Models
TBO TEK LIMITEDTBOTEKLeisure Services
₹1,028per 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₹1,028implied FY26 P/E 41.6× · EV/EBITDA 29.0×
Against CMP ₹1,680.80−38.8%close of 2026-09-10
Growth the CMP implies44.9%revenue, a year for 5 years, on your other inputs
Value after FY3179%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
₹796₹1,493
52-week rangetraded range, a fact not a value
₹1,004₹1,765
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,249 |
| PV of terminal value | 8,542 |
| Enterprise value | 10,790 |
| less net debt | 377 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 11,167 |
| ÷ 10.86 crore shares | ₹1,028 |
79% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
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% | 1,062 | 1,140 | 1,234 | 1,349 | 1,493 |
| 10.50% | 980 | 1,045 | 1,122 | 1,214 | 1,327 |
| 11.00% | 910 | 964 | 1,028 | 1,104 | 1,195 |
| 11.50% | 849 | 895 | 949 | 1,012 | 1,086 |
| 12.00% | 796 | 836 | 882 | 935 | 996 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,680.80; 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 | 750 · 1,023 · 1,383 |
| Draws below the CMP | 98% |
| Rank correlation with revenue growth | +0.81 |
| Rank correlation with ebitda margin | +0.39 |
| Rank correlation with discount rate | −0.38 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,393 | 1,737 | 2,677 | 3,481 | 4,525 | 5,882 | 7,647 | 9,941 |
| growth % | — | 24.7 | 54.1 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 251 | 288 | 372 | 484 | 629 | 818 | 1,063 | 1,382 |
| margin % | 18.0 | 16.6 | 13.9 | 13.9 | 13.9 | 13.9 | 13.9 | 13.9 |
| less depreciation | (36) | (52) | (86) | (111) | (145) | (188) | (245) | (318) |
| EBIT | 215 | 236 | 286 | 372 | 484 | 629 | 818 | 1,064 |
| less tax on EBIT | (48) | (62) | (81) | (105) | (137) | (178) | ||
| NOPAT | 238 | 310 | 403 | 524 | 682 | 886 | ||
| add depreciation | 36 | 52 | 86 | 111 | 145 | 188 | 245 | 318 |
| less capex | (9) | (6) | (13) | (17) | (60) | (128) | (230) | (382) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow to firm | 213 | 62 | — | 404 | 488 | 585 | 697 | 822 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 384 | 417 | 451 | 483 | 514 |
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 645, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 286 | 372 | 484 | 629 | 818 | 1,064 |
| Interest at 11.2% on debt | (72) | (72) | (72) | (72) | (72) | |
| Profit before tax | 300 | 412 | 557 | 746 | 991 | |
| Profit after tax | 244 | 250 | 343 | 464 | 621 | 826 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1,022 | 1,366 | 1,793 | 2,318 | 2,954 | 3,716 |
| Working capital | (108) | (108) | (108) | (108) | (108) | (108) |
| Net block and other assets | 8,395 | 8,301 | 8,217 | 8,156 | 8,141 | 8,205 |
| Debt | 645 | 645 | 645 | 645 | 645 | 645 |
| Equity | 1,551 | 1,801 | 2,144 | 2,608 | 3,229 | 4,055 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 361 | 488 | 652 | 866 | 1,144 | |
| Investing (capex) | (17) | (60) | (128) | (230) | (382) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 344 | 428 | 525 | 636 | 762 | |
| Free cash flow to equity | 344 | 428 | 525 | 636 | 762 | |
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 | 30% | 13.9% | 11.00% | 5% | ₹1,028 | (38.8)% |
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.