Company Valuation: Tamil Nadu Newsprint and Papers Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 6,156 10,143 11,603 15,109 17,071 8,741
Change - 64.76% 14.4% 30.21% 12.99% -48.8%
Enterprise Value (EV) 1 28,158 37,371 33,871 32,670 34,618 24,545
Change - 32.72% -9.37% -3.55% 5.96% -29.1%
P/E 4.73x -15.6x 81x 3.9x 8.2x 235x
PBR 0.36x 0.64x 0.73x 0.78x 0.82x 0.42x
PEG - 0x -1x 0x -0.2x -2.4x
Capitalization / Revenue 0.18x 0.37x 0.29x 0.29x 0.36x 0.19x
EV / Revenue 0.81x 1.35x 0.84x 0.63x 0.74x 0.55x
EV / EBITDA 4.45x 13.2x 8.73x 3.14x 4.31x 5.35x
EV / EBIT 6.91x 69.7x 20.6x 4.17x 6.69x 15.4x
EV / FCF -11.5x -12.7x 6.64x 9.28x -74.5x 20.5x
FCF Yield -8.72% -7.85% 15.1% 10.8% -1.34% 4.88%
Dividend per Share 2 6 3 4 5 4 3
Rate of return 6.75% 2.05% 2.39% 2.29% 1.62% 2.38%
EPS 2 18.79 -9.408 2.071 56.04 30.08 0.5382
Distribution rate 31.9% -31.9% 193% 8.92% 13.3% 557%
Net sales 1 34,711 27,682 40,203 51,799 46,928 44,909
EBITDA 1 6,328 2,839 3,880 10,414 8,028 4,591
EBIT 1 4,074 536.1 1,643 7,827 5,171 1,595
Net income 1 1,300 -651.1 143.3 3,879 2,082 37.25
Net Debt 1 22,002 27,228 22,268 17,561 17,547 15,804
Reference price 2 88.95 146.55 167.65 218.30 246.65 126.29
Nbr of stocks (in thousands) 69,211 69,211 69,211 69,211 69,211 69,211
Announcement Date 8/25/20 8/30/21 8/30/22 9/3/23 9/5/24 8/25/25
1INR in Million2INR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 102M
10.6x1.39x8.54x1.9% 5.68B
22.43x0.69x7.06x4.89% 1.46B
16.63x - - - 1.23B
18.96x0.68x9.47x1.07% 1.01B
Average 17.15x 0.92x 8.36x 2.62% 1.9B
Weighted average by Cap. 14.13x 1.17x 8.39x 2.34%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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