Discounted Cash Flow (DCF) Analysis Unlevered

Remsons Industries Limited (REMSONSIND.NS)

872.95 ₹

+3.30 (+0.38%)
All numbers are in Millions, Currency in USD
Stock DCF: -311.66 | 872.95 | 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 1,479.751,577.872,247.892,851.273,1283,797.724,610.845,598.046,796.618,251.81
Revenue (%)
EBITDA 98.77127.19124.84206.14275.37275.88334.95406.67493.74599.45
EBITDA (%)
EBIT 73.92101.2286.46126.81183.93194.32235.92286.43347.76422.22
EBIT (%)
Depreciation 24.8625.9738.3979.3391.4481.5799.03120.23145.98177.23
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 4.3514.2026.1868.72160.5775.2191.31110.86134.59163.41
Total Cash (%)
Account Receivables 276.69255.45513.47568.30546.95722.68877.411,065.271,293.351,570.26
Account Receivables (%)
Inventories 268.71327.91471.61461.53472.42692.79841.121,021.211,239.851,505.31
Inventories (%)
Accounts Payable 280.92246.32489.78484533.02686.62833.631,012.111,228.811,491.91
Accounts Payable (%)
Capital Expenditure -38.42-27.02-81.54-95.70-138.60-119.42-144.99-176.04-213.73-259.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 872.95
Beta 1.168
Diluted Shares Outstanding 5.71
Cost of Debt
Tax Rate 30.57
After-tax Cost of Debt 5.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.869
Total Debt 824.53
Total Equity 4,987.47
Total Capital 5,812.01
Debt Weighting 14.19
Equity Weighting 85.81
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 1,479.751,577.872,247.892,851.273,1283,797.724,610.845,598.046,796.618,251.81
EBITDA 98.77127.19124.84206.14275.37275.88334.95406.67493.74599.45
EBIT 73.92101.2286.46126.81183.93194.32235.92286.43347.76422.22
Tax Rate 29.83%28.00%43.37%26.97%30.57%31.75%31.75%31.75%31.75%31.75%
EBIAT 51.8772.8748.9692.60127.70132.62161.02195.49237.35288.17
Depreciation 24.8625.9738.3979.3391.4481.5799.03120.23145.98177.23
Accounts Receivable -21.24-258.02-54.8321.34-175.73-154.73-187.86-228.08-276.91
Inventories --59.20-143.7010.08-10.89-220.37-148.33-180.09-218.65-265.46
Accounts Payable --34.60243.45-5.7849.03153.60147.01178.48216.70263.10
Capital Expenditure -38.42-27.02-81.55-95.70-138.60-119.42-144.99-176.04-213.73-259.49
UFCF 38.31-0.73-152.4725.71140.02-147.73-41-49.77-60.43-73.37
WACC
PV UFCF -135.25-34.36-38.19-42.45-47.18
SUM PV UFCF -297.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.23
Free cash flow (t + 1) -75.57
Terminal Value -1,212.99
Present Value of Terminal Value -780.09

Intrinsic Value

Enterprise Value -1,077.53
Net Debt 703.07
Equity Value -1,780.60
Shares Outstanding 5.71
Equity Value Per Share -311.66