|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intrinsic Valuation of: IREDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow Average and Growth over past 5Y |
|
Key Statistics |
|
|
Year |
|
FCF |
FCF (FCF/Revenue) |
|
|
|
|
|
|
|
|
2020 |
|
- |
- |
|
EPS (FY) |
-136 |
|
Market Cap |
₹395B |
|
|
2021 |
|
- |
- (-) |
|
P/E Ratio |
- |
|
Total Asset |
₹797B |
|
|
2022 |
|
₹-53B |
- (-) |
|
Net Income |
₹17B |
|
Total Debt |
₹523B |
|
|
2023 |
|
₹-124B |
-134.9% (-95.3%) |
|
EBITDA |
₹40B |
|
Total Liab |
₹695B |
|
|
2024 |
|
₹-111B |
10.0% (37.8%) |
|
Opr Margin |
0.63 |
|
Debt/Equity |
5.09 |
|
|
2025 |
|
₹-145B |
-30.2% (4.8%) |
|
PreTax Margin |
34.16 |
|
BV/Share |
37 |
|
|
5Y Average FCF |
|
₹-108B |
-51.7% (-17.6%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (4.0%) |
|
|
|
|
|
|
|
|
|
2026 |
|
₹-112B |
|
|
MBG Intrinsic Value |
₹-1,214 |
|
|
2027 |
|
₹-117B |
|
|
|
|
|
|
|
|
|
2028 |
|
₹-122B |
|
|
|
|
|
|
|
|
|
2029 |
|
₹-126B |
|
|
|
|
|
|
|
|
|
2030 |
|
₹-131B |
|
|
|
|
|
|
|
|
|
2031 |
|
₹-137B |
|
|
|
|
|
|
|
|
|
Terminal Value |
|
₹-2,843B |
|
|
Net Worth/Share |
₹37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DCF Valuation |
|
DCF Valuation "What If" Scenario Table |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enterprise Value |
₹-2,429B |
|
|
|
Growth Rate |
|
|
(+) Cash & Cash Equivalents |
₹573M |
|
|
₹-1,051 |
1.5% |
2.0% |
2.5% |
3.0% |
3.5% |
|
|
(-) Total Debt |
₹523B |
|
WACC |
7.3% |
-947 |
-1,002 |
-1,069 |
-1,150 |
-1,254 |
|
|
Equity Value |
₹-2,952B |
|
7.4% |
-941 |
-995 |
-1,060 |
-1,139 |
-1,240 |
|
|
Shares Outstanding |
2,809,230,080 |
|
7.4% |
-934 |
-987 |
-1,051 |
-1,129 |
-1,226 |
|
|
|
|
|
7.9% |
-875 |
-919 |
-970 |
-1,032 |
-1,109 |
|
|
DCF Intrinsic Value |
₹-1,051 |
|
8.4% |
-825 |
-861 |
-904 |
-954 |
-1,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analyzed by QuantJuice (2025) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|