| Intrinsic Valuation of: THERMAX | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 55 | Market Cap | ₹385B | |||||
| 2021 | - | - (-) | P/E Ratio | 61 | Total Asset | ₹120B | |||||
| 2022 | ₹2B | - (-) | Net Income | ₹6B | Total Debt | ₹12B | |||||
| 2023 | ₹-2B | -184.9% (-164.1%) | EBITDA | ₹12B | Total Liab | ₹71B | |||||
| 2024 | ₹-6B | -191.5% (-151.2%) | Opr Margin | 0.07 | Debt/Equity | 0.24 | |||||
| 2025 | ₹1B | 123.5% (121.1%) | PreTax Margin | 6.09 | BV/Share | 421 | |||||
| 5Y Average FCF | ₹-1B | -84.3% (-64.7%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (4.0%) | ||||||||||
| 2026 | ₹1B | MBG Intrinsic Value | ₹495 | ||||||||
| 2027 | ₹2B | ||||||||||
| 2028 | ₹2B | ||||||||||
| 2029 | ₹2B | ||||||||||
| 2030 | ₹2B | ||||||||||
| 2031 | ₹2B | ||||||||||
| Terminal Value | ₹37B | Net Worth/Share | ₹439 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | ₹31B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | ₹4B | ₹214 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | ₹12B | WACC | 7.3% | 180 | 198 | 219 | 246 | 279 | |||
| Equity Value | ₹24B | 7.4% | 178 | 195 | 216 | 242 | 275 | ||||
| Shares Outstanding | 112,640,000 | 7.4% | 176 | 193 | 214 | 239 | 270 | ||||
| 7.9% | 157 | 171 | 188 | 208 | 232 | ||||||
| DCF Intrinsic Value | ₹214 | 8.4% | 140 | 152 | 166 | 182 | 202 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||