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
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 | 225,005.18 | 281,652.20 | 353,688.59 | 142,098.96 | 259,309.27 | 306,901.28 | 363,228.04 | 429,892.66 | 508,792.49 | 602,173.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 39,030.84 | 31,755.41 | 69,717.82 | -16,141.54 | 20,905.78 | 27,643.03 | 32,716.46 | 38,721.04 | 45,827.66 | 54,238.58 |
| 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 | 26,828.69 | 14,639.79 | 58,834.76 | -20,510.41 | 17,436.97 | 15,987.43 | 18,921.66 | 22,394.43 | 26,504.56 | 31,369.05 |
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 | 225,005.18 | 281,652.20 | 353,688.59 | 142,098.96 | 259,309.27 | 306,901.28 | 363,228.04 | 429,892.66 | 508,792.49 | 602,173.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 39,030.84 | 31,755.41 | 69,717.82 | -16,141.54 | 20,905.78 | 27,643.03 | 32,716.46 | 38,721.04 | 45,827.66 | 54,238.58 |
| 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 | 26,828.69 | 14,639.79 | 58,834.76 | -20,510.41 | 17,436.97 | 15,987.43 | 18,921.66 | 22,394.43 | 26,504.56 | 31,369.05 |
| WACC | ||||||||||
| PV LFCF | 15,095.30 | 16,868.85 | 18,850.77 | 21,065.55 | 23,540.54 | |||||
| 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 |