Want to add the cashflow part too. 20% margin will give them 240 cr ebitda. Subtract 100 cr for interest expense. Without rights issue not getting fully subscribed like 50% their debt level will come down in 2 years significantly to less than 1.5 debt to ebitda. (140(fcf)+150(rights)+(180fcf)) 2 year exit debt will be 320 cr. I believe my estimates are conservative.
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