Discounted Cash Flow (DCF) Analysis Unlevered

Anmol India Limited (ANMOL.NS)

240.1 ₹

-1.55 (-0.64%)

All numbers are in Millions, Currency in USD

Stock DCF: 968.67 | 240.1 | undervalue

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	2,985.65	5,470.46	5,519.15	6,912.62	10,593.90	14,900.79	20,958.61	29,479.21	41,463.80	58,320.66
Revenue (%)
EBITDA	59.30	69.88	86.04	156.50	275.20	288.60	405.93	570.96	803.08	1,129.57
EBITDA (%)
EBIT	58.30	68.55	84.42	154.78	272.80	284.59	400.29	563.03	791.93	1,113.88
EBIT (%)
Depreciation	1	1.32	1.61	1.72	2.40	4.01	5.64	7.93	11.15	15.68
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	0.35	245.21	554.79	598.54	1,188.40	1,025.85	1,442.90	2,029.51	2,854.59	4,015.11
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	184.62	323.28	571.35	273.86	983.80	1,063.72	1,496.17	2,104.43	2,959.98	4,163.34
Inventories (%)
Accounts Payable	341.39	586.10	30.80	312.38	6	813.05	1,143.59	1,608.51	2,262.43	3,182.21
Accounts Payable (%)
Capital Expenditure	-	-7.45	-7.52	-9.42	-14.44	-20.30	-28.56	-40.17	-56.50	-79.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 240.1
Beta	0.953
Diluted Shares Outstanding	10.38
Cost of Debt
Tax Rate	25.35
After-tax Cost of Debt	2.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.283
Total Debt	1,787.80
Total Equity	2,492.92
Total Capital	4,280.72
Debt Weighting	41.76
Equity Weighting	58.24
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	2,985.65	5,470.46	5,519.15	6,912.62	10,593.90	14,900.79	20,958.61	29,479.21	41,463.80	58,320.66
EBITDA	59.30	69.88	86.04	156.50	275.20	288.60	405.93	570.96	803.08	1,129.57
EBIT	58.30	68.55	84.42	154.78	272.80	284.59	400.29	563.03	791.93	1,113.88
Tax Rate	33.24%	27.93%	26.26%	25.90%	25.35%	27.74%	27.74%	27.74%	27.74%	27.74%
EBIAT	38.92	49.41	62.25	114.68	203.65	205.66	289.27	406.87	572.28	804.93
Depreciation	1	1.32	1.61	1.72	2.40	4.01	5.64	7.93	11.15	15.68
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-138.67	-248.07	297.49	-709.94	-79.92	-432.45	-608.26	-855.55	-1,203.36
Accounts Payable	-	244.71	-555.29	281.58	-306.38	807.05	330.54	464.92	653.93	919.78
Capital Expenditure	-	-7.45	-7.52	-2.64	-6.10	-20.30	-28.56	-40.17	-56.50	-79.47
UFCF	39.92	149.32	-747.02	686.06	-824.71	916.48	164.43	231.28	325.31	457.56
WACC
PV UFCF						865.02	146.48	194.46	258.16	342.72
SUM PV UFCF										1,806.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.95
Free cash flow (t + 1)	466.71
Terminal Value	11,815.53
Present Value of Terminal Value	8,850.10

Intrinsic Value

Enterprise Value	10,656.95
Net Debt	599.40
Equity Value	10,057.55
Shares Outstanding	10.38
Equity Value Per Share	968.67