Company Valuation: Ras Resorts and Apart Hotels Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 90.11 122.1 110 156.9 185.2 146
Change - 35.46% -9.92% 42.67% 18.07% -21.15%
Enterprise Value (EV) 1 139.4 177.4 155.8 194.9 210 159.2
Change - 27.23% -12.16% 25.11% 7.73% -24.21%
P/E -22.8x 73x -1,387x 85.7x 56.9x 27.9x
PBR 0.43x 0.58x 0.49x 0.8x 0.97x 0.74x
PEG - -1x 13x -0x 0.7x 0.5x
Capitalization / Revenue 2.02x 1.56x 0.85x 1.2x 1.43x 1.12x
EV / Revenue 3.12x 2.26x 1.21x 1.49x 1.62x 1.22x
EV / EBITDA 28.9x 20.1x 16.1x 14.9x 16.3x 10.4x
EV / EBIT -367x 42.7x 31.8x 25.6x 27.9x 15.6x
EV / FCF 185x -17.2x -23.5x 17.1x 19.7x 219x
FCF Yield 0.54% -5.82% -4.26% 5.84% 5.08% 0.46%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.9936 0.421 -0.02 0.4611 0.82 1.32
Distribution rate - - - - - -
Net sales 1 44.64 78.33 128.7 131.2 129.7 130
EBITDA 1 4.821 8.808 9.686 13.05 12.91 15.3
EBIT 1 -0.3801 4.151 4.903 7.62 7.521 10.21
Net income 1 -3.944 1.671 -0.0793 1.83 3.275 5.24
Net Debt 1 49.3 55.3 45.84 38.04 24.77 13.12
Reference price 2 22.70 30.75 27.70 39.52 46.66 36.79
Nbr of stocks (in thousands) 3,970 3,970 3,970 3,970 3,970 3,970
Announcement Date 7/19/21 7/4/22 7/10/23 7/31/24 8/12/25 8/31/26
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 2.26M
34.72x4.27x19.76x0.74% 101B
41.21x6.95x22.26x0.18% 77.67B
15.73x4.91x12.52x2% 74.27B
11.79x2.11x8.17x2.31% 34.83B
29.09x10.99x19.68x1.23% 25.11B
52.37x2.72x16.57x0.35% 15.94B
17.8x3.28x9.32x4.53% 14.67B
21x2.42x11.01x3.1% 12.27B
48.26x9.59x28.14x0.44% 11.58B
Average 30.22x 5.25x 16.38x 1.65% 36.75B
Weighted average by Cap. 29.75x 5.22x 17.14x 1.26%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Ras Resorts and Apart Hotels Limited

Historical PBR trend

Valuation ratios - PBR - Ras Resorts and Apart Hotels Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Ras Resorts and Apart Hotels Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Ras Resorts and Apart Hotels Limited

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