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
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 | 1,479.75 | 1,577.87 | 2,247.89 | 2,851.27 | 3,128 | 3,797.72 | 4,610.84 | 5,598.04 | 6,796.61 | 8,251.81 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 98.77 | 127.19 | 124.84 | 206.14 | 275.37 | 275.88 | 334.95 | 406.67 | 493.74 | 599.45 |
EBITDA (%) | ||||||||||
EBIT | 73.92 | 101.22 | 86.46 | 126.81 | 183.93 | 194.32 | 235.92 | 286.43 | 347.76 | 422.22 |
EBIT (%) | ||||||||||
Depreciation | 24.86 | 25.97 | 38.39 | 79.33 | 91.44 | 81.57 | 99.03 | 120.23 | 145.98 | 177.23 |
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 | 4.35 | 14.20 | 26.18 | 68.72 | 160.57 | 75.21 | 91.31 | 110.86 | 134.59 | 163.41 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 276.69 | 255.45 | 513.47 | 568.30 | 546.95 | 722.68 | 877.41 | 1,065.27 | 1,293.35 | 1,570.26 |
Account Receivables (%) | ||||||||||
Inventories | 268.71 | 327.91 | 471.61 | 461.53 | 472.42 | 692.79 | 841.12 | 1,021.21 | 1,239.85 | 1,505.31 |
Inventories (%) | ||||||||||
Accounts Payable | 280.92 | 246.32 | 489.78 | 484 | 533.02 | 686.62 | 833.63 | 1,012.11 | 1,228.81 | 1,491.91 |
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 | 1,479.75 | 1,577.87 | 2,247.89 | 2,851.27 | 3,128 | 3,797.72 | 4,610.84 | 5,598.04 | 6,796.61 | 8,251.81 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 98.77 | 127.19 | 124.84 | 206.14 | 275.37 | 275.88 | 334.95 | 406.67 | 493.74 | 599.45 |
EBIT | 73.92 | 101.22 | 86.46 | 126.81 | 183.93 | 194.32 | 235.92 | 286.43 | 347.76 | 422.22 |
Tax Rate | 29.83% | 28.00% | 43.37% | 26.97% | 30.57% | 31.75% | 31.75% | 31.75% | 31.75% | 31.75% |
EBIAT | 51.87 | 72.87 | 48.96 | 92.60 | 127.70 | 132.62 | 161.02 | 195.49 | 237.35 | 288.17 |
Depreciation | 24.86 | 25.97 | 38.39 | 79.33 | 91.44 | 81.57 | 99.03 | 120.23 | 145.98 | 177.23 |
Accounts Receivable | - | 21.24 | -258.02 | -54.83 | 21.34 | -175.73 | -154.73 | -187.86 | -228.08 | -276.91 |
Inventories | - | -59.20 | -143.70 | 10.08 | -10.89 | -220.37 | -148.33 | -180.09 | -218.65 | -265.46 |
Accounts Payable | - | -34.60 | 243.45 | -5.78 | 49.03 | 153.60 | 147.01 | 178.48 | 216.70 | 263.10 |
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 | -152.47 | 25.71 | 140.02 | -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 |