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( Comment )
Expected Valuation of Spray Engineerring
The Estimated revenue of FY24 is INR 600 Cr+ and PAT of INR 50+ Cr.
Total Share Outstanding after recent Pre-IPO round = ~2.5 Cr
Current Market Price in Unlisted = INR 550 per share
Mcap = 550*2.5 = ~INR 1400 Cr
P/E = 27x ( based on FY24 expected PAT of 50 Cr )
( Comment )
Spray Engineering Devices Ltd - Pre-IPO Round
- Innovative Ventures : Pioneering the establishment of the first boiler-less ethanol plant in India, showcasing commitment to cutting-edge technologies and sustainable practices.
- Business Verticals : Distinguished player in providing energy efficient solutions to Sugar, Bio-Refinery, Distillery, Jaggery, Biofuel, Water, and Bio-Based Green Chemicals sectors.
- Global Presence : Executed 80+ international sugar projects in 40+ countries, demonstrating global competence.
- Domestic Footprint : Completed *450+* sugar projects domestically which includes (Dalmia, Bajaj, Triveni, Birla, DCM Shriram etc) and *200+* water projects for diverse industries including Tata Chemicals, CIPLA, Dr. Reddy's, Hero Cycles etc.
- Financial Strength : Revenue CAGR of 51.55% (*216cr/400cr/613cr*) & CAGR of *92.11%* (15 cr/33cr/63cr) in Profit after Tax(PAT) from past 3 years for FY22, Fy23 and FY24.
- Intellectual Property : Boasts 42+ innovation patents, *56+* design patents, *15* trademarks, and 16+ copyrights, showcasing innovation and brand strength.
( Comment )
Valuation of Matrix Gas Pre-IPO Shares
As on 15.02.2024
No. of Shares = ~1.98 CR
After that in the Private Placement Matrix Gas has issued ~60 Lakh shares at INR 400 per share.
Total Share Outstanding ~2.58Cr.
At Unlisted Pre-IPO Price of INR 900 per share, the Mcap is INR 2300 Cr.
Fy23 Numbers-
Revenue = 490 Cr
PAT = 32 Cr
P/E = 72x. Looks very high..
