|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intrinsic Valuation of: HEROMOTOCO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow Average and Growth over past 5Y |
|
Key Statistics |
|
|
Year |
|
FCF |
FCF (FCF/Revenue) |
|
|
|
|
|
|
|
|
2020 |
|
- |
- |
|
EPS (FY) |
252 |
|
Market Cap |
₹1,018B |
|
|
2021 |
|
- |
- (-) |
|
P/E Ratio |
20 |
|
Total Asset |
₹284B |
|
|
2022 |
|
₹15B |
- (-) |
|
Net Income |
₹44B |
|
Total Debt |
₹0 |
|
|
2023 |
|
₹20B |
31.0% (12.5%) |
|
EBITDA |
₹68B |
|
Total Liab |
₹90B |
|
|
2024 |
|
₹41B |
105.8% (84.6%) |
|
Opr Margin |
0.13 |
|
Debt/Equity |
- |
|
|
2025 |
|
₹34B |
-16.8% (-23.2%) |
|
PreTax Margin |
12.51 |
|
BV/Share |
902 |
|
|
5Y Average FCF |
|
₹28B |
40.0% (24.6%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
₹43B |
|
|
MBG Intrinsic Value |
₹2,250 |
|
|
2027 |
|
₹54B |
|
|
|
|
|
|
|
|
|
2028 |
|
₹67B |
|
|
|
|
|
|
|
|
|
2029 |
|
₹84B |
|
|
|
|
|
|
|
|
|
2030 |
|
₹105B |
|
|
|
|
|
|
|
|
|
2031 |
|
₹131B |
|
|
|
|
|
|
|
|
|
Terminal Value |
|
₹2,729B |
|
|
Net Worth/Share |
₹970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DCF Valuation |
|
DCF Valuation "What If" Scenario Table |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enterprise Value |
₹2,138B |
|
|
|
Growth Rate |
|
|
(+) Cash & Cash Equivalents |
₹4B |
|
|
₹10,705 |
1.5% |
2.0% |
2.5% |
3.0% |
3.5% |
|
|
(-) Total Debt |
₹0 |
|
WACC |
7.3% |
9,310 |
10,051 |
10,946 |
12,047 |
13,436 |
|
|
Equity Value |
₹2,142B |
|
7.4% |
9,222 |
9,949 |
10,824 |
11,899 |
13,251 |
|
|
Shares Outstanding |
200,068,000 |
|
7.4% |
9,136 |
9,848 |
10,705 |
11,754 |
13,071 |
|
|
|
|
|
7.9% |
8,350 |
8,938 |
9,633 |
10,470 |
11,496 |
|
|
DCF Intrinsic Value |
₹10,705 |
|
8.4% |
7,680 |
8,171 |
8,745 |
9,424 |
10,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analyzed by QuantJuice (2025) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|