Discounted Cash Flow (DCF) Analysis Unlevered

Omax Autos Limited (OMAXAUTO.NS)

57.4 ₹

-1.15 (-1.96%)

All numbers are in Millions, Currency in USD

Stock DCF: -6.39 | 57.4 | 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	11,789.58	9,529.06	4,516.35	1,614.85	2,135.84	1,581.80	1,171.48	867.60	642.54	475.87
Revenue (%)
EBITDA	487.41	507.03	810.25	282.04	645.28	237.50	175.89	130.27	96.48	71.45
EBITDA (%)
EBIT	268	310.69	707.73	156.70	492.99	170.80	126.50	93.68	69.38	51.38
EBIT (%)
Depreciation	219.41	196.34	102.52	125.34	152.29	66.70	49.40	36.58	27.09	20.07
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	384.72	210.01	10.39	195.06	170.59	81.51	60.36	44.70	33.11	24.52
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	574.24	569.85	459.09	304.75	279.07	167.52	124.07	91.89	68.05	50.40
Inventories (%)
Accounts Payable	1,567.10	1,092.74	689.56	367.72	467.55	267.93	198.43	146.95	108.83	80.60
Accounts Payable (%)
Capital Expenditure	-90.69	-250.08	-1,797.59	-668.71	-147.12	-289.45	-214.37	-158.76	-117.58	-87.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 57.4
Beta	0.399
Diluted Shares Outstanding	21.39
Cost of Debt
Tax Rate	-3.37
After-tax Cost of Debt	18.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.400
Total Debt	1,434.67
Total Equity	1,227.68
Total Capital	2,662.36
Debt Weighting	53.89
Equity Weighting	46.11
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	11,789.58	9,529.06	4,516.35	1,614.85	2,135.84	1,581.80	1,171.48	867.60	642.54	475.87
EBITDA	487.41	507.03	810.25	282.04	645.28	237.50	175.89	130.27	96.48	71.45
EBIT	268	310.69	707.73	156.70	492.99	170.80	126.50	93.68	69.38	51.38
Tax Rate	-1,242.08%	91.59%	6.33%	12.47%	-3.37%	-227.01%	-227.01%	-227.01%	-227.01%	-227.01%
EBIAT	3,596.84	26.12	662.94	137.17	509.63	558.54	413.66	306.35	226.89	168.03
Depreciation	219.41	196.34	102.52	125.34	152.29	66.70	49.40	36.58	27.09	20.07
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	4.38	110.76	154.34	25.68	111.54	43.46	32.18	23.84	17.65
Accounts Payable	-	-474.35	-403.18	-321.84	99.83	-199.63	-69.50	-51.47	-38.12	-28.23
Capital Expenditure	-90.69	-250.08	-1,797.59	-668.71	-147.12	-289.45	-214.37	-158.76	-117.58	-87.08
UFCF	3,725.55	-497.59	-1,324.54	-573.70	640.31	247.71	222.65	164.89	122.12	90.44
WACC
PV UFCF						220.23	175.98	115.87	76.29	50.23
SUM PV UFCF										638.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.48
Free cash flow (t + 1)	92.25
Terminal Value	880.24
Present Value of Terminal Value	488.91

Intrinsic Value

Enterprise Value	1,127.51
Net Debt	1,264.08
Equity Value	-136.58
Shares Outstanding	21.39
Equity Value Per Share	-6.39