Company Valuation: Modern Dairies Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 234.8 177.2 438.6 693.8 1,363 927.6
Change - -24.53% 147.5% 58.16% 96.5% -31.95%
Enterprise Value (EV) 1 1,744 1,544 1,691 1,390 1,350 940.4
Change - -11.46% 9.51% -17.79% -2.89% -30.34%
P/E -0.68x 3.58x 3.61x 2.03x 1.51x 18.4x
PBR -0.21x -0.16x -0.46x -1.12x 3.38x 1.68x
PEG - -0x 0x 0x 0x -0.2x
Capitalization / Revenue 0.04x 0.07x 0.2x 0.19x 0.39x 0.27x
EV / Revenue 0.29x 0.64x 0.78x 0.38x 0.39x 0.28x
EV / EBITDA 16.7x 13.6x 9.39x 6.3x 9.23x 8.79x
EV / EBIT -22.2x 31.2x 11.5x 7.45x 11.8x 12.6x
EV / FCF 27.4x 10.8x 21.3x 4.46x -17.4x -10.5x
FCF Yield 3.65% 9.23% 4.68% 22.4% -5.75% -9.48%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -14.89 2.12 5.21 14.68 35.32 1.77
Distribution rate - - - - - -
Net sales 1 6,101 2,418 2,175 3,618 3,486 3,407
EBITDA 1 104.6 113.7 180.1 220.8 146.2 107
EBIT 1 -78.74 49.48 146.6 186.6 114.8 74.41
Net income 1 -347.3 49.52 121.6 342.3 829.6 48.84
Net Debt 1 1,509 1,367 1,252 696.4 -13.24 12.77
Reference price 2 10.07 7.60 18.81 29.75 53.21 32.64
Nbr of stocks (in thousands) 23,320 23,320 23,320 23,320 25,620 28,420
Announcement Date 9/4/21 9/5/22 9/5/23 9/3/24 6/4/25 8/31/26
1INR in Million2INR
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 12.03M
15.99x1.6x11.31x5.15% 25.08B
19.02x1.56x11.86x1.97% 5.96B
18.93x1.08x10.35x2.18% 5.51B
12.74x1.58x7.89x7.37% 4.87B
27.1x2.64x17.57x2.71% 3.48B
65.47x2.81x23.54x0.66% 2.67B
10.46x - - 1.59% 2.35B
Average 24.24x 1.88x 13.75x 3.09% 6.24B
Weighted average by Cap. 19.52x 1.68x 12.06x 4.08%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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  4. Valuation Modern Dairies Limited
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