Models
W H BRADY & CO. LTD.WHBRADYIndustrial Products
₹48per 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₹48implied FY26 P/E 1.7× · EV/EBITDA 3.7×
Against CMP ₹480.50−90.1%close of 2026-09-09
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31129%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
₹19₹105
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (6) |
| PV of terminal value | 25 |
| Enterprise value | 19 |
| less net debt | (7) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 12 |
| ÷ 0.26 crore shares | ₹48 |
129% 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% | 51 | 61 | 73 | 87 | 105 |
| 10.50% | 41 | 49 | 59 | 70 | 84 |
| 11.00% | 33 | 40 | 48 | 57 | 68 |
| 11.50% | 26 | 32 | 38 | 46 | 55 |
| 12.00% | 19 | 24 | 30 | 37 | 44 |
The outlined cell is your model. Green figures sit above the CMP of ₹480.50; 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 | 25 · 48 · 74 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.77 |
| Rank correlation with discount rate | −0.61 |
| Rank correlation with revenue growth | −0.03 |
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 | 74 | 89 | 105 | 89 | 84 | 80 | 76 | 72 | 69 |
| growth % | 25.6 | 20.3 | 17.5 | (15.8) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 9 | 11 | 32 | 5 | 5 | 5 | 4 | 4 | 4 |
| margin % | 12.7 | 12.6 | 30.4 | 5.9 | 5.9 | 5.9 | 5.9 | 5.9 | 5.9 |
| less depreciation | (1) | (1) | (2) | (3) | (3) | (2) | (2) | (2) | (2) |
| EBIT | 8 | 10 | 30 | 3 | 2 | 2 | 2 | 2 | 2 |
| less tax on EBIT | (0) | (0) | (0) | (0) | (0) | (0) | |||
| NOPAT | 2 | 2 | 2 | 2 | 2 | 2 | |||
| add depreciation | 1 | 1 | 2 | 3 | 3 | 2 | 2 | 2 | 2 |
| less capex | (2) | (3) | (17) | (11) | (11) | (8) | (6) | (4) | (2) |
| less working-capital build | — | 1 | 1 | 1 | 1 | 1 | |||
| Free cash flow to firm | 10 | 5 | (17) | — | (5) | (3) | (1) | 1 | 2 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (5) | (2) | (1) | 1 | 1 |
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 8, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 3 | 2 | 2 | 2 | 2 | 2 |
| Interest at 13.9% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 1 | 1 | 1 | 1 | 1 | |
| Profit after tax | 5 | 1 | 1 | 1 | 1 | 1 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | (5) | (9) | (11) | (11) | (9) |
| Working capital | 29 | 27 | 26 | 25 | 23 | 22 |
| Net block and other assets | 101 | 109 | 115 | 119 | 121 | 122 |
| Debt | 8 | 8 | 8 | 8 | 8 | 8 |
| Equity | 101 | 102 | 103 | 104 | 105 | 106 |
| Balance check | 0 | (0) | 0 | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 5 | 5 | 5 | 4 | 4 | |
| Investing (capex) | (11) | (8) | (6) | (4) | (2) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (6) | (4) | (2) | (0) | 2 | |
| Free cash flow to equity | (6) | (4) | (2) | (0) | 2 | |
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 | -5% | 5.9% | 11.00% | 5% | ₹48 | (90.1)% |
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.