Company Valuation: Multi Commodity Exchange of India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 77,158 72,186 77,339 170,824 270,891 728,282 - -
Change - -6.44% 7.14% 120.88% 58.58% 168.85% - -
Enterprise Value (EV) 1 66,202 54,298 62,554 158,054 251,874 696,274 687,564 677,108
Change - -17.98% 15.2% 152.67% 59.36% 176.44% -1.25% -1.52%
P/E ratio 34.2x 50.2x 51.8x 205x 48.4x 56.7x 43.8x 37.7x
PBR 4.09x 5.09x 5.22x 12.4x 14.4x 27.9x 21.4x 16.2x
PEG - -1.4x 13.39x -4.6x 0x 0x 1.5x 2.3x
Capitalization / Revenue 19.8x 19.7x 15.1x 25x 24.3x 34.2x 26.2x 21.8x
EV / Revenue 17x 14.8x 12.2x 23.1x 22.6x 32.7x 24.8x 20.2x
EV / EBITDA 35.8x 33.5x 41.8x 246x 37.9x 44.5x 34.2x 28.4x
EV / EBIT 40.6x 38.9x 48.8x 557x 41.9x 46.8x 35.6x 28.7x
EV / FCF -32.2x 17.6x 89.2x 41.8x 29.5x 17.2x 28.4x 26.4x
FCF Yield -3.1% 5.7% 1.12% 2.39% 3.39% 5.82% 3.52% 3.79%
Dividend per Share 2 5.54 3.48 3.818 1.528 6 26.38 39.08 47.15
Rate of return 1.83% 1.23% 1.26% 0.23% 0.56% 0.92% 1.37% 1.65%
EPS 2 8.85 5.636 5.854 3.26 21.96 50.37 65.19 75.7
Distribution rate 62.6% 61.7% 65.2% 46.9% 27.3% 52.4% 59.9% 62.3%
Net sales 1 3,906 3,668 5,135 6,836 11,127 21,300 27,748 33,447
EBITDA 1 1,851 1,622 1,497 643.1 6,653 15,639 20,077 23,835
EBIT 1 1,631 1,395 1,281 283.8 6,016 14,870 19,314 23,556
Net income 1 2,252 1,434 1,490 831.1 5,600 12,838 16,632 19,595
Net Debt 1 -10,956 -17,888 -14,786 -12,770 -19,017 -32,008 -40,718 -51,174
Reference price 2 302.59 283.09 303.30 669.92 1,062.35 2,856.10 2,856.10 2,856.10
Nbr of stocks (in thousands) 254,992 254,992 254,992 254,992 254,992 254,992 - -
Announcement Date 22/05/21 16/05/22 20/05/23 23/04/24 08/05/25 - - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
56.5x32.76x44.62x0.92% 7.84B
24.81x15.03x20.88x3.99% 107B
35.62x9.63x17.77x0.46% 25.97B
57.09x27.13x41.54x0.54% 15.26B
25.2x9.36x15.86x3.17% 12.44B
22.3x8.4x13.95x3.43% 8.22B
39.9x14.97x39.45x1.68% 4.75B
19.99x-906.87x-2037.21x - 4.16B
21.49x14.85x14.98x4.1% 3.24B
20.35x8.51x11.49x4.51% 1.91B
Average 32.33x -76.62x -181.67x 2.53% 19.13B
Weighted average by Cap. 30.24x -4.77x -22.01x 2.96%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Multi Commodity Exchange of India Limited