| Intrinsic Valuation of: BHEL | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 2 | Market Cap | ₹927B | |||||
| 2021 | - | - (-) | P/E Ratio | 175 | Total Asset | ₹681B | |||||
| 2022 | ₹5B | - (-) | Net Income | ₹5B | Total Debt | ₹0 | |||||
| 2023 | ₹-9B | -289.3% (-272.3%) | EBITDA | ₹18B | Total Liab | ₹434B | |||||
| 2024 | ₹-39B | -324.6% (-293.4%) | Opr Margin | 0.03 | Debt/Equity | - | |||||
| 2025 | ₹19B | 148.4% (140.8%) | PreTax Margin | 0.78 | BV/Share | 71 | |||||
| 5Y Average FCF | ₹-6B | -155.2% (-141.6%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (4.0%) | ||||||||||
| 2026 | ₹20B | MBG Intrinsic Value | ₹14 | ||||||||
| 2027 | ₹21B | ||||||||||
| 2028 | ₹21B | ||||||||||
| 2029 | ₹22B | ||||||||||
| 2030 | ₹23B | ||||||||||
| 2031 | ₹24B | ||||||||||
| Terminal Value | ₹503B | Net Worth/Share | ₹71 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | ₹429B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | ₹4B | ₹125 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | ₹0 | WACC | 7.3% | 110 | 118 | 127 | 139 | 153 | |||
| Equity Value | ₹434B | 7.4% | 109 | 117 | 126 | 137 | 152 | ||||
| Shares Outstanding | 3,482,060,032 | 7.4% | 108 | 116 | 125 | 136 | 150 | ||||
| 7.9% | 100 | 106 | 113 | 122 | 133 | ||||||
| DCF Intrinsic Value | ₹125 | 8.4% | 92 | 98 | 104 | 111 | 119 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||