Discounted Cash Flow (DCF) Analysis Unlevered

Carborundum Universal Limited (CARBORUNIV.NS)

1094.35 ₹

-3.55 (-0.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 368.94 | 1094.35 | 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 26,556.1125,693.6126,041.3232,896.1446,010.4053,405.8861,990.0771,954.0383,519.5696,944.07
Revenue (%)
EBITDA 4,805.854,550.184,997.595,923.697,658.609,575.6711,114.8112,901.3514,975.0517,382.06
EBITDA (%)
EBIT 3,723.143,504.974,003.094,778.045,785.207,490.898,694.9310,092.5111,714.7313,597.70
EBIT (%)
Depreciation 1,082.711,045.21994.501,145.651,873.402,084.782,419.882,808.843,260.323,784.36
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 1,920.623,595.696,871.263,497.484,085.907,169.758,322.179,659.8411,212.5113,014.75
Total Cash (%)
Account Receivables 5,552.374,406.904,873.255,028.946,273.809,153.3710,624.6312,332.3814,314.6316,615.49
Account Receivables (%)
Inventories 5,328.555,076.244,605.196,909.048,989.2010,472.4812,155.7714,109.6316,377.5419,009.98
Inventories (%)
Accounts Payable 2,086.761,953.993,031.063,703.593,3594,877.165,661.096,571.037,627.228,853.18
Accounts Payable (%)
Capital Expenditure -962.06-1,291.24-1,064.41-5,611.20-3,017.40-3,882.72-4,506.81-5,231.21-6,072.05-7,048.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,094.35
Beta 0.650
Diluted Shares Outstanding 190.39
Cost of Debt
Tax Rate 28.61
After-tax Cost of Debt 6.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.319
Total Debt 2,772.50
Total Equity 208,354.51
Total Capital 211,127.01
Debt Weighting 1.31
Equity Weighting 98.69
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 26,556.1125,693.6126,041.3232,896.1446,010.4053,405.8861,990.0771,954.0383,519.5696,944.07
EBITDA 4,805.854,550.184,997.595,923.697,658.609,575.6711,114.8112,901.3514,975.0517,382.06
EBIT 3,723.143,504.974,003.094,778.045,785.207,490.898,694.9310,092.5111,714.7313,597.70
Tax Rate 32.84%22.28%27.96%30.05%28.61%28.35%28.35%28.35%28.35%28.35%
EBIAT 2,500.512,723.892,883.993,342.364,129.945,367.396,230.117,231.518,393.879,743.05
Depreciation 1,082.711,045.21994.501,145.651,873.402,084.782,419.882,808.843,260.323,784.36
Accounts Receivable -1,145.47-466.35-155.69-1,244.86-2,879.57-1,471.27-1,707.75-1,982.24-2,300.86
Inventories -252.31471.05-2,303.85-2,080.16-1,483.28-1,683.29-1,953.86-2,267.91-2,632.44
Accounts Payable --132.771,077.07672.53-344.591,518.16783.93909.931,056.191,225.96
Capital Expenditure -962.06-1,291.24-1,064.41-5,611.20-3,017.40-3,882.72-4,506.81-5,231.21-6,072.05-7,048.04
UFCF 2,621.163,742.873,895.85-2,910.20-683.67724.761,772.552,057.472,388.172,772.03
WACC
PV UFCF 675.451,539.571,665.461,801.631,948.95
SUM PV UFCF 7,631.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.30
Free cash flow (t + 1) 2,882.92
Terminal Value 87,361.08
Present Value of Terminal Value 61,421.36

Intrinsic Value

Enterprise Value 69,052.42
Net Debt -1,191.20
Equity Value 70,243.62
Shares Outstanding 190.39
Equity Value Per Share 368.94