The way I think about this is Routemobile transaction recently happened at ~19x EV/Ebitda. Routemobile had ebitda margins of 15%, E2E has ~50%. Ofcourse the two companies offer different products but both are 1. Horizontal SaaS, 2. Majority India revenue, 3. Play on Digital transformation. Both are growing well but Route was growing faster, albeit at slightly poorer return ratios.
Overall, I see market is trying to assess if E2E should also be valued around same multiple as Routemobile. Discounting the multiple for lower growth and lower scale, the EV can stablise at around 14-15x of TTM Ebitda.
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