| Intrinsic Valuation of: ICICIBANK | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 71 | Market Cap | ₹10,218B | |||||
| 2021 | - | - (-) | P/E Ratio | 20 | Total Asset | ₹23,641B | |||||
| 2022 | ₹1,363B | - (-) | Net Income | ₹443B | Total Debt | ₹1,837B | |||||
| 2023 | ₹563B | -58.7% (-58.0%) | EBITDA | - | Total Liab | ₹20,940B | |||||
| 2024 | ₹-62B | -111.1% (-109.6%) | Opr Margin | - | Debt/Equity | 0.68 | |||||
| 2025 | ₹1,536B | 2562.1% (2149.4%) | PreTax Margin | - | BV/Share | 356 | |||||
| 5Y Average FCF | ₹850B | 797.4% (660.6%) | |||||||||
| 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 | ₹1,920B | MBG Intrinsic Value | ₹636 | ||||||||
| 2027 | ₹2,400B | ||||||||||
| 2028 | ₹3,000B | ||||||||||
| 2029 | ₹3,750B | ||||||||||
| 2030 | ₹4,688B | ||||||||||
| 2031 | ₹5,860B | ||||||||||
| Terminal Value | ₹121,827B | Net Worth/Share | ₹378 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | ₹95,438B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | ₹1,901B | ₹13,384 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | ₹1,837B | WACC | 7.3% | 11,638 | 12,566 | 13,686 | 15,064 | 16,803 | |||
| Equity Value | ₹95,502B | 7.4% | 11,529 | 12,438 | 13,533 | 14,879 | 16,571 | ||||
| Shares Outstanding | 7,135,540,224 | 7.4% | 11,421 | 12,312 | 13,384 | 14,698 | 16,346 | ||||
| 7.9% | 10,437 | 11,173 | 12,043 | 13,091 | 14,374 | ||||||
| DCF Intrinsic Value | ₹13,384 | 8.4% | 9,598 | 10,212 | 10,931 | 11,782 | 12,805 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||