Discounted Cash Flow (DCF) Analysis Unlevered
Future Lifestyle Fashions Limited (FLFL.NS)
6.65 ₹
-0.15 (-2.21%)
All numbers are in Millions, Currency in USD
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 | 44,082.10 | 56,242.50 | 61,818.30 | 22,489.10 | 29,939.30 | 30,463.77 | 30,997.42 | 31,540.42 | 32,092.94 | 32,655.13 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 4,265 | 5,359.20 | 9,321.60 | -300.90 | -15,409.50 | -1,128.64 | -1,148.41 | -1,168.52 | -1,188.99 | -1,209.82 |
EBITDA (%) | ||||||||||
EBIT | 2,726.10 | 3,288.20 | 2,306.30 | -6,285 | -21,543.80 | -5,126.67 | -5,216.48 | -5,307.86 | -5,400.84 | -5,495.45 |
EBIT (%) | ||||||||||
Depreciation | 1,538.90 | 2,071 | 7,015.30 | 5,984.10 | 6,134.30 | 3,998.04 | 4,068.07 | 4,139.33 | 4,211.85 | 4,285.63 |
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 | 659 | 1,694 | 624 | 827.30 | 945.80 | 752.70 | 765.89 | 779.30 | 792.95 | 806.85 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | 14,828.80 | 20,314.80 | 25,037.90 | 19,421.40 | 14,813.70 | 14,994.25 | 15,256.91 | 15,524.18 | 15,796.13 | 16,072.84 |
Inventories (%) | ||||||||||
Accounts Payable | 10,932.10 | 17,999 | 23,892.70 | 20,525.90 | 27,104.30 | 16,892.34 | 17,188.26 | 17,489.36 | 17,795.73 | 18,107.47 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -4,625.20 | -4,320.80 | -4,854.30 | -690 | -118 | -1,796.72 | -1,828.20 | -1,860.22 | -1,892.81 | -1,925.97 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 6.65 |
---|---|
Beta | 1.038 |
Diluted Shares Outstanding | 201.80 |
Cost of Debt | |
Tax Rate | -2.95 |
After-tax Cost of Debt | 18.61% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.432 |
Total Debt | 17,282.10 |
Total Equity | 1,341.97 |
Total Capital | 18,624.07 |
Debt Weighting | 92.79 |
Equity Weighting | 7.21 |
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 | 44,082.10 | 56,242.50 | 61,818.30 | 22,489.10 | 29,939.30 | 30,463.77 | 30,997.42 | 31,540.42 | 32,092.94 | 32,655.13 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 4,265 | 5,359.20 | 9,321.60 | -300.90 | -15,409.50 | -1,128.64 | -1,148.41 | -1,168.52 | -1,188.99 | -1,209.82 |
EBIT | 2,726.10 | 3,288.20 | 2,306.30 | -6,285 | -21,543.80 | -5,126.67 | -5,216.48 | -5,307.86 | -5,400.84 | -5,495.45 |
Tax Rate | 32.08% | 21.34% | -49.28% | -1.63% | -2.95% | -0.09% | -0.09% | -0.09% | -0.09% | -0.09% |
EBIAT | 1,851.47 | 2,586.41 | 3,442.90 | -6,387.73 | -22,178.73 | -5,131.16 | -5,221.04 | -5,312.51 | -5,405.57 | -5,500.26 |
Depreciation | 1,538.90 | 2,071 | 7,015.30 | 5,984.10 | 6,134.30 | 3,998.04 | 4,068.07 | 4,139.33 | 4,211.85 | 4,285.63 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | -5,486 | -4,723.10 | 5,616.50 | 4,607.70 | -180.55 | -262.66 | -267.27 | -271.95 | -276.71 |
Accounts Payable | - | 7,066.90 | 5,893.70 | -3,366.80 | 6,578.40 | -10,211.96 | 295.91 | 301.10 | 306.37 | 311.74 |
Capital Expenditure | -4,625.20 | -4,320.80 | -4,854.30 | -690 | -118 | -1,796.72 | -1,828.20 | -1,860.22 | -1,892.81 | -1,925.97 |
UFCF | -1,234.83 | 1,917.51 | 6,774.50 | 1,156.07 | -4,976.33 | -13,322.35 | -2,947.92 | -2,999.56 | -3,052.11 | -3,105.57 |
WACC | ||||||||||
PV UFCF | -11,301.62 | -2,121.46 | -1,831.21 | -1,580.66 | -1,364.40 | |||||
SUM PV UFCF | -18,199.35 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 17.88 |
Free cash flow (t + 1) | -3,167.68 |
Terminal Value | -19,947.62 |
Present Value of Terminal Value | -8,763.76 |
Intrinsic Value
Enterprise Value | -26,963.11 |
---|---|
Net Debt | 16,715 |
Equity Value | -43,678.11 |
Shares Outstanding | 201.80 |
Equity Value Per Share | -216.44 |