Discounted Cash Flow (DCF) Analysis Unlevered
Wipro Limited (WIT)
$4.858
+0.04 (+0.79%)
All numbers are in Millions, Currency in USD
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 | 585,845 | 610,232 | 619,430 | 790,934 | 904,876 | 1,012,925.88 | 1,133,877.83 | 1,269,272.47 | 1,420,834.38 | 1,590,494.06 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 136,387 | 145,216 | 166,286 | 180,013 | 153,262 | 230,175.53 | 257,660.45 | 288,427.29 | 322,867.96 | 361,421.14 |
EBITDA (%) | ||||||||||
EBIT | 116,913 | 124,354 | 138,630 | 149,102.01 | 119,860 | 192,075.27 | 215,010.69 | 240,684.79 | 269,424.60 | 301,596.18 |
EBIT (%) | ||||||||||
Depreciation | 19,474 | 20,862 | 27,656 | 30,911 | 33,402 | 38,100.26 | 42,649.76 | 47,742.50 | 53,443.36 | 59,824.96 |
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 | 379,245 | 335,184 | 346,119 | 351,281 | 410,208 | 537,429.15 | 601,602.75 | 673,439.23 | 753,853.59 | 843,870.11 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 160,241 | 164,255 | 153,875 | 215,066 | 214,957 | 263,476.45 | 294,937.77 | 330,155.84 | 369,579.25 | 413,710.15 |
Account Receivables (%) | ||||||||||
Inventories | 3,951 | 1,865 | 1,064 | 1,334 | 1,188 | 2,941.04 | 3,292.23 | 3,685.35 | 4,125.41 | 4,618.02 |
Inventories (%) | ||||||||||
Accounts Payable | 88,304 | 78,129 | 78,870 | 99,034 | 89,054 | 127,570.88 | 142,803.93 | 159,855.93 | 178,944.09 | 200,311.53 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -22,781 | -23,497 | -19,577 | -20,153 | -14,834 | -30,563.82 | -34,213.40 | -38,298.77 | -42,871.97 | -47,991.25 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 4.858 |
---|---|
Beta | 0.650 |
Diluted Shares Outstanding | 5,488.99 |
Cost of Debt | |
Tax Rate | 23.13 |
After-tax Cost of Debt | 4.44% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.821 |
Total Debt | 174,666 |
Total Equity | 26,665.52 |
Total Capital | 201,331.52 |
Debt Weighting | 86.76 |
Equity Weighting | 13.24 |
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 | 585,845 | 610,232 | 619,430 | 790,934 | 904,876 | 1,012,925.88 | 1,133,877.83 | 1,269,272.47 | 1,420,834.38 | 1,590,494.06 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 136,387 | 145,216 | 166,286 | 180,013 | 153,262 | 230,175.53 | 257,660.45 | 288,427.29 | 322,867.96 | 361,421.14 |
EBIT | 116,913 | 124,354 | 138,630 | 149,102.01 | 119,860 | 192,075.27 | 215,010.69 | 240,684.79 | 269,424.60 | 301,596.18 |
Tax Rate | 21.99% | 20.65% | 22.34% | 19.23% | 23.13% | 21.47% | 21.47% | 21.47% | 21.47% | 21.47% |
EBIAT | 91,199.54 | 98,679.70 | 107,653.24 | 120,435.78 | 92,133.19 | 150,839.28 | 168,850.77 | 189,012.98 | 211,582.74 | 236,847.51 |
Depreciation | 19,474 | 20,862 | 27,656 | 30,911 | 33,402 | 38,100.26 | 42,649.76 | 47,742.50 | 53,443.36 | 59,824.96 |
Accounts Receivable | - | -4,014 | 10,380 | -61,191 | 108.99 | -48,519.44 | -31,461.32 | -35,218.07 | -39,423.41 | -44,130.90 |
Inventories | - | 2,086 | 801 | -270 | 145.99 | -1,753.04 | -351.19 | -393.12 | -440.06 | -492.61 |
Accounts Payable | - | -10,175 | 741.01 | 20,164 | -9,980.01 | 38,516.89 | 15,233.05 | 17,052 | 19,088.16 | 21,367.44 |
Capital Expenditure | -22,781 | -23,497 | -19,577 | -20,153 | -14,834 | -30,563.82 | -34,213.40 | -38,298.77 | -42,871.97 | -47,991.25 |
UFCF | 87,892.54 | 83,941.69 | 127,654.25 | 89,896.79 | 100,976.16 | 146,620.13 | 160,707.66 | 179,897.52 | 201,378.81 | 225,425.15 |
WACC | ||||||||||
PV UFCF | 139,797.99 | 146,100.34 | 155,936.27 | 166,434.39 | 177,639.27 | |||||
SUM PV UFCF | 785,908.26 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.88 |
Free cash flow (t + 1) | 229,933.66 |
Terminal Value | 7,983,807.53 |
Present Value of Terminal Value | 6,291,390.83 |
Intrinsic Value
Enterprise Value | 7,077,299.09 |
---|---|
Net Debt | 82,786 |
Equity Value | 6,994,513.09 |
Shares Outstanding | 5,488.99 |
Equity Value Per Share | 1,274.28 |