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
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 | 1,283.60 | 1,479.75 | 1,577.87 | 2,247.89 | 2,864.51 | 3,521.97 | 4,330.32 | 5,324.20 | 6,546.20 | 8,048.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 91.21 | 94.88 | 122.18 | 152.20 | 217.10 | 250.84 | 308.41 | 379.19 | 466.22 | 573.23 |
| EBITDA (%) | ||||||||||
| EBIT | 66.05 | 70.02 | 96.21 | 113.82 | 137.76 | 182.07 | 223.85 | 275.23 | 338.40 | 416.07 |
| EBIT (%) | ||||||||||
| Depreciation | 25.16 | 24.86 | 25.97 | 38.39 | 79.33 | 68.77 | 84.55 | 103.96 | 127.82 | 157.16 |
| 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 | 10.05 | 4.35 | 14.20 | 26.18 | 70.14 | 39.37 | 48.41 | 59.52 | 73.18 | 89.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 225.71 | 268.71 | 327.91 | 471.61 | 461.53 | 659.43 | 810.78 | 996.87 | 1,225.67 | 1,506.98 |
| Inventories (%) | ||||||||||
| Accounts Payable | 182.22 | 280.92 | 246.32 | 489.78 | 484 | 616.18 | 757.60 | 931.48 | 1,145.27 | 1,408.13 |
| 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 | 1,283.60 | 1,479.75 | 1,577.87 | 2,247.89 | 2,864.51 | 3,521.97 | 4,330.32 | 5,324.20 | 6,546.20 | 8,048.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 91.21 | 94.88 | 122.18 | 152.20 | 217.10 | 250.84 | 308.41 | 379.19 | 466.22 | 573.23 |
| EBIT | 66.05 | 70.02 | 96.21 | 113.82 | 137.76 | 182.07 | 223.85 | 275.23 | 338.40 | 416.07 |
| Tax Rate | 24.28% | 29.83% | 28.00% | 43.37% | 26.97% | 30.49% | 30.49% | 30.49% | 30.49% | 30.49% |
| EBIAT | 50.01 | 49.13 | 69.26 | 64.45 | 100.61 | 126.55 | 155.60 | 191.31 | 235.22 | 289.20 |
| Depreciation | 25.16 | 24.86 | 25.97 | 38.39 | 79.33 | 68.77 | 84.55 | 103.96 | 127.82 | 157.16 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -43 | -59.20 | -143.70 | 10.08 | -197.90 | -151.35 | -186.09 | -228.80 | -281.31 |
| Accounts Payable | - | 98.70 | -34.60 | 243.45 | -5.78 | 132.18 | 141.42 | 173.88 | 213.79 | 262.86 |
| Capital Expenditure | -31.72 | -38.42 | -27.02 | -81.55 | -95.70 | -96.84 | -119.07 | -146.39 | -179.99 | -221.30 |
| UFCF | 43.45 | 91.27 | -25.58 | 121.05 | 88.54 | 32.76 | 111.16 | 136.67 | 168.04 | 206.61 |
| WACC | ||||||||||
| PV UFCF | 30.52 | 96.51 | 110.57 | 126.67 | 145.12 | |||||
| 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 |