Models
E FACTOR EXPERIENCES LTDEFACTOR
₹168per 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₹168implied FY26 P/E —× · EV/EBITDA 8.7×
Against CMP ₹186.00−9.5%close of 27 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3183%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
₹122₹262
52-week rangetraded range, a fact not a value
₹150₹348
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 42 |
| PV of terminal value | 208 |
| Enterprise value | 250 |
| less net debt | (29) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 221 |
| ÷ 1.31 crore shares | ₹168 |
83% 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% | 175 | 191 | 210 | 233 | 262 |
| 10.50% | 158 | 172 | 187 | 206 | 228 |
| 11.00% | 144 | 155 | 168 | 184 | 202 |
| 11.50% | 132 | 142 | 152 | 165 | 180 |
| 12.00% | 122 | 130 | 139 | 150 | 162 |
The outlined cell is your model. Green figures sit above the CMP of ₹186.00; 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 | 123 · 167 · 215 |
| Draws below the CMP | 71% |
| Rank correlation with ebitda margin | +0.81 |
| Rank correlation with discount rate | −0.51 |
| Rank correlation with revenue growth | −0.19 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 172 | 191 | 213 | 238 | 265 | 296 | 330 |
| growth % | — | 11.6 | 11.5 | 11.5 | 11.5 | 11.5 | 11.5 |
| EBITDA | — | 29 | 32 | 36 | 40 | 44 | 49 |
| margin % | — | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 |
| less depreciation | — | (2) | (2) | (2) | (3) | (3) | (3) |
| EBIT | — | 27 | 30 | 33 | 37 | 41 | 46 |
| less tax on EBIT | (7) | (8) | (9) | (10) | (11) | (12) | |
| NOPAT | 20 | 22 | 25 | 28 | 31 | 34 | |
| add depreciation | — | 2 | 2 | 2 | 3 | 3 | 3 |
| less capex | (0) | (10) | (11) | (10) | (8) | (6) | (4) |
| less working-capital build | — | (9) | (10) | (11) | (12) | (14) | |
| Free cash flow to firm | (18) | — | 5 | 7 | 11 | 15 | 20 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 4 | 6 | 8 | 10 | 13 |
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 29, dividends at 8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 27 | 30 | 33 | 37 | 41 | 46 |
| Interest at 4.9% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 28 | 32 | 36 | 40 | 45 | |
| Profit after tax | 20 | 21 | 24 | 27 | 30 | 33 |
| Dividends | (2) | (2) | (2) | (2) | (2) | (3) |
| Balance sheet, year end | ||||||
| Cash | 0 | 2 | 6 | 14 | 26 | 42 |
| Working capital | 77 | 86 | 95 | 106 | 119 | 132 |
| Net block and other assets | 84 | 93 | 100 | 106 | 109 | 110 |
| Debt | 29 | 29 | 29 | 29 | 29 | 29 |
| Equity | 91 | 111 | 132 | 157 | 184 | 215 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 14 | 16 | 18 | 20 | 23 | |
| Investing (capex) | (11) | (10) | (8) | (6) | (4) | |
| Financing (dividends) | (2) | (2) | (2) | (2) | (3) | |
| Net change in cash | 2 | 5 | 8 | 12 | 16 | |
| Free cash flow to equity | 4 | 6 | 10 | 14 | 19 | |
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 | 11.5% | 15% | 11.00% | 5% | ₹168 | (9.5)% |
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.