An FMCG DCF is deceptively simple. Steady growth, high margins, low capex, predictable working capital. The temptation is to assume the model is easy. It is not. The steady-state assumptions do all the work, and getting them wrong by a hundred basis points on either side compounds into a 25–30% valuation range.

This model breaks revenue growth into its volume and price components, both driven by first-principles assumptions rather than top-down growth targets.