| Intrinsic Valuation of: THERMAX | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 64 | Market Cap | ₹507B | |||||
| 2021 | - | - (-) | P/E Ratio | 70 | 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% (-153.5%) | Opr Margin | 7.98 | Debt/Equity | 0.24 | |||||
| 2025 | ₹1B | 123.5% (121.2%) | PreTax Margin | 6.87 | BV/Share | 421 | |||||
| 5Y Average FCF | ₹-1B | 3.5% (-65.5%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 8.98% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (3.5%) | ||||||||||
| 2026 | ₹2B | MBG Intrinsic Value | ₹573 | ||||||||
| 2027 | ₹2B | ||||||||||
| 2028 | ₹2B | ||||||||||
| 2029 | ₹2B | ||||||||||
| 2030 | ₹2B | ||||||||||
| 2031 | ₹2B | ||||||||||
| Terminal Value | ₹29B | Net Worth/Share | ₹439 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | ₹25B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | ₹4B | ₹157 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | ₹12B | WACC | 7.0% | 209 | 231 | 257 | 289 | 331 | |||
| Equity Value | ₹18B | 8.0% | 167 | 181 | 198 | 218 | 243 | ||||
| Shares Outstanding | 112,648,671 | 9.0% | 135 | 145 | 157 | 171 | 187 | ||||
| 10.0% | 111 | 119 | 127 | 137 | 148 | ||||||
| DCF Intrinsic Value | ₹157 | 11.0% | 92 | 98 | 105 | 112 | 120 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||