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Model Note · MODERN SHARES & STOCKBROKERS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MODERN SHARES & STOCKBROKERS L Discounted cash flow · base FY26
MODERN SHARES & STOCKBROKERS L
Value per share, this model₹9
CMP 2026-09-09₹46.50
Difference(81.0)%
Growth the CMP implies40.1%/yr
This note states the assumptions and the arithmetic of one model of MODERN SHARES & STOCKBROKERS L, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
-3% a year
FY26 (3.2)% · 5-yr CAGR 6.8%
EBITDA margin
10.4%
FY26 10.4% · 5-yr average 12.4%
Depreciation · capex, % of revenue
1.2% · 0%, fading to 1.2× depreciation
FY26 1.2% · 0.0%
Working capital, % of added revenue · tax
0% · 37%
0 working-capital days · effective 37.0%
Discount rate
11.00%
1-yr beta 0.53
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
0.29 crore
0.29 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
4
3
3
3
3
3
growth %
(3.2)
(3.0)
(3.0)
(3.0)
(3.0)
(3.0)
EBITDA
0
0
0
0
0
0
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
0
0
0
0
0
0
less capex
0
0
(0)
(0)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
0
0
0
0
0
Present value
0
0
0
0
0
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · MODERN SHARES & STOCKBROKERS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1
PV of the terminal value (68% of EV)
2
Enterprise value
3
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
3
÷ 0.29 crore shares
₹9
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
9
10
10
11
12
10.5%
8
9
10
10
11
11.0%
8
8
9
9
10
11.5%
7
8
8
9
9
12.0%
7
7
8
8
9
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
