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
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 | 290,552.20 | 327,532.40 | 217,481.20 | 193,777.60 | 261,102.60 | 263,042.43 | 264,996.67 | 266,965.43 | 268,948.81 | 270,946.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 14,773.01 | -37,454.90 | 3,831.80 | -10,651.30 | 28,445.60 | 425.41 | 428.57 | 431.75 | 434.96 | 438.19 |
| 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 | -18,168 | 23,358.40 | -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 | 290,552.20 | 327,532.40 | 217,481.20 | 193,777.60 | 261,102.60 | 263,042.43 | 264,996.67 | 266,965.43 | 268,948.81 | 270,946.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 14,773.01 | -37,454.90 | 3,831.80 | -10,651.30 | 28,445.60 | 425.41 | 428.57 | 431.75 | 434.96 | 438.19 |
| 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 | -18,168 | 23,358.40 | -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 |