Models
TVS ELECTRONICS LTDTVSELECTIT - Hardware
₹129per 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₹129implied FY19 P/E —× · EV/EBITDA 14.7×
Against CMP ₹385.00−66.6%close of 8 Oct 2026
Growth the CMP implies37.6%revenue, a year for 5 years, on your other inputs
Value after FY2473%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
₹101₹184
52-week rangetraded range, a fact not a value
₹336₹739
From enterprise to equity · ₹ crore
| PV of FY20–FY24 free cash flow | 63 |
| PV of terminal value | 173 |
| Enterprise value | 237 |
| less net debt | 3 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 240 |
| ÷ 1.87 crore shares | ₹129 |
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% | 133 | 142 | 153 | 167 | 184 |
| 10.50% | 123 | 131 | 140 | 151 | 164 |
| 11.00% | 115 | 121 | 129 | 138 | 148 |
| 11.50% | 107 | 113 | 119 | 127 | 135 |
| 12.00% | 101 | 106 | 111 | 117 | 125 |
The outlined cell is your model. Green figures sit above the CMP of ₹385.00; 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 | 107 · 128 · 154 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.62 |
| Rank correlation with discount rate | −0.62 |
| Rank correlation with revenue growth | +0.41 |
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 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|---|
| Revenue | 2,761 | 2,982 | 3,220 | 3,478 | 3,756 | 4,056 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 16 | 18 | 19 | 21 | 23 | 24 |
| margin % | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 |
| less depreciation | (4) | (3) | (3) | (3) | (4) | (4) |
| EBIT | 12 | 15 | 16 | 17 | 19 | 20 |
| less tax on EBIT | (2) | (2) | (2) | (2) | (3) | (3) |
| NOPAT | 11 | 13 | 14 | 15 | 16 | 18 |
| add depreciation | 4 | 3 | 3 | 3 | 4 | 4 |
| less capex | 0 | 0 | (1) | (2) | (3) | (5) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 |
| Free cash flow to firm | — | 16 | 16 | 16 | 17 | 17 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 15 | 14 | 13 | 12 | 10 |
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 0, dividends at 0% of profit
| ₹ crore | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 12 | 15 | 16 | 17 | 19 | 20 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 15 | 16 | 17 | 19 | 20 | |
| Profit after tax | 10 | 13 | 14 | 15 | 16 | 18 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 3 | 19 | 35 | 52 | 68 | 85 |
| Working capital | (1) | (1) | (1) | (1) | (1) | (1) |
| Net block and other assets | 162 | 159 | 157 | 156 | 155 | 156 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 87 | 100 | 114 | 129 | 145 | 162 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 16 | 17 | 18 | 20 | 22 | |
| Investing (capex) | 0 | (1) | (2) | (3) | (5) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 16 | 16 | 16 | 17 | 17 | |
| Free cash flow to equity | 16 | 16 | 16 | 17 | 17 | |
Other liabilities are held at their FY19 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 | 8% | 0.6% | 11.00% | 5% | ₹129 | (66.6)% |
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.