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Model Note · SUNDARAM MULTI PAP LTD · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SUNDARAM MULTI PAP LTD Discounted cash flow · base FY19
SUNDARAM MULTI PAP LTD
Value per share, this model₹3
CMP, 28 Oct 2026₹1.04
Difference149.1%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of SUNDARAM MULTI PAP LTD, built on its filed FY19 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
FY19 —% · 5-yr CAGR —%
EBITDA margin
14.8%
FY19 14.8% · 5-yr average 14.8%
Depreciation · capex, % of revenue
2.8% · 0%, fading to 1.2× depreciation
FY19 2.8% · 0.0%
Working capital, % of added revenue · tax
52.4% · 0%
191 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 1.16
After FY24
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹37 · ₹0 · ₹0 cr
FY19 net debt ₹37 cr
Shares
47.39 crore
47.39 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY19
FY20
FY21
FY22
FY23
FY24
Revenue
100
108
116
125
135
146
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
15
16
17
19
20
22
Depreciation
(3)
(3)
(3)
(4)
(4)
(4)
NOPAT
12
13
14
15
16
18
less capex
0
0
(1)
(2)
(3)
(5)
less working-capital build
—
(4)
(5)
(5)
(5)
(6)
Free cash flow to firm
—
12
12
12
11
11
Present value
11
10
9
8
7
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 · SUNDARAM MULTI PAP LTD · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
45
PV of the terminal value (72% of EV)
115
Enterprise value
160
less net debt
(37)
less non-controlling interest
0
add non-operating investments
0
Equity value
123
÷ 47.39 crore shares
₹3
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
3
3
3
4
4
10.5%
2
3
3
3
4
11.0%
2
2
3
3
3
11.5%
2
2
2
3
3
12.0%
2
2
2
2
2
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
