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DCF SBI Template

This document provides a discounted cash flow (DCF) valuation of SBI. It includes assumptions of a weighted average cost of capital (WACC) of 16.75% and long-term growth rate of 3%. The DCF model forecasts the company's income statement, cash flows, and terminal value through 2027 to estimate an implied share price of Rs. 811.86, higher than the current market price of Rs. 561.80.

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97 views7 pages

DCF SBI Template

This document provides a discounted cash flow (DCF) valuation of SBI. It includes assumptions of a weighted average cost of capital (WACC) of 16.75% and long-term growth rate of 3%. The DCF model forecasts the company's income statement, cash flows, and terminal value through 2027 to estimate an implied share price of Rs. 811.86, higher than the current market price of Rs. 561.80.

Uploaded by

keya.bitsembryo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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SBI DCF

x Ticker SBIN Implied Share Price ₹ 811.86 IN CR


Date 24-07-2022 Today's Share Price ₹ 561.80

x Assumptions
Valuation Assumptions
WACC 16.75%
TGR 3.0%

x Income Statement 2018 2019 2020 2021 2022


Revenue 2,59,663 279643.54 302545.07 308647 316021.2
% growth 7.69% 8.2% 2.0% 2.4%

EBIT 199720.38 208395.26 221155.74 224455.05 230042.07


% of sales 76.9% 74.5% 73.1% 72.7% 72.8%

Taxes -8,980.79 745.25 10,574.65 7,130.65 11,745.87


% of EBIT -4.5% 0.4% 4.8% 3.2% 5.1%

x Cash Flow Items 2018 2019 2020 2021 2022


D&A 0 0 0 0 0
% of sales 0.0% 0.0% 0.0% 0.0% 0.0%

CapEx 59943.44 69687.73 75173.69 82652.22 93397.51


% of sales 23.1% 24.9% 24.8% 26.8% 29.6%

Change in NWC 892.45 892.46 892.46 892.46 892.46


% of sales 0.3% 0.3% 0.3% 0.3% 0.3%

x DCF 2018 2019 2020 2021 2022


Revenue 2,59,663 2,79,644 3,02,545 3,08,647 3,16,021
% growth 7.7% 8.2% 2.0% 2.4%

EBIT 1,99,720 2,08,395 2,21,156 2,24,455 2,30,042


% margin 76.9% 74.5% 73.1% 72.7% 72.8%

Taxes -8,981 745 10,575 7,131 11,746


% of EBIT -4.5% 0.4% 4.8% 3.2% 5.1%

EBIAT

D&A 0 0 0 0 0
% of sales 0.0% 0.0% 0.0% 0.0% 0.0%
CapEx 59,943 69,688 75,174 82,652 93,398
% of sales 23.1% 24.9% 24.8% 26.8% 29.6%

Change in NWC 892 892 892 892 892


% of sales 0.3% 0.3% 0.3% 0.3% 0.3%

Unlevered FCF
Present Value of FCF

x Terminal Value
Present Value of Terminal Value
Enterprise Value
+ Cash
- Debt
Equity Value
Shares
x Share Price
1 2 3 4 5
2023 2024 2025 2026 2027
323921.72 336878.59 346984.96 358088.47 363459.8
2.5% 4.0% 3.0% 3.2% 1.5%

233547.54 241205.07 248094.27 253168.57 257692.90


72.1% 71.6% 71.5% 70.7% 70.9%

8,457 5,660 9,260 8,574 10,586


3.6% 2.3% 3.7% 3.4% 4.1%

2023 2024 2025 2026 2027


0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0%

97176.30 103421.73 108259.32 107068.46 109401.39


30.00% 30.70% 31.20% 29.90% 30.10%

892.46 892.46 892.46 892.46 892.46


0.3% 0.3% 0.3% 0.2% 0.2%
1 2 3 4 5
2023 2024 2025 2026 2027
3,23,922 3,36,879 3,46,985 3,58,088 3,63,460
2.5% 4.0% 3.0% 3.2% 1.5%

2,33,548 2,41,205 2,48,094 2,53,169 2,57,693


72.1% 71.6% 71.5% 70.7% 70.9%

8,457 5,660 9,260 8,574 10,586


3.6% 2.3% 3.7% 3.4% 4.1%

2,25,091 2,35,545 2,38,834 2,44,595 2,47,107

0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0%
97,176 1,03,422 1,08,259 1,07,068 1,09,401
30.0% 30.7% 31.2% 29.9% 30.1%

936 973 1,002 1,034 1,050


0.3% 0.3% 0.3% 0.3% 0.3%

1,26,979 1,31,150 1,29,573 1,36,492 1,36,656


1,08,761 96,218 81,422 73,465 63,000

10,23,676
4,71,930
8,94,797
191898.64
362142.07
7,24,553
892.46
811.86

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