Discounted Cash Flow (DCF) Analysis Levered
ICICI Bank Limited (IBN)
$20.645
-0.16 (-0.79%)
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 | 847,041.52 | 921,311.59 | 1,051,204.36 | 1,186,837.33 | 1,163,639.82 | 1,262,010.78 | 1,368,697.75 | 1,484,403.74 | 1,609,891.21 | 1,745,987.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 193,829.32 | 486,710.53 | 795,647.47 | 1,380,152.97 | 581,114.30 | 801,699.65 | 869,473.17 | 942,976.07 | 1,022,692.72 | 1,109,148.39 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -10,421.44 | -11,481.49 | -18,734.52 | -16,882.06 | -18,599.75 | -18,373.85 | -19,927.13 | -21,611.72 | -23,438.71 | -25,420.16 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 183,407.88 | 475,229.04 | 776,912.94 | 1,363,270.91 | 562,514.55 | 783,325.80 | 849,546.04 | 921,364.36 | 999,254 | 1,083,728.23 |
Weighted Average Cost Of Capital
| Share price | $ 20.645 |
|---|---|
| Beta | 0.836 |
| Diluted Shares Outstanding | 3,542.62 |
| Cost of Debt | |
| Tax Rate | 5.38 |
| After-tax Cost of Debt | 24.57% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.566 |
| Total Debt | 1,585,022.23 |
| Total Equity | 73,137.42 |
| Total Capital | 1,658,159.65 |
| Debt Weighting | 95.59 |
| Equity Weighting | 4.41 |
| 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 | 847,041.52 | 921,311.59 | 1,051,204.36 | 1,186,837.33 | 1,163,639.82 | 1,262,010.78 | 1,368,697.75 | 1,484,403.74 | 1,609,891.21 | 1,745,987.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 193,829.32 | 486,710.53 | 795,647.47 | 1,380,152.97 | 581,114.30 | 801,699.65 | 869,473.17 | 942,976.07 | 1,022,692.72 | 1,109,148.39 |
| Capital Expenditure | -10,421.44 | -11,481.49 | -18,734.52 | -16,882.06 | -18,599.75 | -18,373.85 | -19,927.13 | -21,611.72 | -23,438.71 | -25,420.16 |
| Free Cash Flow | 183,407.88 | 475,229.04 | 776,912.94 | 1,363,270.91 | 562,514.55 | 783,325.80 | 849,546.04 | 921,364.36 | 999,254 | 1,083,728.23 |
| WACC | ||||||||||
| PV LFCF | 217,369.01 | 190,393.15 | 166,765.04 | 146,069.22 | 127,941.78 | |||||
| SUM PV LFCF | 2,469,593.06 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 23.82 |
| Free cash flow (t + 1) | 1,105,402.79 |
| Terminal Value | 5,066,007.30 |
| Present Value of Terminal Value | 1,740,651.44 |
Intrinsic Value
| Enterprise Value | 4,210,244.50 |
|---|---|
| Net Debt | -550,532.32 |
| Equity Value | 4,760,776.82 |
| Shares Outstanding | 3,542.62 |
| Equity Value Per Share | 1,343.86 |