Okay i get it now.
Samhi has reported two ebitda for FY 24
275 is standalone
348 is consolidated pre esop. for FY 24. (including acic)
In the kotak securities analysis sheet shared above it mentioned 275 for fy 24
so i got confused.
I will redo the calculation with 348 ebitda for FY 24
For FY 25
FY 25 would be
348 +
4% * 348 = 13 crore from corporate g & a + same for esop
10% revenue growth might result in 14% ebitda growth = 348 * .14 = 48
348 + 13 + 13 + 48 = 422 crore ebitda for fy 25 with no tax
422 * 16 = 6752
current enterprise value is 6353.
Guidance for debt at fy 25 end is 3.5 debt/ebitda i.e 3.5 * 422 = 1470 ~ 1500 crore
So market cap can be = 6750 – 1500 = 5000 crore
i.e roughly 23 to 25% upside from current levels.
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