Mazagon Dock Shipbuilders Ltd

NSEI:MAZDOCK

印度 / 工業 / 航空、太空及國防

綜觀

股息

10 年 DCF 收入退出價

股價

2,578.55 INR

公允價值

1,997.43 INR

Metrics	Range	Conclusion
Discount Rate	8.8% - 7.8%	8.3%
Terminal Revenue Multiple	4.2x - 4.7x	4.4x
Fair Value	₹1,885 - ₹2,117	₹1,997
Upside	-28.7% - -19.9%	-24.4%

8.5%

Revenue 10y CAGR

17.7%

10y Avg EBITDA Margin

2.1%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

2,578.55 INR

公允價值

1,997.43 INR

看漲

-24.4%

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	94,666	121,172	139,348	160,250	107,154	140,340	168,408	189,459	203,668	210,797	215,013
% Growth	20.9%	28.0%	15.0%	15.0%	-33.1%	31.0%	20.0%	12.5%	7.5%	3.5%	2.0%

EBITDA	14,014	26,223	28,365	38,765	13,814	18,757	26,719	31,953	35,368	36,606	37,338
% of Revenue	14.8%	21.6%	20.4%	24.2%	12.9%	13.4%	15.9%	16.9%	17.4%	17.4%	17.4%

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
		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

EBITDA		26,223	28,365	38,765	13,814	18,757	26,719	31,953	35,368	36,606	37,338
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(1,200)	(957)	(1,021)	(683)	(894)	(1,073)	(1,207)	(1,298)	(1,343)	(1,370)

EBIT		25,023	27,408	37,744	13,131	17,863	25,646	30,746	34,070	35,263	35,968
Pro forma Taxes		(6,756)	(7,400)	(10,191)	(3,545)	(4,823)	(6,924)	(8,301)	(9,199)	(9,521)	(9,711)
NOPAT	9,730	18,266	20,008	27,553	9,586	13,040	18,721	22,445	24,871	25,742	26,257

Capital Expenditures	(4,412)	(4,993)	(5,664)	(6,499)	(10,000)	(1,000)	(1,200)	(1,350)	(1,183)	(1,225)	(1,249)
NWC Investment	19,601	31,692	21,732	24,992	(63,484)	39,679	33,559	25,170	16,989	8,523	5,041
(+) D&A	686	1,200	957	1,021	683	894	1,073	1,207	1,298	1,343	1,370

Free Cash Flow	25,605	46,166	37,033	47,067	(63,216)	52,613	52,154	47,471	41,975	34,383	31,418
% Growth			-20%	27%	NM	NM	-1%	-9%	-12%	-18%	-9%

載入錯誤

Mazagon Dock Shipbuilders Ltd

NSEI:MAZDOCK

印度 / 工業 / 航空、太空及國防

10 年 DCF 收入退出價