Thomas Scott India Ltd

NSEI:THOMASCOTT

印度 / 非必需消費品 / 特色產品零售

綜觀

股息

10 年 DCF 增長退出價

股價

327.85 INR

公允價值

247.74 INR

Metrics	Range	Conclusion
Discount Rate	8.5% - 7.5%	8.0%
Perpetuity Growth Rate	3.3% - 4.3%	3.8%
Fair Value	₹205.40 - ₹315.76	₹247.74
Upside	-37.3% - -3.5%	-24.3%

5.4%

Revenue 10y CAGR

18.0%

10y Avg EBITDA Margin

Unlevered FCF 10y CAGR

10-Year DCF Model: Gordon Growth Exit

股價

327.85 INR

公允價值

247.74 INR

看漲

-24.3%

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	913	1,095	1,232	1,324	1,371	1,398	1,426	1,455	1,484	1,513	1,544
% Growth	45.3%	20.0%	12.5%	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	129	164	215	245	253	258	264	269	274	280	285
% of Revenue	14.1%	15.0%	17.5%	18.5%	18.5%	18.5%	18.5%	18.5%	18.5%	18.5%	18.5%

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		164	215	245	253	258	264	269	274	280	285	285
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0	0
D&A		(12)	(13)	(14)	(15)	(15)	(15)	(16)	(16)	(16)	(17)	(62)

EBIT		152	202	231	239	243	248	253	258	263	269	223
Pro forma Taxes		(26)	(34)	(39)	(41)	(41)	(42)	(43)	(44)	(45)	(46)	(38)
NOPAT	98	126	168	191	198	202	206	210	214	219	223	185

Capital Expenditures	(45)	(52)	(59)	(63)	(65)	(66)	(65)	(65)	(66)	(65)	(65)	(65)
NWC Investment	(78)	(50)	(38)	(25)	(13)	(8)	(8)	(8)	(8)	(8)	(8)	(16)
(+) D&A	11	12	13	14	15	15	15	16	16	16	17	62

Free Cash Flow	(15)	36	85	117	135	143	149	153	157	161	166	166
% Growth		NM	136%	38%	15%	6%	4%	2%	3%	3%	3%	0%

載入錯誤

Thomas Scott India Ltd

NSEI:THOMASCOTT

印度 / 非必需消費品 / 特色產品零售

10 年 DCF 增長退出價