Discounted Cash Flow (DCF) Analysis Levered

Alps Industries Limited (ALPSINDUS.NS)

2 ₹

-0.10 (-4.76%)

All numbers are in Millions, Currency in USD

Stock DCF: -141.05 | 2 | 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	3,330.26	3,436.65	2,966.37	2,400.76	3,024.28	2,997.17	2,970.31	2,943.69	2,917.30	2,891.15
Revenue (%)
Operating Cash Flow	423.09	615.95	-124.76	358.16	-586.30	131.60	130.42	129.25	128.09	126.94
Operating Cash Flow (%)
Capital Expenditure	-23.23	-46.11	-2.45	-4.88	-3.63	-14.66	-14.53	-14.40	-14.27	-14.14
Capital Expenditure (%)
Free Cash Flow	399.86	569.84	-127.21	353.28	-589.93	116.94	115.89	114.85	113.82	112.80

Weighted Average Cost Of Capital

Share price	$ 2
Beta	2.051
Diluted Shares Outstanding	39.11
Cost of Debt
Tax Rate	-0.01
After-tax Cost of Debt	8.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.196
Total Debt	7,145.88
Total Equity	78.23
Total Capital	7,224.11
Debt Weighting	98.92
Equity Weighting	1.08
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	3,330.26	3,436.65	2,966.37	2,400.76	3,024.28	2,997.17	2,970.31	2,943.69	2,917.30	2,891.15
Operating Cash Flow	423.09	615.95	-124.76	358.16	-586.30	131.60	130.42	129.25	128.09	126.94
Capital Expenditure	-23.23	-46.11	-2.45	-4.88	-3.63	-14.66	-14.53	-14.40	-14.27	-14.14
Free Cash Flow	399.86	569.84	-127.21	353.28	-589.93	116.94	115.89	114.85	113.82	112.80
WACC
PV LFCF						99.30	90.68	82.81	75.63	69.07
SUM PV LFCF										453.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.52
Free cash flow (t + 1)	115.06
Terminal Value	1,764.72
Present Value of Terminal Value	1,172.54

Intrinsic Value

Enterprise Value	1,625.59
Net Debt	7,142.57
Equity Value	-5,516.98
Shares Outstanding	39.11
Equity Value Per Share	-141.05