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Discounted Cash Flow (DCF) Analysis Unlevered


ICICI Bank Limited

ICICI Bank Limited (IBN)

Financial Services

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 13,660.8513,290.6514,413.7115,295.8217,463.2418,275.2818,975.2320,066.3021,220.1122,440.2723,730.59
Revenue (%)
EBITDA 7,110.476,948.357,265.956,808.177,095.326,606.516,426.918,883.359,394.149,934.3110,505.53
EBITDA (%)
EBIT 6,975.236,807.477,120.376,664.396,934.656,447.526,275.118,694.739,194.689,723.3710,282.46
EBIT (%)
Depreciation 135.24140.88145.58143.78160.66158.99151.80188.62199.47210.94223.07
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash ---9,810.7412,395.4113,671.7412,628.0113,869.8314,667.3415,510.7216,402.58
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable -----------
Accounts Payable (%)
Capital Expenditure -102.46-105.00-193.14-117.78-200.83-155.34-159.39-186.62-197.35-208.69-220.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.18
Diluted Shares Outstanding 92.89
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.05
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.18
Total Debt 30,116.00
Total Equity 1,410.07
Total Capital 31,526.07
Debt Weighting 95.53
Equity Weighting 4.47
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 13,660.8513,290.6514,413.7115,295.8217,463.2418,275.2818,975.2320,066.3021,220.1122,440.2723,730.59
EBITDA 7,110.476,948.357,265.956,808.177,095.326,606.516,426.918,883.359,394.149,934.3110,505.53
EBIT 6,975.236,807.477,120.376,664.396,934.656,447.526,275.118,694.739,194.689,723.3710,282.46
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 6,975.236,807.477,120.376,664.396,934.656,447.526,275.118,694.739,194.689,723.3710,282.46
Depreciation 135.24140.88145.58143.78160.66158.99151.80188.62199.47210.94223.07
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure -2.5488.15-75.3783.05-45.494.0527.2210.7311.3512.00
UFCF 7,110.476,950.897,354.106,732.817,178.366,561.036,430.968,910.589,404.879,945.6610,517.53
WACC
PV UFCF 8,046.868,071.138,111.018,151.09
SUM PV UFCF 63,579.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.23
Free cash flow (t + 1) 10,938.23
Terminal Value 889,287.13
Present Value of Terminal Value 689,198.23

Intrinsic Value

Enterprise Value 752,778.05
Net Debt 17,487.99
Equity Value 735,290.06
Shares Outstanding 92.89
Equity Value Per Share 7,915.70