Discounted Cash Flow (DCF) Analysis Unlevered

Likhitha Infrastructure Limited (LIKHITHA.NS)

244.95 ₹

+12.45 (+5.35%)

All numbers are in Millions, Currency in USD

Stock DCF: 119.22 | 244.95 | 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	870.78	1,374.34	1,612.38	1,906.22	2,572.12	3,397.16	4,486.86	5,926.09	7,826.98	10,337.61
Revenue (%)
EBITDA	120.42	291.50	304.64	410.80	657.01	686.41	906.59	1,197.39	1,581.47	2,088.75
EBITDA (%)
EBIT	111.11	261.62	273.70	386.24	620.14	632.85	835.84	1,103.95	1,458.06	1,925.76
EBIT (%)
Depreciation	9.31	29.87	30.94	24.56	36.86	53.56	70.74	93.44	123.41	162.99
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	67.73	5.14	95.39	579.50	695.99	485.99	641.87	847.77	1,119.70	1,478.86
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	26.51	198.14	246.82	225.05	466.09	425.98	562.62	743.09	981.45	1,296.27
Inventories (%)
Accounts Payable	133.82	121.19	139.35	17.99	90.56	253.38	334.66	442	583.78	771.04
Accounts Payable (%)
Capital Expenditure	-103.12	-31.25	-15.28	-24.75	-102.30	-138.20	-182.53	-241.08	-318.41	-420.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 244.95
Beta	0.665
Diluted Shares Outstanding	157.81
Cost of Debt
Tax Rate	24.98
After-tax Cost of Debt	3.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.638
Total Debt	-
Total Equity	38,656.17
Total Capital	38,656.17
Debt Weighting	0.00
Equity Weighting	100.00
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	870.78	1,374.34	1,612.38	1,906.22	2,572.12	3,397.16	4,486.86	5,926.09	7,826.98	10,337.61
EBITDA	120.42	291.50	304.64	410.80	657.01	686.41	906.59	1,197.39	1,581.47	2,088.75
EBIT	111.11	261.62	273.70	386.24	620.14	632.85	835.84	1,103.95	1,458.06	1,925.76
Tax Rate	34.44%	29.43%	25.73%	24.45%	24.98%	27.81%	27.81%	27.81%	27.81%	27.81%
EBIAT	72.84	184.64	203.28	291.79	465.21	456.87	603.42	796.98	1,052.62	1,390.27
Depreciation	9.31	29.87	30.94	24.56	36.86	53.56	70.74	93.44	123.41	162.99
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-171.62	-48.69	21.77	-241.04	40.11	-136.64	-180.47	-238.36	-314.82
Accounts Payable	-	-12.63	18.16	-121.35	72.57	162.82	81.28	107.35	141.78	187.26
Capital Expenditure	-103.12	-31.25	-15.28	-24.75	-102.30	-138.20	-182.53	-241.08	-318.41	-420.54
UFCF	-20.97	-1	188.41	192.01	231.30	575.16	436.27	576.21	761.04	1,005.16
WACC
PV UFCF						539.35	383.63	475.14	588.48	728.84
SUM PV UFCF										2,715.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.64
Free cash flow (t + 1)	1,025.26
Terminal Value	22,096.20
Present Value of Terminal Value	16,022.01

Intrinsic Value

Enterprise Value	18,737.45
Net Debt	-76.28
Equity Value	18,813.73
Shares Outstanding	157.81
Equity Value Per Share	119.22