Discounted Cash Flow (DCF) Analysis Unlevered

HDFC Bank Limited (HDB)

$63.39

-0.03 (-0.05%)
Financial Summary
Financial Statements
Quarter Financials
Chart
Financial Ratios
Profile
Historical Data
DCFDCF Levered
All numbers are in Millions, Currency in USD
Stock DCF: 4,195.29 | 63.39 | 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 567,757.60667,627.80791,746.40936,662.201,019,413.701,180,785.131,367,701.371,584,206.131,834,983.222,125,457.89
Revenue (%)
EBITDA 706,782885,955.40997,005.701,045,938.501,119,6741,427,841.061,653,865.831,915,669.922,218,917.162,570,167.91
EBITDA (%)
EBIT 697,102.10873,706.60984,205.401,032,078.301,102,857.091,408,273.711,631,2011,889,417.302,188,508.792,534,945.95
EBIT (%)
Depreciation 9,679.9012,248.8012,800.3013,860.2016,816.9019,567.3522,664.8226,252.6230,408.3735,221.96
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 2,941,7423,488,762.304,133,033.305,316,832.705,987,783.806,418,087.997,434,060.218,610,859.089,973,943.1811,552,801.13
Total Cash (%)
Account Receivables 119,099.10161,283405,517204,362.30230,467.70332,458.98385,086.66446,045.21516,653.40598,438.74
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 254,242.30237,989.40259,302.30346,038365,659.40439,231.01508,760.52589,296.43682,581.04790,632.44
Accounts Payable (%)
Capital Expenditure -9,181.50-16,355-18,294.30-17,806.50-26,324.40-25,648.70-29,708.84-34,411.70-39,859.01-46,168.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 63.39
Beta 0.714
Diluted Shares Outstanding 1,835.26
Cost of Debt
Tax Rate 25.65
After-tax Cost of Debt 19.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.748
Total Debt 2,186,639
Total Equity 116,337.40
Total Capital 2,302,976.40
Debt Weighting 94.95
Equity Weighting 5.05
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 567,757.60667,627.80791,746.40936,662.201,019,413.701,180,785.131,367,701.371,584,206.131,834,983.222,125,457.89
EBITDA 706,782885,955.40997,005.701,045,938.501,119,6741,427,841.061,653,865.831,915,669.922,218,917.162,570,167.91
EBIT 697,102.10873,706.60984,205.401,032,078.301,102,857.091,408,273.711,631,2011,889,417.302,188,508.792,534,945.95
Tax Rate 35.58%35.26%28.86%25.89%25.65%30.25%30.25%30.25%30.25%30.25%
EBIAT 449,080.61565,674.52700,186.53764,924.10819,981.27982,336.171,137,838.291,317,956.121,526,586.301,768,242.27
Depreciation 9,679.9012,248.8012,800.3013,860.2016,816.9019,567.3522,664.8226,252.6230,408.3735,221.96
Accounts Receivable --42,183.90-244,234201,154.70-26,105.41-101,991.28-52,627.68-60,958.55-70,608.19-81,785.34
Inventories ----------
Accounts Payable --16,252.9021,312.9086,735.7019,621.4073,571.6169,529.5180,535.9193,284.61108,051.40
Capital Expenditure -9,181.50-16,355-18,294.30-17,806.50-26,324.40-25,648.70-29,708.84-34,411.70-39,859.01-46,168.62
UFCF 449,579.01503,131.52471,771.431,048,868.21803,989.76947,835.161,147,696.101,329,374.411,539,812.081,783,561.66
WACC
PV UFCF 795,163.72807,745.22784,907.62762,715.72741,151.26
SUM PV UFCF 3,891,683.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 19.20
Free cash flow (t + 1) 1,819,232.90
Terminal Value 10,576,935.44
Present Value of Terminal Value 4,395,199.34

Intrinsic Value

Enterprise Value 8,286,882.88
Net Debt 587,418.30
Equity Value 7,699,464.58
Shares Outstanding 1,835.26
Equity Value Per Share 4,195.29