Discounted Cash Flow (DCF) Analysis Unlevered
Wipro Limited (WIT)
$6.1
+0.16 (+2.69%)
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 | 544,871 | 585,845 | 610,232 | 619,430 | 790,934 | 871,762.19 | 960,850.48 | 1,059,043 | 1,167,270.14 | 1,286,557.37 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 127,046 | 140,363 | 148,015 | 170,245 | 187,373 | 213,940.10 | 235,803.35 | 259,900.89 | 286,461.03 | 315,735.43 |
EBITDA (%) | ||||||||||
EBIT | 105,922 | 120,889 | 127,153 | 142,589 | 156,462 | 180,826.07 | 199,305.29 | 219,672.97 | 242,122.08 | 266,865.35 |
EBIT (%) | ||||||||||
Depreciation | 21,124 | 19,474 | 20,862 | 27,656 | 30,911 | 33,114.03 | 36,498.06 | 40,227.92 | 44,338.94 | 48,870.09 |
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 | 297,183 | 388,628 | 335,184 | 346,119 | 351,281 | 481,380.07 | 530,573.91 | 584,795.03 | 644,557.19 | 710,426.64 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 153,881 | 150,858 | 164,255 | 153,875 | 215,066 | 231,787.31 | 255,474.43 | 281,582.22 | 310,358.05 | 342,074.57 |
Account Receivables (%) | ||||||||||
Inventories | 3,370 | 3,951 | 1,865 | 1,064 | 1,334 | 3,380.62 | 3,726.10 | 4,106.88 | 4,526.58 | 4,989.17 |
Inventories (%) | ||||||||||
Accounts Payable | 24,406 | 28,527 | 27,053 | 23,232 | 99,034 | 52,399.05 | 57,753.89 | 63,655.95 | 70,161.16 | 77,331.17 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -21,870 | -22,781 | -23,497 | -19,577 | -20,153 | -30,444.30 | -33,555.50 | -36,984.65 | -40,764.24 | -44,930.07 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 6.1 |
---|---|
Beta | 0.748 |
Diluted Shares Outstanding | 5,661.66 |
Cost of Debt | |
Tax Rate | 19.23 |
After-tax Cost of Debt | 2.45% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.272 |
Total Debt | 175,929 |
Total Equity | 34,536.11 |
Total Capital | 210,465.11 |
Debt Weighting | 83.59 |
Equity Weighting | 16.41 |
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 | 544,871 | 585,845 | 610,232 | 619,430 | 790,934 | 871,762.19 | 960,850.48 | 1,059,043 | 1,167,270.14 | 1,286,557.37 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 127,046 | 140,363 | 148,015 | 170,245 | 187,373 | 213,940.10 | 235,803.35 | 259,900.89 | 286,461.03 | 315,735.43 |
EBIT | 105,922 | 120,889 | 127,153 | 142,589 | 156,462 | 180,826.07 | 199,305.29 | 219,672.97 | 242,122.08 | 266,865.35 |
Tax Rate | 21.85% | 21.99% | 20.65% | 22.34% | 19.23% | 21.21% | 21.21% | 21.21% | 21.21% | 21.21% |
EBIAT | 82,775.53 | 94,301.07 | 100,900.81 | 110,727.61 | 126,380.75 | 142,468.16 | 157,027.45 | 173,074.61 | 190,761.68 | 210,256.26 |
Depreciation | 21,124 | 19,474 | 20,862 | 27,656 | 30,911 | 33,114.03 | 36,498.06 | 40,227.92 | 44,338.94 | 48,870.09 |
Accounts Receivable | - | 3,023 | -13,397 | 10,380 | -61,191 | -16,721.32 | -23,687.12 | -26,107.79 | -28,775.83 | -31,716.53 |
Inventories | - | -581 | 2,086 | 801 | -270 | -2,046.63 | -345.48 | -380.78 | -419.70 | -462.59 |
Accounts Payable | - | 4,121 | -1,474 | -3,821 | 75,802 | -46,634.95 | 5,354.83 | 5,902.06 | 6,505.21 | 7,170 |
Capital Expenditure | -21,870 | -22,781 | -23,497 | -19,577 | -20,153 | -30,444.30 | -33,555.50 | -36,984.65 | -40,764.24 | -44,930.07 |
UFCF | 82,029.53 | 97,557.08 | 85,480.81 | 126,166.61 | 151,479.76 | 79,734.99 | 141,292.25 | 155,731.37 | 171,646.08 | 189,187.17 |
WACC | ||||||||||
PV UFCF | 77,352.53 | 132,974.85 | 142,184.71 | 152,032.44 | 162,562.22 | |||||
SUM PV UFCF | 667,106.75 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 3.08 |
Free cash flow (t + 1) | 192,970.91 |
Terminal Value | 17,867,676.97 |
Present Value of Terminal Value | 15,353,098.73 |
Intrinsic Value
Enterprise Value | 16,020,205.48 |
---|---|
Net Debt | 72,093 |
Equity Value | 15,948,112.48 |
Shares Outstanding | 5,661.66 |
Equity Value Per Share | 2,816.86 |