Fidel Softech Ltd

NSEI:FIDEL

印度 / 資訊科技 / 資訊科技服務

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股息

10 年 DCF 增長退出價

股價

116.80 INR

公允價值

136.41 INR

Metrics	Range	Conclusion
Discount Rate	8.8% - 7.8%	8.3%
Perpetuity Growth Rate	2.5% - 3.5%	3.0%
Fair Value	₹121.10 - ₹158.77	₹136.41
Upside	3.7% - 35.9%	16.8%

3.7%

Revenue 10y CAGR

24.5%

10y Avg EBITDA Margin

4.9%

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股價

116.80 INR

公允價值

136.41 INR

看漲

16.8%

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	401	451	485	502	512	522	533	543	554	565	576
% Growth	20.1%	12.5%	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	81	106	119	123	126	128	131	134	136	139	142
% of Revenue	20.2%	23.6%	24.6%	24.6%	24.6%	24.6%	24.6%	24.6%	24.6%	24.6%	24.6%

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	Terminal

EBITDA		106	119	123	126	128	131	134	136	139	142	142
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(2)

EBIT		104	117	121	123	126	128	131	133	136	139	139
Pro forma Taxes		(27)	(30)	(31)	(32)	(33)	(33)	(34)	(35)	(35)	(36)	(36)
NOPAT	59	77	86	89	91	93	95	97	99	101	103	103

Capital Expenditures	(1)	(2)	(2)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)
NWC Investment	5	4	3	1	1	1	1	1	1	1	1	1
(+) D&A	2	3	3	3	3	3	3	3	3	3	3	2

Free Cash Flow	65	81	89	91	92	94	96	98	100	102	104	104
% Growth		26%	10%	2%	1%	2%	2%	2%	2%	2%	2%	0%

載入錯誤

Fidel Softech Ltd

NSEI:FIDEL

印度 / 資訊科技 / 資訊科技服務

10 年 DCF 增長退出價