Discounted Cash Flow (DCF) Analysis Unlevered

GP Petroleums Limited (GULFPETRO.NS)

34.05 ₹

+0.35 (+1.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 88.83 | 34.05 | undervalue

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 5,597.616,050.664,946.706,094.637,175.427,727.718,322.508,963.089,652.9610,395.95
Revenue (%)
EBITDA 319.81320.36272.53309.71300.77398.60429.29462.33497.91536.24
EBITDA (%)
EBIT 288.58288.52236.68276.47272.15356.06383.46412.98444.76479
EBIT (%)
Depreciation 31.2231.8535.8533.2428.6242.5545.8249.3553.1557.24
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 107.036.9011.88154.429.9976.3482.2188.5495.35102.69
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,364.111,561.17785.171,535.681,016.861,629.191,754.591,889.642,035.092,191.73
Inventories (%)
Accounts Payable 598.66161.62139.82190.94175.59336.50362.40390.30420.34452.69
Accounts Payable (%)
Capital Expenditure 0.874.417.25-5.70-5.301.041.121.211.301.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 34.05
Beta 0.921
Diluted Shares Outstanding 50.98
Cost of Debt
Tax Rate 28.17
After-tax Cost of Debt 1.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.849
Total Debt 349.19
Total Equity 1,736.02
Total Capital 2,085.20
Debt Weighting 16.75
Equity Weighting 83.25
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 5,597.616,050.664,946.706,094.637,175.427,727.718,322.508,963.089,652.9610,395.95
EBITDA 319.81320.36272.53309.71300.77398.60429.29462.33497.91536.24
EBIT 288.58288.52236.68276.47272.15356.06383.46412.98444.76479
Tax Rate 34.63%36.14%16.90%24.94%28.17%28.15%28.15%28.15%28.15%28.15%
EBIAT 188.66184.25196.68207.52195.48255.81275.50296.70319.54344.13
Depreciation 31.2231.8535.8533.2428.6242.5545.8249.3553.1557.24
Accounts Receivable ----------
Inventories --197.07776-750.51518.82-612.34-125.40-135.05-145.44-156.64
Accounts Payable --437.04-21.8051.12-15.35160.9125.9027.8930.0432.35
Capital Expenditure 0.874.417.25-5.70-5.301.041.121.211.301.40
UFCF 220.75-413.60993.98-464.33722.28-152.02222.95240.11258.59278.49
WACC
PV UFCF -142.30195.35196.94198.54200.15
SUM PV UFCF 648.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.83
Free cash flow (t + 1) 284.06
Terminal Value 5,881.23
Present Value of Terminal Value 4,226.71

Intrinsic Value

Enterprise Value 4,875.38
Net Debt 346.40
Equity Value 4,528.98
Shares Outstanding 50.98
Equity Value Per Share 88.83