Discounted Cash Flow (DCF) Analysis Levered

BSL Limited (BSL.NS)

200.55 ₹

-3.30 (-1.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 194.84 | 200.55 | 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 4,026.814,373.073,900.443,214.254,358.404,530.504,709.394,895.355,088.655,289.58
Revenue (%)
Operating Cash Flow 374.83201.88303.46165.4625.77248.67258.49268.70279.31290.33
Operating Cash Flow (%)
Capital Expenditure -196.80-41.63-20.83-18.67-160.91-96.46-100.27-104.23-108.35-112.63
Capital Expenditure (%)
Free Cash Flow 178.03160.25282.63146.79-135.14152.21158.22164.46170.96177.71

Weighted Average Cost Of Capital

Share price $ 200.55
Beta 0.729
Diluted Shares Outstanding 10.29
Cost of Debt
Tax Rate 28.16
After-tax Cost of Debt 5.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.972
Total Debt 1,860.10
Total Equity 2,064.09
Total Capital 3,924.19
Debt Weighting 47.40
Equity Weighting 52.60
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 4,026.814,373.073,900.443,214.254,358.404,530.504,709.394,895.355,088.655,289.58
Operating Cash Flow 374.83201.88303.46165.4625.77248.67258.49268.70279.31290.33
Capital Expenditure -196.80-41.63-20.83-18.67-160.91-96.46-100.27-104.23-108.35-112.63
Free Cash Flow 178.03160.25282.63146.79-135.14152.21158.22164.46170.96177.71
WACC
PV LFCF 143.29140.23137.23134.30131.43
SUM PV LFCF 686.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.22
Free cash flow (t + 1) 181.26
Terminal Value 4,295.34
Present Value of Terminal Value 3,176.63

Intrinsic Value

Enterprise Value 3,863.11
Net Debt 1,857.80
Equity Value 2,005.31
Shares Outstanding 10.29
Equity Value Per Share 194.84