| Intrinsic Valuation of: CUMMINSIND | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 81 | Market Cap | ₹1,495B | |||||
| 2021 | - | - (-) | P/E Ratio | 67 | Total Asset | ₹102B | |||||
| 2022 | ₹6B | - (-) | Net Income | ₹20B | Total Debt | ₹0 | |||||
| 2023 | ₹7B | 17.5% (-6.9%) | EBITDA | ₹28B | Total Liab | ₹26B | |||||
| 2024 | ₹10B | 51.6% (30.8%) | Opr Margin | 18.54 | Debt/Equity | - | |||||
| 2025 | ₹14B | 45.1% (25.8%) | PreTax Margin | 18.38 | BV/Share | 268 | |||||
| 5Y Average FCF | ₹9B | 15.0% (16.6%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 7.00% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | ₹15B | MBG Intrinsic Value | ₹723 | ||||||||
| 2027 | ₹17B | ||||||||||
| 2028 | ₹18B | ||||||||||
| 2029 | ₹20B | ||||||||||
| 2030 | ₹21B | ||||||||||
| 2031 | ₹21B | ||||||||||
| Terminal Value | ₹480B | Net Worth/Share | ₹273 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | ₹407B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | ₹2B | ₹1,478 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | ₹0 | WACC | 6.5% | 1,387 | 1,510 | 1,664 | 1,861 | 2,123 | |||
| Equity Value | ₹410B | 7.1% | 1,232 | 1,325 | 1,439 | 1,580 | 1,760 | ||||
| Shares Outstanding | 277,200,000 | 7.8% | 1,106 | 1,179 | 1,265 | 1,370 | 1,499 | ||||
| 8.4% | 1,003 | 1,061 | 1,128 | 1,209 | 1,305 | ||||||
| DCF Intrinsic Value | ₹1,478 | 9.0% | 918 | 965 | 1,020 | 1,083 | 1,158 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||