Duff & Phelps, the global advisor that enables clients to protect, restore and maximize value, launched the third edition of its Industry Multiples report for India. This report relates to the quarter ended March 2018 and provides a detailed overview of the P/B, P/E, EV/ EBITDA and EV/Sales multiples of companies in over 22 major industries in the S&P BSE 500 Index.
Q4FY13 Review – Large Caps Outperformed the small and Mid Caps!RR Finance
In the month of May 2013 Benchmark indices ended positively. While BSE Sensex grew by 1.31% & Nifty gained 0.94%. RBI cuts interest rates by twenty five bps & Wholesale Inflation figure came down below 5 %. However GDP Data came in month of May, were in line with expectations, dampening hopes of further rate cut.
Visit: - http://www.rrfinance.com/
Reflecting a positive hiring outlook, the organized sector in India is expected to create about 1.6 million new jobs in the year 2012, as per the latest results of a survey from HR firm Ma Foi Randstad..
Q4FY13 Review – Large Caps Outperformed the small and Mid Caps!RR Finance
In the month of May 2013 Benchmark indices ended positively. While BSE Sensex grew by 1.31% & Nifty gained 0.94%. RBI cuts interest rates by twenty five bps & Wholesale Inflation figure came down below 5 %. However GDP Data came in month of May, were in line with expectations, dampening hopes of further rate cut.
Visit: - http://www.rrfinance.com/
Reflecting a positive hiring outlook, the organized sector in India is expected to create about 1.6 million new jobs in the year 2012, as per the latest results of a survey from HR firm Ma Foi Randstad..
The year 2010 saw major economies registering modest growth and India on a balanced growth path. India story gained primacy at the beginning of 2010, with the changing market scenarios across the world.
The outlook is more or less stable across sectors over the
months. The optimism of early 2010 was further
strengthened due to a positive economic outlook, but the
recent political developments marked with scandals have
made an impact on the overall business confidence, albeit
marginal. Employment generation has remained stable and
upbeat in most of the sectors. However, continuous
inflation, price of raw materials and intermediate industrial
products, scams involving ministers and so on have created
some caution in the minds of entrepreneurs. The
movement of skilled workforce within the sector continued
during the 4th Quarter of 2010. The change in
employment across sectors is given in the table below.
The employment scenario during any specific time period
needs to be viewed from the perspective of various
activities and at several fronts, for a considerable period.
This section has presented the estimated employment
numbers with expectations for different sectors of the
Indian economy. It also lists some of the issues that might
have an impact on the employment scenario, either directly
or indirectly. This will help correlate between the trends
observed regarding employment and economic as well as
political fundamentals.
The BFSI sector is expected to add 116,240
jobs in 2011.
The stable and positive sentiment at the economic front continues
to help the BFSI sector to grow further during the 4th Quarter of
2010. Responses from the BFSI companies indicate that almost
similar condition will prevail during the first two quarters of 2011
as well as for the entire year. The sector is cautiously optimistic
about growth of employment numbers.
The raise of Repo and Reverse Repo rates by RBI on 25th January
2011 has caused an increase of Repo rate by 175 basis points and
Reverse Repo rate by 225 basis points, since March 2010. CRR has
increased by 100 basis points during the same time.
Inflation has remained a cause for concern over the past months
and is expected to continue for a few more months to come.
However, the response to structural causes of inflation needs to be
through reallocation of resources across sectors. Short term
measures like interest rate hikes, though manage to contain
inflation to a moderate level are not strong enough to sustain
growth. .
The recent RBI report on the Micro Finance sector has
recommended several checks to resolve the issues and improve
transparency. However, observations have also been made
regarding the “Recovery Culture” in the financial sector and its
adverse effects on the customers. This is an important observation
made by RBI, in view of the recent measures taken by the Andhra
Pradesh Government to regulate the recovery of loans from the
small borrowers by the MFIs. However, the drive towards financial
inclusion will certainly play a positive role in employment
generation in this sector.
Bank credit to commercial sector is increasing steadily, which is
one of the major driving forces for the banking sector in the
country.
Insurance sector, both life and general, has witnessed a positive
sentiment in the 4th Quarter as compared to the previous ones
and is expected to do better in coming months.
The Education, Training and Consulting sector
is expected to add 107,500 jobs in 2011.
Education sector continued to contribute significantly to the
employment base of the country during the last Quarter of 2010.
The sector is expected to grow at similar rate during the first
couple of Quarters of 2011. However, the expectation regarding
growth for the entire calendar year of 2011 is slightly lower
compared to the first two Quarters of the year.
The regulatory ambiguity still remains the biggest impediment that
holds back the sector’s transformation into one of country’s
largest industry
Real Estate Facilities Management | Project Services | Vestianvallispvm
Vestian is an end-to-end service provider in the Commercial Real Estate space providing investment & consultancy services, transaction advisory, project services and real estate facility management services
https://www.vestian.com/
HDFC Securities' Monthly Strategy report - September 2014IndiaNotes.com
This report from HDFC Securities summarizes the current and past state of the market (India and global) and through technical analysis, recommends strategies for the next month
Market Reports on India presents the latest report on “India Oil & Gas Retail Market”. http://www.marketreportsonindia.com/energy-utility-market-research-reports-13919/india-oil-gas-retail.html India’s recent policy reforms in oil and gas sector are going to impact all the segments viz. exploration, production, refining and retailing but due to the already favorable market conditions, retailing is likely to be emerge more attractive segment for investment.
An overview of india japan trade relation today and tomorrowmarketxceldata
Economic relations between India and Japan have vast potential for growth, given the obvious complementarities that exist between the two Asian economies. Japan's interest in India is increasing due to a variety of reasons including India's big and growing market and its resources, especially the human resources. The signing of the historic India-Japan Comprehensive Economic PartnershipAgreement (CEPA) and its implementation from August 2011 has accelerated economic and commercial relations between the two countries.
For Inquiry Visit Us: https://www.market-xcel.com/contact.html
RBSA-RR-Industry Valuation Multiples Series 6th Edition.pdfRBSA Advisors
We are delighted to share our “6th Edition of Industry wise Valuation Multiples” for Indian listed corporates. Our report coverage comprises of 13 largest industrial sectors in India.
The year 2010 saw major economies registering modest growth and India on a balanced growth path. India story gained primacy at the beginning of 2010, with the changing market scenarios across the world.
The outlook is more or less stable across sectors over the
months. The optimism of early 2010 was further
strengthened due to a positive economic outlook, but the
recent political developments marked with scandals have
made an impact on the overall business confidence, albeit
marginal. Employment generation has remained stable and
upbeat in most of the sectors. However, continuous
inflation, price of raw materials and intermediate industrial
products, scams involving ministers and so on have created
some caution in the minds of entrepreneurs. The
movement of skilled workforce within the sector continued
during the 4th Quarter of 2010. The change in
employment across sectors is given in the table below.
The employment scenario during any specific time period
needs to be viewed from the perspective of various
activities and at several fronts, for a considerable period.
This section has presented the estimated employment
numbers with expectations for different sectors of the
Indian economy. It also lists some of the issues that might
have an impact on the employment scenario, either directly
or indirectly. This will help correlate between the trends
observed regarding employment and economic as well as
political fundamentals.
The BFSI sector is expected to add 116,240
jobs in 2011.
The stable and positive sentiment at the economic front continues
to help the BFSI sector to grow further during the 4th Quarter of
2010. Responses from the BFSI companies indicate that almost
similar condition will prevail during the first two quarters of 2011
as well as for the entire year. The sector is cautiously optimistic
about growth of employment numbers.
The raise of Repo and Reverse Repo rates by RBI on 25th January
2011 has caused an increase of Repo rate by 175 basis points and
Reverse Repo rate by 225 basis points, since March 2010. CRR has
increased by 100 basis points during the same time.
Inflation has remained a cause for concern over the past months
and is expected to continue for a few more months to come.
However, the response to structural causes of inflation needs to be
through reallocation of resources across sectors. Short term
measures like interest rate hikes, though manage to contain
inflation to a moderate level are not strong enough to sustain
growth. .
The recent RBI report on the Micro Finance sector has
recommended several checks to resolve the issues and improve
transparency. However, observations have also been made
regarding the “Recovery Culture” in the financial sector and its
adverse effects on the customers. This is an important observation
made by RBI, in view of the recent measures taken by the Andhra
Pradesh Government to regulate the recovery of loans from the
small borrowers by the MFIs. However, the drive towards financial
inclusion will certainly play a positive role in employment
generation in this sector.
Bank credit to commercial sector is increasing steadily, which is
one of the major driving forces for the banking sector in the
country.
Insurance sector, both life and general, has witnessed a positive
sentiment in the 4th Quarter as compared to the previous ones
and is expected to do better in coming months.
The Education, Training and Consulting sector
is expected to add 107,500 jobs in 2011.
Education sector continued to contribute significantly to the
employment base of the country during the last Quarter of 2010.
The sector is expected to grow at similar rate during the first
couple of Quarters of 2011. However, the expectation regarding
growth for the entire calendar year of 2011 is slightly lower
compared to the first two Quarters of the year.
The regulatory ambiguity still remains the biggest impediment that
holds back the sector’s transformation into one of country’s
largest industry
Real Estate Facilities Management | Project Services | Vestianvallispvm
Vestian is an end-to-end service provider in the Commercial Real Estate space providing investment & consultancy services, transaction advisory, project services and real estate facility management services
https://www.vestian.com/
HDFC Securities' Monthly Strategy report - September 2014IndiaNotes.com
This report from HDFC Securities summarizes the current and past state of the market (India and global) and through technical analysis, recommends strategies for the next month
Market Reports on India presents the latest report on “India Oil & Gas Retail Market”. http://www.marketreportsonindia.com/energy-utility-market-research-reports-13919/india-oil-gas-retail.html India’s recent policy reforms in oil and gas sector are going to impact all the segments viz. exploration, production, refining and retailing but due to the already favorable market conditions, retailing is likely to be emerge more attractive segment for investment.
An overview of india japan trade relation today and tomorrowmarketxceldata
Economic relations between India and Japan have vast potential for growth, given the obvious complementarities that exist between the two Asian economies. Japan's interest in India is increasing due to a variety of reasons including India's big and growing market and its resources, especially the human resources. The signing of the historic India-Japan Comprehensive Economic PartnershipAgreement (CEPA) and its implementation from August 2011 has accelerated economic and commercial relations between the two countries.
For Inquiry Visit Us: https://www.market-xcel.com/contact.html
RBSA-RR-Industry Valuation Multiples Series 6th Edition.pdfRBSA Advisors
We are delighted to share our “6th Edition of Industry wise Valuation Multiples” for Indian listed corporates. Our report coverage comprises of 13 largest industrial sectors in India.
Real Estate Facilities Management | Project Services | VestianAlkaKumari66
Vestian is an end-to-end service provider in the Commercial Real Estate space providing investment & consultancy services, transaction advisory, project services and real estate facility management services
U.S. Automatic Environmental Control For Residential, Commercial, And Applian...IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Automatic Environmental Control For Residential, Commercial, And Appliance Use Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. automatic environmental control for residential, commercial, and appliance use market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
The TeamLease Employment Outlook Report: Quarter-3, 2011-12valuvox
The quarterly TeamLease Employment Outlook Report provides human resource policy and decision makers a forward looking tool that tracks hiring sentiments in the market. The report carries an insight into what businesses of various sizes – across the country and across industry sectors – have on their talent acquisition anvil for the immediate next three months. The Employment Outlook Survey is carried out, and the analysis done, in the preceding quarter.
How can hospitalist programs manage the ongoing shift to value-based care, along with operating costs and the challenges of managing, recruiting and retaining high-quality physicians? Read the report to find out.
Capital Markets Insights – Late Fall 2018Duff & Phelps
What’s been an increase in growth and acquisition-related financings and recapitalization transactions? Read the fall edition of Duff&Phelps’ Capital Markets Insights.
Read Duff & Phelps’ detailed synopsis of the latest news and publications issued by France’s AMF affecting the asset management industry during the third quarter of 2018.
Healthcare Services Sector Update – October 2018Duff & Phelps
healthcare m&a advisory, best performing sectors in healthcare, healthcare services industry, m&a advisors in healthcare industry, Healthcare Services Index
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
Medical Device Contract Manufacturing Update – Fall 2018Duff & Phelps
The global medical devices contract manufacturing market was valued at $70 billion in 2017, and is forecasted to increase to $115 billion in 2022, a compound annual growth rate (CAGR) of 9.5%. Read the Medical Device Contract Manufacturing Update Report for market trends impacting the contract manufacturing organizations (CMO).
The Duff & Phelps cost trend update is now available for both the Construction Cost and Equipment Cost indices. This trend update dates back to 2015 and shows how the last four years has been relatively stable for construction after a decade of volatility, while the equipment cost indices continues to show moderate year-on-year changes. Please be reminded that these indices are just average indicators of change and they are not absolutes. Duff & Phelps advises that after five to seven years, you should establish a new replacement cost basis by using a qualified valuation professional. Please contact Brad Schulz at Duff & Phelps to discuss establishing a new replacement cost basis.
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
Hedge Fund and Private Equity Fund - Structures, Regulation and Criminal RisksDuff & Phelps
Duff & Phelps Managing Directors Ann Gittleman and Norman Harrison discussed structures, regulation and criminal risks in hedge fund and private equity fund at the Annual FBI conference in Washington, D.C. Read more in this report.
Food and Beverage M&A Landscape - Summer 2018Duff & Phelps
M&A deal activity in the food and beverage industry remains active, with more than 270 deals closed over the last twelve-month (LTM) period ended July 31, 2018. Mega-sized deals continued to make headlines, with several North American transactions closing at multibillion values since our Spring 2018 report. The largest transaction seen was the merger between Keurig Green Mountain Inc. and Dr. Pepper Snapple Group, at a value over $25 billion. Other large transactions include, Conagra Brands’ $10.9 billion acquisition of Pinnacle Foods Inc., a manufacturer and distributor of branded convenience food products in North America, as well as General Mills’ acquisition of Blue Buffalo Pet Products, Inc., a natural pet food company for $8.0 billion.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Transkredit Finance Company Products Presentation (1).pptx
Industry Multiples in India Report Q1 2018
1. A P R I L 2 018 - TH I R D E D ITI O N
Industry Multiples in India
2. Industry Multiples in India - April 2018 - Third Edition
1 Foreword
Industry Multiples
3 Consumer Discretionary: Apparel
5 Consumer Discretionary: Auto Parts and Equipment
7 Consumer Discretionary: Household Appliances
9 Electric and Gas Utilities
11 Energy
13 Financials: Banks
15 Financials: Consumer Finance
17 Financials: Specialized Finance
19 Household and Personal Products
21 Industrial Machinery
23 Internet Software and Services
25 Materials: Chemicals
27 Materials: Construction and Material
29 Materials: Metals and Mining
31 Pharmaceuticals and Biotechnology
33 Real Estate
35 Other Industries
37 Industry Definitions
39 Contributors
Contents
3. Industry Multiples in India - April 2018 - Third Edition
1Duff Phelps
Foreword
It gives me great pleasure to share the third edition of our report, “Industry multiples in India”. This
report provides trading multiples for various key industries in India as of March 31, 2018.
India’s economy has regained its momentum, as evidenced by a 7.2 percent GDP growth for the
quarter ended December 31, 2017, the largest in the last five quarters. India has reclaimed its status
as the fastest-growing major economy in the world, surpassing China, which grew by 6.8 percent in
the same quarter. As per the Central Statistical Organization’s (“CSO”) Second Advance Estimates
published in February 2018, India’s GDP is estimated to grow at 6.6 percent in 2017-18, signaling a
healthy expected GDP growth of 7.1 percent for the quarter ended March 31, 2018. However, given
that government spending has been one of the driving factors of recent economic growth, the rising
fiscal deficit could prove to be a constraint going forward.
Investment demand grew at 12.0 percent and corporate earnings witnessed strong growth in the
quarter ended December 31, 2017, suggesting that the Indian economy is recovering from disruptions
caused by demonetization, implementation of GST, implementation of the Real Estate (Regulation and
Development) Act and higher commodity prices. At the same time, average retail inflation declined to
a six-year low of 3.3 percent for the nine months ended December 31, 2017. After a year of disruption,
2018-19 is expected to be a year of consolidation of the gains from recent reforms.
In the quarter ended December 31, 2017, agriculture grew by 4.1 percent, manufacturing by 8.1
percent, construction by 6.8 percent and electricity, gas water supply and other utility services by 6.1
percent. Moreover, the data for eight core infrastructure sectors including coal, steel, cement and
petroleum, showed improved growth of 6.7 percent for January 2018, up from 3.4 percent in the same
month of the previous year. According to the CSO data, economic activity picked up across all sectors
except for mining and quarrying.
However, the Indian banking sector seems to be in turmoil due to the recent revelation of certain
scams, increased capital requirements for Basel III compliance and the ever-growing problem of
non-performing assets.
Across the globe, market valuations were elevated in 2017. The Indian equity markets were trading at
near record highs as of December 31, 2017. However, stock markets around the world have since
witnessed a sharp correction due to various factors such as import tariffs on steel and aluminum in
the United States, and the ongoing trade war between the U.S. and China. India equity markets have
been negatively impacted by the global stock market correction, poor health of public sector banks
and the imposition of long-term capital gains tax on equity shares. Moreover, budget proposals such
as the increase in custom duty on certain items and revised guidelines for minimum support prices
have also affected the equity markets as they are expected to increase inflation and interest rates.
The P/E multiples for all the industries in India declined from December 31, 2017 to March 31, 2018,
demonstrating market correction in the quarter ended March 31, 2018. During the same period,
multiples for the internet software and services industry increased as the fall in the equity markets is
typically accompanied by a weakening of the rupee which, in turn, is beneficial for the export-oriented
tech sector. Further, tax cuts in the U.S. have also played a role in the advancement of this sector.
Our report provides a detailed overview of the P/B, P/E, EV/ EBITDA and EV/Sales multiples of
companies in the SP BSE 500 Index in over 22 major industries for which such data is available. We
also provide a two-year look back at the trends of these multiples for most of the industries covered.
We hope you find this report helpful to get a broad sense of the range of trading multiples for major
industries in India. If you would like to receive further information or wish to discuss any findings of
this analysis, please feel free to contact us.
Varun Gupta
Managing Director, India
Leader, South Asia and Japan
5. A S O F M A R C H 31, 2 018
Industry Multiples in India - April 2018 - Third Edition
3Duff Phelps
A S O F M A R C H 31, 2 018
Consumer Discretionary: Apparel
EV/Sales EV/EBITDA P/E P/B
Number of Observations 23 23 23 23
Number of Outliers 3 2 7 2
Negative Multiples 1 1 1 0
High 6.4x 57.0x 79.2x 13.2x
Mean 2.5x 22.8x 28.8x 4.6x
Median 2.0x 18.5x 17.7x 3.3x
Low 0.9x 6.1x 7.0x 0.2x
Low Quartile 1.3x 10.4x 12.4x 2.2x
Upper Quartile 3.1x 29.4x 40.9x 7.2x
NUMBEROFCOMPANIES
EV/Sales
0
2
4
10
8
6
12
5.8 - 7.04.6 - 5.83.3 - 4.62.1 - 3.30.9 - 2.1
0%
EBITDAMARGIN(%)
EV/Sales
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
5%
10%
15%
20%
25%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 30.020.0 40.0 50.0 60.0
0%
5%
10%
15%
20%
25%
30%
NUMBEROFCOMPANIES
EV/EBITDA
0
2
4
8
6
10
47.2 - 57.536.9 - 47.226.6 - 36.916.4 - 26.66.1 - 16.4
6. A S O F M A R C H 31, 2 018
Industry Multiples in India - April 2018 - Third Edition
4Duff Phelps
NUMBEROFCOMPANIES
P/E
0
4
2
6
8
65.3 - 80.050.6 - 65.335.9 - 50.621.2 - 35.96.5 - 21.2
NUMBEROFCOMPANIES
P/B
0
6
4
2
8
10
12.0 - 15.09.0 - 12.06.1 - 9.03.1 - 6.10.1 - 3.1
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
1.0
1.5
3.0
2.0
3.5
4.0
0.5
2.5
0
30.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
5.0
10.0
15.0
20.0
25.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
Consumer Discretionary: Apparel – Continued
7. Industry Multiples in India - April 2018 - Third Edition
5Duff Phelps
A S O F M A R C H 31, 2 018
Consumer Discretionary:
Auto Parts and Equipment
NUMBEROFCOMPANIES
EV/Sales
0
2
4
10
8
6
12
5.8 - 7.04.6 - 5.83.4 - 4.62.1 - 3.40.9 - 2.1
0%
EBITDAMARGIN(%)
EV/Sales
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
5%
10%
15%
20%
25%
30%
35%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 25.020.0 30.0 35.0 40.0 45.0
0%
5%
10%
15%
20%
25%
NUMBEROFCOMPANIES
EV/EBITDA
0
2
4
8
6
10
34.8 - 42.027.6 - 34.820.3 - 27.613.1 - 20.35.9 - 13.1
EV/Sales EV/EBITDA P/E P/B
Number of Observations 21 21 21 21
Number of Outliers 0 0 2 0
Negative Multiples 0 1 1 0
High 6.1x 41.8x 62.4x 10.8x
Mean 2.6x 17.8x 34.3x 5.8x
Median 2.2x 17.3x 31.2x 5.9x
Low 0.9x 5.9x 16.7x 1.9x
Low Quartile 1.3x 12.3x 25.1x 3.5x
Upper Quartile 3.7x 20.7x 42.3x 8.2x
8. Industry Multiples in India - April 2018 - Third Edition
6Duff Phelps
A S O F M A R C H 31, 2 018
Consumer Discretionary:
Auto Parts and Equipment – Continued
NUMBEROFCOMPANIES
P/E
0
4
5
3
2
1
6
7
53.6 - 63.044.3 - 53.634.9 - 44.325.5 - 34.916.2 - 25.5
NUMBEROFCOMPANIES
P/B
0
6
4
2
8
9.2 - 11.07.3 - 9.25.5 - 7.33.6 - 5.51.8 - 3.6
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
2.0
3.0
6.0
4.0
7.0
8.0
1.0
5.0
0
45.0
40.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
10.0
5.0
15.0
20.0
25.0
30.0
35.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
9. Industry Multiples in India - April 2018 - Third Edition
7Duff Phelps
A S O F M A R C H 31, 2 018
Consumer Discretionary:
Household Appliances
NUMBEROFCOMPANIES
EV/Sales
0
1
2
3
4
3.5 - 4.03.0 - 3.52.5 - 3.02.0 - 2.51.5 - 2.0
0%
EBITDAMARGIN(%)
EV/Sales
0 1.00.5 2.01.5 2.5 3.0 3.5 4.0 4.5
5%
10%
15%
20%
25%
30%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 25.020.0 30.0 35.0 40.0
0%
10%
20%
30%
40%
50%
60%
NUMBEROFCOMPANIES
EV/EBITDA
0
3
2
1
35.5- 38.033.1- 35.530.6 - 33.128.2- 30.625.7- 28.2
EV/Sales EV/EBITDA P/E P/B
Number of Observations 6 6 6 6
Number of Outliers 1 1 1 0
Negative Multiples 0 0 0 0
High 4.0x 37.1x 75.6x 27.3x
Mean 3.2x 31.3x 52.6x 15.4x
Median 3.7x 30.1x 55.7x 12.7x
Low 1.5x 25.7x 25.5x 6.6x
Low Quartile 3.1x 29.9x 48.6x 8.7x
Upper Quartile 3.9x 35.5x 66.5x 26.1x
10. Industry Multiples in India - April 2018 - Third Edition
8Duff Phelps
A S O F M A R C H 31, 2 018
Consumer Discretionary:
Household Appliances – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
4
65.8 - 76.055.6 - 65.845.4 - 55.635.2 - 45.425.0 - 35.2
NUMBEROFCOMPANIES
P/B
0
2
1
3
23.7 - 28.019.4 - 23.715.1 - 19.410.8 - 15.16.5 - 10.8
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
4.0
6.0
12.0
8.0
14.0
16.0
2.0
10.0
0
70.0
60.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
20.0
10.0
30.0
40.0
50.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
11. Industry Multiples in India - April 2018 - Third Edition
9Duff Phelps
A S O F M A R C H 31, 2 018
Electric and Gas Utilities
NUMBEROFCOMPANIES
EV/Sales
0
3
2
1
4
5
6
8.9 - 11.06.9 - 8.94.8 - 6.92.8 - 4.80.7 - 2.8
0%
EBITDAMARGIN(%)
EV/Sales
0 2.0 6.04.0 8.0 10.0 12.0
20%
10%
30%
40%
60%
50%
70%
80%
100%
90%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0
0%
5%
10%
15%
20%
25%
35%
30%
40%
NUMBEROFCOMPANIES
EV/EBITDA
0
6
4
2
17.0 - 20.014.1 - 17.011.1 - 14.18.1 - 11.15.2 - 8.1
EV/Sales EV/EBITDA P/E P/B
Number of Observations 12 12 12 12
Number of Outliers 0 0 0 0
Negative Multiples 0 0 0 0
High 10.2x 19.3x 51.8x 7.0x
Mean 4.2x 10.6x 22.4x 3.1x
Median 3.4x 10.0x 19.5x 2.0x
Low 1.2x 5.2x 8.6x 0.4x
Low Quartile 1.9x 7.7x 13.4x 1.3x
Upper Quartile 6.6x 11.7x 29.6x 6.1x
12. Industry Multiples in India - April 2018 - Third Edition
10Duff Phelps
A S O F M A R C H 31, 2 018
Electric and Gas Utilities – Continued
NUMBEROFCOMPANIES
P/E
0
3
4
2
1
5
42.5 - 52.033.1 - 42.523.6 - 33.114.1 - 23.64.6 - 14.1
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
1.0
1.5
3.0
2.0
3.5
4.0
0.5
2.5
0
30.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
10.0
5.0
15.0
20.0
25.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
NUMBEROFCOMPANIES
P/B
0
4
2
6
6.1 - 7.54.6 - 6.13.2 - 4.61.8 - 3.20.3 - 1.8
13. Industry Multiples in India - April 2018 - Third Edition
11Duff Phelps
A S O F M A R C H 31, 2 018
Energy
NUMBEROFCOMPANIES
EV/Sales
0
3
2
1
4
5
6
3.3 - 4.02.5 - 3.31.8 - 2.51.1 - 1.80.4 - 1.1
0%
EBITDAMARGIN(%)
EV/Sales
0 1.00.5 2.01.5 2.5 3.0 3.5 4.0
5%
10%
15%
25%
20%
30%
35%
40%
ADJUSTEDROE(%)
EV/EBITDA
0 4.0 6.02.0 8.0 10.0 12.0 14.0
0%
10%
5%
15%
20%
25%
30%
35%
NUMBEROFCOMPANIES
EV/EBITDA
0
6
4
2
10.7 - 12.09.3 - 10.78.0 - 9.36.7 - 8.05.3 - 6.7
EV/Sales EV/EBITDA P/E P/B
Number of Observations 10 10 10 10
Number of Outliers 0 0 0 0
Negative Multiples 0 0 0 0
High 3.4x 11.6x 20.9x 6.4x
Mean 1.4x 8.0x 11.0x 2.1x
Median 1.2x 7.6x 10.4x 1.7x
Low 0.4x 5.3x 4.7x 0.9x
Low Quartile 0.6x 6.5x 6.9x 1.1x
Upper Quartile 2.2x 9.5x 15.4x 2.5x
14. Industry Multiples in India - April 2018 - Third Edition
12Duff Phelps
A S O F M A R C H 31, 2 018
Energy – Continued
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
NUMBEROFCOMPANIES
P/E
0
3
2
1
4
17.6 - 21.014.3 - 17.610.9 - 14.37.5 - 10.94.2 - 7.5
NUMBEROFCOMPANIES
P/B
0
4
2
6
8
5.8 - 7.04.5 - 5.83.3 - 4.52.0 - 3.30.8 - 2.0
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
2.5
1.0
0.5
2.0
1.5
0
18.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
6.0
2.0
4.0
8.0
10.0
12.0
14.0
16.0
15. Industry Multiples in India - April 2018 - Third Edition
13Duff Phelps
A S O F M A R C H 31, 2 018
13Duff Phelps
Financials:
Banks
P/B P/E P/TBV
Market
Cap/Revenue
Number of Observations 34 34 34 34
Number of Outliers 0 11 0 3
Negative Multiples 1 11 1 2
High 5.2x 40.4x 5.2x 14.0x
Mean 1.3x 19.1x 1.3x 4.3x
Median 0.6x 17.3x 0.6x 2.7x
Low 0.2x 5.9x 0.2x 0.6x
Low Quartile 0.3x 11.7x 0.3x 1.5x
Upper Quartile 1.7x 22.7x 1.7x 6.7x
P/BV
ADJUSTEDROE(%)
-50%
20%
-30%
-40%
-20%
-10%
0 1.0 2.0 3.0 4.0 5.0 6.0
0%
10%
ADJUSTEDROE(%)
P/E
0 15.0 20.010.05.0 25.0 30.0 35.0 40.0 45.0
0%
4%
2%
6%
8%
10%
12%
14%
16%
NUMBEROFCOMPANIES
P/BV
0
14
16
8
10
12
2
4
6
18
20
22
24
26
4.0 - 5.03.0 - 4.02.0 - 3.01.0- 2.00.0 - 1.0
NUMBEROFCOMPANIES
P/E
0
6
4
2
8
32.8 - 41.024.6 - 32.816.4 - 24.68.2 - 16.40 - 8.2
16. Industry Multiples in India - April 2018 - Third Edition
14Duff Phelps
A S O F M A R C H 31, 2 018
Financials:
Banks – Continued
NUMBEROFCOMPANIES
P/TBV
0
21
24
18
15
9
12
3
26
4.4 - 5.53.3 - 4.42.2 - 3.31.1 - 2.20 - 1.1
6
NUMBEROFCOMPANIES
Market Cap/Revenue
0
14
16
12
10
6
8
2
18
11.6 - 14.58.7 - 11.65.8 - 8.72.9 - 5.80 - 2.9
4
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
0.2
0.4
1.8
1.6
1.4
1.2
1.0
0.8
0.6
2.0
0
25.0
Median multiples
P/B
P/EMarketCap/Revenue
5.0
10.0
15.0
20.0
P/B Market Cap/RevenueP/E
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500. Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database. Any outliers in the
industry have been excluded from above analysis. Financial information of companies reflect the latest available information based on
company filings as of March 31, 2018
P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a diluted basis
where Book value per share equals total book value of equity divided by diluted number of shares, P/TBV = Share price / tangible
book value per share on a diluted basis where tangible book value per share equals to total tangible book value of equity divided by
diluted number of shares, ROE (Return on Equity) = Net income / equity shareholder’s equity, Adjusted ROE is calculated using as
ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
17. A S O F M A R C H 31, 2 018
15Duff Phelps
Financials:
Consumer Finance
P/B P/E P/TBV
Market
Cap/Revenue
Number of Observations 13 13 13 13
Number of Outliers 1 4 1 0
Negative Multiples 0 1 0 0
High 6.0x 52.6x 6.0x 22.6x
Mean 3.1x 25.3x 3.1x 8.1x
Median 2.7x 22.9x 2.7x 7.0x
Low 1.6x 13.4x 1.6x 2.8x
Low Quartile 2.5x 17.1x 2.5x 4.9x
Upper Quartile 3.2x 27.6x 3.2x 8.6x
P/BV
ADJUSTEDROE(%)
0%
20%
6%
2%
4%
8%
10%
12%
16%
14%
18%
0 2.01.0 4.03.0 5.0 6.0 7.0
P/E
ADJUSTEDROE(%)
0%
20%
6%
2%
4%
8%
10%
12%
16%
14%
18%
0 20.010.0 40.030.0 50.0 60.0
NUMBEROFCOMPANIES
P/BV
0
2
4
6
4.3 - 5.23.5 - 4.32.7 - 3.51.8 - 2.71.0 - 1.8
NUMBEROFCOMPANIES
P/E
0
2
4
44.4 - 53.035.8 - 44.427.2 - 35.818.6 - 27.210.0 - 18.6
Industry Multiples in India - April 2018 - Third Edition
18. A S O F M A R C H 31, 2 018
16Duff Phelps
Financials:
Consumer Finance – Continued
NUMBEROFCOMPANIES
P/TBV
0
6
8
2
10
5.0 - 6.04.0 - 5.03.0 - 4.02.0 - 3.01.0 - 2.0
4
NUMBEROFCOMPANIES
Market Cap/Revenue
0
6
2
8
20.0 - 25.015.0 - 20.010.0 - 15.05.0 - 10.00 - 5.0
4
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
0.2
0.4
1.8
1.6
1.4
1.2
1.0
0.8
0.6
2.0
0
25.0
Median multiples
P/B
P/EMarketCap/Revenue
5.0
10.0
15.0
20.0
P/B Market Cap/RevenueP/E
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500. Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database. Any outliers in the
industry have been excluded from above analysis. Financial information of companies reflect the latest available information based on
company filings as of March 31, 2018
P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a diluted basis
where Book value per share equals total book value of equity divided by diluted number of shares, P/TBV = Share price / tangible
book value per share on a diluted basis where tangible book value per share equals to total tangible book value of equity divided by
diluted number of shares, ROE (Return on Equity) = Net income / equity shareholder’s equity, Adjusted ROE is calculated using as
ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
Industry Multiples in India - April 2018 - Third Edition
19. Industry Multiples in India - April 2018 - Third Edition
17Duff Phelps
A S O F M A R C H 31, 2 018
Financials:
Specialized Finance
P/B P/E P/TBV
Market
Cap/Revenue
Number of Observations 13 13 13 13
Number of Outliers 1 2 1 2
Negative Multiples 0 1 0 1
High 5.4x 28.6x 5.4x 12.5x
Mean 2.4x 14.2x 2.4x 6.9x
Median 2.1x 13.9x 2.1x 6.9x
Low 0.4x 3.9x 0.5x 1.9x
Low Quartile 0.7x 10.5x 0.8x 4.5x
Upper Quartile 3.8x 17.5x 3.9x 9.2x
P/BV
ADJUSTEDROE(%)
0%
40%
15%
5%
10%
20%
25%
30%
35%
0 2.01.0 4.03.0 5.0 6.0
P/E
ADJUSTEDROE(%)
0%
40%
15%
5%
10%
20%
25%
30%
35%
0 10.05.0 20.015.0 25.0 30.0 35.0
NUMBEROFCOMPANIES
P/BV
0
2
4
6
4.0 - 5.03.0 - 4.02.0 - 3.01.0 - 2.00 - 1.0
NUMBEROFCOMPANIES
P/E
0
4
2
6
23.2 - 29.017.4 - 23.211.6 - 17.45.8 - 11.60 - 5.8
20. Industry Multiples in India - April 2018 - Third Edition
18Duff Phelps
A S O F M A R C H 31, 2 018
Financials:
Specialized Finance – Continued
NUMBEROFCOMPANIES
P/TBV
0
2
6
4.8 - 6.03.6 - 4.82.4 - 3.61.2 - 2.40 - 1.2
4
NUMBEROFCOMPANIES
Market Cap/Revenue
0
2
6
10.4 - 13.07.8 - 10.45.2 - 7.82.6 - 5.20 - 2.6
4
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
4.0
0.5
1.0
3.5
3.0
2.5
2.0
1.5
0
25.0
Median multiples
P/B
P/EMarketCap/Revenue
5.0
10.0
15.0
20.0
P/B Market Cap/RevenueP/E
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500. Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database. Any outliers in the
industry have been excluded from above analysis. Financial information of companies reflect the latest available information based on
company filings as of March 31, 2018
P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a diluted basis
where Book value per share equals total book value of equity divided by diluted number of shares, P/TBV = Share price / tangible
book value per share on a diluted basis where tangible book value per share equals to total tangible book value of equity divided by
diluted number of shares, ROE (Return on Equity) = Net income / equity shareholder’s equity, Adjusted ROE is calculated using as
ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
21. Industry Multiples in India - April 2018 - Third Edition
19Duff Phelps
A S O F M A R C H 31, 2 018
Household and Personal Products
NUMBEROFCOMPANIES
EV/Sales
0
8
6
4
2
10
12
14
10.1 - 12.57.7 - 10.15.3 - 7.72.8 - 5.30.4 - 2.8
0%
EBITDAMARGIN(%)
EV/Sales
0 4.02.0 6.0 8.0 10.0 12.0 14.0
5%
10%
15%
25%
20%
30%
35%
ADJUSTEDROE(%)
EV/EBITDA
0 20.0 30.010.0 40.0 50.0 60.0
0%
20%
10%
30%
40%
50%
60%
70%
NUMBEROFCOMPANIES
EV/EBITDA
0
8
4
6
2
39.6 - 48.530.7 -39.621.8 - 30.712.9 - 21.84.0 - 12.9
EV/Sales EV/EBITDA P/E P/B
Number of Observations 31 31 31 31
Number of Outliers 0 1 3 4
Negative Multiples 0 0 3 1
High 12.5x 48.0x 79.9x 29.0x
Mean 4.6x 23.9x 40.7x 9.1x
Median 3.5x 23.8x 36.7x 8.3x
Low 0.4x 4.0x 3.1x 0.3x
Low Quartile 1.9x 14.0x 22.8x 2.6x
Upper Quartile 7.6x 34.4x 60.3x 13.9x
22. Industry Multiples in India - April 2018 - Third Edition
20Duff Phelps
A S O F M A R C H 31, 2 018
Household and Personal Products – Continued
NUMBEROFCOMPANIES
P/E
0
8
6
3
2
1
4
5
7
9
10
11
64.5 - 80.049.0 - 64.533.6 - 49.018.1 - 33.62.6 - 18.1
NUMBEROFCOMPANIES
P/B
0
8
10
6
2
4
12
14
28.0 - 35.021.1 - 28.014.1 - 21.17.1 - 14.10.2 - 7.1
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
9.0
4.0
2.0
3.0
5.0
1.0
7.0
8.0
6.0
0
50.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
20.0
5.0
10.0
15.0
25.0
30.0
35.0
40.0
45.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
23. Industry Multiples in India - April 2018 - Third Edition
21Duff Phelps
A S O F M A R C H 31, 2 018
Industrial Machinery
NUMBEROFCOMPANIES
EV/Sales
0
3
2
3
2
1
1
4
4
5
5 - 64 - 53.1 - 42.1 - 3.11.1 - 2.1
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0 6.0
5%
10%
15%
20%
25%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0 30.0 35.0
0%
6%
4%
2%
8%
10%
12%
16%
14%
18%
NUMBEROFCOMPANIES
EV/EBITDA
0
6
4
2
27.8 - 32.023.5 - 27.819.3 - 23.515.1 - 19.310.8 - 15.1
EV/Sales EV/EBITDA P/E P/B
Number of Observations 13 13 13 13
Number of Outliers 0 0 0 0
Negative Multiples 0 0 0 0
High 5.3x 31.7x 64.6x 7.1x
Mean 3.0x 20.8x 35.8x 4.9x
Median 3.0x 21.4x 33.9x 5.0x
Low 1.1x 10.8x 15.1x 2.9x
Low Quartile 2.5x 16.7x 27.0x 4.3x
Upper Quartile 4.0x 25.4x 43.3x 5.7x
24. Industry Multiples in India - April 2018 - Third Edition
22Duff Phelps
A S O F M A R C H 31, 2 018
Industrial Machinery – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
4
5
54.9 - 65.044.8 - 54.934.8 - 44.824.7 - 34.814.6 - 24.7
NUMBEROFCOMPANIES
P/B
0
6
2
4
8
6.6 - 7.55.6 - 6.64.7 - 5.63.7 - 4.72.8 - 3.7
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
6.0
4.0
2.0
3.0
5.0
1.0
0
40.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
20.0
5.0
10.0
15.0
25.0
30.0
35.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
25. Industry Multiples in India - April 2018 - Third Edition
23Duff Phelps
A S O F M A R C H 31, 2 018
Internet Software and Services
NUMBEROFCOMPANIES
EV/Sales
0
8
10
6
2
4
12
5.4 - 6.54.4 - 5.43.3 - 4.42.2 - 3.31.1 - 2.2
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0 6.0 7.0
5%
15%
25%
35%
30%
40%
20%
10%
45%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0 30.0
0%
15%
10%
5%
20%
25%
30%
35%
40%
NUMBEROFCOMPANIES
EV/EBITDA
0
10
8
6
4
2
24.2 - 28.020.3 - 24.216.5 - 20.312.7 - 16.58.9 - 12.7
EV/Sales EV/EBITDA P/E P/B
Number of Observations 25 13 13 13
Number of Outliers 0 0 0 0
Negative Multiples 0 0 0 0
High 6.4x 27.8x 31.1x 10.3x
Mean 2.5x 14.8x 20.4x 4.4x
Median 2.3x 14.4x 19.3x 3.4x
Low 1.1x 8.9x 12.2x 1.7x
Low Quartile 1.5x 10.6x 16.9x 2.7x
Upper Quartile 3.3x 17.6x 24.1x 5.8x
26. Industry Multiples in India - April 2018 - Third Edition
24Duff Phelps
A S O F M A R C H 31, 2 018
Internet Software and Services – Continued
NUMBEROFCOMPANIES
P/E
0
6
4
2
8
10
30.3 - 35.025.8 - 30.321.0 - 25.716.3 - 21.011.7 - 16.3
NUMBEROFCOMPANIES
P/B
0
8
10
6
2
4
12
8.7 - 10.56.9 - 8.75.1 - 6.93.4 - 5.11.6 - 3.4
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
4.0
3.0
1.5
2.5
3.5
0.5
1.0
2.0
0
25.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
20.0
5.0
10.0
15.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
27. Industry Multiples in India - April 2018 - Third Edition
25Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Chemicals
NUMBEROFCOMPANIES
EV/Sales
0
8
12
6
2
4
16
14
10
6.5 - 8.05.0 - 6.53.5 - 5.02.0 - 3.50.5 - 2.0
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0 7.0 8.06.0 9.0
5%
15%
25%
35%
30%
40%
20%
10%
45%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 30.0 35.025.0 40.0
0%
15%
10%
5%
20%
25%
30%
NUMBEROFCOMPANIES
EV/EBITDA
0
16
12
14
10
6
8
4
2
30.9 - 38.023.9 - 30.916.8 - 23.99.7 - 16.82.6 - 9.7
EV/Sales EV/EBITDA P/E P/B
Number of Observations 46 46 46 46
Number of Outliers 0 0 0 1
Negative Multiples 0 0 1 1
High 7.8x 37.5x 74.1x 13.8x
Mean 3.2x 18.3x 30.8x 5.6x
Median 2.8x 16.6x 27.5x 4.7x
Low 0.5x 2.6x 6.9x 0.7x
Low Quartile 1.6x 11.6x 18.3x 3.3x
Upper Quartile 5.1x 23.9x 29.3x 8.1x
28. Industry Multiples in India - April 2018 - Third Edition
26Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Chemicals – Continued
NUMBEROFCOMPANIES
P/E
0
6
4
2
12
16
14
10
8
61.3 - 75.047.5 - 61.333.8 - 47.520.1 - 33.86.4 - 20.1
NUMBEROFCOMPANIES
P/B
0
8
12
10
14
16
6
2
4
18
11.3 - 14.08.6 - 11.36.0 - 8.63.3 - 6.00.6 - 3.3
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
6.0
3.0
5.0
1.0
2.0
4.0
0
35.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
25.0
20.0
30.0
5.0
10.0
15.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
29. Industry Multiples in India - April 2018 - Third Edition
27Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Construction Materials
NUMBEROFCOMPANIES
EV/Sales
0
4
6
3
1
2
7
5
4.2 - 5.03.4 - 4.22.6 - 3.41.8 - 2.61.0 - 1.8
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0
5%
15%
25%
30%
20%
10%
35%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0
0%
8%
4%
2%
12%
16%
14%
10%
6%
18%
NUMBEROFCOMPANIES
EV/EBITDA
0
6
4
2
19.7 - 23.016.5 - 19.713.2 - 16.510.0 - 13.26.7 - 10.0
EV/Sales EV/EBITDA P/E P/B
Number of Observations 15 15 15 15
Number of Outliers 1 0 1 0
Negative Multiples 0 0 1 1
High 4.6x 22.6x 63.5x 7.3x
Mean 2.4x 14.7x 38.1x 3.6x
Median 2.1x 13.8x 35.5x 3.9x
Low 1.0x 6.7x 21.6x 0.7x
Low Quartile 1.9x 11.7x 29.3x 2.9x
Upper Quartile 3.0x 20.6x 44.3x 4.4x
30. Industry Multiples in India - April 2018 - Third Edition
28Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Construction Materials – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
6
5
4
54.5 - 64.045.0 - 54.535.5 - 45.026.0 - 35.516.6 - 26.0
NUMBEROFCOMPANIES
P/B
0
6
2
4
8
6.1 - 7.54.7 - 6.13.4 - 4.72.0 - 3.40.6 - 2.0
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
4.5
1.5
3.0
2.5
4.0
3.5
0.5
1.0
2.0
0
50.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
25.0
20.0
40.0
30.0
45.0
35.0
5.0
10.0
15.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
31. Industry Multiples in India - April 2018 - Third Edition
29Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Metals and Mining
NUMBEROFCOMPANIES
EV/Sales
0
4
6
7
3
1
2
8
5
4.0 - 5.03.0 - 4.02.1 - 3.01.1 - 2.10.1 - 1.1
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0 6.0
10%
30%
50%
60%
40%
20%
70%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0
0%
40%
20%
10%
50%
30%
60%
NUMBEROFCOMPANIES
EV/EBITDA
0
8
4
6
2
19.2 - 23.015.5 - 19.211.7 - 15.58.0 - 11.74.2 - 8.0
EV/Sales EV/EBITDA P/E P/B
Number of Observations 19 19 19 19
Number of Outliers 0 1 3 0
Negative Multiples 0 0 2 0
High 5.0x 22.7x 34.3x 7.1x
Mean 1.9x 9.8x 20.2x 2.5x
Median 1.5x 8.6x 18.0x 1.6x
Low 0.6x 5.2x 12.3x 0.7x
Low Quartile 1.0x 7.3x 13.8x 1.3x
Upper Quartile 2.8x 12.2x 26.6x 3.6x
32. Industry Multiples in India - April 2018 - Third Edition
30Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Metals and Mining – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
6
5
4
30.4 - 35.025.7 - 30.421.1 - 25.716.5 - 21.111.8 - 16.5
NUMBEROFCOMPANIES
P/B
0
6
8
10
2
4
12
6.5 - 8.05.0 - 6.53.5 - 5.02.1 - 3.50.6 - 2.1
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
2.5
1.5
0.5
1.0
2.0
0
25.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
20.0
5.0
10.0
15.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
33. Industry Multiples in India - April 2018 - Third Edition
31Duff Phelps
A S O F M A R C H 31, 2 018
Pharmaceuticals and Biotechnology
NUMBEROFCOMPANIES
EV/Sales
0
8
12
10
14
6
2
4
16
8.3 - 10.06.6 - 8.34.9 - 6.63.2 - 4.91.5 - 3.2
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0 6.0
10%
30%
50%
60%
40%
20%
70%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0
0%
40%
20%
10%
50%
30%
60%
NUMBEROFCOMPANIES
EV/EBITDA
0
14
4
6
12
8
10
2
20.0 - 25.015.0 - 20.010.0 - 15.05.0 - 10.00.0 - 5.0
EV/Sales EV/EBITDA P/E P/B
Number of Observations 35 35 35 35
Number of Outliers 3 5 4 3
Negative Multiples 0 2 3 1
High 9.2x 22.8x 64.3x 8.8x
Mean 3.9x 16.2x 32.2x 3.7x
Median 3.5x 16.7x 30.7x 3.2x
Low 1.5x 0.0x 13.4x 0.0x
Low Quartile 2.4x 14.5x 23.9x 2.4x
Upper Quartile 4.5x 19.9x 37.6x 4.9x
34. Industry Multiples in India - April 2018 - Third Edition
32Duff Phelps
A S O F M A R C H 31, 2 018
Pharmaceuticals and Biotechnology – Continued
NUMBEROFCOMPANIES
P/E
0
6
8
10
4
2
12
53.1 - 65.041.2 - 53.129.3 - 41.217.4 - 29.35.4 - 17.4
NUMBEROFCOMPANIES
P/B
0
6
8
10
12
14
2
4
16
8.8 - 11.06.6 - 8.84.3 - 6.62.1 - 4.3-0.1 - 2.1
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
6.0
3.0
1.0
2.0
4.0
5.0
0
35.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
20.0
25.0
30.0
5.0
10.0
15.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
35. Industry Multiples in India - April 2018 - Third Edition
33Duff Phelps
A S O F M A R C H 31, 2 018
Real Estate
NUMBEROFCOMPANIES
EV/Sales
0
4
6
5
3
1
2
7
12.7 - 15.59.9 - 12.77.1 - 9.94.3 - 7.11.4 - 4.3
0%
EBITDAMARGIN(%)
EV/Sales
0 4.02.0 6.0 8.0 10.0 12.0 14.0 16.0
20%
60%
80%
40%
100%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0 30.0
0%
12%
4%
2%
16%
18%
14%
8%
10%
6%
20%
NUMBEROFCOMPANIES
EV/EBITDA
0
6
4
2
25.5 - 30.021.1 - 25.516.6 - 21.112.2 - 16.67.7 - 12.2
EV/Sales EV/EBITDA P/E P/B
Number of Observations 2 12 12 12
Number of Outliers 0 2 2 1
Negative Multiples 0 1 1 0
High 15.1x 28.4x 54.4x 3.0x
Mean 6.1x 16.7x 29.8x 1.7x
Median 6.6x 17.0x 28.6x 1.8x
Low 2.4x 7.7x 8.2x 0.1x
Low Quartile 2.7x 15.3x 20.3x 1.2x
Upper Quartile 8.0x 18.3x 44.0x 2.7x
36. Industry Multiples in India - April 2018 - Third Edition
34Duff Phelps
A S O F M A R C H 31, 2 018
Real Estate – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
4
45.5 - 55.036.1 - 45.526.6 - 36.117.1 - 26.67.7 - 17.1
NUMBEROFCOMPANIES
P/B
0
2
4
2.4 - 3.01.8 - 2.41.2 - 1.80.6 - 1.20.0 - 0.6
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
9.0
3.0
1.0
2.0
4.0
6.0
5.0
7.0
8.0
0
40.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
20.0
25.0
30.0
35.0
5.0
10.0
15.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
37. 35Duff Phelps
A S O F M A R C H 31, 2 018
Broadcasting, Cable and Satellite
A S O F M A R C H 31, 2 018
Healthcare Facilities and Services
A S O F M A R C H 31, 2 018
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have considered all of the SP BSE 500 Index constituents. The SP
BSE 500 Index is comprised of the top 500 companies based on float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash equivalents, Sales = Revenue for latest 12 months, EBITDA =
Earnings before interest, taxes, depreciation and amortization for latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price/book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares, ROE (Return on Equity) = Net income/equity shareholder’s equity, Adjusted ROE is
calculated using as ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
EV/Sales EV/EBITDA P/E P/B
Number of Observations 7 7 7 7
Number of Outliers 1 1 1 1
Negative Multiples 0 0 1 2
High 3.9x 29.4x 39.5x 12.9x
Mean 2.1x 15.1x 25.3x 7.8x
Median 2.4x 13.7x 20.4x 7.0x
Low 0.1x 1.1x 11.2x 4.4x
Low Quartile 1.3x 8.5x 19.8x 6.2x
Upper Quartile 3.1x 26.5x 37.6x 11.4x
EV/Sales EV/EBITDA P/E P/B
Number of Observations 7 7 7 7
Number of Outliers 0 1 4 1
Negative Multiples 0 0 2 0
High 12.1x 29.8x 32.4x 8.3x
Mean 6.8x 19.0x 27.3x 5.2x
Median 6.7x 19.4x 29.0x 4.6x
Low 1.8x 9.4x 20.6x 2.6x
Low Quartile 3.6x 11.4x 24.8x 3.5x
Upper Quartile 11.3x 27.3x 32.4x 7.8x
EV/Sales EV/EBITDA P/E P/B
Number of Observations 6 6 6 6
Number of Outliers 0 1 3 0
Negative Multiples 0 0 2 0
High 8.9x 30.7x 66.9x 10.6x
Mean 4.1x 26.5x 46.9x 5.1x
Median 2.6x 27.8x 44.9x 4.7x
Low 1.7x 21.7x 28.9x 1.0x
Low Quartile 2.0x 24.1x 36.9x 2.2x
Upper Quartile 7.3x 29.5x 66.9x 8.3x
Other Industries
Automobile Manufacturers
Industry Multiples in India - April 2018 - Third Edition
38. 36Duff Phelps
A S O F M A R C H 31, 2 018
EV/Sales EV/EBITDA P/E P/B
Number of Observations 7 7 7 7
Number of Outliers 0 0 1 1
Negative Multiples 0 0 1 0
High 5.8x 11.8x 20.4x 1.4x
Mean 3.0x 8.6x 10.9x 0.9x
Median 2.9x 8.0x 10.1x 1.0x
Low 0.8x 5.4x 5.7x 0.5x
Low Quartile 2.3x 7.7x 7.2x 0.6x
Upper Quartile 3.8x 10.3x 14.9x 1.2x
Other Diversified Financial Services
A S O F M A R C H 31, 2 018
Telecommunication Services
A S O F M A R C H 31, 2 018
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have considered all of the SP BSE 500 Index constituents. The SP
BSE 500 Index is comprised of the top 500 companies based on float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash equivalents, Sales = Revenue for latest 12 months, EBITDA =
Earnings before interest, taxes, depreciation and amortization for latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price/book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares, P/TBV = Share price/tangible book value per share on a diluted basis where tangible
book value per share equals to total tangible book value of equity divided by diluted number of shares, Market value of equity is computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
Although the Telecommunication services industry does not meet the minmum criteria of companies to be considered for our analysis, we have presented it only for comparison purposes with the
previous edition.
P/B P/E P/TBV Market Cap/Revenue
Number of Observations 7 7 7 7
Number of Outliers 0 1 0 0
Negative Multiples 0 0 0 0
High 12.9x 44.5x 17.0x 12.4x
Mean 5.3x 29.9x 6.8x 7.7x
Median 5.4x 29.8x 6.0x 10.0x
Low 0.7x 11.2x 0.8x 0.4x
Low Quartile 2.5x 22.6x 2.8x 5.0x
Upper Quartile 6.6x 40.5x 9.0x 10.4x
EV/Sales EV/EBITDA P/E P/B
Number of Observations 4 4 4 4
Number of Outliers 0 0 4 1
Negative Multiples 0 0 3 0
High 3.1x 12.6x NMF 2.0x
Mean 2.5x 9.8x NMF 1.2x
Median 2.9x 9.7x NMF 1.3x
Low 1.0x 7.3x NMF 0.2x
Low Quartile 2.3x 8.2x NMF 0.8x
Upper Quartile 3.1x 12.2x NMF 2.0x
Other Industries – Continued
Independent Power and Renewable Electricity Producers
Industry Multiples in India - April 2018 - Third Edition
39. Industry Definitions
37Duff Phelps
The industry classification for the companies represented in this report is based on the 2016 Global Industry Classification Standard®
(GICS®
). Below represents a brief description of sub-industries which are forming part of a particular industry based on the 2016
GICS®
guidelines:
Consumer Discretionary
Auto Parts Equipment Companies that manufacture parts and accessories for automobiles and motorcycles including and tires
and rubber.
Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Also includes companies produce
motorcycles, scooters or three-wheelers.
Broadcasting, Cable and
Satellite
Owners and operators of television or radio broadcasting systems, including programming including radio and
television, broadcasting, radio networks, and radio stations. Providers of cable or satellite television and
satellite radio services. Includes cable networks and program distribution.
Apparel Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer
handbags, wallets, luggage, jewelry and watches and manufacturers of textile and related products.
Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and
hand tools, including garden improvement tools but excludes TVs and other audio and video products.
Financial Services
Banks Commercial diverse with a national footprint whose revenues are derived primarily from conventional banking
operations, have significant business activity in retail banking and small and medium corporate lending, and
provide a diverse range of financial services. This also includes regional banks that tend to operate in limited
geographic regions.
Consumer Finance Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related
money services and pawn shops.
Other Diversified
Financial Services
Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of
financial decision support tools and products including ratings agencies. Providers of a diverse range of
financial services and/or with some interest in a wide range of financial services including banking, insurance
and capital markets, but with no dominant business line.
Specialized Finance Providers of specialized financial services not classified elsewhere. Companies in this sub-industry derive a
majority of revenue from one specialized line of business. Includes, but not limited to, commercial financing
companies, central banks, leasing institutions, factoring services, and specialty boutiques. Financial
institutions providing mortgage and mortgage related services. These include financial institutions whose
assets are primarily mortgage related, savings loans, mortgage lending institutions, building societies and
companies providing insurance to mortgage banks.
Healthcare
Healthcare Facilities
and Services
Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and
retirement centers and animal hospitals. Providers of patient health care services not classified elsewhere.
Includes dialysis centers, lab testing services, and pharmacy management services. Also includes companies
providing business support services to health care providers, such as clerical support services, collection
agency services, staffing services and outsourced sales marketing services.
Pharmaceuticals and
Biotechnology
Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary
drugs. Companies primarily engaged in the research, development, manufacturing and/or marketing of
products based on genetic analysis and genetic engineering. Includes companies specializing in protein-
based therapeutics to treat human diseases.
Global Industry Classification Standard®
(GICS®
) was developed by SP Dow Jones Indices, an independent international financial data and investment services company and a leading
provider of global equity indices, and MSCI, a premier independent provider of global indices and benchmark-related products and services
Industry Multiples in India - April 2018 - Third Edition
40. Industry Definitions — Continued
38Duff Phelps
Materials
Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to
plastics, synthetic fibers, films, commodity-based paints and pigments, explosives and petrochemicals.
Producers of fertilizers, pesticides, potash or other agriculture-related chemicals including industrial gases
and other diversified range of chemical products.
Construction Material Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete
and bricks.
Metals and Mining Producers of aluminum and related products, including companies that mine or process bauxite and
companies that recycle aluminum to produce finished or semi-finished products. Companies engaged in
copper ore mining, production of iron and steel and related products, including metallurgical (coking) coal
mining used for steel production and having other diversified mining operations but excluding gold, silver and
other precious metals.
Utilities
Electric Gas Utilities Companies that produce or distribute electricity including both nuclear and non-nuclear facilities. Also,
includes companies whose main charter is to distribute and transmit natural and manufactured gas.
Independent Power and
Renewable Electricity
Producers
Companies that operate as Independent Power Producers (IPPs), Gas Power Marketing Trading
Specialists and/or Integrated Energy Merchants. Companies that engage in generation and distribution of
electricity using renewable sources, including, but not limited to, companies that produce electricity using
biomass, geothermal energy, solar energy, hydropower, and wind power.
All Other Industries
Energy Companies primarily involved in the production and mining of coal, related products and other consumable
fuels related to the generation of energy. Companies engaged in the exploration and production of oil and
gas. Companies engaged in the refining and marketing of oil, gas and/or refined products.
Household and Personal
Products
Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
Producers of non-durable household products, including detergents, soaps, diapers and other tissue and
household paper products. Manufacturers of personal and beauty care products, including cosmetics
and perfumes.
Industrial Machinery Manufacturers of industrial machinery and industrial components. Includes companies that manufacture
presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps,
roller bearings and other metal fabrications.
Internet Software and Services Companies engaged in developing and producing software designed for specialized applications for the
business or consumer market including enterprise and technical software. Providers of commercial electronic
data processing and/or business process outsourcing services. Includes companies that provide services for
back-office automation. Companies developing and marketing internet software and/or providing internet
services including online databases and interactive services, as well as companies deriving a majority of their
revenues from online advertising. Providers of information technology and systems integration services not
classified in the Data Processing Outsourced Services or Internet Software Services sub-industries.
Includes information technology consulting and information management services. Companies engaged in
developing and producing systems and database management software.
Real Estate Companies that develop real estate and sell the properties after development and also engaged in diverse
spectrum of real estate activities including real estate development sales, real estate management or real
estate services, but with no dominant business line.
Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and
fixed-line telecommunications services.
Industry Multiples in India - April 2018 - Third Edition
41. Contributors
39Duff Phelps
Varun Gupta is the Country Managing Director for Duff Phelps India. He set up the firm’s
operations in India and is responsible for its overall growth and strategic direction. Additionally, he
oversees the Southeast Asia and Japan operations of the firm.
Varun has over 20 years of experience in valuation and financial advisory services. He has advised
clients across a wide range of industries including IT/ ITES, energy (conventional as well as
renewable), pharma and life sciences, infrastructure, internet and eCommerce, telecom, sports, and
media and entertainment.
His prior experience includes stints with the valuation and financial advisory arms of Deloitte and
PricewaterhouseCoopers.
He is a regular and sought-after speaker on the valuation of trademarks, intangible assets, early
stage companies and eCommerce companies and has spoken at forums organized by
ASSOCHAM, ICAI, INTA, IVCA, VCCircle and other similar bodies. He is also regularly quoted by
the financial press on evolving issues related to valuation of brands, celebrities and sports
franchises.
Abhishek is a managing director in the Valuation Advisory Services group of Duff Phelps and is
based in Mumbai. Abhishek is part of the national management in India. He is responsible for
overseeing key engagements, relationships and strategic initiatives for the Indian operations. He is
also responsible for driving MA advisory in India.
He has more than a decade of experience in managing a range of financial advisory engagements
across various industries. He has provided financial advisory services to clients for a number of
purposes including, mergers and acquisitions, negotiations, valuation settlement of disputes,
accounting and tax reporting, and strategic assessment.
Abhishek has been speaker at conferences organized by forums such as ASSOCHAM and VC
Circle on valuation and MA related topics. Abhishek’s prior work experience includes stints with
the corporate finance and advisory divisions of Deloitte and Grant Thornton. At Deloitte he was
part of the Industrial MA team.
Abhishek holds a Master of Business Administration degree from INSEAD (France).
Santosh is a Managing Director at Duff Phelps and is based in Bangalore. Santosh is a part of
national management of the India office. He is responsible for overseeing key engagements,
relationships and strategic initiatives for the Indian operations.
Santosh has more than 15 years of experience in valuation and financial advisory services. In the
last 15 years, Santosh has managed and has provided a range of financial advisory services
including due diligence, valuation, IFRS and US GAAP assignments, business plan review, MA,
internal audit, accounting assistance and risk advisory services.
He previously led the Financial Instrument Valuation practice at American Appraisal (AA) India
earlier and used to chair the global Complex Financial Instruments Valuation committee in AA. In
his earlier stints, he was South India Valuation leader in Deloitte and was part of the founding team
in Grant Thornton Bangalore.
He has been a speaker at several seminars and workshops, including those organized by the
Institute of Chartered Accountants of India (ICAI). He was an International Keynote speaker in a
conference on business valuation organized by RICS in London.
Abhishek Pandey
Managing Director
Mumbai
Santosh N
Managing Director
Bangalore
Varun Gupta
Managing Director, India
Leader, South Asia and Japan
Industry Multiples in India - April 2018 - Third Edition
42.
43. Industry Multiples in India - April 2018 - Third Edition
41Duff Phelps
• Risk-free rate data
• Equity risk premia data
• CRSP Decile size premia data
• Risk Premium Report Size and Risk data
• Industry Risk Premia data
• Additional data for Beta estimates and
industry comparisons
• Quarterly updates
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