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Model Note · ASIAN HOTELS (EAST) LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASIAN HOTELS (EAST) LTD Discounted cash flow · base FY25
ASIAN HOTELS (EAST) LTD
Value per share, this model₹(43)
CMP, 8 Oct 2026₹132.50
Difference(132.5)%
Growth the CMP implies23.1%/yr
This note states the assumptions and the arithmetic of one model of ASIAN HOTELS (EAST) LTD, built on its filed FY25 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
4% a year
FY25 4.2% · 5-yr CAGR (9.4)%
EBITDA margin
26.1%
FY25 26.1% · 5-yr average 13.7%
Depreciation · capex, % of revenue
3.4% · 9.6%, fading to 1.2× depreciation
FY25 3.4% · 9.6%
Working capital, % of added revenue · tax
0% · 35.5%
-5 working-capital days · effective 35.5%
Discount rate
11.00%
1-yr beta 0.43
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹328 · ₹0 · ₹0 cr
FY25 net debt ₹328 cr
Shares
1.73 crore
1.73 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
113
118
122
127
132
138
growth %
4.2
4.0
4.0
4.0
4.0
4.0
EBITDA
29
31
32
33
35
36
Depreciation
(4)
(4)
(4)
(4)
(4)
(5)
NOPAT
17
17
18
19
19
20
less capex
(11)
(11)
(10)
(9)
(7)
(6)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
10
12
14
17
19
Present value
9
10
11
12
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 · ASIAN HOTELS (EAST) LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
54
PV of the terminal value (79% of EV)
199
Enterprise value
254
less net debt
(328)
less non-controlling interest
0
add non-operating investments
0
Equity value
(74)
÷ 1.73 crore shares
₹(43)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(38)
(27)
(13)
4
25
10.5%
(50)
(41)
(29)
(16)
1
11.0%
(60)
(52)
(43)
(32)
(19)
11.5%
(69)
(63)
(55)
(45)
(35)
12.0%
(77)
(71)
(65)
(57)
(48)
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
