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Zen Technologies Ltd

NSEI:ZENTEC

印度 / 工業 / 航空、太空及國防

綜觀

5 年 DCF 增長退出價

股價

1,416.10 INR

公允價值

1,494.33 INR

Metrics	Range	Conclusion
Discount Rate	9.3% - 8.3%	8.8%
Perpetuity Growth Rate	4.8% - 5.8%	5.3%
Fair Value	₹1,186 - ₹2,049	₹1,494
Upside	-16.2% - 44.7%	5.6%

37.5%

Revenue 5y CAGR

38.0%

5y Avg EBITDA Margin

47.9%

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

股價

1,416.10 INR

公允價值

1,494.33 INR

看漲

5.6%

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	4,399	8,754	10,748	16,028	19,234	21,638
% Growth	101.0%	99.0%	22.8%	49.1%	20.0%	12.5%

EBITDA	1,818	3,124	3,813	5,687	7,785	9,300
% of Revenue	41.3%	35.7%	35.5%	35.5%	40.5%	43.0%

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		3,124	3,813	5,687	7,785	9,300	9,300
Other Income / (Exp)		409	0	49	0	0	0
D&A		(289)	(21)	(31)	(37)	(41)	(1,327)

EBIT		3,244	3,792	5,705	7,749	9,258	7,973
Pro forma Taxes		(973)	(1,138)	(1,712)	(2,325)	(2,778)	(2,392)
NOPAT	1,213	2,271	2,654	3,994	5,424	6,481	5,581

Capital Expenditures	(301)	(1,950)	(1,250)	(525)	(1,242)	(1,397)	(1,397)
NWC Investment	(323)	(636)	(291)	(771)	(468)	(351)	(166)
(+) D&A	85	289	21	31	37	41	1,327

Free Cash Flow	674	(26)	1,134	2,728	3,751	4,774	5,345
% Growth		NM	NM	141%	38%	27%	12%

載入錯誤

Zen Technologies Ltd

NSEI:ZENTEC

印度 / 工業 / 航空、太空及國防

5 年 DCF 增長退出價