Models
KOKUYO CAMLIN LIMITEDKOKUYOCMLNHousehold Products
₹-7per 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₹(7)implied FY19 P/E —× · EV/EBITDA 1.9×
Against CMP ₹77.53−108.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY2434%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
₹(8)₹(5)
52-week rangetraded range, a fact not a value
₹71₹118
From enterprise to equity · ₹ crore
| PV of FY20–FY24 free cash flow | 64 |
| PV of terminal value | 32 |
| Enterprise value | 96 |
| less net debt | (163) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (67) |
| ÷ 10.03 crore shares | ₹(7) |
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% | (6) | (6) | (6) | (5) | (5) |
| 10.50% | (7) | (7) | (6) | (6) | (5) |
| 11.00% | (7) | (7) | (7) | (6) | (6) |
| 11.50% | (7) | (7) | (7) | (7) | (6) |
| 12.00% | (8) | (8) | (7) | (7) | (7) |
The outlined cell is your model. Green figures sit above the CMP of ₹77.53; 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 | (18) · (7) · 3 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | −0.72 |
| Rank correlation with ebitda margin | +0.68 |
| Rank correlation with discount rate | −0.04 |
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 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|---|
| Revenue | 689 | 744 | 803 | 868 | 937 | 1,012 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 51 | 56 | 60 | 65 | 70 | 76 |
| margin % | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 |
| less depreciation | (18) | (19) | (21) | (23) | (24) | (26) |
| EBIT | 33 | 36 | 39 | 43 | 46 | 50 |
| less tax on EBIT | (11) | (12) | (13) | (14) | (15) | (16) |
| NOPAT | 22 | 24 | 26 | 28 | 31 | 33 |
| add depreciation | 18 | 19 | 21 | 23 | 24 | 26 |
| less capex | 0 | 0 | (6) | (14) | (22) | (32) |
| less working-capital build | — | (18) | (20) | (21) | (23) | (25) |
| Free cash flow to firm | — | 25 | 21 | 16 | 10 | 3 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 24 | 18 | 12 | 7 | 2 |
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 168, dividends at 0% of profit
| ₹ crore | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 33 | 36 | 39 | 43 | 46 | 50 |
| Interest at 6.8% on debt | (11) | (11) | (11) | (11) | (11) | |
| Profit before tax | 25 | 28 | 31 | 34 | 38 | |
| Profit after tax | 0 | 17 | 19 | 21 | 23 | 26 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 5 | 23 | 36 | 45 | 48 | 43 |
| Working capital | 228 | 246 | 266 | 287 | 310 | 335 |
| Net block and other assets | 322 | 303 | 288 | 279 | 277 | 282 |
| Debt | 168 | 168 | 168 | 168 | 168 | 168 |
| Equity | 249 | 266 | 284 | 305 | 328 | 354 |
| Balance check | 0 | 0 | (0) | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 18 | 20 | 22 | 24 | 27 | |
| Investing (capex) | 0 | (6) | (14) | (22) | (32) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 18 | 14 | 9 | 3 | (5) | |
| Free cash flow to equity | 18 | 14 | 9 | 3 | (5) | |
Other liabilities are held at their FY19 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 | 8% | 7.5% | 11.00% | 5% | ₹(7) | (108.6)% |
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.