The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · ASM TECHNOLOGIES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASM TECHNOLOGIES LTD. Discounted cash flow · base FY26
ASM TECHNOLOGIES LTD.
Value per share, this model₹453
CMP 2026-09-10₹6,900.00
Difference(93.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ASM TECHNOLOGIES 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
30% a year
FY26 83.0% · 5-yr CAGR 30.9%
EBITDA margin
18.7%
FY26 18.7% · 5-yr average 11.6%
Depreciation · capex, % of revenue
2.6% · 18%, fading to 1.2× depreciation
FY26 2.6% · 18.0%
Working capital, % of added revenue · tax
29.8% · 27.8%
109 working-capital days · effective 27.8%
Discount rate
11.00%
1-yr beta 0.94
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹106 · ₹0 · ₹0 cr
FY26 net debt ₹106 cr
Shares
1.46 crore
1.46 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
529
687
893
1,161
1,509
1,962
growth %
83.0
30.0
30.0
30.0
30.0
30.0
EBITDA
99
128
167
217
282
367
Depreciation
(14)
(18)
(23)
(30)
(39)
(51)
NOPAT
61
80
104
135
175
228
less capex
(95)
(124)
(128)
(123)
(103)
(61)
less working-capital build
—
(47)
(61)
(80)
(104)
(135)
Free cash flow to firm
—
(73)
(62)
(37)
8
83
Present value
(69)
(53)
(29)
5
52
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 · ASM TECHNOLOGIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(94)
PV of the terminal value (112% of EV)
862
Enterprise value
768
less net debt
(106)
less non-controlling interest
0
add non-operating investments
0
Equity value
662
÷ 1.46 crore shares
₹453
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
475
534
605
691
799
10.5%
415
464
522
591
676
11.0%
364
405
453
510
578
11.5%
320
355
396
443
499
12.0%
282
312
346
386
432
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
