Discounted Cash Flow (DCF) Analysis Unlevered

Future Lifestyle Fashions Limited (FLFL.NS)

5.25 ₹

+0.25 (+5.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -215.55 | 5.25 | 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 44,082.1056,242.5061,818.3022,489.1029,939.3030,463.7730,997.4231,540.4232,092.9432,655.13
Revenue (%)
EBITDA 4,2655,359.209,321.60-300.90-15,409.50-1,128.64-1,148.41-1,168.52-1,188.99-1,209.82
EBITDA (%)
EBIT 2,726.103,288.202,306.30-6,285-21,543.80-5,126.67-5,216.48-5,307.86-5,400.84-5,495.45
EBIT (%)
Depreciation 1,538.902,0717,015.305,984.106,134.303,998.044,068.074,139.334,211.854,285.63
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 6591,694624827.30945.80752.70765.89779.30792.95806.85
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 14,828.8020,314.8025,037.9019,421.4014,813.7014,994.2515,256.9115,524.1815,796.1316,072.84
Inventories (%)
Accounts Payable 10,932.1017,99923,892.7020,525.9027,104.3016,892.3417,188.2617,489.3617,795.7318,107.47
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 $ 5.25
Beta 1.070
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 8.652
Total Debt 17,282.10
Total Equity 1,059.45
Total Capital 18,341.55
Debt Weighting 94.22
Equity Weighting 5.78
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 44,082.1056,242.5061,818.3022,489.1029,939.3030,463.7730,997.4231,540.4232,092.9432,655.13
EBITDA 4,2655,359.209,321.60-300.90-15,409.50-1,128.64-1,148.41-1,168.52-1,188.99-1,209.82
EBIT 2,726.103,288.202,306.30-6,285-21,543.80-5,126.67-5,216.48-5,307.86-5,400.84-5,495.45
Tax Rate 32.08%21.34%-49.28%-1.63%-2.95%-0.09%-0.09%-0.09%-0.09%-0.09%
EBIAT 1,851.472,586.413,442.90-6,387.73-22,178.73-5,131.16-5,221.04-5,312.51-5,405.57-5,500.26
Depreciation 1,538.902,0717,015.305,984.106,134.303,998.044,068.074,139.334,211.854,285.63
Accounts Receivable ----------
Inventories --5,486-4,723.105,616.504,607.70-180.55-262.66-267.27-271.95-276.71
Accounts Payable -7,066.905,893.70-3,366.806,578.40-10,211.96295.91301.10306.37311.74
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 -1,234.831,917.516,774.501,156.07-4,976.33-13,322.35-2,947.92-2,999.56-3,052.11-3,105.57
WACC
PV UFCF -11,287.26-2,116.07-1,824.23-1,572.64-1,355.75
SUM PV UFCF -18,155.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.03
Free cash flow (t + 1) -3,167.68
Terminal Value -19,760.96
Present Value of Terminal Value -8,626.73

Intrinsic Value

Enterprise Value -26,782.68
Net Debt 16,715
Equity Value -43,497.68
Shares Outstanding 201.80
Equity Value Per Share -215.55