Models
NETWORK18 MEDIA & INV LTDNETWORK18Entertainment
₹-18per 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₹(18)implied FY26 P/E —× · EV/EBITDA 2.3×
Against CMP ₹26.65−165.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3131%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
₹(18)₹(17)
52-week rangetraded range, a fact not a value
₹27₹58
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 257 |
| PV of terminal value | 114 |
| Enterprise value | 371 |
| less net debt | (3,074) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (2,703) |
| ÷ 154.20 crore shares | ₹(18) |
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% | (17) | (17) | (17) | (17) | (17) |
| 10.50% | (18) | (18) | (17) | (17) | (17) |
| 11.00% | (18) | (18) | (18) | (17) | (17) |
| 11.50% | (18) | (18) | (18) | (18) | (17) |
| 12.00% | (18) | (18) | (18) | (18) | (18) |
The outlined cell is your model. Green figures sit above the CMP of ₹26.65; 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) · (18) · (17) |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.99 |
| Rank correlation with discount rate | −0.14 |
| Rank correlation with revenue growth | −0.01 |
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 | 6,223 | 9,297 | 6,888 | 2,121 | 2,015 | 1,914 | 1,818 | 1,727 | 1,641 |
| growth % | 5.8 | 49.4 | (25.9) | (69.2) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 137 | (664) | (1,766) | 161 | 153 | 145 | 138 | 131 | 125 |
| margin % | 2.2 | (7.1) | (25.6) | 7.6 | 7.6 | 7.6 | 7.6 | 7.6 | 7.6 |
| less depreciation | (128) | (210) | (223) | (133) | (125) | (119) | (113) | (107) | (102) |
| EBIT | 10 | (874) | (1,989) | 29 | 28 | 27 | 25 | 24 | 23 |
| less tax on EBIT | (7) | (7) | (7) | (6) | (6) | (6) | |||
| NOPAT | 22 | 21 | 20 | 19 | 18 | 17 | |||
| add depreciation | 128 | 210 | 223 | 133 | 125 | 119 | 113 | 107 | 102 |
| less capex | (732) | (2,404) | (899) | (51) | (48) | (70) | (89) | (107) | (122) |
| less working-capital build | — | 17 | 17 | 16 | 15 | 14 | |||
| Free cash flow to firm | (3,536) | (8,869) | (2,811) | — | 115 | 85 | 58 | 33 | 11 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 109 | 73 | 45 | 23 | 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 3,113, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 29 | 28 | 27 | 25 | 24 | 23 |
| Interest at 6.9% on debt | (215) | (215) | (215) | (215) | (215) | |
| Profit before tax | (187) | (188) | (189) | (191) | (192) | |
| Profit after tax | 152 | (140) | (141) | (142) | (143) | (144) |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 39 | (7) | (83) | (185) | (313) | (462) |
| Working capital | 348 | 331 | 314 | 298 | 284 | 269 |
| Net block and other assets | 8,609 | 8,533 | 8,484 | 8,461 | 8,460 | 8,481 |
| Debt | 3,113 | 3,113 | 3,113 | 3,113 | 3,113 | 3,113 |
| Equity | 4,987 | 4,847 | 4,707 | 4,565 | 4,422 | 4,279 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 3 | (5) | (13) | (21) | (28) | |
| Investing (capex) | (48) | (70) | (89) | (107) | (122) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (46) | (76) | (103) | (127) | (150) | |
| Free cash flow to equity | (46) | (76) | (103) | (127) | (150) | |
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 | -5% | 7.6% | 11.00% | 5% | ₹(18) | (165.8)% |
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.