Discounted Cash Flow (DCF) Analysis Unlevered

BSL Limited (BSL.NS)

224.95 ₹

+19.60 (+9.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 18.05 | 224.95 | 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 4,026.814,373.073,900.443,214.254,358.404,530.504,709.394,895.355,088.655,289.58
Revenue (%)
EBITDA 312.24330.34287.09287.37414.27372.53387.24402.54418.43434.95
EBITDA (%)
EBIT 141.92170.11156.43165.69299.10212.41220.80229.52238.58248
EBIT (%)
Depreciation 170.31160.23130.66121.68115.17160.12166.45173.02179.85186.95
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 4.773.685.915.9424.9010.0610.4610.8711.3011.74
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,062.681,183.141,393.811,160.861,414.501,429.381,485.821,544.491,605.481,668.87
Inventories (%)
Accounts Payable 553.20475.45531.98206.53476.30503.82523.71544.39565.89588.23
Accounts Payable (%)
Capital Expenditure -196.80-41.63-20.83-18.67-160.91-96.46-100.27-104.23-108.35-112.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 224.95
Beta 0.729
Diluted Shares Outstanding 10.29
Cost of Debt
Tax Rate 28.16
After-tax Cost of Debt 5.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.131
Total Debt 1,860.10
Total Equity 2,315.22
Total Capital 4,175.32
Debt Weighting 44.55
Equity Weighting 55.45
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 4,026.814,373.073,900.443,214.254,358.404,530.504,709.394,895.355,088.655,289.58
EBITDA 312.24330.34287.09287.37414.27372.53387.24402.54418.43434.95
EBIT 141.92170.11156.43165.69299.10212.41220.80229.52238.58248
Tax Rate 41.43%24.70%292.11%-10.43%28.16%75.20%75.20%75.20%75.20%75.20%
EBIAT 83.12128.09-300.53182.96214.8752.6954.7756.9359.1861.52
Depreciation 170.31160.23130.66121.68115.17160.12166.45173.02179.85186.95
Accounts Receivable ----------
Inventories --120.46-210.67232.95-253.64-14.88-56.44-58.67-60.99-63.39
Accounts Payable --77.7456.53-325.45269.7727.5219.8920.6821.5022.34
Capital Expenditure -196.80-41.63-20.83-18.67-160.91-96.46-100.27-104.23-108.35-112.63
UFCF 56.6348.49-344.84193.48185.26128.9984.4087.7391.1994.79
WACC
PV UFCF 121.2974.6272.9371.2969.68
SUM PV UFCF 409.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.35
Free cash flow (t + 1) 96.69
Terminal Value 2,222.72
Present Value of Terminal Value 1,633.79

Intrinsic Value

Enterprise Value 2,043.59
Net Debt 1,857.80
Equity Value 185.79
Shares Outstanding 10.29
Equity Value Per Share 18.05