Discounted Cash Flow (DCF) Analysis Unlevered

Yatra Online, Inc. (YTRA)

$1.52

+0.02 (+1.33%)

All numbers are in Millions, Currency in USD

Stock DCF: -128.44 | 1.52 | 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	9,358.58	7,259.35	1,271.27	1,989.38	3,827.26	4,247.82	4,714.59	5,232.65	5,807.64	6,445.81
Revenue (%)
EBITDA	-1,967.91	-142.40	-378.13	38.83	276.17	-370.12	-410.80	-455.94	-506.04	-561.64
EBITDA (%)
EBIT	-2,549.66	-808.77	-1,127.61	-269.32	86.02	-1,175.59	-1,304.77	-1,448.14	-1,607.27	-1,783.89
EBIT (%)
Depreciation	581.75	666.37	749.48	308.15	190.15	805.47	893.97	992.21	1,101.24	1,222.25
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	3,399.29	2,168.64	2,357.01	1,436.90	1,153.81	3,007.27	3,337.73	3,704.49	4,111.56	4,563.36
Total Cash (%)
Account Receivables	5,416.85	2,863.90	1,119.78	2,140.27	3,346.78	3,232.14	3,587.31	3,981.50	4,419	4,904.58
Account Receivables (%)
Inventories	3.81	2.49	1.48	0.24	0.08	1.74	1.93	2.15	2.38	2.65
Inventories (%)
Accounts Payable	5,264.95	2,859.37	2,215.42	2,394.71	2,161.74	3,795.63	4,212.71	4,675.62	5,189.40	5,759.63
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	$ 1.52
Beta	1.380
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	10.670
Total Debt	2,603.88
Total Equity	95.75
Total Capital	2,699.63
Debt Weighting	96.45
Equity Weighting	3.55
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	9,358.58	7,259.35	1,271.27	1,989.38	3,827.26	4,247.82	4,714.59	5,232.65	5,807.64	6,445.81
EBITDA	-1,967.91	-142.40	-378.13	38.83	276.17	-370.12	-410.80	-455.94	-506.04	-561.64
EBIT	-2,549.66	-808.77	-1,127.61	-269.32	86.02	-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	-279.10	102.69	-1,264.83	-1,403.82	-1,558.08	-1,729.29	-1,919.31
Depreciation	581.75	666.37	749.48	308.15	190.15	805.47	893.97	992.21	1,101.24	1,222.25
Accounts Receivable	-	2,552.95	1,744.12	-1,020.49	-1,206.51	114.64	-355.16	-394.19	-437.51	-485.58
Inventories	-	1.32	1.01	1.24	0.16	-1.67	-0.19	-0.21	-0.24	-0.26
Accounts Payable	-	-2,405.58	-643.94	179.29	-232.97	1,633.89	417.08	462.91	513.78	570.24
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	-286.31	580.16	-910.30	-1,300.67	1,093.86	-663.03	-735.89	-816.75	-906.50
WACC
PV UFCF						972.58	-524.16	-517.25	-510.44	-503.71
SUM PV UFCF										-1,082.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.47
Free cash flow (t + 1)	-924.63
Terminal Value	-8,831.22
Present Value of Terminal Value	-4,907.24

Intrinsic Value

Enterprise Value	-5,990.22
Net Debt	2,100.28
Equity Value	-8,090.50
Shares Outstanding	62.99
Equity Value Per Share	-128.44