Himatsingka Seida Ltd.

Valuation Summary Sheet

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Blended Valuation Weight (%)

DCF Methodology 85.0%

Relative Valuation 15.0%

Fair Value per share 403.0

Upside/(Downside) 9.7%

DCF Valuation: Summary FY 2017e FY 2018e FY 2019e FY 2020e FY 2021e

FCFF 41,617 56,881 45,141 54,475 58,402
Terminal Value 602,643
Discounted TV 290,545
Enterprise Value 456,681
Equity Value 414,673
Fair Value per share 413.4
Upside/(Downside) 12.6%

Relative Valuation: Summary Weights (%)

Implied EV/Sales 0.9x 20.0%
Implied EV/EBITDA 7.5x 30.0%
Implied P/E 13.9x 50.0%

Fair Value per share 344.1

Upside/(Downside) -6.3%
 Key Charts

Himatsingka Himatsingka
Seide Seide
250000 20.0%
Bhandari 200000 Nahar Bhandari 15.0% Nahar Spinning
Hosiery 150000 Spinning Hosiery…10.0% Mills Ltd.
Exports 100000 Mills Ltd. 5.0%
50000
0 0.0%
Zenith Exports
VTM Limited
Rupa and Ltd.
VTM Limited
Company
Rupa and
TT Limited
TT Limited Company

Sales FY 2014 Sales FY 2015 EBITDA Margin 2014 EBITDA Margin 2015
Sales FY 2016 EBITDA Margin 2016

Himatsingka Seida share price performance vs peers

900.00
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Stock rallied post
500.00 the approval of
expansion plan.
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100.00
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5-Jan-10 5-Jan-11 5-Jan-12 5-Jan-13 5-Jan-14 5-Jan-15 5-Jan-16 5-Jan-17

Nahar Spinning mills Zenith Expo JJ expo Eastern silk Himatsingka Seida Ltd.

Himatsingka Seida share price performance vs Indices

900.00

800.00

700.00

600.00

500.00

400.00

300.00

200.00

100.00

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4-Jan-10 4-Jan-11 4-Jan-12 4-Jan-13 4-Jan-14 4-Jan-15 4-Jan-16 4-Jan-17

Himatsingka Seida Ltd. BSE Sensex S&P BSE Small Cap