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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 17.4x - 19.4x | 18.4x |
| Fair Value | ₹207.48 - ₹231.67 | ₹219.20 |
| Upside | 31.4% - 46.7% | 38.8% |
| 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 | 553 | 565 | 576 | 587 | 599 | 611 | 623 | 636 | 648 | 661 | 675 |
| % Growth | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 114 | 108 | 110 | 112 | 114 | 117 | 119 | 121 | 124 | 126 | 129 |
| % of Revenue | 20.6% | 19.1% | 19.1% | 19.1% | 19.1% | 19.1% | 19.1% | 19.1% | 19.1% | 19.1% | 19.1% |
| 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 | 108 | 110 | 112 | 114 | 117 | 119 | 121 | 124 | 126 | 129 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (6) | (6) | |
| EBIT | 103 | 105 | 107 | 109 | 112 | 114 | 116 | 118 | 121 | 123 | |
| Pro forma Taxes | (22) | (22) | (23) | (23) | (23) | (24) | (24) | (25) | (25) | (26) | |
| NOPAT | 87 | 81 | 83 | 85 | 86 | 88 | 90 | 92 | 94 | 95 | 97 |
| Capital Expenditures | (3) | (4) | (4) | (4) | (4) | (4) | (4) | (4) | (4) | (4) | (4) |
| NWC Investment | (6) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (6) |
| (+) D&A | 3 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 |
| Free Cash Flow | 82 | 78 | 79 | 81 | 82 | 84 | 86 | 88 | 89 | 91 | 93 |
| % Growth | -6% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | |