| Intrinsic Valuation of: TCS | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 134 | Market Cap | ₹12,526B | |||||
| 2021 | - | - (-) | P/E Ratio | 26 | Total Asset | ₹1,596B | |||||
| 2022 | ₹370B | - (-) | Net Income | ₹486B | Total Debt | ₹0 | |||||
| 2023 | ₹389B | 5.2% (-10.6%) | EBITDA | ₹714B | Total Liab | ₹639B | |||||
| 2024 | ₹417B | 7.2% (0.3%) | Opr Margin | 0.24 | Debt/Equity | - | |||||
| 2025 | ₹450B | 7.9% (1.8%) | PreTax Margin | 24.04 | BV/Share | 254 | |||||
| 5Y Average FCF | ₹406B | 6.8% (-2.8%) | |||||||||
| 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 (6.8%) | ||||||||||
| 2026 | ₹480B | MBG Intrinsic Value | ₹1,199 | ||||||||
| 2027 | ₹513B | ||||||||||
| 2028 | ₹547B | ||||||||||
| 2029 | ₹584B | ||||||||||
| 2030 | ₹624B | ||||||||||
| 2031 | ₹666B | ||||||||||
| Terminal Value | ₹13,852B | Net Worth/Share | ₹265 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | ₹11,651B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | ₹83B | ₹3,243 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | ₹0 | WACC | 7.3% | 2,852 | 3,060 | 3,312 | 3,621 | 4,010 | |||
| Equity Value | ₹11,735B | 7.4% | 2,828 | 3,031 | 3,277 | 3,579 | 3,958 | ||||
| Shares Outstanding | 3,618,089,984 | 7.4% | 2,803 | 3,003 | 3,243 | 3,538 | 3,908 | ||||
| 7.9% | 2,580 | 2,745 | 2,940 | 3,175 | 3,463 | ||||||
| DCF Intrinsic Value | ₹3,243 | 8.4% | 2,389 | 2,527 | 2,688 | 2,879 | 3,109 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||