EIH Associated Hotels Ltd

BSE:523127

印度 / 非必需消費品 / 酒店、餐廳和休閒

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股息

10 年 DCF 增長退出價

股價

353.35 INR

公允價值

351.85 INR

Metrics	Range	Conclusion
Discount Rate	8.5% - 7.5%	8.0%
Perpetuity Growth Rate	4.8% - 5.8%	5.3%
Fair Value	₹274.89 - ₹516.25	₹351.85
Upside	-22.2% - 46.1%	-0.4%

2.7%

Revenue 10y CAGR

26.8%

10y Avg EBITDA Margin

1.2%

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股價

353.35 INR

公允價值

351.85 INR

看漲

-0.4%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


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	3,848	4,136	4,281	4,367	4,454	4,543	4,634	4,727	4,821	4,918	5,016
% Growth	14.2%	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	1,133	1,107	1,146	1,169	1,192	1,216	1,240	1,265	1,290	1,316	1,342
% of Revenue	29.4%	26.8%	26.8%	26.8%	26.8%	26.8%	26.8%	26.8%	26.8%	26.8%	26.8%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


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	Terminal

EBITDA		1,107	1,146	1,169	1,192	1,216	1,240	1,265	1,290	1,316	1,342	1,342
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(204)	(212)	(216)	(220)	(224)	(229)	(234)	(238)	(243)	(248)	(354)

EBIT		903	934	953	972	991	1,011	1,031	1,052	1,073	1,095	988
Pro forma Taxes		(217)	(224)	(229)	(233)	(238)	(243)	(248)	(252)	(258)	(263)	(237)
NOPAT	746	686	710	724	739	753	768	784	800	816	832	751

Capital Expenditures	(374)	(344)	(356)	(363)	(370)	(378)	(370)	(373)	(374)	(372)	(373)	(373)
NWC Investment	127	77	39	23	23	24	24	25	25	26	26	70
(+) D&A	152	204	212	216	220	224	229	234	238	243	248	354

Free Cash Flow	651	623	604	600	612	624	651	669	689	712	733	803
% Growth		-4%	-3%	-1%	2%	2%	4%	3%	3%	3%	3%	9%

載入錯誤

EIH Associated Hotels Ltd

BSE:523127

印度 / 非必需消費品 / 酒店、餐廳和休閒

10 年 DCF 增長退出價