Models
VOITH PAPER FABRICS IND LVOITHPAPRTextiles & Apparels
₹935per 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₹935implied FY26 P/E 9.9× · EV/EBITDA 7.8×
Against CMP ₹1,451.30−35.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3178%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
₹723₹1,356
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 87 |
| PV of terminal value | 313 |
| Enterprise value | 401 |
| less net debt | 10 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 411 |
| ÷ 0.44 crore shares | ₹935 |
78% 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% | 965 | 1,036 | 1,122 | 1,226 | 1,356 |
| 10.50% | 891 | 950 | 1,020 | 1,103 | 1,206 |
| 11.00% | 827 | 877 | 935 | 1,003 | 1,085 |
| 11.50% | 772 | 814 | 863 | 920 | 987 |
| 12.00% | 723 | 760 | 801 | 849 | 905 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,451.30; 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 | 718 · 926 · 1,168 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.84 |
| Rank correlation with discount rate | −0.48 |
| Rank correlation with revenue growth | +0.13 |
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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 164 | 180 | 190 | 209 | 230 | 253 | 278 | 306 | 337 |
| growth % | 13.2 | 9.3 | 5.9 | 9.8 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 |
| EBITDA | 41 | 45 | 51 | 51 | 56 | 62 | 68 | 75 | 82 |
| margin % | 25.0 | 25.1 | 26.6 | 24.4 | 24.4 | 24.4 | 24.4 | 24.4 | 24.4 |
| less depreciation | (10) | (11) | (13) | (15) | (17) | (18) | (20) | (22) | (24) |
| EBIT | 32 | 34 | 37 | 36 | 40 | 43 | 48 | 53 | 58 |
| less tax on EBIT | (9) | (10) | (11) | (12) | (13) | (14) | |||
| NOPAT | 27 | 30 | 33 | 36 | 39 | 43 | |||
| add depreciation | 10 | 11 | 13 | 15 | 17 | 18 | 20 | 22 | 24 |
| less capex | (20) | (26) | (26) | (22) | (24) | (25) | (26) | (28) | (29) |
| less working-capital build | — | (6) | (6) | (7) | (8) | (8) | |||
| Free cash flow to firm | 8 | 13 | 20 | — | 17 | 20 | 23 | 26 | 30 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 16 | 17 | 17 | 18 | 19 |
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 10.6% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 36 | 40 | 43 | 48 | 53 | 58 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 40 | 43 | 48 | 53 | 58 | |
| Profit after tax | 41 | 30 | 33 | 36 | 39 | 43 |
| Dividends | (4) | (3) | (3) | (4) | (4) | (5) |
| Balance sheet, year end | ||||||
| Cash | 10 | 24 | 40 | 59 | 81 | 106 |
| Working capital | 57 | 63 | 69 | 76 | 84 | 92 |
| Net block and other assets | 404 | 411 | 418 | 424 | 430 | 435 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 424 | 450 | 479 | 511 | 547 | 586 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 40 | 45 | 49 | 54 | 59 | |
| Investing (capex) | (24) | (25) | (26) | (28) | (29) | |
| Financing (dividends) | (3) | (3) | (4) | (4) | (5) | |
| Net change in cash | 14 | 16 | 19 | 22 | 26 | |
| Free cash flow to equity | 17 | 20 | 23 | 26 | 30 | |
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 | 10% | 24.4% | 11.00% | 5% | ₹935 | (35.6)% |
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.