Company Valuation: Master Trust Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 285 1,031 2,814 2,614 15,653 14,112
Change - 261.83% 172.89% -7.11% 498.88% -9.84%
Enterprise Value (EV) 1 -1,961 -3,780 3,715 4,010 17,430 16,244
Change - -92.82% 198.26% 7.95% 334.68% -6.8%
P/E 2.32x 3x 5.1x 3.97x 14.7x 11.2x
PBR 0.13x 0.4x 0.94x 0.72x 3.1x 2.21x
PEG - 0x 0.1x 0.2x 0.2x 0.8x
Capitalization / Revenue 0.24x 0.5x 0.95x 0.84x 3.48x 2.67x
EV / Revenue -1.66x -1.83x 1.25x 1.29x 3.88x 3.07x
EV / EBITDA - - - - - -
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 1.132 3.16 5.072 6.058 9.786 11.21
Distribution rate - - - - - -
Net sales 1 1,184 2,063 2,976 3,101 4,491 5,287
EBITDA - - - - - -
EBIT - - - - - -
Net income 1 123.1 343.7 551.8 658.9 1,081 1,312
Net Debt 1 -2,246 -4,812 900.8 1,396 1,777 2,132
Reference price 2 2.62 9.48 25.87 24.03 143.91 125.70
Nbr of stocks (in thousands) 108,766 108,766 108,766 108,766 108,766 112,266
Announcement Date 9/4/20 9/2/21 9/3/22 9/4/23 9/3/24 9/3/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.51x7.36x - 2.01% 330B
16.83x11.32x - 1.82% 310B
12.82x - - 1.78% 239B
15.7x - - 1.39% 160B
11.46x1.14x - 3.07% 60.71B
7.54x - - 3.85% 29.73B
15.42x4.93x - 3.58% 27.53B
13.01x11.95x - 2.86% 25.86B
9.94x7.33x - 3.18% 25.57B
Average 13.36x 7.34x 2.62% 134.27B
Weighted average by Cap. 15.31x 8.52x 2.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA