Discounted Cash Flow (DCF) Analysis Levered

ICICI Bank Limited (IBN)

$20.645

-0.16 (-0.79%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,343.86 | 20.645 | 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 847,041.52921,311.591,051,204.361,186,837.331,163,639.821,262,010.781,368,697.751,484,403.741,609,891.211,745,987.05
Revenue (%)
Operating Cash Flow 193,829.32486,710.53795,647.471,380,152.97581,114.30801,699.65869,473.17942,976.071,022,692.721,109,148.39
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 183,407.88475,229.04776,912.941,363,270.91562,514.55783,325.80849,546.04921,364.36999,2541,083,728.23

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 847,041.52921,311.591,051,204.361,186,837.331,163,639.821,262,010.781,368,697.751,484,403.741,609,891.211,745,987.05
Operating Cash Flow 193,829.32486,710.53795,647.471,380,152.97581,114.30801,699.65869,473.17942,976.071,022,692.721,109,148.39
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 183,407.88475,229.04776,912.941,363,270.91562,514.55783,325.80849,546.04921,364.36999,2541,083,728.23
WACC
PV LFCF 217,369.01190,393.15166,765.04146,069.22127,941.78
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