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Model Note · ASAHI SONGWON COLOR LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASAHI SONGWON COLOR LTD Discounted cash flow · base FY26
ASAHI SONGWON COLOR LTD
Value per share, this model₹149
CMP 2026-09-10₹364.95
Difference(59.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ASAHI SONGWON COLOR LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
-5% a year
FY26 (4.8)% · 5-yr CAGR 13.6%
EBITDA margin
9.3%
FY26 9.3% · 5-yr average 7.9%
Depreciation · capex, % of revenue
3.5% · 1%, fading to 1.2× depreciation
FY26 3.5% · 1.0%
Working capital, % of added revenue · tax
24.1% · 30.4%
88 working-capital days · effective 30.4%
Discount rate
11.00%
1-yr beta 0.87
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹139 · ₹0 · ₹0 cr
FY26 net debt ₹139 cr
Shares
1.18 crore
1.18 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
535
509
483
459
436
414
growth %
(4.8)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
50
47
45
43
41
39
Depreciation
(19)
(18)
(17)
(16)
(15)
(15)
NOPAT
22
21
20
19
18
17
less capex
(6)
(5)
(9)
(12)
(15)
(17)
less working-capital build
—
6
6
6
6
5
Free cash flow to firm
—
40
34
28
24
19
Present value
38
29
22
16
12
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · ASAHI SONGWON COLOR LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
117
PV of the terminal value (63% of EV)
198
Enterprise value
315
less net debt
(139)
less non-controlling interest
0
add non-operating investments
0
Equity value
176
÷ 1.18 crore shares
₹149
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
157
174
194
219
249
10.5%
139
153
170
189
214
11.0%
124
136
149
166
185
11.5%
111
121
132
146
161
12.0%
99
108
117
129
142
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
