ITC Limited
A formula-driven five-year FCFF DCF with reconciled segment forecasts, valuation sensitivity and exploratory econometrics.
₹362.8 central DCF37.7% illustrative gap
Read the analysis →Economics · Finance · Analysis
Independent research on companies, transactions and public finance.
Ayush Chakraborty is an Economics student at Durham University producing independent valuation, M&A and quantitative analysis through financial modelling, Excel and R.
3published research projects
3 fieldsvaluation, M&A and restructuring
Open workmodels and supporting files available
Selected research
Analysis built from the model up.
Each project separates sourced facts from modelling assumptions and links conclusions to the underlying calculations.
OCS / Mitie
An assessment of the recommended acquisition’s consideration, premium, operating reference points and explicitly illustrative financing and synergy cases.
£3.1bn equity value46.8% headline premium
Read the analysis →Thames Water
A creditor-focused analysis of the proposed recapitalisation, RCV-based debt capacity and the distinction between nominal and economic recovery.
£21.893bn reported RCV52% proposal day-one leverage
Read the analysis →Independent writing
Currently working on
An open draft, including the remaining evidence and questions, so the research process is visible.
How Singapore finances public investment
Exploring how taxes, public wealth and household saving help finance Singapore’s infrastructure—and what the UK can learn from the comparison.
Read the idea and rough draft →