Discounted Cash Flow (DCF) Analysis Unlevered

Adani Transmission Limited (ADANITRANS.NS)

2652 ₹

-39.40 (-1.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 836.30 | 2652 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 39,444.8073,054.50114,159.6099,263.30112,575.20152,493.05206,565.29279,810.92379,028.59513,427.68
Revenue (%)
EBITDA 27,241.3028,943.8046,010.5048,701.1054,327.7075,120.06101,756.76137,838.51186,714.43252,921.18
EBITDA (%)
EBIT 21,447.2020,122.3034,270.3035,412.3040,056.2055,871.4475,682.80102,519.03138,871.08188,113.13
EBIT (%)
Depreciation 5,794.108,821.5011,740.2013,288.8014,271.5019,248.6226,073.9635,319.4847,843.3564,808.05
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 7,338.8010,139.7016,379.205,434.4028,556.5023,689.4432,089.4443,467.9858,881.2279,759.80
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 353.403,661.805,411.702,337.102,501.104,643.416,289.918,520.2311,541.4115,633.86
Inventories (%)
Accounts Payable 394.9012,977.9017,704.7012,410.1016,079.1018,622.3725,225.6534,170.3746,286.7862,699.53
Accounts Payable (%)
Capital Expenditure -9,614-11,985.50-27,626.70-21,500.30-24,383.64-33,029.80-44,741.78-60,606.68-82,097.10-111,207.77
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2,652
Beta 0.937
Diluted Shares Outstanding 1,353.49
Cost of Debt
Tax Rate 29.16
After-tax Cost of Debt 5.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.966
Total Debt 299,017.90
Total Equity 3,589,467.10
Total Capital 3,888,485
Debt Weighting 7.69
Equity Weighting 92.31
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 39,444.8073,054.50114,159.6099,263.30112,575.20152,493.05206,565.29279,810.92379,028.59513,427.68
EBITDA 27,241.3028,943.8046,010.5048,701.1054,327.7075,120.06101,756.76137,838.51186,714.43252,921.18
EBIT 21,447.2020,122.3034,270.3035,412.3040,056.2055,871.4475,682.80102,519.03138,871.08188,113.13
Tax Rate 22.34%33.45%36.16%24.44%29.16%29.11%29.11%29.11%29.11%29.11%
EBIAT 16,656.3813,391.8821,877.7126,758.4928,375.4139,607.8353,652.3072,676.7898,447.11133,355.30
Depreciation 5,794.108,821.5011,740.2013,288.8014,271.5019,248.6226,073.9635,319.4847,843.3564,808.05
Accounts Receivable ----------
Inventories --3,308.40-1,749.903,074.60-164-2,142.31-1,646.50-2,230.33-3,021.18-4,092.45
Accounts Payable -12,5834,726.80-5,294.603,6692,543.276,603.278,944.7212,116.4116,412.75
Capital Expenditure -9,614-11,985.50-27,626.70-21,500.30-41,908.60-33,029.80-44,741.78-60,606.68-82,097.10-111,207.77
UFCF 12,836.4819,502.488,968.1116,326.9821,768.2726,227.6239,941.2654,103.9673,288.5999,275.87
WACC
PV UFCF 24,334.4034,383.1343,213.0154,310.4868,257.88
SUM PV UFCF 224,498.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.78
Free cash flow (t + 1) 101,261.39
Terminal Value 1,751,927.11
Present Value of Terminal Value 1,204,550.85

Intrinsic Value

Enterprise Value 1,429,049.76
Net Debt 297,127.40
Equity Value 1,131,922.36
Shares Outstanding 1,353.49
Equity Value Per Share 836.30