| Intrinsic Valuation of: CUMMINSIND | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 71 | Market Cap | ₹942B | |||||
| 2021 | - | - (-) | P/E Ratio | 47 | Total Asset | ₹102B | |||||
| 2022 | ₹6B | - (-) | Net Income | ₹20B | Total Debt | ₹0 | |||||
| 2023 | ₹7B | 17.5% (-6.9%) | EBITDA | ₹28B | Total Liab | ₹26B | |||||
| 2024 | ₹10B | 51.7% (30.8%) | Opr Margin | 0.19 | Debt/Equity | - | |||||
| 2025 | ₹14B | 45.1% (25.8%) | PreTax Margin | 18.39 | BV/Share | 268 | |||||
| 5Y Average FCF | ₹9B | 38.1% (16.6%) | |||||||||
| 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 (25.0%) | ||||||||||
| 2026 | ₹18B | MBG Intrinsic Value | ₹635 | ||||||||
| 2027 | ₹23B | ||||||||||
| 2028 | ₹28B | ||||||||||
| 2029 | ₹35B | ||||||||||
| 2030 | ₹44B | ||||||||||
| 2031 | ₹55B | ||||||||||
| Terminal Value | ₹1,147B | Net Worth/Share | ₹273 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | ₹899B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | ₹2B | ₹3,251 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | ₹0 | WACC | 7.3% | 2,828 | 3,053 | 3,325 | 3,659 | 4,080 | |||
| Equity Value | ₹901B | 7.4% | 2,802 | 3,022 | 3,288 | 3,614 | 4,024 | ||||
| Shares Outstanding | 277,200,000 | 7.4% | 2,775 | 2,992 | 3,251 | 3,570 | 3,970 | ||||
| 7.9% | 2,537 | 2,715 | 2,926 | 3,180 | 3,491 | ||||||
| DCF Intrinsic Value | ₹3,251 | 8.4% | 2,333 | 2,482 | 2,657 | 2,863 | 3,111 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||