The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · UNITED BREWERIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
UNITED BREWERIES LTD Discounted cash flow · base FY26
UNITED BREWERIES LTD
Value per share, this model₹194
CMP 2026-09-10₹1,255.00
Difference(84.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of UNITED BREWERIES LTD, 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
-5% a year
FY26 (10.0)% · 5-yr CAGR 11.4%
EBITDA margin
4.9%
FY26 4.9% · 5-yr average 4.3%
Depreciation · capex, % of revenue
1.6% · 2.9%, fading to 1.2× depreciation
FY26 1.6% · 2.9%
Working capital, % of added revenue · tax
18.9% · 26.5%
69 working-capital days · effective 26.5%
Discount rate
11.00%
1-yr beta 0.45
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹715 · ₹0 · ₹0 cr
FY26 net debt ₹715 cr
Shares
26.44 crore
26.44 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
17,463
16,590
15,761
14,973
14,224
13,513
growth %
(10.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
861
813
772
734
697
662
Depreciation
(272)
(265)
(252)
(240)
(228)
(216)
NOPAT
433
402
382
363
345
328
less capex
(512)
(481)
(418)
(361)
(308)
(259)
less working-capital build
—
165
157
149
141
134
Free cash flow to firm
—
352
373
391
406
419
Present value
334
319
301
282
262
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 · UNITED BREWERIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,498
PV of the terminal value (74% of EV)
4,351
Enterprise value
5,848
less net debt
(715)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,133
÷ 26.44 crore shares
₹194
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
201
218
237
261
292
10.5%
184
198
214
233
257
11.0%
169
181
194
210
229
11.5%
156
166
178
191
206
12.0%
145
154
163
174
187
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
