Intrinsic Valuation of: ICICIGI
Free Cash Flow Average and Growth over past 5Y Key Statistics
Year FCF FCF (FCF/Revenue)
2020 - - EPS (FY) 54 Market Cap ₹914B
2021 - - (-) P/E Ratio 34 Total Asset ₹690B
2022 ₹7B - (-) Net Income ₹25B Total Debt ₹0
2023 ₹22B 195.8% (163.8%) EBITDA - Total Liab ₹545B
2024 ₹22B 2.2% (-12.8%) Opr Margin - Debt/Equity -
2025 ₹9B -58.7% (-63.9%) PreTax Margin - BV/Share 289
5Y Average FCF ₹15B 46.5% (29.0%)
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 ₹11B MBG Intrinsic Value ₹479
2027 ₹14B
2028 ₹18B
2029 ₹22B
2030 ₹28B
2031 ₹35B
Terminal Value ₹727B Net Worth/Share ₹292
DCF Valuation DCF Valuation "What If" Scenario Table
Enterprise Value ₹569B Growth Rate
(+) Cash & Cash Equivalents ₹876M ₹1,148 1.5% 2.0% 2.5% 3.0% 3.5%
(-) Total Debt ₹0 WACC 7.3% 998 1,078 1,174 1,292 1,441
Equity Value ₹570B 7.4% 989 1,067 1,161 1,276 1,421
Shares Outstanding 496,636,000 7.4% 980 1,056 1,148 1,261 1,402
7.9% 895 958 1,033 1,123 1,233
DCF Intrinsic Value ₹1,148 8.4% 823 876 938 1,011 1,098
Analyzed by QuantJuice (2025)