STYLEBAAZA 5.2%543613 -4.9%VAKRANGEE -4.9%

Shoppers Stop

NSEI:SHOPERSTOP

印度 / 非必需消費品 / 綜合型零售

綜觀

10 年 DCF EBITDA 退出價

股價

485.65 INR

公允價值

816.49 INR

Metrics	Range	Conclusion
Discount Rate	9.8% - 8.8%	9.3%
Terminal EBITDA Multiple	7.0x - 9.0x	8.0x
Fair Value	₹718.05 - ₹921.96	₹816.49
Upside	42.8% - 83.3%	62.3%

6.6%

Revenue 10y CAGR

19.1%

10y Avg EBITDA Margin

23.1%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

485.65 INR

公允價值

816.49 INR

看漲

62.3%

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	43,166	45,094	52,282	60,649	68,230	73,347	75,915	77,433	78,981	80,561	82,172
% Growth	7.3%	4.5%	15.9%	16.0%	12.5%	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%

EBITDA	3,907	7,077	8,820	10,241	13,227	14,952	15,476	15,785	16,101	16,423	16,751
% of Revenue	9.1%	15.7%	16.9%	16.9%	19.4%	20.4%	20.4%	20.4%	20.4%	20.4%	20.4%

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	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

EBITDA		7,077	8,820	10,241	13,227	14,952	15,476	15,785	16,101	16,423	16,751
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(4,926)	(5,474)	(6,209)	(6,985)	(7,509)	(7,772)	(7,927)	(8,086)	(8,248)	(8,412)

EBIT		2,151	3,346	4,032	6,242	7,443	7,704	7,858	8,015	8,175	8,339
Pro forma Taxes		(538)	(837)	(1,008)	(1,560)	(1,861)	(1,926)	(1,964)	(2,004)	(2,044)	(2,085)
NOPAT	2,215	1,613	2,510	3,024	4,681	5,583	5,778	5,893	6,011	6,132	6,254

Capital Expenditures	(1,759)	(2,117)	(2,792)	(2,801)	(3,151)	(3,387)	(3,113)	(3,175)	(3,225)	(3,171)	(3,191)
NWC Investment	24	16	59	68	62	42	21	12	13	13	13
(+) D&A	953	4,926	5,474	6,209	6,985	7,509	7,772	7,927	8,086	8,248	8,412

Free Cash Flow	1,433	4,438	5,251	6,500	8,577	9,746	10,457	10,658	10,884	11,221	11,489
% Growth		210%	18%	24%	32%	14%	7%	2%	2%	3%	2%

載入錯誤

Shoppers Stop

NSEI:SHOPERSTOP

印度 / 非必需消費品 / 綜合型零售

10 年 DCF EBITDA 退出價