Discounted Cash Flow (DCF) Analysis Unlevered

MakeMyTrip Limited (MMYT)

$56.78

-1.78 (-3.04%)
All numbers are in Millions, Currency in USD
Stock DCF: -25.31 | 56.78 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 486.01511.53163.44303.92593.04768.40995.621,290.031,671.512,165.78
Revenue (%)
EBITDA -121.03-120.27-22.749.1561.98-75.10-97.31-126.08-163.37-211.67
EBITDA (%)
EBIT -147.85-153.95-55.75-20.2134.74-146.64-190.01-246.19-318.99-413.32
EBIT (%)
Depreciation 26.8233.6833.0129.3627.2571.5492.70120.11155.63201.65
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 311.98167.70424.89477.46481.07914.651,185.121,535.571,989.652,578
Total Cash (%)
Account Receivables 54.9257.8525.1835.9168.8594.42122.34158.52205.40266.14
Account Receivables (%)
Inventories 0.610.040.040.010.030.250.330.420.550.71
Inventories (%)
Accounts Payable 69.2070.7553.5862.8389.78148.55192.48249.40323.15418.71
Accounts Payable (%)
Capital Expenditure -9.70-12.76-8.77-12.91-16.90-26.06-33.76-43.75-56.68-73.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 56.78
Beta 1.227
Diluted Shares Outstanding 111.10
Cost of Debt
Tax Rate 8.04
After-tax Cost of Debt 18.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.076
Total Debt 235.16
Total Equity 6,308.33
Total Capital 6,543.49
Debt Weighting 3.59
Equity Weighting 96.41
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 486.01511.53163.44303.92593.04768.40995.621,290.031,671.512,165.78
EBITDA -121.03-120.27-22.749.1561.98-75.10-97.31-126.08-163.37-211.67
EBIT -147.85-153.95-55.75-20.2134.74-146.64-190.01-246.19-318.99-413.32
Tax Rate 0.51%0.01%7.44%2.37%8.04%3.67%3.67%3.67%3.67%3.67%
EBIAT -147.09-153.94-51.60-19.7331.95-141.26-183.03-237.15-307.27-398.14
Depreciation 26.8233.6833.0129.3627.2571.5492.70120.11155.63201.65
Accounts Receivable --2.9332.68-10.73-32.94-25.58-27.92-36.18-46.88-60.74
Inventories -0.57-00.03-0.01-0.23-0.07-0.10-0.13-0.16
Accounts Payable -1.54-17.179.2526.9558.7743.9356.9273.7595.56
Capital Expenditure -9.70-12.76-8.77-12.91-16.90-26.06-33.76-43.75-56.68-73.44
UFCF -129.98-133.84-11.86-4.7436.29-62.80-108.16-140.14-181.58-235.27
WACC
PV UFCF -56.90-88.79-104.23-122.37-143.65
SUM PV UFCF -515.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.37
Free cash flow (t + 1) -244.68
Terminal Value -3,841.18
Present Value of Terminal Value -2,345.36

Intrinsic Value

Enterprise Value -2,861.30
Net Debt -48.85
Equity Value -2,812.44
Shares Outstanding 111.10
Equity Value Per Share -25.31