I’m sorry you feel that way. If you are genuinely interested in understanding the model, visit my thread on the same. I am always open to constructive feedback. If you’re simply trying to throw stones, I’m afraid I cannot be of any help to you.
My offer still stands, for comparing my Valuation to yours. As already mentioned, I do not care about the method employed. If you have some kind of logic in justifying D-Mart’s price, I’m most interested in listening.
Nice attempt, but you are mistaken.
Market Cap is the Present Value of future free cash flows discounted at the Cost of Capital. And so, it is only logical that for comparison purposes, Capex should also be discounted at the Cost of Capital.
Rs. 719479 Crores discounted at 14.23% for 21 years becomes Rs. 43,992 Crores, which is roughly 43% of the current Market Cap of Rs. 1,00,677 Crores. The rest, as you have already figured out, will be the PV of cash flows, both positive and negative.