Discounted Cash Flow (DCF) Analysis Unlevered

Deep Industries Limited (DEEPINDS.NS)

276.35 ₹

-21.70 (-7.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 772.19 | 276.35 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 3,126.753,175.042,618.472,409.192,216.632,039.461,876.461,726.481,588.491,461.53
Revenue (%)
EBITDA 1,652.101,516.731,267.011,196.531,100.891,012.90931.95857.46788.93725.87
EBITDA (%)
EBIT 623.49536.68370.04409.37376.65346.54318.85293.36269.91248.34
EBIT (%)
Depreciation 1,028.61980.05896.97787.16724.25666.36613.10564.10519.01477.53
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 961.85219.16122.84340.15312.96287.95264.93243.76224.27206.35
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 145.23136.76264.59153.04140.81129.55119.20109.67100.9192.84
Inventories (%)
Accounts Payable 237.27225.09357.58227.54209.35192.62177.22163.06150.03138.04
Accounts Payable (%)
Capital Expenditure -0.42-7.55-718.34-222.33-204.56-188.21-173.17-159.33-146.59-134.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 276.35
Beta 0.000
Diluted Shares Outstanding 32
Cost of Debt
Tax Rate 20.48
After-tax Cost of Debt 11.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.518
Total Debt 317.92
Total Equity 8,843.20
Total Capital 9,161.12
Debt Weighting 3.47
Equity Weighting 96.53
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 3,126.753,175.042,618.472,409.192,216.632,039.461,876.461,726.481,588.491,461.53
EBITDA 1,652.101,516.731,267.011,196.531,100.891,012.90931.95857.46788.93725.87
EBIT 623.49536.68370.04409.37376.65346.54318.85293.36269.91248.34
Tax Rate 96.19%69.38%-10.49%43.89%20.48%43.89%43.89%43.89%43.89%43.89%
EBIAT 23.74164.31408.87229.69299.52194.44178.90164.60151.45139.34
Depreciation 1,028.61980.05896.97787.16724.25666.36613.10564.10519.01477.53
Accounts Receivable ----------
Inventories -8.48-127.83111.5512.2311.2510.359.538.778.06
Accounts Payable --12.17132.48-130.04-18.19-16.73-15.40-14.16-13.03-11.99
Capital Expenditure -0.42-7.55-718.35-222.33-306.45-188.21-173.17-159.33-146.59-134.87
UFCF 1,051.931,133.11592.14776.04813.25667.12613.80564.74519.60478.07
WACC
PV UFCF 805.61813.25642.63569.57504.81447.42396.55
SUM PV UFCF 2,560.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.81
Free cash flow (t + 1) 487.63
Terminal Value 26,941.03
Present Value of Terminal Value 22,346.95

Intrinsic Value

Enterprise Value 24,907.93
Net Debt 197.77
Equity Value 24,710.16
Shares Outstanding 32
Equity Value Per Share 772.19