Discounted Cash Flow (DCF) Analysis Unlevered

PPAP Automotive Limited (PPAP.NS)

213.5 ₹

-9.55 (-4.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 350.85 | 213.5 | 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 3,975.754,041.653,573.803,204.794,219.174,339.514,463.284,590.584,721.514,856.17
Revenue (%)
EBITDA 888.38784.89503.98334.77361.03649.80668.33687.39707727.16
EBITDA (%)
EBIT 628.48524.94246.7470.1066.35342.48352.24362.29372.62383.25
EBIT (%)
Depreciation 259.90259.95257.23264.67294.69307.32316.09325.10334.37343.91
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 13.654.2632.0313.7650.2425.7326.4727.222828.80
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 319.56449.63495.71449.56560.58523.76538.70554.06569.87586.12
Inventories (%)
Accounts Payable 315.52402.06418.76479.11485.80486.59500.47514.75529.43544.53
Accounts Payable (%)
Capital Expenditure -507.48-441.57-260.96-523.82-698.54-554.53-570.35-586.61-603.34-620.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 213.5
Beta 0.233
Diluted Shares Outstanding 14
Cost of Debt
Tax Rate 709.74
After-tax Cost of Debt -36.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.740
Total Debt 1,096.96
Total Equity 2,989
Total Capital 4,085.96
Debt Weighting 26.85
Equity Weighting 73.15
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 3,975.754,041.653,573.803,204.794,219.174,339.514,463.284,590.584,721.514,856.17
EBITDA 888.38784.89503.98334.77361.03649.80668.33687.39707727.16
EBIT 628.48524.94246.7470.1066.35342.48352.24362.29372.62383.25
Tax Rate 33.32%30.51%17.41%35.06%709.74%165.21%165.21%165.21%165.21%165.21%
EBIAT 419.10364.79203.7845.52-404.54-223.33-229.69-236.25-242.98-249.91
Depreciation 259.90259.95257.23264.67294.69307.32316.09325.10334.37343.91
Accounts Receivable ----------
Inventories --130.07-46.0846.14-111.0236.82-14.94-15.36-15.80-16.25
Accounts Payable -86.5416.7060.356.700.7913.8814.2714.6815.10
Capital Expenditure -507.48-441.57-260.96-523.82-698.54-554.53-570.35-586.61-603.34-620.55
UFCF 171.51139.64170.67-107.14-912.72-432.92-485.01-498.85-513.08-527.71
WACC
PV UFCF -461.73-551.72-605.22-663.91-728.29
SUM PV UFCF -3,010.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -6.24
Free cash flow (t + 1) -538.26
Terminal Value 6,532.32
Present Value of Terminal Value 9,015.29

Intrinsic Value

Enterprise Value 6,004.41
Net Debt 1,092.56
Equity Value 4,911.85
Shares Outstanding 14
Equity Value Per Share 350.85