Back of the envelop calc: cmap 9465 for sale 4209 having pe 90 and evebitda 17.3
Onesource erstwhile stelis contributes 45% revenue.
Strides : FY25 E, Growth rate 12-15%
(4209 +15%) * 55% (deducting onesource revenue) * 20% (Ebitda) = 532, at EVEBITDA 17.3 comes 9203 cr.
Onesource : FY25 E
Guided EBITDA $65 mn i.e., 546 cr equating with peers EVEBITDA ratio of 20 comes 10920.
Gross : 20123
Even just the Guided EBITDA of 1000cr with evebitda 17 comes to 17000 cr. The hidden value of Onesource is the rationale behind the demerger.
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