Discounted Cash Flow (DCF) Analysis Levered
MakeMyTrip Limited (MMYT)
$42.23
-0.32 (-0.75%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 486.01 | 511.53 | 163.44 | 303.92 | 593.04 | 768.40 | 995.62 | 1,290.03 | 1,671.51 | 2,165.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -78.93 | -112.73 | 64.53 | 6 | 32.07 | 13.19 | 17.09 | 22.14 | 28.69 | 37.17 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -9.70 | -12.76 | -8.77 | -12.91 | -16.90 | -26.06 | -33.76 | -43.75 | -56.68 | -73.44 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -88.63 | -125.49 | 55.76 | -6.91 | 15.16 | -12.87 | -16.67 | -21.60 | -27.99 | -36.27 |
Weighted Average Cost Of Capital
| Share price | $ 42.23 |
|---|---|
| Beta | 1.227 |
| Diluted Shares Outstanding | 111.10 |
| Cost of Debt | |
| Tax Rate | 8.04 |
| After-tax Cost of Debt | 18.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.089 |
| Total Debt | 235.16 |
| Total Equity | 4,691.81 |
| Total Capital | 4,926.97 |
| Debt Weighting | 4.77 |
| Equity Weighting | 95.23 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 486.01 | 511.53 | 163.44 | 303.92 | 593.04 | 768.40 | 995.62 | 1,290.03 | 1,671.51 | 2,165.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -78.93 | -112.73 | 64.53 | 6 | 32.07 | 13.19 | 17.09 | 22.14 | 28.69 | 37.17 |
| Capital Expenditure | -9.70 | -12.76 | -8.77 | -12.91 | -16.90 | -26.06 | -33.76 | -43.75 | -56.68 | -73.44 |
| Free Cash Flow | -88.63 | -125.49 | 55.76 | -6.91 | 15.16 | -12.87 | -16.67 | -21.60 | -27.99 | -36.27 |
| WACC | ||||||||||
| PV LFCF | -11.65 | -13.66 | -16.02 | -18.79 | -22.03 | |||||
| SUM PV LFCF | -82.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.48 |
| Free cash flow (t + 1) | -36.99 |
| Terminal Value | -436.24 |
| Present Value of Terminal Value | -265.04 |
Intrinsic Value
| Enterprise Value | -347.18 |
|---|---|
| Net Debt | -48.85 |
| Equity Value | -298.33 |
| Shares Outstanding | 111.10 |
| Equity Value Per Share | -2.69 |