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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.5% - 7.5% | 8.0% |
Terminal EBITDA Multiple | 19.2x - 21.2x | 20.2x |
Fair Value | ₹58.03 - ₹62.19 | ₹60.05 |
Upside | 61.2% - 72.8% | 66.8% |
Select Revenue and EBITDA Forecast | |||||||||||
(INR in millions) | Input Projections | ||||||||||
Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 |
Revenue | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 |
% Growth | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
EBITDA | 4 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
% of Revenue | 10.0% | 28.8% | 28.8% | 28.8% | 28.8% | 28.8% | 28.8% | 28.8% | 28.8% | 28.8% | 28.8% |
Calculation of Free Cash Flow | |||||||||||
Projected Unlevered Cash Flow | |||||||||||
(INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | |
EBITDA | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | |
EBIT | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | |
Pro forma Taxes | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | |
NOPAT | 4 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
Capital Expenditures | #NUM! | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
NWC Investment | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
(+) D&A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Free Cash Flow | #NUM! | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
% Growth | NM | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |