Discounted Cash Flow (DCF) Analysis Unlevered

Sify Technologies Limited (SIFY)

$1.25

-0.03 (-2.34%)
All numbers are in Millions, Currency in USD
Stock DCF: -14,392.66 | 1.25 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 21,54722,95224,32027,02633,40437,346.2641,753.7846,681.4652,190.6958,350.11
Revenue (%)
EBITDA 3,2874,1715,2266,1706,4237,243.268,098.099,053.8110,122.3111,316.92
EBITDA (%)
EBIT 1,753.091,880.222,390.372,871.952,451.143,295.543,684.474,119.304,605.455,148.98
EBIT (%)
Depreciation 1,533.912,290.782,835.633,298.053,971.863,947.724,413.624,934.505,516.866,167.95
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 1,934.922,318.485,101.083,781.983,650.454,853.395,426.186,066.566,782.527,582.98
Total Cash (%)
Account Receivables 12,661.0712,088.109,729.7514,112.9414,668.1918,491.3020,673.6023,113.4525,841.2428,890.96
Account Receivables (%)
Inventories 1,715.311,302.061,414.742,407.201,941.922,552.352,853.573,190.343,566.853,987.81
Inventories (%)
Accounts Payable 2,971.823,889.393,609.684,969.519,227.936,841.357,648.758,551.449,560.6610,688.99
Accounts Payable (%)
Capital Expenditure -3,968.85-4,501.57-3,756.04-7,374.44-13,211.92-8,986.63-10,047.22-11,232.96-12,558.65-14,040.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.25
Beta 1.643
Diluted Shares Outstanding 182.84
Cost of Debt
Tax Rate 33.94
After-tax Cost of Debt 4.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.058
Total Debt 22,930.67
Total Equity 228.54
Total Capital 23,159.22
Debt Weighting 99.01
Equity Weighting 0.99
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 21,54722,95224,32027,02633,40437,346.2641,753.7846,681.4652,190.6958,350.11
EBITDA 3,2874,1715,2266,1706,4237,243.268,098.099,053.8110,122.3111,316.92
EBIT 1,753.091,880.222,390.372,871.952,451.143,295.543,684.474,119.304,605.455,148.98
Tax Rate 0.28%30.85%4.20%31.86%33.94%20.22%20.22%20.22%20.22%20.22%
EBIAT 1,748.181,300.262,2901,957.071,619.342,629.082,939.363,286.263,674.094,107.70
Depreciation 1,533.912,290.782,835.633,298.053,971.863,947.724,413.624,934.505,516.866,167.95
Accounts Receivable -572.982,358.35-4,383.19-555.25-3,823.11-2,182.30-2,439.85-2,727.79-3,049.72
Inventories -413.26-112.68-992.47465.28-610.42-301.22-336.77-376.52-420.95
Accounts Payable -917.57-279.711,359.834,258.42-2,386.57807.40902.691,009.221,128.33
Capital Expenditure -3,968.85-4,501.57-3,756.03-7,374.44-13,211.92-8,986.63-10,047.22-11,232.96-12,558.65-14,040.79
UFCF -686.75993.273,335.56-6,135.14-3,452.26-9,229.94-4,370.36-4,886.14-5,462.79-6,107.49
WACC
PV UFCF -8,857.91-4,025.14-4,318.79-4,633.86-4,971.92
SUM PV UFCF -26,807.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.20
Free cash flow (t + 1) -6,351.79
Terminal Value -3,175,894.78
Present Value of Terminal Value -2,585,398.60

Intrinsic Value

Enterprise Value -2,612,206.24
Net Debt 19,280.23
Equity Value -2,631,486.46
Shares Outstanding 182.84
Equity Value Per Share -14,392.66