Discounted Cash Flow (DCF) Analysis Unlevered

Panama Petrochem Limited (PANAMAPET.NS)

326.45 ₹

-2.15 (-0.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 396.48 | 326.45 | undervalue

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 13,262.8612,693.2610,027.5414,469.6221,323.5424,861.6928,986.9133,796.6139,404.3845,942.62
Revenue (%)
EBITDA 1,053.63982.14547.041,928.043,017.222,417.132,818.193,285.813,831.014,466.68
EBITDA (%)
EBIT 1,000.72922.91474.521,851.912,933.222,292.382,672.753,116.233,633.294,236.15
EBIT (%)
Depreciation 52.9159.2472.5276.1284124.75145.45169.58197.72230.53
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 341.24156.42406.80745.051,472.29990.271,154.581,346.161,569.521,829.95
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 4,450.293,835.962,539.283,650.574,905.306,828.587,961.639,282.6810,822.9212,618.73
Inventories (%)
Accounts Payable 5,325.183,152.012,571.873,280.584,275.926,630.917,731.169,013.9710,509.6312,253.45
Accounts Payable (%)
Capital Expenditure -185.01-232.58-201.29-249.91-301.51-416.47-485.57-566.14-660.08-769.61
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 326.45
Beta 1.706
Diluted Shares Outstanding 60.49
Cost of Debt
Tax Rate 19.54
After-tax Cost of Debt 18.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.587
Total Debt 300.75
Total Equity 19,746.52
Total Capital 20,047.27
Debt Weighting 1.50
Equity Weighting 98.50
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 13,262.8612,693.2610,027.5414,469.6221,323.5424,861.6928,986.9133,796.6139,404.3845,942.62
EBITDA 1,053.63982.14547.041,928.043,017.222,417.132,818.193,285.813,831.014,466.68
EBIT 1,000.72922.91474.521,851.912,933.222,292.382,672.753,116.233,633.294,236.15
Tax Rate 32.37%27.48%10.47%24.60%19.54%22.89%22.89%22.89%22.89%22.89%
EBIAT 676.81669.31424.811,396.352,360.201,767.632,060.922,402.892,801.593,266.45
Depreciation 52.9159.2472.5276.1284124.75145.45169.58197.72230.53
Accounts Receivable ----------
Inventories -614.331,296.68-1,111.29-1,254.73-1,923.29-1,133.04-1,321.05-1,540.24-1,795.81
Accounts Payable --2,173.17-580.14708.71995.342,354.991,100.251,282.811,495.661,743.83
Capital Expenditure -185.01-232.58-201.29-249.91-301.51-416.47-485.57-566.14-660.08-769.61
UFCF 544.70-1,062.881,012.59819.991,883.311,907.611,6881,968.082,294.642,675.39
WACC
PV UFCF 1,707.801,352.901,412.161,474.021,538.58
SUM PV UFCF 7,485.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.70
Free cash flow (t + 1) 2,728.89
Terminal Value 28,132.91
Present Value of Terminal Value 16,178.90

Intrinsic Value

Enterprise Value 23,664.35
Net Debt -318.07
Equity Value 23,982.42
Shares Outstanding 60.49
Equity Value Per Share 396.48