Discounted Cash Flow (DCF) Analysis Levered

Bharat Electronics Limited (BEL.NS)

90.95 ₹

-4.00 (-4.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 145.94 | 90.95 | undervalue

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 100,775.90118,547126,365.80138,497.10150,847.40166,968.21184,811.82204,562.34226,423.57250,621.07
Revenue (%)
Operating Cash Flow -6,865.7015,460.8025,704.1050,932.2042,072.2030,466.8933,722.8337,326.7341,315.7845,731.13
Operating Cash Flow (%)
Capital Expenditure -8,071.10-7,614.20-7,465.80-4,692.50-5,545.60-9,151.34-10,129.33-11,211.83-12,410.02-13,736.26
Capital Expenditure (%)
Free Cash Flow -14,936.807,846.6018,238.3046,239.7036,526.6021,315.5523,593.5026,114.9028,905.7631,994.86

Weighted Average Cost Of Capital

Share price $ 90.95
Beta 0.253
Diluted Shares Outstanding 7,309.78
Cost of Debt
Tax Rate 24.24
After-tax Cost of Debt 3.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.723
Total Debt -
Total Equity 664,824.38
Total Capital 664,824.38
Debt Weighting 0.00
Equity Weighting 100.00
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 100,775.90118,547126,365.80138,497.10150,847.40166,968.21184,811.82204,562.34226,423.57250,621.07
Operating Cash Flow -6,865.7015,460.8025,704.1050,932.2042,072.2030,466.8933,722.8337,326.7341,315.7845,731.13
Capital Expenditure -8,071.10-7,614.20-7,465.80-4,692.50-5,545.60-9,151.34-10,129.33-11,211.83-12,410.02-13,736.26
Free Cash Flow -14,936.807,846.6018,238.3046,239.7036,526.6021,315.5523,593.5026,114.9028,905.7631,994.86
WACC
PV LFCF 16,162.8817,083.8218,057.2419,086.1220,173.63
SUM PV LFCF 114,051.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.72
Free cash flow (t + 1) 32,634.76
Terminal Value 1,199,807.43
Present Value of Terminal Value 952,715.83

Intrinsic Value

Enterprise Value 1,066,767.65
Net Debt -
Equity Value 1,066,767.65
Shares Outstanding 7,309.78
Equity Value Per Share 145.94