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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.5% - 7.5% | 8.0% |
Terminal EBITDA Multiple | 15.8x - 17.8x | 16.8x |
Fair Value | ₹244.64 - ₹269.48 | ₹256.84 |
Upside | 26.7% - 39.6% | 33.0% |
Select Revenue and EBITDA Forecast | ||||||
(INR in millions) | Input Projections | |||||
Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 |
Revenue | 2,359 | 2,442 | 2,490 | 2,540 | 2,591 | 2,643 |
% Growth | 6.4% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
EBITDA | 353 | 363 | 371 | 378 | 386 | 393 |
% of Revenue | 15.0% | 14.9% | 14.9% | 14.9% | 14.9% | 14.9% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(INR in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
EBITDA | 363 | 371 | 378 | 386 | 393 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (39) | (40) | (40) | (41) | (42) | |
EBIT | 324 | 331 | 338 | 344 | 351 | |
Pro forma Taxes | (88) | (89) | (91) | (93) | (95) | |
NOPAT | 236 | 237 | 242 | 246 | 251 | 256 |
Capital Expenditures | (15) | (15) | (15) | (15) | (16) | (16) |
NWC Investment | 66 | 38 | 23 | 23 | 24 | 24 |
(+) D&A | 29 | 39 | 40 | 40 | 41 | 42 |
Free Cash Flow | 317 | 299 | 289 | 295 | 301 | 307 |
% Growth | -5% | -3% | 2% | 2% | 2% |