Models
INTERNATIONAL TRAVEL HOUSE LTDBSE 500213Leisure Services
₹213per 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₹213implied FY26 P/E 9.2× · EV/EBITDA 5.4×
Against CMP ₹296.00−28.1%close of 2026-09-20
Growth the CMP implies9.8%revenue, a year for 5 years, on your other inputs
Value after FY3180%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
₹168₹302
52-week rangetraded range, a fact not a value
₹266₹502
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 30 |
| PV of terminal value | 122 |
| Enterprise value | 151 |
| less net debt | 19 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 170 |
| ÷ 0.80 crore shares | ₹213 |
80% 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% | 219 | 234 | 252 | 275 | 302 |
| 10.50% | 203 | 216 | 231 | 249 | 270 |
| 11.00% | 190 | 200 | 213 | 227 | 245 |
| 11.50% | 178 | 187 | 197 | 210 | 224 |
| 12.00% | 168 | 175 | 184 | 195 | 206 |
The outlined cell is your model. Green figures sit above the CMP of ₹296.00; 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 | 173 · 213 · 258 |
| Draws below the CMP | 99% |
| Rank correlation with ebitda margin | +0.80 |
| Rank correlation with discount rate | −0.57 |
| Rank correlation with revenue growth | −0.02 |
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 | 184 | 217 | 236 | 232 | 228 | 225 | 221 | 218 | 215 |
| growth % | 95.4 | 18.1 | 8.4 | (1.7) | (1.5) | (1.5) | (1.5) | (1.5) | (1.5) |
| EBITDA | 21 | 34 | 38 | 28 | 28 | 27 | 27 | 26 | 26 |
| margin % | 11.7 | 15.6 | 15.9 | 12.1 | 12.1 | 12.1 | 12.1 | 12.1 | 12.1 |
| less depreciation | (6) | (7) | (7) | (9) | (9) | (9) | (8) | (8) | (8) |
| EBIT | 15 | 27 | 30 | 19 | 19 | 19 | 18 | 18 | 18 |
| less tax on EBIT | (5) | (5) | (5) | (5) | (5) | (5) | |||
| NOPAT | 14 | 14 | 14 | 14 | 13 | 13 | |||
| add depreciation | 6 | 7 | 7 | 9 | 9 | 9 | 8 | 8 | 8 |
| less capex | (13) | (4) | (15) | (19) | (19) | (16) | (14) | (12) | (10) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | (3) | 45 | 23 | — | 4 | 6 | 8 | 10 | 12 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 4 | 5 | 6 | 7 | 7 |
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 23.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 19 | 19 | 19 | 18 | 18 | 18 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 19 | 19 | 18 | 18 | 18 | |
| Profit after tax | 18 | 14 | 14 | 14 | 13 | 13 |
| Dividends | (4) | (3) | (3) | (3) | (3) | (3) |
| Balance sheet, year end | ||||||
| Cash | 19 | 19 | 22 | 27 | 34 | 42 |
| Working capital | 15 | 15 | 15 | 14 | 14 | 14 |
| Net block and other assets | 216 | 226 | 234 | 239 | 243 | 245 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 179 | 190 | 200 | 211 | 221 | 231 |
| Balance check | 0 | 0 | (0) | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 23 | 22 | 22 | 22 | 21 | |
| Investing (capex) | (19) | (16) | (14) | (12) | (10) | |
| Financing (dividends) | (3) | (3) | (3) | (3) | (3) | |
| Net change in cash | 1 | 3 | 5 | 7 | 9 | |
| Free cash flow to equity | 4 | 6 | 8 | 10 | 12 | |
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 | -1.5% | 12.1% | 11.00% | 5% | ₹213 | (28.1)% |
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.