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 04/09/20 02/09/21 03/09/22 04/09/23 03/09/24 03/09/25
1INR in Million2INR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 101M
16.75x7.33x - 1.98% 341B
14.69x10.71x - 1.83% 315B
12.46x - - 1.81% 234B
17.86x7.12x11.84x1.14% 192B
10.39x1.25x - 3.42% 60.74B
18.89x - - 0.33% 29.19B
16.35x5.18x - 3.37% 29.04B
11.13x8.44x - 3.71% 28.84B
9.15x6.98x - 3.26% 24.44B
Average 14.19x 6.72x 11.84x 2.32% 125.43B
Weighted average by Cap. 15.06x 7.95x 11.84x 1.91%

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 Master Trust Limited