Discounted Cash Flow (DCF) Analysis Unlevered

Jindal Drilling & Industries Limite... (JINDRILL.NS)

258 ₹

-2.25 (-0.86%)

All numbers are in Millions, Currency in USD

Stock DCF: -5,553.27 | 258 | 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	1,489.40	2,073.94	2,161.96	3,978.55	4,198.60	5,595.13	7,456.17	9,936.23	13,241.19	17,645.45
Revenue (%)
EBITDA	-47.78	900.13	-5,451.83	485.03	1,378.40	-1,868.28	-2,489.70	-3,317.82	-4,421.39	-5,892.03
EBITDA (%)
EBIT	-139.58	810.78	-5,709.42	161.23	944.30	-2,325.56	-3,099.09	-4,129.90	-5,503.58	-7,334.17
EBIT (%)
Depreciation	91.80	89.36	257.58	323.80	434.10	457.28	609.39	812.08	1,082.19	1,442.15
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	37.07	47.63	6.97	5.63	1,230	386.57	515.15	686.49	914.84	1,219.13
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	102.70	79.05	328.04	403.95	403.50	510.77	680.66	907.05	1,208.76	1,610.81
Inventories (%)
Accounts Payable	200.62	248.57	362.57	572.99	357.90	729.07	971.58	1,294.74	1,725.39	2,299.29
Accounts Payable (%)
Capital Expenditure	-70.03	76.92	-5,042.62	-55.50	-1,926.20	-3,150.15	-4,197.95	-5,594.26	-7,455.02	-9,934.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 258
Beta	0.879
Diluted Shares Outstanding	28.98
Cost of Debt
Tax Rate	25.54
After-tax Cost of Debt	2.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.682
Total Debt	2,203.50
Total Equity	7,477.10
Total Capital	9,680.60
Debt Weighting	22.76
Equity Weighting	77.24
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	1,489.40	2,073.94	2,161.96	3,978.55	4,198.60	5,595.13	7,456.17	9,936.23	13,241.19	17,645.45
EBITDA	-47.78	900.13	-5,451.83	485.03	1,378.40	-1,868.28	-2,489.70	-3,317.82	-4,421.39	-5,892.03
EBIT	-139.58	810.78	-5,709.42	161.23	944.30	-2,325.56	-3,099.09	-4,129.90	-5,503.58	-7,334.17
Tax Rate	50.70%	0.47%	-1.23%	415.87%	25.54%	98.27%	98.27%	98.27%	98.27%	98.27%
EBIAT	-68.81	806.97	-5,779.90	-509.28	703.15	-40.24	-53.63	-71.47	-95.24	-126.92
Depreciation	91.80	89.36	257.58	323.80	434.10	457.28	609.39	812.08	1,082.19	1,442.15
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	23.64	-248.99	-75.91	0.45	-107.27	-169.89	-226.40	-301.70	-402.05
Accounts Payable	-	47.95	114	210.42	-215.09	371.17	242.50	323.16	430.65	573.90
Capital Expenditure	-70.03	76.92	-5,042.62	-55.50	-1,926.20	-3,150.15	-4,197.95	-5,594.26	-7,455.02	-9,934.69
UFCF	-47.04	1,044.84	-10,699.92	-106.48	-1,003.59	-2,469.21	-3,569.58	-4,756.89	-6,339.12	-8,447.62
WACC
PV UFCF						-2,317.63	-3,144.79	-3,933.55	-4,920.15	-6,154.19
SUM PV UFCF										-20,470.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.54
Free cash flow (t + 1)	-8,616.58
Terminal Value	-189,792.42
Present Value of Terminal Value	-138,266

Intrinsic Value

Enterprise Value	-158,736.33
Net Debt	2,203.10
Equity Value	-160,939.43
Shares Outstanding	28.98
Equity Value Per Share	-5,553.27