Discounted Cash Flow (DCF) Analysis Levered

Ashok Leyland Limited (ASHOKLEY.NS)

153.9 ₹

+1.85 (+1.22%)
All numbers are in Millions, Currency in USD
Stock DCF: -131.85 | 153.9 | 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 290,552.20327,532.40217,481.20193,777.60261,102.60263,042.43264,996.67266,965.43268,948.81270,946.93
Revenue (%)
Operating Cash Flow 14,773.01-37,454.903,831.80-10,651.3028,445.60425.41428.57431.75434.96438.19
Operating Cash Flow (%)
Capital Expenditure -6,511.60-11,263.50-13,490.80-7,516.70-5,087.20-9,317.28-9,386.50-9,456.24-9,526.49-9,597.27
Capital Expenditure (%)
Free Cash Flow 8,261.41-48,718.40-9,659-18,16823,358.40-8,891.87-8,957.93-9,024.48-9,091.53-9,159.07

Weighted Average Cost Of Capital

Share price $ 153.9
Beta 0.694
Diluted Shares Outstanding 2,935.53
Cost of Debt
Tax Rate -79.67
After-tax Cost of Debt 7.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.806
Total Debt 241,450.20
Total Equity 451,777.65
Total Capital 693,227.85
Debt Weighting 34.83
Equity Weighting 65.17
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 290,552.20327,532.40217,481.20193,777.60261,102.60263,042.43264,996.67266,965.43268,948.81270,946.93
Operating Cash Flow 14,773.01-37,454.903,831.80-10,651.3028,445.60425.41428.57431.75434.96438.19
Capital Expenditure -6,511.60-11,263.50-13,490.80-7,516.70-5,087.20-9,317.28-9,386.50-9,456.24-9,526.49-9,597.27
Free Cash Flow 8,261.41-48,718.40-9,659-18,16823,358.40-8,891.87-8,957.93-9,024.48-9,091.53-9,159.07
WACC
PV LFCF -8,300.08-7,805.23-7,339.88-6,902.28-6,490.77
SUM PV LFCF -36,838.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.13
Free cash flow (t + 1) -9,342.26
Terminal Value -182,110.24
Present Value of Terminal Value -129,056.19

Intrinsic Value

Enterprise Value -165,894.42
Net Debt 221,140.60
Equity Value -387,035.02
Shares Outstanding 2,935.53
Equity Value Per Share -131.85