Discounted Cash Flow (DCF) Analysis Unlevered

MakeMyTrip Limited (MMYT)

$30.62

-0.21 (-0.68%)
All numbers are in Millions, Currency in USD
Stock DCF: -10.36 | 30.62 | 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 675.26486.01511.53163.44303.92300.22296.57292.95289.39285.86
Revenue (%)
EBITDA -188.06-141.38-411.24-22.34-1.84-91.03-89.92-88.83-87.75-86.68
EBITDA (%)
EBIT -217.90-168.20-444.92-55.35-31.20-118.88-117.43-116-114.59-113.19
EBIT (%)
Depreciation 29.8426.8233.6833.0129.3627.8527.5127.1726.8426.52
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 389.82311.98167.70424.89477.46343.32339.14335.01330.93326.90
Total Cash (%)
Account Receivables 73.5154.9257.8525.1835.9136.4636.0135.5835.1434.71
Account Receivables (%)
Inventories 0.600.610.040.040.010.150.150.150.140.14
Inventories (%)
Accounts Payable 74.8169.2021.0253.5833.5243.9843.4442.9142.3941.87
Accounts Payable (%)
Capital Expenditure -12.10-9.70-12.76-3.42-6.36-6.29-6.21-6.13-6.06-5.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 30.62
Beta 1.270
Diluted Shares Outstanding 108.47
Cost of Debt
Tax Rate 2.72
After-tax Cost of Debt 6.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.692
Total Debt 216.58
Total Equity 3,321.39
Total Capital 3,537.97
Debt Weighting 6.12
Equity Weighting 93.88
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 675.26486.01511.53163.44303.92300.22296.57292.95289.39285.86
EBITDA -188.06-141.38-411.24-22.34-1.84-91.03-89.92-88.83-87.75-86.68
EBIT -217.90-168.20-444.92-55.35-31.20-118.88-117.43-116-114.59-113.19
Tax Rate 0.79%0.51%-0.05%8.11%2.72%2.42%2.42%2.42%2.42%2.42%
EBIAT -216.18-167.34-445.16-50.86-30.35-116.01-114.60-113.20-111.82-110.46
Depreciation 29.8426.8233.6833.0129.3627.8527.5127.1726.8426.52
Accounts Receivable -18.59-2.9332.68-10.73-0.550.440.440.430.43
Inventories --0.010.57-00.03-0.140000
Accounts Payable --5.61-48.1932.56-20.0610.46-0.54-0.53-0.52-0.52
Capital Expenditure -12.10-9.70-12.76-3.42-12.91-6.29-6.21-6.13-6.06-5.99
UFCF -198.44-137.26-474.7843.96-38.12-84.68-93.39-92.25-91.13-90.02
WACC
PV UFCF -77.32-77.86-70.22-63.34-57.13
SUM PV UFCF -345.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.52
Free cash flow (t + 1) -91.82
Terminal Value -1,220.98
Present Value of Terminal Value -774.89

Intrinsic Value

Enterprise Value -1,120.76
Net Debt 3.30
Equity Value -1,124.06
Shares Outstanding 108.47
Equity Value Per Share -10.36