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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 34,8x - 38,5x | 36,7x |
| Selected Fwd Revenue Multiple | 13,1x - 14,4x | 13,7x |
| Fair Value | 66,93₹ - 76,06₹ | 71,49₹ |
| Upside | -32,5% - -23,3% | -27,9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Adani Green Energy Limited | ADANIGREEN | NSEI:ADANIGREEN |
| ACME Solar Holdings Limited | ACMESOLAR | NSEI:ACMESOLAR |
| JSW Energy Limited | JSWENERGY | NSEI:JSWENERGY |
| Azure Power Global Limited | AZRE.F | OTCPK:AZRE.F |
| Adani Power Limited | ADANIPOWER | NSEI:ADANIPOWER |
| NTPC Green Energy Limited | NTPCGREEN | NSEI:NTPCGREEN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ADANIGREEN | ACMESOLAR | JSWENERGY | AZRE.F | ADANIPOWER | NTPCGREEN | |||
| NSEI:ADANIGREEN | NSEI:ACMESOLAR | NSEI:JSWENERGY | OTCPK:AZRE.F | NSEI:ADANIPOWER | NSEI:NTPCGREEN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 34.8% | 29.2% | 4.7% | 16.5% | 16.1% | NM- | ||
| 3Y CAGR | 43.5% | -8.0% | 18.4% | 11.8% | 24.3% | NM- | ||
| Latest Twelve Months | 16.0% | NM | -0.8% | 2.7% | 17.1% | NM | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 56.2% | 57.8% | 27.0% | 51.9% | 21.3% | 56.6% | ||
| Prior Fiscal Year | 54.5% | 54.0% | 20.7% | 48.8% | 17.9% | 59.8% | ||
| Latest Fiscal Year | 59.1% | 61.5% | 32.7% | 39.4% | 28.4% | 56.7% | ||
| Latest Twelve Months | 57.0% | 64.5% | 31.7% | 39.4% | 31.1% | 53.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 20.05x | 17.81x | 10.97x | 6.04x | 4.23x | 49.41x | ||
| EV / LTM EBIT | 35.2x | 27.6x | 34.6x | 15.3x | 13.6x | 92.8x | ||
| Price / LTM Sales | 13.43x | 10.27x | 8.80x | 0.23x | 3.63x | 41.22x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 4.23x | 10.97x | 20.05x | |||||
| Historical EV / LTM Revenue | 0.00x | NM | 0.00x | |||||
| Selected EV / LTM Revenue | 34.84x | 36.67x | 38.50x | |||||
| (x) LTM Revenue | 20,366 | 20,366 | 20,366 | |||||
| (=) Implied Enterprise Value | 709,487 | 746,828 | 784,169 | |||||
| (-) Non-shareholder Claims * | (166,642) | (166,642) | (166,642) | |||||
| (=) Equity Value | 542,845 | 580,186 | 617,528 | |||||
| (/) Shares Outstanding | 8,426.3 | 8,426.3 | 8,426.3 | |||||
| Implied Value Range | 64.42 | 68.85 | 73.29 | |||||
| FX Rate: INR/INR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 64.42 | 68.85 | 73.29 | 99.17 | ||||
| Upside / (Downside) | -35.0% | -30.6% | -26.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADANIGREEN | ACMESOLAR | JSWENERGY | AZRE.F | ADANIPOWER | NTPCGREEN | |
| Enterprise Value | 2,062,686 | 211,982 | 1,224,891 | 124,408 | 2,316,885 | 1,002,281 | |
| (+) Cash & Short Term Investments | 74,310 | 15,984 | 65,996 | 7,469 | 64,423 | 14,554 | |
| (+) Investments & Other | 0 | 0 | 0 | 457 | 0 | 167 | |
| (-) Debt | (674,300) | (106,979) | (308,531) | (126,782) | (377,050) | (180,445) | |
| (-) Other Liabilities | 0 | 0 | 0 | (567) | 0 | (918) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,462,696 | 120,987 | 982,356 | 4,985 | 2,004,258 | 835,639 | |
| (/) Shares Outstanding | 1,584.0 | 605.1 | 1,745.2 | 64.2 | 3,856.9 | 8,426.3 | |
| Implied Stock Price | 923.40 | 199.94 | 562.90 | 77.69 | 519.65 | 99.17 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 86.32 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 923.40 | 199.94 | 562.90 | 0.90 | 519.65 | 99.17 | |
| Trading Currency | INR | INR | INR | USD | INR | INR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 86.32 | 1.00 | 1.00 | |