Models
COMPUTER AGE MNGT SER LTDCAMSCapital Markets
₹318per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹318implied FY26 P/E 8.2× · EV/EBITDA 11.5×
Against CMP ₹711.00−55.3%close of 2026-09-10
Growth the CMP implies26.9%revenue, a year for 5 years, on your other inputs
Value after FY3176%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹246₹460
52-week rangetraded range, a fact not a value
₹611₹845
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,902 |
| PV of terminal value | 5,974 |
| Enterprise value | 7,875 |
| less net debt | 12 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 7,887 |
| ÷ 24.82 crore shares | ₹318 |
76% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 328 | 352 | 381 | 416 | 460 |
| 10.50% | 303 | 323 | 346 | 375 | 409 |
| 11.00% | 281 | 298 | 318 | 341 | 369 |
| 11.50% | 263 | 277 | 293 | 313 | 335 |
| 12.00% | 246 | 259 | 273 | 289 | 308 |
The outlined cell is your model. Green figures sit above the CMP of ₹711.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 263 · 316 · 381 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.64 |
| Rank correlation with ebitda margin | +0.64 |
| Rank correlation with revenue growth | +0.34 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 972 | 1,137 | 1,422 | 1,516 | 1,615 | 1,720 | 1,832 | 1,951 | 2,077 |
| growth % | 6.8 | 16.9 | 25.2 | 6.6 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 |
| EBITDA | 421 | 505 | 652 | 684 | 728 | 776 | 826 | 880 | 937 |
| margin % | 43.3 | 44.4 | 45.9 | 45.1 | 45.1 | 45.1 | 45.1 | 45.1 | 45.1 |
| less depreciation | (60) | (70) | (78) | (99) | (105) | (112) | (119) | (127) | (135) |
| EBIT | 361 | 434 | 574 | 585 | 623 | 664 | 707 | 753 | 802 |
| less tax on EBIT | (146) | (155) | (165) | (176) | (187) | (200) | |||
| NOPAT | 439 | 468 | 499 | 531 | 565 | 602 | |||
| add depreciation | 60 | 70 | 78 | 99 | 105 | 112 | 119 | 127 | 135 |
| less capex | (45) | (38) | (118) | (141) | (150) | (153) | (157) | (159) | (162) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 275 | 363 | 359 | — | 423 | 457 | 493 | 533 | 575 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 401 | 391 | 380 | 370 | 360 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 0, dividends at 64% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 585 | 623 | 664 | 707 | 753 | 802 |
| Interest at 8% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 623 | 664 | 707 | 753 | 802 | |
| Profit after tax | 476 | 468 | 499 | 531 | 565 | 602 |
| Dividends | (305) | (300) | (319) | (340) | (362) | (385) |
| Balance sheet, year end | ||||||
| Cash | 12 | 135 | 273 | 427 | 598 | 787 |
| Working capital | (34) | (34) | (34) | (34) | (34) | (34) |
| Net block and other assets | 1,832 | 1,877 | 1,919 | 1,956 | 1,989 | 2,016 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,321 | 1,489 | 1,669 | 1,860 | 2,064 | 2,280 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 573 | 610 | 650 | 692 | 737 | |
| Investing (capex) | (150) | (153) | (157) | (159) | (162) | |
| Financing (dividends) | (300) | (319) | (340) | (362) | (385) | |
| Net change in cash | 123 | 138 | 154 | 171 | 190 | |
| Free cash flow to equity | 423 | 457 | 493 | 533 | 575 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 6.5% | 45.1% | 11.00% | 5% | ₹318 | (55.3)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.