Discounted Cash Flow (DCF) Analysis Levered

Pioneer Embroideries Limited (PIONEEREMB.NS)

39.6 ₹

-1.25 (-3.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 109.04 | 39.6 | 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 2,570.292,739.672,383.722,259.702,907.573,031.613,160.953,295.803,436.413,583.02
Revenue (%)
Operating Cash Flow 201.47194.42256.28181.66133.77232.38242.29252.63263.41274.64
Operating Cash Flow (%)
Capital Expenditure -89.55-47.59-22.85-84.31-66.52-73.97-77.12-80.41-83.84-87.42
Capital Expenditure (%)
Free Cash Flow 111.92146.82233.4297.3567.25158.41165.17172.22179.56187.22

Weighted Average Cost Of Capital

Share price $ 39.6
Beta 0.856
Diluted Shares Outstanding 25.33
Cost of Debt
Tax Rate 27.42
After-tax Cost of Debt 7.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.556
Total Debt 296.74
Total Equity 1,003
Total Capital 1,299.74
Debt Weighting 22.83
Equity Weighting 77.17
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 2,570.292,739.672,383.722,259.702,907.573,031.613,160.953,295.803,436.413,583.02
Operating Cash Flow 201.47194.42256.28181.66133.77232.38242.29252.63263.41274.64
Capital Expenditure -89.55-47.59-22.85-84.31-66.52-73.97-77.12-80.41-83.84-87.42
Free Cash Flow 111.92146.82233.4297.3567.25158.41165.17172.22179.56187.22
WACC
PV LFCF 147.19142.61138.16133.86129.69
SUM PV LFCF 691.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.62
Free cash flow (t + 1) 190.97
Terminal Value 3,398.02
Present Value of Terminal Value 2,353.75

Intrinsic Value

Enterprise Value 3,045.26
Net Debt 283.48
Equity Value 2,761.79
Shares Outstanding 25.33
Equity Value Per Share 109.04