Valuation Scenario Explorer / Firm DCF
An intrinsic value calculator with editable bear, base and bull cases. Compare cash-flow assumptions, terminal dependence and a reference price.
01 / Your assumptions
Example numbers only. No company data is loaded.
FCFF before debt payments. Use a normalised annual figure.
Interest-bearing debt less excess cash. Use a negative number for net cash.
Annual FCFF growth during the forecast.
A whole number from 1 to 30.
Blended cost of equity and after-tax debt.
Growth after the forecast. Must stay below WACC.
Use the annual report: operating profit, tax, depreciation, capital expenditure and changes in non-cash working capital. FCFF = EBIT × (1 − tax rate) + depreciation − capex − increase in working capital. A reported operating-cash-flow-minus-capex figure may need adjustments for interest classification.
WACC weights cost of equity and after-tax debt by their market values. Use assumptions consistent with the currency and nominal growth rates. Shares come from the share-capital notes; account for dilution. This simplified debt/cash bridge omits other claims and non-operating assets.
DCF input reference · NYU Stern02 / Base-case estimate
₹99.63
per share, based on your assumptions
A model estimate, not a target price or a buy signal. Small assumption changes can move it substantially.
This share of enterprise value comes from cash flows after year 10. A larger share means more dependence on the terminal assumptions.
25% below
₹74.72
40% below
₹59.78
50% below
₹49.81
Often called a margin of safety. A discount cannot make an incorrect model safe.
03 / Test the assumptions
Bear and bull start as illustrative stresses: forecast growth ±2 percentage points and WACC ∓1 point. Edit either case independently. Untouched fields follow the base case; edited fields stay fixed until you restore the linked defaults. Cash flow, shares and net debt remain common to all cases. Names express your assumptions, not probabilities or guaranteed ordering.
₹76.06
All fields follow the base stresses.
Terminal cash flows: 48.3% of enterprise value.
₹99.63
Edit the base case above.
Terminal cash flows: 54.5% of enterprise value.
₹133.80
All fields follow the base stresses.
Terminal cash flows: 60.7% of enterprise value.
Enter your own reference price; no quote is fetched. The difference is a comparison, not an expected return or a buy/sell recommendation.
Per-share values. Rows change WACC; columns change terminal growth. Other inputs stay at base. “Unavailable” means that combination fails the model checks.
| WACC ↓ / growth → | 3% | 4% | 5% |
|---|---|---|---|
| 11% | ₹106.39 | ₹115.45 | ₹127.52 |
| 12% | ₹93.13 | ₹99.63 | ₹107.98 |
| 13% | ₹82.60 | ₹87.40 | ₹93.39 |
Take an illustrative business with annual free cash flow to the firm (FCFF) of ₹10 crore, zero forecast growth for five years, zero terminal growth, a 10% cost of capital (WACC), ₹20 crore of net debt and 1,00,00,000 shares. These are teaching assumptions, not company data or suggested rates. In Crore mode enter 10 for FCFF and 20 for net debt; the share count stays 10000000.
The five forecast cash flows have a present value of ₹37.91 crore. Terminal value at year five is ₹100 crore, worth ₹62.09 crore today. Together they give an enterprise value of ₹100 crore. Subtracting ₹20 crore of net debt leaves ₹80 crore for shareholders, or ₹80 per share.
Value per share = (present value of forecast FCFF + present value of terminal FCFF − net debt) ÷ shares outstanding.
Keep everything else the same and raise WACC to 12%: the value falls to about ₹63.33 per share. Instead, keep WACC at 10% and raise terminal growth to 2%: the value rises to about ₹97.08. The base case gets 62.09% of its enterprise value from the terminal estimate. Compare scenarios before treating a single output as useful.
Method reference: Aswath Damodaran’s guide to discounted cash-flow valuation at NYU Stern.
This is a simplified two-stage firm DCF. It discounts annual free cash flow to the firm (FCFF) at a constant weighted average cost of capital (WACC), then subtracts net debt and divides by shares. It assumes end-of-year cash flows and a constant share count.
Terminal value uses the final forecast cash flow × (1 + terminal growth) ÷ (WACC − terminal growth), discounted back to today. Both rates are decimals in that formula. If terminal growth reaches WACC, this model cannot return a finite value.
It requires positive starting cash flow. Banks, insurers, changing capital structures and businesses with initially negative cash flows need a different or more detailed model. Negative model equity is shown as a funding shortfall indication, not a negative tradable share price.
Calculation amounts stay in your browser and are excluded from calculator analytics. No prices or financial statements are fetched. Educational use only.
Need real numbers for the inputs? Screener shows ten or more years of reported profit and loss, balance sheet and cash flow for listed Indian companies. It does not run a cash-flow valuation on your assumptions; use its figures here to build and stress-test one.
Seen an Intrinsic Value column on Screener? It is a Graham-style formula built from EPS, book value, sales growth and return on capital, not a discounted cash flow. Expect it to differ from the DCF estimate here.
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