| Intrinsic Valuation of: UPL | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 22 | Market Cap | ₹534B | |||||
| 2021 | - | - (-) | P/E Ratio | 28 | Total Asset | ₹880B | |||||
| 2022 | ₹38B | - (-) | Net Income | ₹9B | Total Debt | ₹183B | |||||
| 2023 | ₹54B | 41.6% (22.5%) | EBITDA | ₹68B | Total Liab | ₹502B | |||||
| 2024 | ₹3B | -94.0% (-92.5%) | Opr Margin | 12.15 | Debt/Equity | 0.48 | |||||
| 2025 | ₹85B | 2493.9% (2288.5%) | PreTax Margin | 5.16 | BV/Share | 7 | |||||
| 5Y Average FCF | ₹45B | 15.0% (739.5%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 7.20% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | ₹84B | MBG Intrinsic Value | ₹200 | ||||||||
| 2027 | ₹94B | ||||||||||
| 2028 | ₹103B | ||||||||||
| 2029 | ₹111B | ||||||||||
| 2030 | ₹117B | ||||||||||
| 2031 | ₹120B | ||||||||||
| Terminal Value | ₹2,595B | Net Worth/Share | ₹448 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | ₹2,198B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | ₹95B | ₹2,500 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | ₹183B | WACC | 6.5% | 2,452 | 2,680 | 2,964 | 3,329 | 3,816 | |||
| Equity Value | ₹2,111B | 7.2% | 2,140 | 2,309 | 2,513 | 2,767 | 3,089 | ||||
| Shares Outstanding | 844,169,318 | 7.8% | 1,897 | 2,027 | 2,181 | 2,367 | 2,595 | ||||
| 8.5% | 1,699 | 1,801 | 1,919 | 2,060 | 2,227 | ||||||
| DCF Intrinsic Value | ₹2,500 | 9.2% | 1,538 | 1,619 | 1,713 | 1,823 | 1,951 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||