Discounted Cash Flow (DCF) Analysis Levered
Voltas Limited (VOLTAS.NS)
845.1 ₹
+8.45 (+1.01%)
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 | 63,567.90 | 70,845.90 | 76,271.50 | 74,565.50 | 78,410.70 | 82,728.69 | 87,284.46 | 92,091.12 | 97,162.47 | 102,513.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,253 | -3,214.20 | 4,624.50 | 5,561.10 | 5,842.30 | 3,566.03 | 3,762.41 | 3,969.60 | 4,188.21 | 4,418.84 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -346.10 | -817.70 | -905 | -208.20 | -481.60 | -625.20 | -659.63 | -695.96 | -734.28 | -774.72 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,906.90 | -4,031.90 | 3,719.50 | 5,352.90 | 5,360.70 | 2,940.83 | 3,102.78 | 3,273.65 | 3,453.92 | 3,644.13 |
Weighted Average Cost Of Capital
| Share price | $ 845.1 |
|---|---|
| Beta | 0.464 |
| Diluted Shares Outstanding | 330.98 |
| Cost of Debt | |
| Tax Rate | 27.71 |
| After-tax Cost of Debt | 5.18% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.691 |
| Total Debt | 3,608.30 |
| Total Equity | 279,715.34 |
| Total Capital | 283,323.64 |
| Debt Weighting | 1.27 |
| Equity Weighting | 98.73 |
| 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 | 63,567.90 | 70,845.90 | 76,271.50 | 74,565.50 | 78,410.70 | 82,728.69 | 87,284.46 | 92,091.12 | 97,162.47 | 102,513.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,253 | -3,214.20 | 4,624.50 | 5,561.10 | 5,842.30 | 3,566.03 | 3,762.41 | 3,969.60 | 4,188.21 | 4,418.84 |
| Capital Expenditure | -346.10 | -817.70 | -905 | -208.20 | -481.60 | -625.20 | -659.63 | -695.96 | -734.28 | -774.72 |
| Free Cash Flow | 2,906.90 | -4,031.90 | 3,719.50 | 5,352.90 | 5,360.70 | 2,940.83 | 3,102.78 | 3,273.65 | 3,453.92 | 3,644.13 |
| WACC | ||||||||||
| PV LFCF | 2,782.77 | 2,778.21 | 2,773.66 | 2,769.12 | 2,764.58 | |||||
| SUM PV LFCF | 13,868.35 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.68 |
| Free cash flow (t + 1) | 3,717.01 |
| Terminal Value | 101,005.71 |
| Present Value of Terminal Value | 76,627.01 |
Intrinsic Value
| Enterprise Value | 90,495.36 |
|---|---|
| Net Debt | -1,980.70 |
| Equity Value | 92,476.06 |
| Shares Outstanding | 330.98 |
| Equity Value Per Share | 279.40 |