Ajmera Realty & Infra India Ltd

NSEI:AJMERA

印度 / 地產 / 房地產管理及開發

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股息

10 年 DCF EBITDA 退出價

股價

900.70 INR

公允價值

1,582.52 INR

Metrics	Range	Conclusion
Discount Rate	8.8% - 7.8%	8.3%
Terminal EBITDA Multiple	12.5x - 14.5x	13.5x
Fair Value	₹1,441 - ₹1,734	₹1,583
Upside	57.4% - 89.4%	72.9%

8.4%

Revenue 10y CAGR

42.3%

10y Avg EBITDA Margin

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

900.70 INR

公允價值

1,582.52 INR

看漲

72.9%

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	7,000	9,449	11,339	12,757	13,714	14,194	14,477	14,767	15,062	15,364	15,671
% Growth	62.4%	35.0%	20.0%	12.5%	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	2,010	3,317	4,548	5,435	5,980	6,189	6,313	6,439	6,568	6,699	6,833
% of Revenue	28.7%	35.1%	40.1%	42.6%	43.6%	43.6%	43.6%	43.6%	43.6%	43.6%	43.6%

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

EBITDA		3,317	4,548	5,435	5,980	6,189	6,313	6,439	6,568	6,699	6,833
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(28)	(33)	(37)	(40)	(41)	(42)	(43)	(44)	(45)	(46)

EBIT		3,290	4,514	5,398	5,940	6,147	6,270	6,396	6,524	6,654	6,787
Pro forma Taxes		(789)	(1,083)	(1,295)	(1,426)	(1,475)	(1,505)	(1,535)	(1,566)	(1,597)	(1,629)
NOPAT	1,515	2,500	3,431	4,102	4,514	4,672	4,766	4,861	4,958	5,057	5,158

Capital Expenditures	(27)	(36)	(43)	(49)	(52)	(54)	(52)	(53)	(53)	(53)	(53)
NWC Investment	(2,359)	(2,150)	(1,658)	(1,244)	(840)	(421)	(249)	(254)	(259)	(264)	(270)
(+) D&A	17	28	33	37	40	41	42	43	44	45	46

Free Cash Flow	(854)	342	1,762	2,847	3,662	4,238	4,507	4,597	4,690	4,785	4,882
% Growth		NM	416%	62%	29%	16%	6%	2%	2%	2%	2%

載入錯誤

Ajmera Realty & Infra India Ltd

NSEI:AJMERA

印度 / 地產 / 房地產管理及開發

10 年 DCF EBITDA 退出價