Rs.          Nos.                      Rs. Mln
                                Price        Shares       Equity      Debt ...
FY09      FY09               FY09            FY09        FY09
Mln                                      Rs. Mln            ...
FY09
Multiples
            NP
             55.11
             28.95
             26.19
              36.75
              2...
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Valuation Scenarios

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Valuation Scenarios

  1. 1. Rs. Nos. Rs. Mln Price Shares Equity Debt Cash Educomp 4,286.35 17,313,157 74,210 3,672 543 Everonn 396.40 15,120,400 5,994 485 86 Edserv Softsyst 79.95 12,006,000 960 9 2 TARAhaat FY18 529 - 40 FY11 Current Case - Current Valuation: DCF, Future Valuation: Trailing Multiples Enterprise Value (Exit) USD mln 529 Stake (Entry) % 11.70% Value Of Stake (Exit) USD mln 61.884 Initial Investment (Entry) USD mln 3.553 CAGR % 42.93% 17.42 Modified Case - Current Valuation: Trailing Multiples, Future Valuation: Trailing Multiples Enterprise Value (Exit) USD mln 569 Enterprise Value (Entry) USD mln 18 Stake (Entry) % 19.89% Value Of Stake (Exit) USD mln 113.125 Initial Investment (Entry) USD mln 3.553 CAGR % 54.12% 31.84 Multi-year Exit Scenario FY16 FY17 FY18 x Rev 10.39 Revenue (USD mln) 37 52 68 EV (USD mln) 384 538 710 Stake 11.70% 11.70% 11.70% Investor Stake (USD mln) 45 63 83 Investment $ 3.553 3.553 3.553 CAGR 66% 78% 88%
  2. 2. FY09 FY09 FY09 FY09 FY09 Mln Rs. Mln Multiples EV Revenue EBIDTA NP Revenue EBIDTA 77,339 6,371 3,111 1,403 12.14 24.86 6,393 1,447 512 221 4.42 12.48 967 84 51 37 11.44 18.91 Mean 9.33 18.75 Median 11.44 18.91 569 63 26 17 592 491 17.87 1.72 726 495 ing Multiples
  3. 3. FY09 Multiples NP 55.11 28.95 26.19 36.75 28.95 620 489

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