Discounted Cash Flow (DCF) Analysis Unlevered
Pioneer Embroideries Limited (PIONEEREMB.NS)
40 ₹
-0.65 (-1.60%)
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 | 2,570.29 | 2,739.67 | 2,383.72 | 2,259.70 | 2,907.57 | 3,031.61 | 3,160.95 | 3,295.80 | 3,436.41 | 3,583.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 94.55 | 193.12 | 223.33 | 287.27 | 265.26 | 254.25 | 265.09 | 276.40 | 288.20 | 300.49 |
| EBITDA (%) | ||||||||||
| EBIT | 9.27 | 105.71 | 136.21 | 205.64 | 184.45 | 153.87 | 160.43 | 167.28 | 174.41 | 181.86 |
| EBIT (%) | ||||||||||
| Depreciation | 85.28 | 87.42 | 87.12 | 81.63 | 80.81 | 100.38 | 104.66 | 109.13 | 113.78 | 118.64 |
| 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 | 15.07 | 5.72 | 15.13 | 143.14 | 80.31 | 63.82 | 66.55 | 69.39 | 72.35 | 75.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 357.83 | 349.96 | 376.06 | 432.43 | 439.22 | 465.14 | 484.98 | 505.68 | 527.25 | 549.74 |
| Inventories (%) | ||||||||||
| Accounts Payable | 304.99 | 321.78 | 234.31 | 219.22 | 194.85 | 302.21 | 315.10 | 328.55 | 342.56 | 357.18 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -89.55 | -47.59 | -22.85 | -84.31 | -66.52 | -73.97 | -77.12 | -80.41 | -83.84 | -87.42 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 40 |
|---|---|
| Beta | 0.856 |
| Diluted Shares Outstanding | 25.33 |
| Cost of Debt | |
| Tax Rate | 27.42 |
| After-tax Cost of Debt | 7.84% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.515 |
| Total Debt | 296.74 |
| Total Equity | 1,013.13 |
| Total Capital | 1,309.87 |
| Debt Weighting | 22.65 |
| Equity Weighting | 77.35 |
| 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 | 2,570.29 | 2,739.67 | 2,383.72 | 2,259.70 | 2,907.57 | 3,031.61 | 3,160.95 | 3,295.80 | 3,436.41 | 3,583.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 94.55 | 193.12 | 223.33 | 287.27 | 265.26 | 254.25 | 265.09 | 276.40 | 288.20 | 300.49 |
| EBIT | 9.27 | 105.71 | 136.21 | 205.64 | 184.45 | 153.87 | 160.43 | 167.28 | 174.41 | 181.86 |
| Tax Rate | 1.58% | 1.15% | 0.94% | -21.04% | 27.42% | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
| EBIAT | 9.12 | 104.49 | 134.93 | 248.91 | 133.88 | 150.78 | 157.21 | 163.92 | 170.91 | 178.20 |
| Depreciation | 85.28 | 87.42 | 87.12 | 81.63 | 80.81 | 100.38 | 104.66 | 109.13 | 113.78 | 118.64 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 7.87 | -26.10 | -56.37 | -6.79 | -25.92 | -19.84 | -20.69 | -21.57 | -22.49 |
| Accounts Payable | - | 16.79 | -87.47 | -15.09 | -24.37 | 107.36 | 12.89 | 13.44 | 14.02 | 14.61 |
| Capital Expenditure | -89.55 | -47.59 | -22.85 | -84.31 | -66.52 | -73.97 | -77.12 | -80.41 | -83.84 | -87.42 |
| UFCF | 4.85 | 168.97 | 85.63 | 174.77 | 117 | 258.63 | 177.80 | 185.38 | 193.29 | 201.54 |
| WACC | ||||||||||
| PV UFCF | 240.39 | 153.60 | 148.85 | 144.25 | 139.80 | |||||
| SUM PV UFCF | 826.88 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.59 |
| Free cash flow (t + 1) | 205.57 |
| Terminal Value | 3,677.42 |
| Present Value of Terminal Value | 2,550.84 |
Intrinsic Value
| Enterprise Value | 3,377.72 |
|---|---|
| Net Debt | 283.48 |
| Equity Value | 3,094.25 |
| Shares Outstanding | 25.33 |
| Equity Value Per Share | 122.17 |