Discounted Cash Flow (DCF) Analysis Unlevered

Remsons Industries Limited (REMSONSIND.NS)

236.55 ₹

-6.70 (-2.75%)
All numbers are in Millions, Currency in USD
Stock DCF: 445.76 | 236.55 | 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 1,283.601,479.751,577.872,247.892,864.513,521.974,330.325,324.206,546.208,048.66
Revenue (%)
EBITDA 91.2194.88122.18152.20217.10250.84308.41379.19466.22573.23
EBITDA (%)
EBIT 66.0570.0296.21113.82137.76182.07223.85275.23338.40416.07
EBIT (%)
Depreciation 25.1624.8625.9738.3979.3368.7784.55103.96127.82157.16
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 10.054.3514.2026.1870.1439.3748.4159.5273.1889.98
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 225.71268.71327.91471.61461.53659.43810.78996.871,225.671,506.98
Inventories (%)
Accounts Payable 182.22280.92246.32489.78484616.18757.60931.481,145.271,408.13
Accounts Payable (%)
Capital Expenditure -31.72-38.42-27.02-81.54-95.70-96.84-119.07-146.39-179.99-221.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 236.55
Beta 0.995
Diluted Shares Outstanding 5.71
Cost of Debt
Tax Rate 26.97
After-tax Cost of Debt 5.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.227
Total Debt 809.84
Total Equity 1,350.90
Total Capital 2,160.74
Debt Weighting 37.48
Equity Weighting 62.52
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 1,283.601,479.751,577.872,247.892,864.513,521.974,330.325,324.206,546.208,048.66
EBITDA 91.2194.88122.18152.20217.10250.84308.41379.19466.22573.23
EBIT 66.0570.0296.21113.82137.76182.07223.85275.23338.40416.07
Tax Rate 24.28%29.83%28.00%43.37%26.97%30.49%30.49%30.49%30.49%30.49%
EBIAT 50.0149.1369.2664.45100.61126.55155.60191.31235.22289.20
Depreciation 25.1624.8625.9738.3979.3368.7784.55103.96127.82157.16
Accounts Receivable ----------
Inventories --43-59.20-143.7010.08-197.90-151.35-186.09-228.80-281.31
Accounts Payable -98.70-34.60243.45-5.78132.18141.42173.88213.79262.86
Capital Expenditure -31.72-38.42-27.02-81.55-95.70-96.84-119.07-146.39-179.99-221.30
UFCF 43.4591.27-25.58121.0588.5432.76111.16136.67168.04206.61
WACC
PV UFCF 30.5296.51110.57126.67145.12
SUM PV UFCF 509.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.32
Free cash flow (t + 1) 210.74
Terminal Value 3,961.25
Present Value of Terminal Value 2,782.46

Intrinsic Value

Enterprise Value 3,291.86
Net Debt 746.20
Equity Value 2,545.66
Shares Outstanding 5.71
Equity Value Per Share 445.76