TGM's two-stage DCF values MakeMyTrip Limited (MMYT) between $22.74 and $45.67 depending on assumptions, with a base case of $32.99. Growth is taken from the company's own record (5-year revenue CAGR (FCF growth too volatile to use) (capped at 18%)), fading to 2.5% long-run; the discount rate (9.1%) reflects its beta.
What would today's price require?
$43.05 is justified only if free cash flow grows about +23.4% a year (fading to 2.5% long-run) at a 9.1% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 15.0%/yr | 10.1% | $22.74 |
| Base case | 18.0%/yr | 9.1% | $32.99 |
| Optimistic | 20.0%/yr | 8.1% | $45.67 |
| Third-party model estimate (FMP) | independent reference · retrieved Oct 6, 2026 · assumptions not provided | $55.06 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$43.05
Market-Implied Growth
+23.4%/yr
vs +30.9% 5Y actual
Model Scenario Range
$22.74 – $45.67
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for MMYT (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $140.5M · 0.09B shares · net debt $981.6M
Estimated Fair Value
$32.99
-23.4% vs $43.05
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 18.0%/yr FCF growth and 10-year horizon fixed. Green = above today's $43.05; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 7.1% | $43.27 | $47.87 | $53.47 | $60.42 | $69.30 |
| 8.1% | $34.53 | $37.68 | $41.38 | $45.81 | $51.19 |
| 9.1% | $28.12 | $30.39 | $32.99 | $36.02 | $39.59 |
| 10.1% | $23.22 | $24.92 | $26.83 | $29.01 | $31.52 |
| 11.1% | $19.36 | $20.67 | $22.12 | $23.75 | $25.60 |
