Discounted Cash Flow (DCF) Analysis Unlevered
Mittal Life Style Limited (MITTAL.NS)
9.85 ₹
-0.20 (-1.99%)
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 | 801.32 | 897.40 | 983.24 | 521.53 | 518.17 | 484.43 | 452.88 | 423.39 | 395.82 | 370.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 31.52 | 28.17 | 26.09 | 7.44 | 3.48 | 11.46 | 10.71 | 10.01 | 9.36 | 8.75 |
| EBITDA (%) | ||||||||||
| EBIT | 29.23 | 26.74 | 25.08 | 6.65 | 2.93 | 10.68 | 9.98 | 9.33 | 8.72 | 8.16 |
| EBIT (%) | ||||||||||
| Depreciation | 2.28 | 1.43 | 1.01 | 0.79 | 0.55 | 0.78 | 0.73 | 0.68 | 0.64 | 0.60 |
| 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 | 45.74 | 6.09 | 2.22 | 2.33 | 72.41 | 20.38 | 19.05 | 17.81 | 16.65 | 15.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 39.92 | 21.51 | 50.13 | 38 | 8.17 | 20.68 | 19.33 | 18.07 | 16.89 | 15.79 |
| Inventories (%) | ||||||||||
| Accounts Payable | 42.74 | 49.54 | 107.37 | 56.53 | 21.25 | 35.57 | 33.26 | 31.09 | 29.07 | 27.17 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.13 | -0.23 | -0.27 | -0.32 | -0.18 | -0.16 | -0.15 | -0.14 | -0.13 | -0.12 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.85 |
|---|---|
| Beta | 0.773 |
| Diluted Shares Outstanding | 12.93 |
| Cost of Debt | |
| Tax Rate | 27.56 |
| After-tax Cost of Debt | 4.40% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.129 |
| Total Debt | 7.54 |
| Total Equity | 127.31 |
| Total Capital | 134.85 |
| Debt Weighting | 5.59 |
| Equity Weighting | 94.41 |
| 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 | 801.32 | 897.40 | 983.24 | 521.53 | 518.17 | 484.43 | 452.88 | 423.39 | 395.82 | 370.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 31.52 | 28.17 | 26.09 | 7.44 | 3.48 | 11.46 | 10.71 | 10.01 | 9.36 | 8.75 |
| EBIT | 29.23 | 26.74 | 25.08 | 6.65 | 2.93 | 10.68 | 9.98 | 9.33 | 8.72 | 8.16 |
| Tax Rate | 40.37% | 27.15% | 27.92% | 21.50% | 27.56% | 28.90% | 28.90% | 28.90% | 28.90% | 28.90% |
| EBIAT | 17.43 | 19.48 | 18.08 | 5.22 | 2.12 | 7.59 | 7.10 | 6.63 | 6.20 | 5.80 |
| Depreciation | 2.28 | 1.43 | 1.01 | 0.79 | 0.55 | 0.78 | 0.73 | 0.68 | 0.64 | 0.60 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 18.41 | -28.62 | 12.13 | 29.84 | -12.51 | 1.35 | 1.26 | 1.18 | 1.10 |
| Accounts Payable | - | 6.80 | 57.83 | -50.84 | -35.28 | 14.32 | -2.32 | -2.17 | -2.02 | -1.89 |
| Capital Expenditure | -0.13 | -0.23 | -0.27 | -0.32 | -0.18 | -0.16 | -0.15 | -0.14 | -0.13 | -0.12 |
| UFCF | 19.59 | 45.90 | 48.02 | -33.02 | -2.96 | 10.02 | 6.71 | 6.27 | 5.86 | 5.48 |
| WACC | ||||||||||
| PV UFCF | 9.37 | 5.86 | 5.12 | 4.47 | 3.91 | |||||
| SUM PV UFCF | 28.73 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.98 |
| Free cash flow (t + 1) | 5.59 |
| Terminal Value | 112.23 |
| Present Value of Terminal Value | 80.09 |
Intrinsic Value
| Enterprise Value | 108.82 |
|---|---|
| Net Debt | 5.18 |
| Equity Value | 103.64 |
| Shares Outstanding | 12.93 |
| Equity Value Per Share | 8.02 |