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MakeMyTrip Limited (MMYT)
Intrinsic Value (DCF)
Current$74.32
→
Intrinsic$46.73
-37%
$32.60$46.73$73.56
Market implies 33% growth for 5 years
Current price reflects execution expectations above 20% growth — not unreasonable for quality businesses.
At $74, the market prices in continued strong cash flow growth (33%) — likely reflecting buybacks, margin stability, and ecosystem strength.
Range: Bear $33 → Bull $74. Current price implies expectations above the base case, closer to bull expectations.
| Discount ↓Growth → | 16% | 18% | 20% | 22% |
|---|---|---|---|---|
| 8% | $56 | $61 | $66 | $71 |
| 10% | $40 | $43 | $47 | $50 |
| 12% | $31 | $34 | $36 | $39 |
| 14% | $26 | $28 | $30 | $32 |
Bull Case
- Bull case ($74) with 24% growth, 9% discount rate
Bear Case
- Bear case ($33) implies 56% downside at 16% growth, 12% discount
- Price reflects 33% growth expectations vs 20% historical — high bar to clear
- Trading 37% above base case — execution must exceed assumptions to justify
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5-Year Free Cash Flow Projection
Year 1$208.23M
Year 2$249.87M
Year 3$299.85M
Year 4$359.82M
Year 5$431.78M
Terminal$6.35B
📐 Model Inputs
Growth Rate20.0%5Y CAGR (cascade: 5Y→3Y→TTM)
Discount Rate10.0%WACC estimate
Terminal Growth3.0%Perpetuity rate
Base Free Cash Flow$173.52MTTM actual
Bear g×0.8, r+2%
Base Historical CAGR
Bull g×1.2, r−1.5%
DCF estimates based on historical growth rates extrapolated forward. See FAQ below for full methodology.