Models
NEXT MEDIAWORKS LIMITEDNEXTMEDIAEntertainment
₹115per 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₹115implied FY25 P/E 12.1× · EV/EBITDA 10.5×
Against CMP ₹3.92+2829.9%close of 2026-09-10
Growth the CMP implies(20.0)%revenue, a year for 5 years, on your other inputs
Value after FY3069%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
₹90₹164
52-week rangetraded range, a fact not a value
₹3₹8
From enterprise to equity · ₹ crore
| PV of FY26–FY30 free cash flow | 247 |
| PV of terminal value | 555 |
| Enterprise value | 802 |
| less net debt | (34) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 768 |
| ÷ 6.69 crore shares | ₹115 |
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% | 119 | 127 | 137 | 149 | 164 |
| 10.50% | 110 | 117 | 125 | 135 | 146 |
| 11.00% | 102 | 108 | 115 | 123 | 132 |
| 11.50% | 96 | 101 | 106 | 113 | 121 |
| 12.00% | 90 | 94 | 99 | 105 | 111 |
The outlined cell is your model. Green figures sit above the CMP of ₹3.92; 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 | 98 · 115 · 136 |
| Draws below the CMP | 0% |
| Rank correlation with discount rate | −0.72 |
| Rank correlation with ebitda margin | +0.67 |
| Rank correlation with revenue growth | −0.03 |
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 | FY22 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 26 | 36 | 38 | 30 | 29 | 27 | 26 | 25 | 23 |
| growth % | 31.7 | 41.3 | 5.8 | (21.0) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | (10) | (1) | (14) | 76 | 72 | 69 | 65 | 62 | 59 |
| margin % | (39.3) | (4.0) | (36.4) | 251.5 | 251.5 | 251.5 | 251.5 | 251.5 | 251.5 |
| less depreciation | (9) | (9) | (9) | (6) | (6) | (5) | (5) | (5) | (5) |
| EBIT | (19) | (10) | (22) | 70 | 67 | 63 | 60 | 57 | 54 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | 70 | 67 | 63 | 60 | 57 | 54 | |||
| add depreciation | 9 | 9 | 9 | 6 | 6 | 5 | 5 | 5 | 5 |
| less capex | (1) | (2) | (0) | (0) | (0) | (2) | (3) | (4) | (6) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | (11) | (3) | 2 | — | 72 | 67 | 62 | 58 | 53 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 69 | 57 | 48 | 40 | 33 |
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 34, dividends at 0% of profit
| ₹ crore | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 70 | 67 | 63 | 60 | 57 | 54 |
| Interest at 17.5% on debt | (6) | (6) | (6) | (6) | (6) | |
| Profit before tax | 61 | 57 | 54 | 51 | 48 | |
| Profit after tax | 64 | 61 | 57 | 54 | 51 | 48 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 66 | 128 | 184 | 235 | 283 |
| Working capital | (0) | (0) | (0) | (0) | (0) | (0) |
| Net block and other assets | 10 | 4 | 0 | (2) | (2) | (1) |
| Debt | 34 | 34 | 34 | 34 | 34 | 34 |
| Equity | (25) | 36 | 93 | 147 | 198 | 247 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 66 | 63 | 59 | 56 | 53 | |
| Investing (capex) | (0) | (2) | (3) | (4) | (6) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 66 | 61 | 56 | 52 | 47 | |
| Free cash flow to equity | 66 | 61 | 56 | 52 | 47 | |
Other liabilities are held at their FY25 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% | 251.5% | 11.00% | 5% | ₹115 | 2829.9% |
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.