Models
FRONTIER SPRINGS LTD.FRONTSPAuto Components
₹1,600per 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₹1,600implied FY26 P/E 9.3× · EV/EBITDA 22.0×
Against CMP ₹1,240.00+29.1%close of 2026-09-10
Growth the CMP implies20.0%revenue, a year for 5 years, 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
₹1,207₹2,387
52-week rangetraded range, a fact not a value
₹1,241₹1,869
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 323 |
| PV of terminal value | 1,578 |
| Enterprise value | 1,902 |
| less net debt | (7) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,895 |
| ÷ 1.18 crore shares | ₹1,600 |
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% | 1,656 | 1,789 | 1,948 | 2,143 | 2,387 |
| 10.50% | 1,517 | 1,628 | 1,758 | 1,915 | 2,106 |
| 11.00% | 1,399 | 1,492 | 1,600 | 1,728 | 1,882 |
| 11.50% | 1,296 | 1,376 | 1,467 | 1,573 | 1,699 |
| 12.00% | 1,207 | 1,275 | 1,353 | 1,442 | 1,547 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,240.00; 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 | 1,212 · 1,581 · 2,079 |
| Draws below the CMP | 13% |
| Rank correlation with revenue growth | +0.64 |
| Rank correlation with ebitda margin | +0.56 |
| Rank correlation with discount rate | −0.47 |
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 | 107 | 135 | 231 | 322 | 419 | 544 | 708 | 920 | 1,196 |
| growth % | 28.3 | 26.1 | 70.8 | 39.2 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 13 | 21 | 50 | 86 | 112 | 146 | 190 | 247 | 320 |
| margin % | 11.8 | 15.3 | 21.5 | 26.8 | 26.8 | 26.8 | 26.8 | 26.8 | 26.8 |
| less depreciation | (3) | (4) | (4) | (5) | (6) | (8) | (11) | (14) | (18) |
| EBIT | 9 | 17 | 46 | 81 | 106 | 138 | 179 | 233 | 303 |
| less tax on EBIT | (21) | (27) | (35) | (46) | (59) | (77) | |||
| NOPAT | 61 | 79 | 103 | 133 | 173 | 225 | |||
| add depreciation | 3 | 4 | 4 | 5 | 6 | 8 | 11 | 14 | 18 |
| less capex | (9) | (8) | (15) | (15) | (19) | (21) | (22) | (23) | (22) |
| less working-capital build | — | (24) | (32) | (41) | (54) | (70) | |||
| Free cash flow to firm | 1 | 4 | 7 | — | 42 | 58 | 80 | 111 | 152 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 40 | 50 | 62 | 77 | 95 |
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 11, dividends at 1.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 81 | 106 | 138 | 179 | 233 | 303 |
| Interest at 3.3% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 106 | 137 | 179 | 232 | 302 | |
| Profit after tax | 61 | 79 | 102 | 133 | 173 | 225 |
| Dividends | (1) | (1) | (1) | (2) | (2) | (3) |
| Balance sheet, year end | ||||||
| Cash | 4 | 44 | 101 | 179 | 287 | 436 |
| Working capital | 82 | 106 | 138 | 179 | 233 | 303 |
| Net block and other assets | 133 | 146 | 158 | 170 | 179 | 183 |
| Debt | 11 | 11 | 11 | 11 | 11 | 11 |
| Equity | 183 | 261 | 362 | 493 | 664 | 887 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 60 | 79 | 102 | 133 | 173 | |
| Investing (capex) | (19) | (21) | (22) | (23) | (22) | |
| Financing (dividends) | (1) | (1) | (2) | (2) | (3) | |
| Net change in cash | 41 | 57 | 78 | 108 | 149 | |
| Free cash flow to equity | 42 | 58 | 80 | 110 | 152 | |
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 | 30% | 26.8% | 11.00% | 5% | ₹1,600 | 29.1% |
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.