Models
TOURISM FINANCE CORP. OFTFCILTDFinance
₹8per 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₹8implied P/B 0.42× on FY22 book
Against CMP ₹141.75−94.1%close of 2026-09-10
Cost of equity13.27%risk-free + beta × equity risk premium
Book equity, FY22₹20per share · excess returns add ₹(12)
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity
| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 |
|---|---|---|---|---|---|
| Opening book equity | 937 | 1,022 | 1,115 | 1,217 | 1,328 |
| Net income at 9.1% ROE | 85 | 93 | 101 | 111 | 121 |
| Cost of equity charge at 13.27% | (124) | (136) | (148) | (161) | (176) |
| Excess return | (39) | (43) | (46) | (51) | (55) |
| Present value | (37) | (35) | (34) | (33) | (32) |
| Closing book equity | 1,022 | 1,115 | 1,217 | 1,328 | 1,448 |
| Book equity today | 937 |
| PV of 5 years of excess return | (170) |
| PV of the terminal excess return, 5% flat | (377) |
| add non-operating investments | 0 |
| Equity value | 390 |
| ÷ 46.30 crore shares | ₹8 |
ROE is at or below the cost of equity, so every year destroys value against book and the model lands below book value. That is the arithmetic, not a view.
Where the methods land · ₹ per share · the dashed line is the CMP
52-week rangetraded range, a fact not a value
₹51₹148
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | Excess return | ROE 9.1% | — | 13.27% | 5% | ₹8 | (94.1)% |
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.