 | 503.9 | |||||
| Implied Value Range | 1,379.96 | 1,463.34 | 1,546.72 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,379.96 | 1,463.34 | 1,546.72 | 1,530.10 | ||||
| Upside / (Downside) | -9.8% | -4.4% | 1.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CESC | ADANIENSOL | TATAPOWER | NTPC | NHPC | TORNTPOWER | |
| Enterprise Value | 327,752 | 1,302,242 | 1,711,354 | 5,899,562 | 1,176,330 | 873,968 | |
| (+) Cash & Short Term Investments | 31,930 | 73,197 | 96,559 | 78,724 | 27,809 | 12,729 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (155,730) | (390,087) | (583,139) | (2,420,095) | (364,173) | (115,674) | |
| (-) 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 | 203,952 | 985,352 | 1,224,774 | 3,558,192 | 839,966 | 771,023 | |
| (/) Shares Outstanding | 1,325.6 | 1,201.3 | 3,195.3 | 9,696.7 | 10,045.0 | 503.9 | |
| Implied Stock Price | 153.86 | 820.25 | 383.30 | 366.95 | 83.62 | 1,530.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 153.86 | 820.25 | 383.30 | 366.95 | 83.62 | 1,530.10 | |
| 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 | |