Company Valuation: Morepen Laboratories Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 4,291 14,462 17,488 13,127 21,500 26,220
Change - 237% 20.93% -24.94% 63.79% 21.95%
Enterprise Value (EV) 1 5,486 15,415 18,663 13,162 21,620 26,219
Change - 180.98% 21.07% -29.48% 64.27% 21.27%
P/E 12.8x 15x 18.7x 33.4x 22.4x 21.8x
PBR 1.51x 3.4x 3.02x 1.74x 2.54x 2.27x
PEG - 0x -2.12x -0.6x 0x 1.3x
Capitalization / Revenue 0.5x 1.21x 1.12x 0.92x 1.26x 1.45x
EV / Revenue 0.64x 1.29x 1.2x 0.93x 1.27x 1.45x
EV / EBITDA 8.19x 12.5x 13.9x 19.2x 14x 16.2x
EV / EBIT 14.9x 15.7x 15.8x 23.5x 15.8x 18.1x
EV / FCF -31.9x -54.9x -13x -47.9x -94x -11.8x
FCF Yield -3.13% -1.82% -7.71% -2.09% -1.06% -8.51%
Dividend per Share 2 - - - - - 0.2
Rate of return - - - - - 0.42%
EPS 2 0.7465 2.15 1.96 0.77 1.88 2.2
Distribution rate - - - - - 9.09%
Net sales 1 8,584 11,980 15,558 14,220 17,019 18,116
EBITDA 1 670.3 1,230 1,338 686.6 1,545 1,620
EBIT 1 369 981.7 1,180 560.8 1,366 1,451
Net income 1 335.8 970.9 1,017 386.8 961.6 1,180
Net Debt 1 1,195 953.1 1,174 34.98 120.5 -0.928
Reference price 2 9.54 32.15 36.60 25.68 42.06 47.85
Nbr of stocks (in thousands) 449,826 449,826 477,826 511,169 511,169 547,954
Announcement Date 5/9/20 4/9/21 2/9/22 4/9/23 1/8/24 12/8/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
33.6x12.29x24.81x0.58% 1,057B
28.84x - - 2.07% 625B
32.34x7.35x15.3x2.81% 435B
20.47x4.85x12.02x2.72% 363B
22.14x5.72x14.28x2.8% 296B
20.58x4.25x12.07x2.07% 249B
25.76x6.79x12.06x2.45% 222B
13.84x4.97x10.44x3.68% 209B
-41.38x5.93x33.46x2.47% 165B
Average 17.35x 6.52x 16.80x 2.41% 402.31B
Weighted average by Cap. 24.44x 8.09x 18.31x 1.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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