Discounted Cash Flow (DCF) Analysis Levered

Adani Transmission Limited (ADANITRANS.NS)

2745.7 ₹

-88.55 (-3.12%)
All numbers are in Millions, Currency in USD
Stock DCF: 690.44 | 2745.7 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 39,444.8073,054.50114,159.6099,263.30112,575.20152,493.05206,565.29279,810.92379,028.59513,427.68
Revenue (%)
Operating Cash Flow 21,974.3025,913.8054,37237,843.3040,966.1065,060.5788,130.28119,380.25161,711.08219,051.94
Operating Cash Flow (%)
Capital Expenditure -9,614-11,985.50-27,626.70-21,500.30-24,383.64-33,029.80-44,741.78-60,606.68-82,097.10-111,207.77
Capital Expenditure (%)
Free Cash Flow 12,360.3013,928.3026,745.3016,34316,582.4632,030.7743,388.5158,773.5679,613.98107,844.16

Weighted Average Cost Of Capital

Share price $ 2,745.7
Beta 1.254
Diluted Shares Outstanding 1,353.49
Cost of Debt
Tax Rate 29.16
After-tax Cost of Debt 5.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.423
Total Debt 299,017.90
Total Equity 3,716,289.52
Total Capital 4,015,307.42
Debt Weighting 7.45
Equity Weighting 92.55
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 39,444.8073,054.50114,159.6099,263.30112,575.20152,493.05206,565.29279,810.92379,028.59513,427.68
Operating Cash Flow 21,974.3025,913.8054,37237,843.3040,966.1065,060.5788,130.28119,380.25161,711.08219,051.94
Capital Expenditure -9,614-11,985.50-27,626.70-21,500.30-24,383.64-33,029.80-44,741.78-60,606.68-82,097.10-111,207.77
Free Cash Flow 12,360.3013,928.3026,745.3016,34316,582.4632,030.7743,388.5158,773.5679,613.98107,844.16
WACC
PV LFCF 29,348.3336,425.6145,209.5556,111.7269,642.91
SUM PV LFCF 236,738.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.14
Free cash flow (t + 1) 110,001.05
Terminal Value 1,540,630.93
Present Value of Terminal Value 994,898.70

Intrinsic Value

Enterprise Value 1,231,636.82
Net Debt 297,127.40
Equity Value 934,509.42
Shares Outstanding 1,353.49
Equity Value Per Share 690.44