Discounted Cash Flow (DCF) Analysis Unlevered

Yatra Online, Inc. (YTRA)

$1.59

-0.02 (-1.24%)
All numbers are in Millions, Currency in USD
Stock DCF: -128.79 | 1.59 | 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 9,358.587,259.351,271.271,989.383,827.264,247.824,714.595,232.655,807.646,445.81
Revenue (%)
EBITDA -1,967.91-142.40-378.1338.83276.17-370.12-410.80-455.94-506.04-561.64
EBITDA (%)
EBIT -2,549.66-808.77-1,127.61-269.3286.02-1,175.59-1,304.77-1,448.14-1,607.27-1,783.89
EBIT (%)
Depreciation 581.75666.37749.48308.15190.15805.47893.97992.211,101.241,222.25
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 3,399.292,168.642,357.011,436.901,153.813,007.273,337.733,704.494,111.564,563.36
Total Cash (%)
Account Receivables 5,416.852,863.901,119.782,140.273,346.783,232.143,587.313,981.504,4194,904.58
Account Receivables (%)
Inventories 3.812.491.480.240.081.741.932.152.382.65
Inventories (%)
Accounts Payable 5,264.952,859.372,215.422,394.712,161.743,795.634,212.714,675.625,189.405,759.63
Accounts Payable (%)
Capital Expenditure -424.30-219.32-78.97-99.40-154.19-193.63-214.91-238.53-264.74-293.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.59
Beta 1.192
Diluted Shares Outstanding 62.99
Cost of Debt
Tax Rate -19.38
After-tax Cost of Debt 12.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.957
Total Debt 2,603.88
Total Equity 100.16
Total Capital 2,704.04
Debt Weighting 96.30
Equity Weighting 3.70
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 9,358.587,259.351,271.271,989.383,827.264,247.824,714.595,232.655,807.646,445.81
EBITDA -1,967.91-142.40-378.1338.83276.17-370.12-410.80-455.94-506.04-561.64
EBIT -2,549.66-808.77-1,127.61-269.3286.02-1,175.59-1,304.77-1,448.14-1,607.27-1,783.89
Tax Rate -0.21%-9.06%-5.67%-3.63%-19.38%-7.59%-7.59%-7.59%-7.59%-7.59%
EBIAT -2,555.10-882.05-1,191.53-279.10102.69-1,264.83-1,403.82-1,558.08-1,729.29-1,919.31
Depreciation 581.75666.37749.48308.15190.15805.47893.97992.211,101.241,222.25
Accounts Receivable -2,552.951,744.12-1,020.49-1,206.51114.64-355.16-394.19-437.51-485.58
Inventories -1.321.011.240.16-1.67-0.19-0.21-0.24-0.26
Accounts Payable --2,405.58-643.94179.29-232.971,633.89417.08462.91513.78570.24
Capital Expenditure -424.30-219.32-78.97-99.40-154.19-193.63-214.91-238.53-264.74-293.83
UFCF -2,397.66-286.31580.16-910.30-1,300.671,093.86-663.03-735.89-816.75-906.50
WACC
PV UFCF 972.83-524.44-517.67-510.98-504.39
SUM PV UFCF -1,084.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.44
Free cash flow (t + 1) -924.63
Terminal Value -8,856.60
Present Value of Terminal Value -4,927.91

Intrinsic Value

Enterprise Value -6,012.54
Net Debt 2,100.28
Equity Value -8,112.82
Shares Outstanding 62.99
Equity Value Per Share -128.79