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
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 | 100,775.90 | 118,547 | 126,365.80 | 138,497.10 | 150,847.40 | 166,968.21 | 184,811.82 | 204,562.34 | 226,423.57 | 250,621.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -6,865.70 | 15,460.80 | 25,704.10 | 50,932.20 | 42,072.20 | 30,466.89 | 33,722.83 | 37,326.73 | 41,315.78 | 45,731.13 |
| 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 | -14,936.80 | 7,846.60 | 18,238.30 | 46,239.70 | 36,526.60 | 21,315.55 | 23,593.50 | 26,114.90 | 28,905.76 | 31,994.86 |
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 | 100,775.90 | 118,547 | 126,365.80 | 138,497.10 | 150,847.40 | 166,968.21 | 184,811.82 | 204,562.34 | 226,423.57 | 250,621.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -6,865.70 | 15,460.80 | 25,704.10 | 50,932.20 | 42,072.20 | 30,466.89 | 33,722.83 | 37,326.73 | 41,315.78 | 45,731.13 |
| 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 | -14,936.80 | 7,846.60 | 18,238.30 | 46,239.70 | 36,526.60 | 21,315.55 | 23,593.50 | 26,114.90 | 28,905.76 | 31,994.86 |
| WACC | ||||||||||
| PV LFCF | 16,162.88 | 17,083.82 | 18,057.24 | 19,086.12 | 20,173.63 | |||||
| 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 |