Loading...

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 7,110.476,948.357,265.956,808.177,095.326,606.516,426.918,622.499,118.289,642.5810,197.03
EBITDA (%)
EBIT 6,975.236,807.477,120.376,664.396,934.656,447.526,275.118,435.878,920.949,433.899,976.34
EBIT (%)
Depreciation 135.24140.88145.58143.78160.66158.99151.80186.62197.35208.69220.69
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 -102.46-105.00-193.14-117.78-200.83-155.34-159.39-192.64-203.71-215.43-227.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.7
Diluted Shares Outstanding -
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 30,404.29
Total Equity -
Total Capital 30,404.29
Debt Weighting 100.00
Equity Weighting 0.00
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 7,110.476,948.357,265.956,808.177,095.326,606.516,426.918,622.499,118.289,642.5810,197.03
EBIT 6,975.236,807.477,120.376,664.396,934.656,447.526,275.118,435.878,920.949,433.899,976.34
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 6,975.236,807.477,120.376,664.396,934.656,447.526,275.118,435.878,920.949,433.899,976.34
Depreciation 135.24140.88145.58143.78160.66158.99151.80186.62197.35208.69220.69
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure -2.5488.15-75.3783.05-45.494.0533.2411.0811.7112.39
UFCF 7,110.476,950.897,354.106,732.817,178.366,561.036,430.968,655.739,129.369,654.3010,209.42
WACC
PV UFCF 7,851.017,886.287,942.617,999.35
SUM PV UFCF 63,698.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.00
Free cash flow (t + 1) 10,617.80
Terminal Value 1,061,779.67
Present Value of Terminal Value 831,932.15

Intrinsic Value

Enterprise Value 895,630.82
Net Debt 17,776.28
Equity Value 877,854.55
Shares Outstanding -
Equity Value Per Share Infinity

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
7.00 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell
6.50 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell
6.00 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
5.50 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
5.00 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
4.50 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
4.00 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
3.50 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
3.00 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy