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Model Note · SUN TV NETWORK LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SUN TV NETWORK LIMITED Discounted cash flow · base FY26
SUN TV NETWORK LIMITED
Value per share, this model₹484
CMP 2026-09-10₹475.15
Difference1.8%
Growth the CMP implies7.4%/yr
This note states the assumptions and the arithmetic of one model of SUN TV NETWORK LIMITED, 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
8% a year
FY26 8.0% · 5-yr CAGR 6.4%
EBITDA margin
49.4%
FY26 49.4% · 5-yr average 58.0%
Depreciation · capex, % of revenue
16.7% · 1.9%, fading to 1.2× depreciation
FY26 16.7% · 1.9%
Working capital, % of added revenue · tax
23.7% · 25.3%
87 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(243) · ₹0 · ₹0 cr
FY26 net debt ₹(243) cr
Shares
39.41 crore
39.41 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
4,335
4,682
5,056
5,461
5,897
6,369
growth %
8.0
8.0
8.0
8.0
8.0
8.0
EBITDA
2,141
2,313
2,498
2,698
2,913
3,146
Depreciation
(723)
(782)
(844)
(912)
(985)
(1,064)
NOPAT
1,060
1,144
1,235
1,334
1,441
1,556
less capex
(84)
(89)
(325)
(599)
(914)
(1,276)
less working-capital build
—
(82)
(89)
(96)
(104)
(112)
Free cash flow to firm
—
1,754
1,665
1,551
1,408
1,231
Present value
1,665
1,424
1,195
977
770
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 · SUN TV NETWORK LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,030
PV of the terminal value (68% of EV)
12,787
Enterprise value
18,818
less net debt
243
less non-controlling interest
0
add non-operating investments
0
Equity value
19,061
÷ 39.41 crore shares
₹484
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
498
531
570
617
676
10.5%
464
491
523
561
607
11.0%
435
457
484
515
552
11.5%
409
428
451
477
507
12.0%
387
403
422
444
470
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
