Discounted Cash Flow (DCF) Analysis Levered

InterGlobe Aviation Limited (INDIGO.NS)

3273.4 ₹

+24.20 (+0.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 10,059.73 | 3273.4 | 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 281,652.20353,688.59142,098.96256,539.68544,464.53760,239.401,061,527.271,482,217.512,069,630.042,889,838.02
Revenue (%)
Operating Cash Flow 31,755.4169,717.82-16,141.5420,905.78127,279.3977,777.19108,600.80151,640.01211,735.94295,648.29
Operating Cash Flow (%)
Capital Expenditure -17,115.62-10,883.06-4,368.87-3,468.81-5,698.04-22,240.20-31,054.13-43,361.09-60,545.37-84,539.90
Capital Expenditure (%)
Free Cash Flow 14,639.7958,834.76-20,510.4117,436.97121,581.3555,536.9977,546.67108,278.92151,190.57211,108.39

Weighted Average Cost Of Capital

Share price $ 3,273.4
Beta 0.570
Diluted Shares Outstanding 385.61
Cost of Debt
Tax Rate -0.46
After-tax Cost of Debt 6.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.046
Total Debt 448,542.13
Total Equity 1,262,256.89
Total Capital 1,710,799.02
Debt Weighting 26.22
Equity Weighting 73.78
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 281,652.20353,688.59142,098.96256,539.68544,464.53760,239.401,061,527.271,482,217.512,069,630.042,889,838.02
Operating Cash Flow 31,755.4169,717.82-16,141.5420,905.78127,279.3977,777.19108,600.80151,640.01211,735.94295,648.29
Capital Expenditure -17,115.62-10,883.06-4,368.87-3,468.81-5,698.04-22,240.20-31,054.13-43,361.09-60,545.37-84,539.90
Free Cash Flow 14,639.7958,834.76-20,510.4117,436.97121,581.3555,536.9977,546.67108,278.92151,190.57211,108.39
WACC
PV LFCF 51,889.1867,694.3088,313.55115,213.30150,306.54
SUM PV LFCF 473,416.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.03
Free cash flow (t + 1) 217,441.64
Terminal Value 5,395,574.22
Present Value of Terminal Value 3,841,581.44

Intrinsic Value

Enterprise Value 4,314,998.30
Net Debt 435,862.44
Equity Value 3,879,135.86
Shares Outstanding 385.61
Equity Value Per Share 10,059.73