Discounted Cash Flow (DCF) Analysis Levered
Havells India Limited (HAVELLS.NS)
1343 ₹
-6.50 (-0.48%)
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 | 100,115.50 | 93,867.90 | 103,827.30 | 138,354.50 | 169,107.30 | 194,410.66 | 223,500.14 | 256,942.26 | 295,388.28 | 339,586.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,012.80 | 8,267.10 | 6,579.30 | 17,278.30 | 5,649.30 | 13,989.81 | 16,083.09 | 18,489.59 | 21,256.16 | 24,436.70 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -5,014.80 | -3,609.30 | -2,498.90 | -2,583.20 | -5,877.90 | -6,455.92 | -7,421.91 | -8,532.44 | -9,809.14 | -11,276.87 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -2 | 4,657.80 | 4,080.40 | 14,695.10 | -228.60 | 7,533.89 | 8,661.18 | 9,957.14 | 11,447.02 | 13,159.83 |
Weighted Average Cost Of Capital
| Share price | $ 1,343 |
|---|---|
| Beta | 0.550 |
| Diluted Shares Outstanding | 626.53 |
| Cost of Debt | |
| Tax Rate | 25.94 |
| After-tax Cost of Debt | 11.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.851 |
| Total Debt | 2,231 |
| Total Equity | 841,434.49 |
| Total Capital | 843,665.49 |
| Debt Weighting | 0.26 |
| Equity Weighting | 99.74 |
| 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 | 100,115.50 | 93,867.90 | 103,827.30 | 138,354.50 | 169,107.30 | 194,410.66 | 223,500.14 | 256,942.26 | 295,388.28 | 339,586.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,012.80 | 8,267.10 | 6,579.30 | 17,278.30 | 5,649.30 | 13,989.81 | 16,083.09 | 18,489.59 | 21,256.16 | 24,436.70 |
| Capital Expenditure | -5,014.80 | -3,609.30 | -2,498.90 | -2,583.20 | -5,877.90 | -6,455.92 | -7,421.91 | -8,532.44 | -9,809.14 | -11,276.87 |
| Free Cash Flow | -2 | 4,657.80 | 4,080.40 | 14,695.10 | -228.60 | 7,533.89 | 8,661.18 | 9,957.14 | 11,447.02 | 13,159.83 |
| WACC | ||||||||||
| PV LFCF | 7,050.24 | 7,584.85 | 8,159.98 | 8,778.73 | 9,444.40 | |||||
| SUM PV LFCF | 41,018.21 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.86 |
| Free cash flow (t + 1) | 13,423.03 |
| Terminal Value | 276,193.95 |
| Present Value of Terminal Value | 198,215.82 |
Intrinsic Value
| Enterprise Value | 239,234.03 |
|---|---|
| Net Debt | -2,420.60 |
| Equity Value | 241,654.63 |
| Shares Outstanding | 626.53 |
| Equity Value Per Share | 385.70 |