Discounted Cash Flow (DCF) Analysis Levered

InterGlobe Aviation Limited (INDIGO.NS)

2097.7 ₹

-27.15 (-1.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 911.84 | 2097.7 | 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 225,005.18281,652.20353,688.59142,098.96259,309.27306,901.28363,228.04429,892.66508,792.49602,173.10
Revenue (%)
Operating Cash Flow 39,030.8431,755.4169,717.82-16,141.5420,905.7827,643.0332,716.4638,721.0445,827.6654,238.58
Operating Cash Flow (%)
Capital Expenditure -12,202.15-17,115.62-10,883.06-4,368.87-3,468.81-11,655.60-13,794.80-16,326.61-19,323.09-22,869.53
Capital Expenditure (%)
Free Cash Flow 26,828.6914,639.7958,834.76-20,510.4117,436.9715,987.4318,921.6622,394.4326,504.5631,369.05

Weighted Average Cost Of Capital

Share price $ 2,097.7
Beta 0.457
Diluted Shares Outstanding 384.82
Cost of Debt
Tax Rate -0.13
After-tax Cost of Debt 6.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.688
Total Debt 368,778.37
Total Equity 807,239.13
Total Capital 1,176,017.50
Debt Weighting 31.36
Equity Weighting 68.64
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 225,005.18281,652.20353,688.59142,098.96259,309.27306,901.28363,228.04429,892.66508,792.49602,173.10
Operating Cash Flow 39,030.8431,755.4169,717.82-16,141.5420,905.7827,643.0332,716.4638,721.0445,827.6654,238.58
Capital Expenditure -12,202.15-17,115.62-10,883.06-4,368.87-3,468.81-11,655.60-13,794.80-16,326.61-19,323.09-22,869.53
Free Cash Flow 26,828.6914,639.7958,834.76-20,510.4117,436.9715,987.4318,921.6622,394.4326,504.5631,369.05
WACC
PV LFCF 15,095.3016,868.8518,850.7721,065.5523,540.54
SUM PV LFCF 95,421

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.91
Free cash flow (t + 1) 31,996.43
Terminal Value 818,322.93
Present Value of Terminal Value 614,101.11

Intrinsic Value

Enterprise Value 709,522.11
Net Debt 358,625.08
Equity Value 350,897.03
Shares Outstanding 384.82
Equity Value Per Share 911.84