Discounted Cash Flow (DCF) Analysis Unlevered

Yatra Online, Inc. (YTRA)

$2.27

+0.03 (+1.34%)
All numbers are in Millions, Currency in USD
Stock DCF: -18.93 | 2.27 | overvalue

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 12,248.519,358.587,259.351,271.271,989.381,631.161,337.451,096.62899.16737.25
Revenue (%)
EBITDA -3,388.08-370.9168.50-268.54-52.34-177.59-145.61-119.39-97.89-80.27
EBITDA (%)
EBIT -3,813.69-952.66-597.87-1,018.01-439.40-494.95-405.83-332.75-272.84-223.71
EBIT (%)
Depreciation 425.60581.75666.37749.48387.06317.37260.22213.36174.94143.44
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 3,471.033,323.832,168.642,340.421,436.901,142936.37767.76629.52516.16
Total Cash (%)
Account Receivables 4,381.875,423.902,863.901,122.902,140.271,073.62880.30721.79591.82485.26
Account Receivables (%)
Inventories 23.183.812.491.480.241.281.050.860.710.58
Inventories (%)
Accounts Payable 3,977.675,264.952,859.372,215.432,394.711,379.201,130.85927.23760.27623.37
Accounts Payable (%)
Capital Expenditure -576.28-424.30-219.32-51.95-81.30-66.66-54.66-44.82-36.75-30.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.27
Beta 1.435
Diluted Shares Outstanding 58.51
Cost of Debt
Tax Rate -2.64
After-tax Cost of Debt 15.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.288
Total Debt 628.24
Total Equity 132.83
Total Capital 761.07
Debt Weighting 82.55
Equity Weighting 17.45
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 12,248.519,358.587,259.351,271.271,989.381,631.161,337.451,096.62899.16737.25
EBITDA -3,388.08-370.9168.50-268.54-52.34-177.59-145.61-119.39-97.89-80.27
EBIT -3,813.69-952.66-597.87-1,018.01-439.40-494.95-405.83-332.75-272.84-223.71
Tax Rate 0.05%-0.21%-8.23%-4.12%-2.64%-3.03%-3.03%-3.03%-3.03%-3.03%
EBIAT -3,811.82-954.69-647.09-1,059.93-451-509.95-418.13-342.84-281.11-230.49
Depreciation 425.60581.75666.37749.48387.06317.37260.22213.36174.94143.44
Accounts Receivable --1,042.032,5601,741-1,017.371,066.65193.32158.51129.97106.57
Inventories -19.371.321.011.24-1.050.230.190.150.13
Accounts Payable -1,287.28-2,405.58-643.94179.29-1,015.51-248.34-203.63-166.96-136.90
Capital Expenditure -576.28-424.30-219.32-51.95-81.30-66.66-54.66-44.82-36.75-30.13
UFCF -3,962.50-532.64-44.31735.66-982.07-209.16-267.36-219.22-179.74-147.38
WACC
PV UFCF -181.89-202.20-144.18-102.81-73.31
SUM PV UFCF -704.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.99
Free cash flow (t + 1) -150.33
Terminal Value -1,157.25
Present Value of Terminal Value -575.61

Intrinsic Value

Enterprise Value -1,279.98
Net Debt -172.04
Equity Value -1,107.94
Shares Outstanding 58.51
Equity Value Per Share -18.93