Fsn E-Commerce Ventures Ltd

NSEI:NYKAA

印度 / 非必需消費品 / 特色產品零售

綜觀

股息

5 年 DCF 增長退出價

股價

168.86 INR

公允價值

143.73 INR

Metrics	Range	Conclusion
Discount Rate	8.5% - 7.5%	8.0%
Perpetuity Growth Rate	4.8% - 5.8%	5.3%
Fair Value	₹104.37 - ₹228.11	₹143.73
Upside	-39.5% - 32.2%	-16.7%

24.5%

Revenue 5y CAGR

9.1%

5y Avg EBITDA Margin

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

股價

168.86 INR

公允價值

143.73 INR

看漲

-16.7%

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

Revenue	63,856	79,781	100,173	125,095	156,000	191,000
% Growth	24.1%	24.9%	25.6%	24.9%	24.7%	22.4%

EBITDA	2,004	4,725	7,631	10,955	16,622	23,668
% of Revenue	3.1%	5.9%	7.6%	8.8%	10.7%	12.4%

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
(INR in millions)		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Terminal

EBITDA		4,725	7,631	10,955	16,622	23,668	23,668
Other Income / (Exp)		0	0	0	0	0	0
D&A		(2,637)	(3,049)	(3,710)	(4,122)	(6,968)	(3,962)

EBIT		2,088	4,582	7,245	12,500	16,700	19,705
Pro forma Taxes		(501)	(1,100)	(1,739)	(3,000)	(4,008)	(4,729)
NOPAT	927	1,587	3,482	5,507	9,500	12,692	14,976

Capital Expenditures	(1,107)	(1,322)	(1,609)	(1,702)	(3,516)	(4,171)	(4,171)
NWC Investment	(834)	(1,069)	(1,369)	(1,673)	(2,075)	(2,350)	(673)
(+) D&A	785	2,637	3,049	3,710	4,122	6,968	3,962

Free Cash Flow	(229)	1,833	3,553	5,841	8,031	13,139	14,094
% Growth		NM	94%	64%	37%	64%	7%

載入錯誤

Fsn E-Commerce Ventures Ltd

NSEI:NYKAA

印度 / 非必需消費品 / 特色產品零售

5 年 DCF 增長退出價