Discounted Cash Flow (DCF) Analysis Unlevered
InterGlobe Aviation Limited (INDIGO.NS)
3233 ₹
+29.90 (+0.93%)
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 | 281,652.20 | 353,688.59 | 142,098.96 | 256,539.68 | 544,464.53 | 760,239.40 | 1,061,527.27 | 1,482,217.51 | 2,069,630.04 | 2,889,838.02 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 7,034.14 | 49,305.21 | 6,528.21 | 9,632.30 | 79,303.15 | 59,833.77 | 83,546.28 | 116,656.22 | 162,887.85 | 227,441.38 |
EBITDA (%) | ||||||||||
EBIT | -561.66 | 9,565.92 | -40,466.25 | -41,053.70 | 28,273.46 | -55,926.68 | -78,090.80 | -109,038.69 | -152,251.44 | -212,589.69 |
EBIT (%) | ||||||||||
Depreciation | 7,595.80 | 39,739.29 | 46,994.46 | 50,686 | 51,029.69 | 115,760.45 | 161,637.08 | 225,694.92 | 315,139.30 | 440,031.07 |
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 | 84,677.25 | 109,072.62 | 91,278.75 | 79,457.91 | 244,374.81 | 305,609.53 | 426,724.59 | 595,838.35 | 831,973 | 1,161,689.37 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 15,232.02 | 12,950.05 | 105,514.08 | 109,418.95 | 5,199.04 | 192,994.70 | 269,479.77 | 376,276.37 | 525,397.17 | 733,615.52 |
Account Receivables (%) | ||||||||||
Inventories | 2,114.41 | 2,861.28 | 3,164.18 | 4,080.63 | 5,910.67 | 9,826.37 | 13,720.62 | 19,158.19 | 26,750.71 | 37,352.20 |
Inventories (%) | ||||||||||
Accounts Payable | 14,552.42 | 15,675.82 | 15,513.29 | 31,518.20 | 32,089.89 | 58,836.27 | 82,153.47 | 114,711.44 | 160,172.33 | 223,649.68 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -17,115.62 | -10,883.06 | -4,368.87 | -3,468.81 | -5,698.04 | -22,240.20 | -31,054.13 | -43,361.09 | -60,545.37 | -84,539.90 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 3,233 |
---|---|
Beta | 0.570 |
Diluted Shares Outstanding | 385.61 |
Cost of Debt | |
Tax Rate | -0.46 |
After-tax Cost of Debt | 6.98% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.046 |
Total Debt | 448,542.13 |
Total Equity | 1,246,678.23 |
Total Capital | 1,695,220.36 |
Debt Weighting | 26.46 |
Equity Weighting | 73.54 |
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 | 281,652.20 | 353,688.59 | 142,098.96 | 256,539.68 | 544,464.53 | 760,239.40 | 1,061,527.27 | 1,482,217.51 | 2,069,630.04 | 2,889,838.02 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 7,034.14 | 49,305.21 | 6,528.21 | 9,632.30 | 79,303.15 | 59,833.77 | 83,546.28 | 116,656.22 | 162,887.85 | 227,441.38 |
EBIT | -561.66 | 9,565.92 | -40,466.25 | -41,053.70 | 28,273.46 | -55,926.68 | -78,090.80 | -109,038.69 | -152,251.44 | -212,589.69 |
Tax Rate | 206.70% | 8.60% | 0.20% | -0.13% | -0.46% | 42.98% | 42.98% | 42.98% | 42.98% | 42.98% |
EBIAT | 599.27 | 8,743.12 | -40,385.27 | -41,108.14 | 28,403.87 | -31,888.95 | -44,526.75 | -62,172.99 | -86,812.56 | -121,216.95 |
Depreciation | 7,595.80 | 39,739.29 | 46,994.46 | 50,686 | 51,029.69 | 115,760.45 | 161,637.08 | 225,694.92 | 315,139.30 | 440,031.07 |
Accounts Receivable | - | 2,281.97 | -92,564.03 | -3,904.87 | 104,219.91 | -187,795.66 | -76,485.07 | -106,796.60 | -149,120.80 | -208,218.35 |
Inventories | - | -746.87 | -302.90 | -916.45 | -1,830.04 | -3,915.70 | -3,894.25 | -5,437.57 | -7,592.52 | -10,601.48 |
Accounts Payable | - | 1,123.40 | -162.53 | 16,004.91 | 571.69 | 26,746.38 | 23,317.20 | 32,557.96 | 45,460.90 | 63,477.35 |
Capital Expenditure | -17,115.62 | -10,883.06 | -4,368.87 | -3,468.81 | -5,698.04 | -22,240.20 | -31,054.13 | -43,361.09 | -60,545.37 | -84,539.90 |
UFCF | -8,920.55 | 40,257.85 | -90,789.14 | 17,292.64 | 176,697.09 | -103,333.67 | 28,994.08 | 40,484.62 | 56,528.94 | 78,931.73 |
WACC | ||||||||||
PV UFCF | -96,546.46 | 25,310.36 | 33,019.73 | 43,077.33 | 56,198.41 | |||||
SUM PV UFCF | 61,059.36 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.03 |
Free cash flow (t + 1) | 81,299.69 |
Terminal Value | 2,017,361.94 |
Present Value of Terminal Value | 1,436,336.50 |
Intrinsic Value
Enterprise Value | 1,497,395.86 |
---|---|
Net Debt | 435,862.44 |
Equity Value | 1,061,533.42 |
Shares Outstanding | 385.61 |
Equity Value Per Share | 2,752.87 |