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SARTHAK METALS LTD (SMLT)

Miscellaneous · figures to Nov '26

Share price

Closing priceAdjusted for splits and bonus issues.

₹71.51 latest close · +0.1% over the last 90 sessions

₹60₹70₹80Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹60₹70₹80Jul 3Sep 4Nov 9

₹71.51 month-end · −27.7% over 12 months

₹60₹80₹100Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹60₹80₹100Nov '25May '26Nov '26

₹71.51 month-end · −68.5% over 3 years

₹100₹200₹300Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹100₹200₹300Nov '23May '25Nov '26

₹71.51 month-end · −31.1% since Nov '21

₹100₹200₹300Nov '21Nov '22Nov '23Nov '24Nov '25Nov '26 ₹100₹200₹300Nov '21May '24Nov '26

52-week range ₹56.61 to ₹121.00 · 1-year volatility 48.7%

Was the rally earned?

-28%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 22 points, but investors now pay less per rupee of profit (P/E 35.8x to 20.0x), which took 50 points back.
  • The share count barely moved.
Net profit growth: +22 pts. Points of the price return explained by net profit growing (or shrinking).+22 ptsNet profit growthP/E change: −50 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−50 ptsP/E changeShare price: −28%−28%Share priceNet profit growth: +22 pts. Points of the price return explained by net profit growing (or shrinking).+22ProfitP/E change: −50 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−50P/EShare price: −28%−28%Share price
Net profit growth+22 ptsNet profit rose about 29%, which lifts the price.
P/E change-50 ptsThe P/E fell from 35.8x to 20.0x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-69%share price, 3 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 107 points, while the multiple moved less (P/E 10.4x to 20.0x).
  • The share count rose 8%.
Net profit growth: −103 pts. Points of the price return explained by net profit growing (or shrinking).−103 ptsNet profit growthP/E change: +39 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+39 ptsP/E changeShare count change: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4 ptsShare count changeShare price: −68%−68%Share priceNet profit growth: −103 pts. Points of the price return explained by net profit growing (or shrinking).−103ProfitP/E change: +39 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+39P/EShare count change: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4SharesShare price: −68%−68%Share price
Net profit growth-103 ptsNet profit fell about 82%, which lowers the price.
P/E change+39 ptsThe P/E rose from 10.4x to 20.0x, which lifts the price.
Share count change-4 ptsShare count rose 8%, which lowers the price.
-31%share price, 5 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 41 points, while the multiple moved less (P/E 17.8x to 20.0x).
  • The share count rose 8%.
Net profit growth: −34 pts. Points of the price return explained by net profit growing (or shrinking).−34 ptsNet profit growthP/E change: +10 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+10 ptsP/E changeShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7 ptsShare count changeShare price: −31%−31%Share priceNet profit growth: −34 pts. Points of the price return explained by net profit growing (or shrinking).−34ProfitP/E change: +10 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+10P/EShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7SharesShare price: −31%−31%Share price
Net profit growth-34 ptsNet profit fell about 34%, which lowers the price.
P/E change+10 ptsThe P/E rose from 17.8x to 20.0x, which lifts the price.
Share count change-7 ptsShare count rose 8%, which lowers the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare with other companies

How rough has the ride been?

Maximum drawdown-86.8%not yet recovered
1-year volatility48.7%annualised

Drawdown from peak

0%−25%−50%−75%2023202420252026−86.4% 0%−25%−50%−75%20242026−86.4%
Largest drawdowns

-86.8% (2024-02 peak to 2026-03 low, not yet recovered)

-37.9% (2021-12 peak to 2022-06 low, recovered 2022-08)

-29.8% (2022-09 peak to 2022-11 low, recovered 2023-01)

Is it expensive against its own past and its peers?

20.0xP/E todayWithin its usual range
Against its own history64th percentile
CheapestMedian 18.1xDearest

Usual range 7.0x to 35.8x since 2021-11.

4.5x16.5x28.6x40.6xNov '21Nov '22Nov '23Nov '24Nov '25Nov '264.5x16.5x28.6x40.6xNov '21Jul '23Mar '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts median

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P/B (this company)10th to 90th percentile of its own historyIts median

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P/S (this company)10th to 90th percentile of its own historyIts median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median.

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Miscellaneous is valued

What is the price implying?

~1%annual earnings growth implied by the price

At a P/E of 6.1x, the price would imply about 1.3%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Below the ₹1,000 cr market-cap floor used for the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹71.51
P/E
20.0x
ROCE
6.0%
Market Cap
₹98 cr
Revenue (TTM)
₹201 cr
P/S
0.5x
P/B
0.8x
ROE
3.9%
Operating Margin
2.8%
Debt / Equity
0.0x
Promoter Holding
68.8%
12M Momentum
-27.7%

52-week range

₹56.61₹121.00
23% of the way from its 52-week low to its high

Price risk

1Y volatility
48.7%

Balance sheet & cash

Interest cover
operating profit ÷ interest
12.2x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.26x
low
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 7checks within range3 beyond a threshold
Other income reliance38%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 38.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate29%Within range

Median quarterly effective tax rate over about 2.5 years: 29.2%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.26xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.26x (cash from operations ₹-6 cr, net profit ₹23 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+60 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 60 days (108 vs 48). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+4 days / 2 yrsWithin range

Days payable changed by +4 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, promoters trimmed 0.8 pts; FIIs trimmed 0.5 pts.
  • The number of shareholders rose from 8,520 to 11,190 (+31%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters69.6%68.8%-0.8 pts
FIIs0.7%0.1%-0.5 pts
DIIs———
Public and others29.7%31.1%+1.4 pts

Number of shareholders

11,190shareholders+31% since Dec '23
9k10k11k13k Dec '23Jun '24Dec '24Jun '25Mar '26Jun '26
Dec '23: 8,520
Mar '24: 10,900
Jun '24: 11,837
Sep '24: 12,329
Dec '24: 12,608
Mar '25: 12,254
Jun '25: 12,125
Sep '25: 11,819
Mar '26: 11,390
Jun '26: 11,190
 9k10k11k13k Dec '23Sep '24Jun '25Jun '26
Dec '23: 8,520
Mar '24: 10,900
Jun '24: 11,837
Sep '24: 12,329
Dec '24: 12,608
Mar '25: 12,254
Jun '25: 12,125
Sep '25: 11,819
Mar '26: 11,390
Jun '26: 11,190

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+3.4%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like SARTHAK METALS LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −15% to +29% vs the market, against −6% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +9.3%, 80% range +0.8% to +12.9%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
PRITI · Jun 2025: −58.7% vs market
ONDOOR · Jan 2025: −58.4% vs market
DIGIDRIVE · Feb 2025: −41.8% vs market
AJOONI · Sep 2025: −40.9% vs market
NIRAJ · Sep 2025: −39.9% vs market
MITTAL · Jun 2025: −36.5% vs market
TRIGYN · Sep 2024: −32.1% vs market
ALBERTDAVD · Jul 2025: −26.6% vs market
ZENITHSTL · Feb 2025: −25.5% vs market
GOYALALUM · Sep 2025: −18.3% vs market
ELIN · Mar 2025: −18.1% vs market
PLASTIBLEN · May 2024: −17.6% vs market
ALPHAGEO · Nov 2022: −15.1% vs market
LOVABLE · Mar 2023: −15.1% vs market
MUNJALSHOW · Jun 2024: −14.2% vs market
IMPAL · Nov 2024: −13.0% vs market
ISFT · Aug 2025: −12.4% vs market
RILINFRA · Oct 2025: −9.6% vs market
GRAPHISAD · Jan 2025: −8.3% vs market
AARVI · Sep 2024: −7.0% vs market
ROML · Dec 2023: −5.8% vs market
BLBLIMITED · Oct 2025: −0.3% vs market
CELEBRITY · May 2020: +1.2% vs market
JOCIL · Nov 2022: +1.3% vs market
PODDARMENT · Jun 2022: +3.0% vs market
VARDHACRLC · Oct 2025: +3.8% vs market
PROV · Jun 2024: +4.2% vs market
CLEDUCATE · Jul 2024: +7.0% vs market
ASPINWALL · Jun 2024: +7.4% vs market
IFBAGRO · May 2021: +9.4% vs market
ALPA · Oct 2021: +11.4% vs market
ORIENTCER · Aug 2023: +14.3% vs market
CENTENKA · Sep 2025: +14.8% vs market
SAKUMA · Aug 2023: +14.9% vs market
BHAGERIA · Jul 2024: +21.5% vs market
SOTL · Jun 2025: +23.0% vs market
KITEX · Oct 2021: +27.0% vs market
PONNIERODE · Jun 2022: +29.7% vs market
HINDCOMPOS · Nov 2022: +31.4% vs market
SMARTLINK · Aug 2025: +36.8% vs market
BANARBEADS · May 2024: +36.9% vs market
MODISONLTD · Sep 2023: +61.2% vs market
ONMOBILE · Jan 2020: +62.1% vs market
MINDTECK · Mar 2020: +63.4% vs market
GSS · Jul 2020: +103.1% vs market
CHEMBOND · Jun 2022: +116.7% vs market
IFGLEXPOR · Jul 2020: +143.6% vs market
INDOTECH · Dec 2022: +189.0% vs market
IZMO · Jan 2023: +206.8% vs market
THOMASCOTT · Dec 2022: +250.1% vs market
Similar setups +3.4%All companies −5.9%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 6 beyond the range shown, drawn at the edge

Similar setups' median
+3.4%
All companies' median
−5.9%
Beat the market
56% vs 43%

50 past situations · 50 companies · 27 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ALPHAGEO
Industrial Services		 Nov 2022 15x7% −12%−32% −15%
MUNJALSHOW
Producer Manufacturing		 Jun 2024 19x5% +17%−21% −14%
MINDTECK
Technology Services		 Mar 2020 13x3% −59%−72% +63%
CHEMBOND
Process Industries		 Jun 2022 15x7% −25%−41% +117%
TRIGYN
Technology Services		 Sep 2024 27x6% +12%−16% −32%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
IFBAGRO
Consumer Non-Durables		 May 2021 20x5% +67%−20% +9%
VARDHACRLC
Consumer Non-Durables		 Oct 2025 35x7% −21%−27% +4%
PODDARMENT
Process Industries		 Jun 2022 13x10% −4%−41% +3%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, ROCE and drawdown from 12-month high. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to SARTHAK METALS LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

12 events since Jun '22

  1. JunResultsYear-on-year EPS growth turned positive.
  2. JunDividendDividend payout cut from 17% to 0% of profit.
  3. MarPriceFell 87% from the Feb 2024 peak to the Mar 2026 low.
  4. JunResultsYear-on-year EPS growth turned negative.
  5. JunValuationP/E crossed above the 90th percentile of its own history to date (18.7x).
  6. JanPriceRegained the 2023-07 peak, 2 months after the low.
  7. NovPriceFell 28% from the Jul 2023 peak to the Nov 2023 low.
  8. JanPriceRegained the 2022-09 peak, 2 months after the low.
Show 4 earlier events
  1. NovPriceFell 30% from the Sep 2022 peak to the Nov 2022 low.
  2. NovDebtDebt / equity halved over 12 months to 0.28x.
  3. AugPriceRegained the 2021-12 peak, 2 months after the low.
  4. JunPriceFell 38% from the Dec 2021 peak to the Jun 2022 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history61 months · 2021-11 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1120.0x₹201 cr3.9%6.0%0.0x
2026-1019.6x₹201 cr3.9%6.0%0.0x
2026-0917.3x₹201 cr3.9%6.0%0.0x
2026-0819.2x₹192 cr3.7%6.0%0.0x
2026-0719.9x₹192 cr3.7%6.0%0.0x
2026-0620.2x₹192 cr3.7%6.0%0.0x
2026-0526.6x₹178 cr3.1%6.0%0.0x
2026-0427.1x₹178 cr3.1%6.0%0.0x
2026-0320.7x₹178 cr3.1%6.0%0.0x
2026-0225.8x₹175 cr3.1%6.0%0.0x
2026-0125.5x₹175 cr3.1%6.0%0.0x
2025-1231.8x₹175 cr3.1%6.0%0.0x
2025-1135.8x₹184 cr3.1%6.0%0.0x
2025-1038.6x₹184 cr3.1%6.0%0.0x
2025-0937.7x₹184 cr3.1%6.0%0.0x
2025-0834.6x₹178 cr3.4%6.0%0.0x
2025-0738.2x₹178 cr3.4%6.0%0.0x
2025-0640.6x₹178 cr3.4%6.0%0.0x
2025-0530.9x₹201 cr4.1%18.0%0.0x
2025-0433.0x₹201 cr4.1%18.0%0.0x
2025-0331.5x₹201 cr4.1%18.0%0.0x
2025-0232.7x₹232 cr4.5%18.0%0.0x
2025-0139.4x₹232 cr4.5%18.0%0.0x
2024-1237.9x₹232 cr4.5%18.0%0.0x
2024-1120.8x₹264 cr8.2%18.0%0.0x
2024-1024.0x₹264 cr8.2%18.0%0.0x
2024-0925.7x₹264 cr8.2%18.0%0.0x
2024-0817.2x₹305 cr11.4%18.0%0.0x
2024-0718.1x₹305 cr11.4%18.0%0.0x
2024-0618.7x₹305 cr11.4%18.0%0.0x
2024-0510.0x₹408 cr26.3%41.0%0.0x
2024-0411.3x₹408 cr26.3%41.0%0.0x
2024-0310.3x₹408 cr26.3%41.0%0.0x
2024-0211.3x₹408 cr26.3%41.0%0.0x
2024-0114.8x₹408 cr26.3%41.0%0.0x
2023-1211.7x₹408 cr26.3%41.0%0.0x
2023-1110.4x₹408 cr26.3%41.0%0.0x
2023-1011.1x₹408 cr26.3%41.0%0.0x
2023-0911.0x₹408 cr26.3%41.0%0.0x
2023-0812.2x₹408 cr26.3%41.0%0.0x
2023-0711.2x₹408 cr26.3%41.0%0.0x
2023-0610.7x₹408 cr26.3%41.0%0.0x
2023-058.3x₹457 cr31.9%40.0%0.3x
2023-048.7x₹457 cr31.9%40.0%0.3x
2023-038.2x₹457 cr31.9%40.0%0.3x
2023-028.6x₹457 cr31.9%40.0%0.3x
2023-018.3x₹457 cr31.9%40.0%0.3x
2022-126.8x₹457 cr31.9%40.0%0.3x
2022-117.0x₹457 cr31.9%40.0%0.3x
2022-105.7x₹457 cr31.9%40.0%0.3x
2022-096.5x₹457 cr31.9%40.0%0.3x
2022-086.9x₹457 cr31.9%40.0%0.3x
2022-075.2x₹457 cr31.9%40.0%0.3x
2022-064.5x₹457 cr31.9%40.0%0.3x
2022-0517.5x₹222 cr13.9%18.0%0.6x
2022-0418.2x₹222 cr13.9%18.0%0.6x
2022-0316.0x₹222 cr13.9%18.0%0.6x
2022-0217.2x₹222 cr13.9%18.0%0.6x
2022-0119.0x₹222 cr13.9%18.0%0.6x
2021-1220.0x₹222 cr13.9%18.0%0.6x
2021-1117.8x₹222 cr13.9%18.0%0.6x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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