The Discounted Cash Flow (DCF) Model

Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities 296.3 335.4 278.7
Capital Expenditures 86.6 72.5 330.3
Free Cash Flow (FCF) 209.7 262.9 (51.6)
3 Year Average Free Cash flow 35,727.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 10% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.50% 3
Discount Rate 10% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 735,224.05 7
Total Debt 7,795.00 8
Cash & Cash Balance 9,329.00 9
Net Debt (1,534.00) 10
Share Capital 369.90
Face Value (INR) 1.00 Terminal Year
Number of Shares 3,699,000,000 Terminal Value
Share Price (INR) 1,991.78 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,792.6
Upper Intrinsic value band 2,191.0

Disclaimer – This DCF model is for educational purpose only.

ash flow & Present Value Table
Year Cash flow PV of Cash flow
2014 - 15 39,299.70 35,727.00
2015 - 16 43,229.67 35,727.00
2016 - 17 47,552.64 35,727.00
2017 - 18 52,307.90 35,727.00
2018 - 19 57,538.69 35,727.00
2019 - 20 63,292.56 35,727.00
2020 - 21 69,621.82 35,727.00
2021 - 22 76,584.00 35,727.00
2022 - 23 84,242.40 35,727.00
2023 - 24 92,666.64 35,727.00

erminal Year 2023 - 24

erminal Value 980,315.47
V of Terminal Value 377,954.05
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities 296.3 335.4 278.7
Capital Expenditures 86.6 72.5 330.3
Free Cash Flow (FCF) 209.7 262.9 (51.6)
3 Year Average Free Cash flow 3,401.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 15% 1
FCF Growth rate for last 5 years 15% 2
Terminal Growth Rate 0.50% 3
Discount Rate 10% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 99,902.16 7
Total Debt 1,093.00 8
Cash & Cash Balance 611.00 9
Net Debt 482.00 10
Share Capital 95.91
Face Value (INR) 1.00 Terminal Year
Number of Shares 959,100,000 Terminal Value
Share Price (INR) 1,036.60 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 932.9
Upper Intrinsic value band 1,140.3

Disclaimer – This DCF model is for educational purpose only.

ash flow & Present Value Table
Year Cash flow PV of Cash flow
2014 - 15 3,911.15 3,555.59
2015 - 16 4,497.82 3,717.21
2016 - 17 5,172.50 3,886.17
2017 - 18 5,948.37 4,062.82
2018 - 19 6,840.63 4,247.49
2019 - 20 7,866.72 4,440.56
2020 - 21 9,046.73 4,642.40
2021 - 22 10,403.74 4,853.42
2022 - 23 11,964.30 5,074.03
2023 - 24 13,758.94 5,304.67

erminal Year 2023 - 24

erminal Value 145,555.12
V of Terminal Value 56,117.80
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 6,062.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 10% 1
FCF Growth rate for last 5 years 9% 2
Terminal Growth Rate 0.00% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 85,829.59 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 97.13
Face Value (INR) 1.00 Terminal Year
Number of Shares 971,300,000 Terminal Value
Share Price (INR) 883.66 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 795.3
Upper Intrinsic value band 972.0

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 6,668.20 5,901.06
2015 - 16 7,335.02 5,744.40
2016 - 17 8,068.52 5,591.89
2017 - 18 8,875.37 5,443.43
2018 - 19 9,762.91 5,298.92
2019 - 20 10,641.57 5,111.34
2020 - 21 11,599.32 4,930.41
2021 - 22 12,643.25 4,755.88
2022 - 23 13,781.15 4,587.53
2023 - 24 15,021.45 4,425.14

erminal Year 2023 - 24

erminal Value 115,549.61
V of Terminal Value 34,039.57

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities 296.3 335.4 278.7
Capital Expenditures 86.6 72.5 330.3
Free Cash Flow (FCF) 209.7 262.9 (51.6)
3 Year Average Free Cash flow 218.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 15% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 3,920.27 7
Total Debt 8.00 8
Cash & Cash Balance 1.00 9
Net Debt 7.00 10
Share Capital 4.65
Face Value (INR) 1.00 Terminal Year
Number of Shares 46,500,000 Terminal Value
Share Price (INR) 841.56 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 757.4
Upper Intrinsic value band 925.7

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 250.70 221.86
2015 - 16 288.30 225.79
2016 - 17 331.55 229.78
2017 - 18 381.28 233.85
2018 - 19 438.48 237.99
2019 - 20 482.32 231.67
2020 - 21 530.56 225.52
2021 - 22 583.61 219.53
2022 - 23 641.97 213.70
2023 - 24 706.17 208.03

erminal Year 2023 - 24

erminal Value 5,677.60
V of Terminal Value 1,672.56
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities 296.3 335.4 278.7
Capital Expenditures 86.6 72.5 330.3
Free Cash Flow (FCF) 209.7 262.9 (51.6)
3 Year Average Free Cash flow 464.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 15% 1
FCF Growth rate for last 5 years 15% 2
Terminal Growth Rate 0.50% 3
Discount Rate 10% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 13,629.70 7
Total Debt 1,904.00 8
Cash & Cash Balance 1,188.00 9
Net Debt 716.00 10
Share Capital 129.00
Face Value (INR) 1.00 Terminal Year
Number of Shares 1,290,000,000 Terminal Value
Share Price (INR) 100.11 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 90.1
Upper Intrinsic value band 110.1

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 533.60 485.09
2015 - 16 613.64 507.14
2016 - 17 705.69 530.19
2017 - 18 811.54 554.29
2018 - 19 933.27 579.49
2019 - 20 1,073.26 605.83
2020 - 21 1,234.25 633.37
2021 - 22 1,419.39 662.15
2022 - 23 1,632.29 692.25
2023 - 24 1,877.14 723.72

erminal Year 2023 - 24

erminal Value 19,858.15
V of Terminal Value 7,656.18
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 3,312.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 12% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 53,012.43 7
Total Debt 1,620.00 8
Cash & Cash Balance 539.00 9
Net Debt 1,081.00 10
Share Capital 13.19
Face Value (INR) 1.00 Terminal Year
Number of Shares 131,900,000 Terminal Value
Share Price (INR) 3,937.18 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 3,543.5
Upper Intrinsic value band 4,330.9

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 3,709.44 3,282.69
2015 - 16 4,154.57 3,253.64
2016 - 17 4,653.12 3,224.85
2017 - 18 5,211.50 3,196.31
2018 - 19 5,836.88 3,168.02
2019 - 20 6,420.56 3,083.92
2020 - 21 7,062.62 3,002.04
2021 - 22 7,768.88 2,922.34
2022 - 23 8,545.77 2,844.76
2023 - 24 9,400.35 2,769.23

erminal Year 2023 - 24

erminal Value 75,578.79
V of Terminal Value 22,264.63
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 622.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 12% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 10,339.81 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 3.04
Face Value (INR) 1.00 Terminal Year
Number of Shares 30,400,000 Terminal Value
Share Price (INR) 3,401.25 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 3,061.1
Upper Intrinsic value band 3,741.4

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 696.64 618.58
2015 - 16 780.24 615.17
2016 - 17 873.87 611.78
2017 - 18 978.73 608.42
2018 - 19 1,096.18 605.07
2019 - 20 1,205.79 590.99
2020 - 21 1,326.37 577.24
2021 - 22 1,459.01 563.81
2022 - 23 1,604.91 550.70
2023 - 24 1,765.40 537.88

erminal Year 2023 - 24

erminal Value 14,638.86
V of Terminal Value 4,460.18
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 30,976.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 15% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.00% 3
Discount Rate 15% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 456,043.41 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 64.77
Face Value (INR) 1.00 Terminal Year
Number of Shares 647,700,000 Terminal Value
Share Price (INR) 7,040.97 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 6,336.9
Upper Intrinsic value band 7,745.1

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 35,622.40 30,976.00
2015 - 16 40,965.76 30,976.00
2016 - 17 47,110.62 30,976.00
2017 - 18 54,177.22 30,976.00
2018 - 19 62,303.80 30,976.00
2019 - 20 68,534.18 29,629.22
2020 - 21 75,387.60 28,340.99
2021 - 22 82,926.36 27,108.77
2022 - 23 91,218.99 25,930.13
2023 - 24 100,340.89 24,802.73

erminal Year 2023 - 24

erminal Value 668,939.29
V of Terminal Value 165,351.56
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,768.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 12% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.00% 3
Discount Rate 15% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 23,232.99 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 26.36
Face Value (INR) 1.00 Terminal Year
Number of Shares 263,600,000 Terminal Value
Share Price (INR) 881.37 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 793.2
Upper Intrinsic value band 969.5

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 1,980.16 1,721.88
2015 - 16 2,217.78 1,676.96
2016 - 17 2,483.91 1,633.21
2017 - 18 2,781.98 1,590.61
2018 - 19 3,115.82 1,549.11
2019 - 20 3,427.40 1,481.76
2020 - 21 3,770.14 1,417.34
2021 - 22 4,147.16 1,355.71
2022 - 23 4,561.87 1,296.77
2023 - 24 5,018.06 1,240.39

erminal Year 2023 - 24

erminal Value 33,453.73
V of Terminal Value 8,269.25

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,994.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 12% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.00% 3
Discount Rate 12% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 34,603.53 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 787.13
Face Value (INR) 1.00 Terminal Year
Number of Shares 7,871,300,000 Terminal Value
Share Price (INR) 43.96 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 39.6
Upper Intrinsic value band 48.4

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 2,233.28 1,994.00
2015 - 16 2,501.27 1,994.00
2016 - 17 2,801.43 1,994.00
2017 - 18 3,137.60 1,994.00
2018 - 19 3,514.11 1,994.00
2019 - 20 3,865.52 1,958.39
2020 - 21 4,252.07 1,923.42
2021 - 22 4,677.28 1,889.07
2022 - 23 5,145.01 1,855.34
2023 - 24 5,659.51 1,822.21

erminal Year 2023 - 24

erminal Value 47,162.57
V of Terminal Value 15,185.08

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 376.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 10% 1
FCF Growth rate for last 5 years 5% 2
Terminal Growth Rate 0.00% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 4,812.36 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 36.72
Face Value (INR) 1.00 Terminal Year
Number of Shares 367,200,000 Terminal Value
Share Price (INR) 131.06 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 118.0
Upper Intrinsic value band 144.2

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 413.60 366.02
2015 - 16 454.96 356.30
2016 - 17 500.46 346.84
2017 - 18 550.50 337.63
2018 - 19 605.55 328.67
2019 - 20 635.83 305.40
2020 - 21 667.62 283.78
2021 - 22 701.00 263.69
2022 - 23 736.05 245.02
2023 - 24 772.85 227.67

erminal Year 2023 - 24

erminal Value 5,945.03
V of Terminal Value 1,751.34

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 14.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 4% 1
FCF Growth rate for last 5 years 4% 2
Terminal Growth Rate 0.00% 3
Discount Rate 15% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 118.08 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 0.37
Face Value (INR) 1.00 Terminal Year
Number of Shares 3,700,000 Terminal Value
Share Price (INR) 319.14 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 287.2
Upper Intrinsic value band 351.1

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 14.56 12.66
2015 - 16 15.14 11.45
2016 - 17 15.75 10.35
2017 - 18 16.38 9.36
2018 - 19 17.03 8.47
2019 - 20 17.71 7.66
2020 - 21 18.42 6.93
2021 - 22 19.16 6.26
2022 - 23 19.93 5.66
2023 - 24 20.72 5.12

erminal Year 2023 - 24

erminal Value 138.16
V of Terminal Value 34.15

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 19,240.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 9% 1
FCF Growth rate for last 5 years 8% 2
Terminal Growth Rate 0.00% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 255,301.34 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 95.91
Face Value (INR) 1.00 Terminal Year
Number of Shares 959,100,000 Terminal Value
Share Price (INR) 2,661.88 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 2,395.7
Upper Intrinsic value band 2,928.1

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 20,971.60 18,558.94
2015 - 16 22,859.04 17,901.98
2016 - 17 24,916.36 17,268.29
2017 - 18 27,158.83 16,657.02
2018 - 19 29,603.12 16,067.39
2019 - 20 31,971.37 15,356.44
2020 - 21 34,529.08 14,676.96
2021 - 22 37,291.41 14,027.53
2022 - 23 40,274.72 13,406.84
2023 - 24 43,496.70 12,813.62

erminal Year 2023 - 24

erminal Value 334,590.02
V of Terminal Value 98,566.32

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 761.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 12% 1
FCF Growth rate for last 5 years 15% 2
Terminal Growth Rate 0.00% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 13,655.37 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 14.68
Face Value (INR) 1.00 Terminal Year
Number of Shares 146,800,000 Terminal Value
Share Price (INR) 930.20 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 837.2
Upper Intrinsic value band 1,023.2

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 852.32 754.27
2015 - 16 954.60 747.59
2016 - 17 1,069.15 740.97
2017 - 18 1,197.45 734.42
2018 - 19 1,341.14 727.92
2019 - 20 1,542.31 740.80
2020 - 21 1,773.66 753.91
2021 - 22 2,039.71 767.26
2022 - 23 2,345.67 780.84
2023 - 24 2,697.52 794.66

erminal Year 2023 - 24

erminal Value 20,750.12
V of Terminal Value 6,112.74

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,423.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 12% 1
FCF Growth rate for last 5 years 12% 2
Terminal Growth Rate 0.00% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 23,570.60 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 0.42
Face Value (INR) 1.00 Terminal Year
Number of Shares 4,200,000 Terminal Value
Share Price (INR) 56,120.48 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 50,508.4
Upper Intrinsic value band 61,732.5

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 1,593.76 1,410.41
2015 - 16 1,785.01 1,397.93
2016 - 17 1,999.21 1,385.55
2017 - 18 2,239.12 1,373.29
2018 - 19 2,507.81 1,361.14
2019 - 20 2,808.75 1,349.09
2020 - 21 3,145.80 1,337.16
2021 - 22 3,523.30 1,325.32
2022 - 23 3,946.09 1,313.59
2023 - 24 4,419.62 1,301.97

erminal Year 2023 - 24

erminal Value 33,997.09
V of Terminal Value 10,015.15

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 40.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 10% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.00% 3
Discount Rate 15% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 486.77 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 1.60
Face Value (INR) 1.00 Terminal Year
Number of Shares 16,000,000 Terminal Value
Share Price (INR) 304.23 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 273.8
Upper Intrinsic value band 334.7

Disclaimer – This DCF model is for educational purpose only.

 195

202

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 44.00 38.26
2015 - 16 48.40 36.60
2016 - 17 53.24 35.01
2017 - 18 58.56 33.48
2018 - 19 64.42 32.03
2019 - 20 70.86 30.64
2020 - 21 77.95 29.30
2021 - 22 85.74 28.03
2022 - 23 94.32 26.81
2023 - 24 103.75 25.65

erminal Year 2023 - 24

erminal Value 691.66
V of Terminal Value 170.97

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 167.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 10% 1
FCF Growth rate for last 5 years 12% 2
Terminal Growth Rate 0.00% 3
Discount Rate 15% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 2,131.34 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 1.46
Face Value (INR) 1.00 Terminal Year
Number of Shares 14,600,000 Terminal Value
Share Price (INR) 1,459.82 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,313.8
Upper Intrinsic value band 1,605.8

Disclaimer – This DCF model is for educational purpose only.

 0.433766233766
-0.56623376623
-56.6233766234

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 183.70 159.74
2015 - 16 202.07 152.79
2016 - 17 222.28 146.15
2017 - 18 244.50 139.80
2018 - 19 268.96 133.72
2019 - 20 301.23 130.23
2020 - 21 337.38 126.83
2021 - 22 377.86 123.52
2022 - 23 423.21 120.30
2023 - 24 473.99 117.16

erminal Year 2023 - 24

erminal Value 3,159.94
V of Terminal Value 781.09

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,768.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 10% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.50% 3
Discount Rate 15% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 21,814.97 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 23.36
Face Value (INR) 1.00 Terminal Year
Number of Shares 233,600,000 Terminal Value
Share Price (INR) 933.86 400 PV of Terminal Value

Intrinsic Value Band mos

Model Error leeway 10%
Lower Intrinsic value band 840.5
Upper Intrinsic value band 1,027.2

Disclaimer – This DCF model is for educational purpose only.

 0.433766233766
-0.56623376623
-56.6233766234

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 1,944.80 1,691.13
2015 - 16 2,139.28 1,617.60
2016 - 17 2,353.21 1,547.27
2017 - 18 2,588.53 1,480.00
2018 - 19 2,847.38 1,415.65
2019 - 20 3,132.12 1,354.10
2020 - 21 3,445.33 1,295.23
2021 - 22 3,789.87 1,238.91
2022 - 23 4,168.85 1,185.05
2023 - 24 4,585.74 1,133.52

erminal Year 2023 - 24

erminal Value 31,783.90
V of Terminal Value 7,856.49

133.46497

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 400.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 12% 1
FCF Growth rate for last 5 years 12% 2
Terminal Growth Rate 0.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 6,752.86 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 2.11
Face Value (INR) 1.00 Terminal Year
Number of Shares 21,100,000 Terminal Value
Share Price (INR) 3,200.41 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 2,880.4
Upper Intrinsic value band 3,520.4

Disclaimer – This DCF model is for educational purpose only.

 0.433766233766
-0.56623376623
-56.6233766234

400

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 448.00 396.46
2015 - 16 501.76 392.95
2016 - 17 561.97 389.47
2017 - 18 629.41 386.03
2018 - 19 704.94 382.61
2019 - 20 789.53 379.23
2020 - 21 884.27 375.87
2021 - 22 990.39 372.54
2022 - 23 1,109.23 369.25
2023 - 24 1,242.34 365.98

erminal Year 2023 - 24

erminal Value 9,988.41
V of Terminal Value 2,942.47
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 257.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 10% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.50% 3
Discount Rate 11% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 4,693.06 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 2.11
Face Value (INR) 1.00 Terminal Year
Number of Shares 21,100,000 Terminal Value
Share Price (INR) 2,224.20 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 2,001.8
Upper Intrinsic value band 2,446.6

Disclaimer – This DCF model is for educational purpose only.

 0.433766233766
-0.56623376623

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 282.70 254.68
2015 - 16 310.97 252.39
2016 - 17 342.07 250.12
2017 - 18 376.27 247.86
2018 - 19 413.90 245.63
2019 - 20 455.29 243.42
2020 - 21 500.82 241.22
2021 - 22 550.90 239.05
2022 - 23 605.99 236.90
2023 - 24 666.59 234.76

erminal Year 2023 - 24

erminal Value 6,380.24
V of Terminal Value 2,247.02

2810
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,770.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 12% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 0.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 28,330.92 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 41.62
Face Value (INR) 1.00 Terminal Year
Number of Shares 416,200,000 Terminal Value
Share Price (INR) 680.70 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 612.6
Upper Intrinsic value band 748.8

Disclaimer – This DCF model is for educational purpose only.

 0.433766233766
-0.56623376623
-56.6233766234

259
300
41 15.83011583
ash flow & Present Value Table
Year Cash flow PV of Cash flow
2014 - 15 1,982.40 1,754.34
2015 - 16 2,220.29 1,738.81
2016 - 17 2,486.72 1,723.42
2017 - 18 2,785.13 1,708.17
2018 - 19 3,119.34 1,693.06
2019 - 20 3,431.28 1,648.11
2020 - 21 3,774.41 1,604.35
2021 - 22 4,151.85 1,561.76
2022 - 23 4,567.03 1,520.30
2023 - 24 5,023.74 1,479.93

erminal Year 2023 - 24

erminal Value 40,390.84
V of Terminal Value 11,898.67

2810

428.4
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 110.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 15% 1
FCF Growth rate for last 5 years 15% 2
Terminal Growth Rate 0.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 2,266.98 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 3.26
Face Value (INR) 1.00 Terminal Year
Number of Shares 32,600,000 Terminal Value
Share Price (INR) 695.39 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 625.9
Upper Intrinsic value band 764.9 70%

Disclaimer – This DCF model is for educational purpose only.

 0.433766233766
-0.56623376623
-56.6233766234

259
300
41 15.83011583
ash flow & Present Value Table
Year Cash flow PV of Cash flow
2014 - 15 126.50 111.95
2015 - 16 145.47 113.93
2016 - 17 167.30 115.94
2017 - 18 192.39 118.00
2018 - 19 221.25 120.09
2019 - 20 254.44 122.21
2020 - 21 292.60 124.37
2021 - 22 336.49 126.57
2022 - 23 386.97 128.82
2023 - 24 445.01 131.10

erminal Year 2023 - 24

erminal Value 3,577.89
V of Terminal Value 1,054.01

2810

535.45155
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,034.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 15% 1
FCF Growth rate for last 5 years 15% 2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 24,827.46 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 14.68
Face Value (INR) 1.00 Terminal Year
Number of Shares 146,800,000 Terminal Value
Share Price (INR) 1,691.24 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,522.1
Upper Intrinsic value band 1,860.4 70%

Disclaimer – This DCF model is for educational purpose only.

 0.433766233766
-0.56623376623
-56.6233766234

259
300
41 15.83011583
ash flow & Present Value Table
Year Cash flow PV of Cash flow
2014 - 15 1,189.10 1,052.30
2015 - 16 1,367.46 1,070.93
2016 - 17 1,572.58 1,089.88
2017 - 18 1,808.47 1,109.17
2018 - 19 2,079.74 1,128.80
2019 - 20 2,391.70 1,148.78
2020 - 21 2,750.46 1,169.11
2021 - 22 3,163.03 1,189.80
2022 - 23 3,637.48 1,210.86
2023 - 24 4,183.11 1,232.29

erminal Year 2023 - 24

erminal Value 45,573.85
V of Terminal Value 13,425.52

2810

1302.2576
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 127.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 20% 1
FCF Growth rate for last 5 years 15% 2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 3,707.46 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 10.62
Face Value (INR) 1.00 Terminal Year
Number of Shares 106,200,000 Terminal Value
Share Price (INR) 349.10 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 314.2
Upper Intrinsic value band 384.0

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 152.40 134.87
2015 - 16 182.88 143.22
2016 - 17 219.46 152.09
2017 - 18 263.35 161.52
2018 - 19 316.02 171.52
2019 - 20 363.42 174.56
2020 - 21 417.93 177.65
2021 - 22 480.62 180.79
2022 - 23 552.72 183.99
2023 - 24 635.62 187.25

erminal Year 2023 - 24

erminal Value 6,924.94
V of Terminal Value 2,040.01
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,728.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 20% 1
FCF Growth rate for last 5 years 15% 2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 50,444.78 7
Total Debt - 8
Cash & Cash Balance - 9
Net Debt - 10
Share Capital 62.63
Face Value (INR) 1.00 Terminal Year
Number of Shares 626,300,000 Terminal Value
Share Price (INR) 805.44 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 724.9
Upper Intrinsic value band 886.0

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 2,073.60 1,835.04
2015 - 16 2,488.32 1,948.72
2016 - 17 2,985.98 2,069.44
2017 - 18 3,583.18 2,197.63
2018 - 19 4,299.82 2,333.77
2019 - 20 4,944.79 2,375.07
2020 - 21 5,686.51 2,417.11
2021 - 22 6,539.48 2,459.89
2022 - 23 7,520.41 2,503.43
2023 - 24 8,648.47 2,547.74

erminal Year 2023 - 24

erminal Value 94,222.78
V of Terminal Value 27,756.93
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,728.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 20% 1
FCF Growth rate for last 5 years 15% 2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 35,810.39
Total Debt -
Cash & Cash Balance -
Net Debt -
Share Capital 62.63
Face Value (INR) 1.00 Terminal Year
Number of Shares 626,300,000 Terminal Value
Share Price (INR) 571.78 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 514.6
Upper Intrinsic value band 629.0

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 2,073.60 1,835.04
2015 - 16 2,488.32 1,948.72
2016 - 17 2,985.98 2,069.44
2017 - 18 3,583.18 2,197.63
2018 - 19 4,299.82 2,333.77

erminal Year 2018 - 19

erminal Value 46,845.37
V of Terminal Value 25,425.79
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,728.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 20% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 10% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 53,814.37
Total Debt -
Cash & Cash Balance -
Net Debt -
Share Capital 62.65
Face Value (INR) 1.00 Terminal Year
Number of Shares 626,500,000 Terminal Value
Share Price (INR) 858.97 PV of Terminal Value

Intrinsic Value Band 76.8148148

Model Error leeway 10% ###
Lower Intrinsic value band 773.1
Upper Intrinsic value band 944.9

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 2,073.60 1,885.09
2023-24 2,488.32 2,056.46
2024-25 2,985.98 2,243.41
2025-26 3,583.18 2,447.36
2026-27 4,299.82 2,669.85

erminal Year 2026-27

erminal Value 68,466.32
V of Terminal Value 42,512.20
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow

Inputs
Number of years considered 5
FCF Growth rate for first 5 years 10%

Terminal Growth Rate 3.50%

Discount Rate 14%

Intrinsic Value Calculation (INR Crs, unless indicated)

Total PV of cash flow 550,516.60
Total Debt 44,764.00
Cash & Cash Balance 15,899.00
Net Debt 28,865.00
Share Capital 1,221.53
Face Value (INR) 1.00
Number of Shares 12,215,300,000
Share Price (INR) 427.05

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 384.3
Upper Intrinsic value band 469.8

Disclaimer – This DCF model is for educational purpose only.

(DCF) Model

195

2013 - 14

41,749.0

Cash flow & Present Value Table

Sl No Year Cash flow PV of Cash flow
1 2022-23 45,923.90 40,404.63
2 2023-24 50,516.29 39,103.55
3 2024-25 55,567.92 37,844.36
4 2025-26 61,124.71 36,625.72
5 2026-27 67,237.18 35,446.33

Terminal Year 2026-27

Terminal Value 684,945.70
PV of Terminal Value 361,092.02
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 117,966.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 10% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 1,667,909.42
Total Debt -
Cash & Cash Balance -
Net Debt -
Share Capital 191.42
Face Value (INR) 1.00 Terminal Year
Number of Shares 1,914,200,000 Terminal Value
Share Price (INR) 8,713.35 PV of Terminal Value

Intrinsic Value Band 76.8148148

Model Error leeway 10% ###
Lower Intrinsic value band 7,842.0
Upper Intrinsic value band 9,584.7

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 129,762.60 114,834.16
2023-24 142,738.86 111,785.46
2024-25 157,012.75 108,817.71
2025-26 172,714.02 105,928.74
2026-27 189,985.42 103,116.48

erminal Year 2026-27

erminal Value 2,069,841.18
V of Terminal Value 1,123,426.87
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 2,196.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 4% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 24,417.73
Total Debt -
Cash & Cash Balance -
Net Debt -
Share Capital 36.72
Face Value (INR) 1.00 Terminal Year
Number of Shares 367,200,000 Terminal Value
Share Price (INR) 664.97 PV of Terminal Value

Intrinsic Value Band 76.8148148

Model Error leeway 10% ###
Lower Intrinsic value band 598.5
Upper Intrinsic value band 731.5

Disclaimer – This DCF model is for educational purpose only.

 195

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 2,283.84 2,021.10
2023-24 2,375.19 1,860.12
2024-25 2,470.20 1,711.97
2025-26 2,569.01 1,575.62
2026-27 2,671.77 1,450.13

erminal Year 2026-27

erminal Value 29,108.23
V of Terminal Value 15,798.78
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 2,196.0

Inputs Cash flow & Present Value Table

Number of years considered 1 Sl No
FCF Growth rate for first 5 years 5% 1

Terminal Growth Rate 3.50%

Discount Rate 13%

Intrinsic Value Calculation (INR Crs, unless indicated)

Total PV of cash flow 24,271.58
Total Debt 171.00
Cash & Cash Balance 211.00
Net Debt (40.00)
Share Capital 36.72
Face Value (INR) 1.00 Terminal Year
Number of Shares 367,200,000 Terminal Value
Share Price (INR) 662.08 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 595.9
Upper Intrinsic value band 728.3

Disclaimer – This DCF model is for educational purpose only.

 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 2,305.80 2,040.53

erminal Year 2022-23

erminal Value 25,121.08
V of Terminal Value 22,231.05
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 189.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 20% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 3,916.76
Total Debt -
Cash & Cash Balance -
Net Debt -
Share Capital 4.00
Face Value (INR) 1.00 Terminal Year
Number of Shares 40,000,000 Terminal Value
Share Price (INR) 979.19 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 881.3
Upper Intrinsic value band 1,077.1

Disclaimer – This DCF model is for educational purpose only.

ash flow & Present Value Table
Year Cash flow PV of Cash flow
2022-23 226.80 200.71
2023-24 272.16 213.14
2024-25 326.59 226.34
2025-26 391.91 240.37
2026-27 470.29 255.26

erminal Year 2026-27

erminal Value 5,123.71
V of Terminal Value 2,780.95

540
117.5 373.8699
8.3335356
365.25887
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 189.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 11% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 4,200.82
Total Debt 52.00
Cash & Cash Balance 120.00
Net Debt (68.00)
Share Capital 4.00
Face Value (INR) 1.00 Terminal Year
Number of Shares 40,000,000 Terminal Value
Share Price (INR) 1,067.20 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 960.5
Upper Intrinsic value band 1,173.9

Disclaimer – This DCF model is for educational purpose only.

ash flow & Present Value Table
Year Cash flow PV of Cash flow
2022-23 217.35 195.92
2023-24 249.95 203.09 32.285714286
2024-25 287.45 210.52 839.42857143
2025-26 330.56 218.22 484.28571429
2026-27 380.15 226.21

erminal Year 2026-27

erminal Value 5,288.33
V of Terminal Value 3,146.86

540
117.5 373.8699
9.0825863
398.08976
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 371.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 6,368.38
Total Debt -
Cash & Cash Balance -
Net Debt -
Share Capital 3.36
Face Value (INR) 1.00 Terminal Year
Number of Shares 33,600,000 Terminal Value
Share Price (INR) 1,895.35 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,705.8
Upper Intrinsic value band 2,084.9

Disclaimer – This DCF model is for educational purpose only.

ash flow & Present Value Table
Year Cash flow PV of Cash flow
2022-23 426.65 377.57
2023-24 490.65 384.25
2024-25 564.24 391.05
2025-26 648.88 397.97
2026-27 746.21 405.01

erminal Year 2026-27

erminal Value 8,129.80
V of Terminal Value 4,412.53
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,034.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 20% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 21,428.21
Total Debt -
Cash & Cash Balance -
Net Debt -
Share Capital 14.68
Face Value (INR) 1.00 Terminal Year
Number of Shares 146,800,000 Terminal Value
Share Price (INR) 1,459.69 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,313.7
Upper Intrinsic value band 1,605.7

Disclaimer – This DCF model is for educational purpose only.

ash flow & Present Value Table
Year Cash flow PV of Cash flow
2022-23 1,240.80 1,098.05
2023-24 1,488.96 1,166.07
2024-25 1,786.75 1,238.31
2025-26 2,144.10 1,315.02
2026-27 2,572.92 1,396.48

erminal Year 2026-27

erminal Value 28,031.32
V of Terminal Value 15,214.28
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,082.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 20% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 22,422.94
Total Debt -
Cash & Cash Balance -
Net Debt -
Share Capital 13.32
Face Value (INR) 1.00 Terminal Year
Number of Shares 133,200,000 Terminal Value
Share Price (INR) 1,683.40 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,515.1
Upper Intrinsic value band 1,851.7

Disclaimer – This DCF model is for educational purpose only.

 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 1,298.40 1,149.03
2023-24 1,558.08 1,220.21
2024-25 1,869.70 1,295.79
2025-26 2,243.64 1,376.06
2026-27 2,692.36 1,461.31

erminal Year 2026-27

erminal Value 29,332.58
V of Terminal Value 15,920.55
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 538.0

Inputs Cash flow & Present Value Table

Number of years considered 1 Sl No
FCF Growth rate for first 5 years 20% 1

Terminal Growth Rate 3.50%

Discount Rate 13%

Intrinsic Value Calculation (INR Crs, unless indicated)

Total PV of cash flow 6,795.79
Total Debt 800.00
Cash & Cash Balance 37.00
Net Debt 763.00
Share Capital 2.11
Face Value (INR) 1.00 Terminal Year
Number of Shares 21,100,000 Terminal Value
Share Price (INR) 2,859.14 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 2,573.2
Upper Intrinsic value band 3,145.1

Disclaimer – This DCF model is for educational purpose only.

 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 645.60 571.33

erminal Year 2022-23

erminal Value 7,033.64
V of Terminal Value 6,224.46

256.3981043
20.02469194 276.4227962085
2874.797080569
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 290.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 20% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 6,009.85
Total Debt 847.00
Cash & Cash Balance 46.00
Net Debt 801.00
Share Capital 2.11
Face Value (INR) 1.00 Terminal Year
Number of Shares 21,100,000 Terminal Value
Share Price (INR) 2,468.65 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 2,221.8
Upper Intrinsic value band 2,715.5

Disclaimer – This DCF model is for educational purpose only.

 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 348.00 307.96
2023-24 417.60 327.04
2024-25 501.12 347.30
2025-26 601.34 368.82
2026-27 721.61 391.66

erminal Year 2026-27

erminal Value 7,861.78
V of Terminal Value 4,267.06
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 2,436.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 20% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 50,482.71
Total Debt 1,254.00
Cash & Cash Balance 66.00
Net Debt 1,188.00
Share Capital 120.47
Face Value (INR) 1.00 Terminal Year
Number of Shares 1,204,700,000 Terminal Value
Share Price (INR) 409.19 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 368.3
Upper Intrinsic value band 450.1

Disclaimer – This DCF model is for educational purpose only.

 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 2,923.20 2,586.90
2023-24 3,507.84 2,747.15
2024-25 4,209.41 2,917.33
2025-26 5,051.29 3,098.05
2026-27 6,061.55 3,289.97

erminal Year 2026-27

erminal Value 66,038.97
V of Terminal Value 35,843.30
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 3,018.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 20% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 62,543.85
Total Debt -
Cash & Cash Balance -
Net Debt -
Share Capital 65.90
Face Value (INR) 1.00 Terminal Year
Number of Shares 659,000,000 Terminal Value
Share Price (INR) 949.07 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 854.2
Upper Intrinsic value band 1,044.0

Disclaimer – This DCF model is for educational purpose only.

 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 3,621.60 3,204.96
2023-24 4,345.92 3,403.49
2024-25 5,215.10 3,614.33
2025-26 6,258.12 3,838.23
2026-27 7,509.75 4,075.99

erminal Year 2026-27

erminal Value 81,816.75
V of Terminal Value 44,406.85
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 34,769.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 10% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 491,595.40
Total Debt -
Cash & Cash Balance -
Net Debt -
Share Capital 88.77
Face Value (INR) 1.00 Terminal Year
Number of Shares 887,700,000 Terminal Value
Share Price (INR) 5,537.86 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 4,984.1
Upper Intrinsic value band 6,091.6

Disclaimer – This DCF model is for educational purpose only.

 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 38,245.90 33,845.93
2023-24 42,070.49 32,947.36
2024-25 46,277.54 32,072.66
2025-26 50,905.29 31,221.17
2026-27 55,995.82 30,392.29

erminal Year 2026-27

erminal Value 610,059.75
V of Terminal Value 331,115.99
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 244.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 20% 1
2
Terminal Growth Rate 6.50% china major rev3
Discount Rate 9.87% disc is cal bas 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 13,586.42
Total Debt -
Cash & Cash Balance 29.00
Net Debt (29.00)
Share Capital 10.62
Face Value (INR) 1.00 Terminal Year
Number of Shares 106,200,000 Terminal Value
Share Price (INR) 1,282.05 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,153.8
Upper Intrinsic value band 1,410.3

Disclaimer – This DCF model is for

educational purpose only.
 net profit 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 292.80 266.50
2023-24 351.36 291.07
2024-25 421.63 317.90
2025-26 505.96 347.21
2026-27 607.15 379.23

erminal Year 2026-27

erminal Value 19,187.38
V of Terminal Value 11,984.51
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 4,105.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13.00% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 70,464.16
Total Debt 593.00
Cash & Cash Balance 267.00
Net Debt 326.00
Share Capital 47.42
Face Value (INR) 1.00 Terminal Year
Number of Shares 474,200,000 Terminal Value
Share Price (INR) 1,479.08 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,331.2
Upper Intrinsic value band 1,627.0

Disclaimer – This DCF model is for

educational purpose only.
 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 4,720.75 4,177.65
2023-24 5,428.86 4,251.60
2024-25 6,243.19 4,326.85
2025-26 7,179.67 4,403.43
2026-27 8,256.62 4,481.36

erminal Year 2026-27

erminal Value 89,953.72
V of Terminal Value 48,823.27
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 183.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 13.00% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 3,141.28
Total Debt 67.00
Cash & Cash Balance 13.26
Net Debt 53.74
Share Capital 7.80
Face Value (INR) 1.00 Terminal Year
Number of Shares 78,000,000 Terminal Value
Share Price (INR) 395.84 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 356.3
Upper Intrinsic value band 435.4

Disclaimer – This DCF model is for

educational purpose only.
 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 210.45 186.24
2023-24 242.02 189.54
2024-25 278.32 192.89
2025-26 320.07 196.30
2026-27 368.08 199.78

erminal Year 2026-27

erminal Value 4,010.12
V of Terminal Value 2,176.53
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 243.0

Inputs Cash flow & Present Value Table

Number of years considered 3 Sl No
FCF Growth rate for first 5 years 20% 1
2
Terminal Growth Rate 5.00% 3
Discount Rate 10.00% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 8,214.45
Total Debt 45.00
Cash & Cash Balance -
Net Debt 45.00
Share Capital 30.43
Face Value (INR) 1.00 Terminal Year
Number of Shares 304,300,000 Terminal Value
Share Price (INR) 268.47 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 241.6
Upper Intrinsic value band 295.3

Disclaimer – This DCF model is for

educational purpose only.
 213-p

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 291.60 265.09
2023-24 349.92 289.19
2024-25 419.90 315.48
2025-26 503.88 344.16
2026-27 604.66 375.45

erminal Year 2024-25

erminal Value 8,817.98
V of Terminal Value 6,625.08

53.6
214.4
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

+ 243

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 242.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 5.00% 3
Discount Rate 9.41% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 8,800.73
Total Debt 289.00
Cash & Cash Balance -
Net Debt 289.00
Share Capital 30.43
Face Value (INR) 1.00 Terminal Year
Number of Shares 304,300,000 Terminal Value
Share Price (INR) 279.72 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 251.7
Upper Intrinsic value band 307.7

Disclaimer – This DCF model is for 0.51beta

educational purpose only.
ash flow & Present Value Table
Year Cash flow PV of Cash flow
2022-23 278.30 254.36
2023-24 320.04 267.36
2024-25 368.05 281.02
2025-26 423.26 295.38
2026-27 486.75 310.47

erminal Year 2026-27

erminal Value 11,589.25
V of Terminal Value 7,392.14
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 6,882.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 5.00% 3
Discount Rate 10.00% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 219,889.27
Total Debt 118.00
Cash & Cash Balance 229.00
Net Debt (111.00)
Share Capital 72.45
Face Value (INR) 1.00 Terminal Year
Number of Shares 724,500,000 Terminal Value
Share Price (INR) 3,036.58 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 2,732.9
Upper Intrinsic value band 3,340.2

Disclaimer – This DCF model is for

educational purpose only.
ash flow & Present Value Table
Year Cash flow PV of Cash flow
2022-23 7,914.30 7,194.82
2023-24 9,101.44 7,521.86
2024-25 10,466.66 7,863.76
2025-26 12,036.66 8,221.20
2026-27 13,842.16 8,594.89

erminal Year 2026-27

erminal Value 290,685.36
V of Terminal Value 180,492.74
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 386.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 25% 1
2
Terminal Growth Rate 5.00% 3
Discount Rate 15.62% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 8,090.60
Total Debt 139.00
Cash & Cash Balance 182.00
Net Debt (43.00)
Share Capital 26.36
Face Value (INR) 1.00 Terminal Year
Number of Shares 263,600,000 Terminal Value
Share Price (INR) 308.56 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 277.7
Upper Intrinsic value band 339.4

Disclaimer – This DCF model is for

educational purpose only.
ash flow & Present Value Table
Year Cash flow PV of Cash flow
2022-23 482.50 417.32
2023-24 603.13 451.17
2024-25 753.91 487.77
2025-26 942.38 527.35
2026-27 1,177.98 570.13

erminal Year 2026-27

erminal Value 11,646.68
V of Terminal Value 5,636.86

60
284 0.2112676056
224 21.126760563
60 59.9808
26.78571429
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

+ 243

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 120.0
t
Inputs Cash flow & Present Value Table
Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 5.00% 3
Discount Rate 11.00% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 3,174.72
Total Debt 66.00
Cash & Cash Balance -
Net Debt 66.00
Share Capital 30.43
Face Value (INR) 1.00 Terminal Year
Number of Shares 304,300,000 Terminal Value
Share Price (INR) 102.16 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 91.9
Upper Intrinsic value band 112.4

Disclaimer – This DCF model is for 0.51beta

educational purpose only.
ash flow & Present Value Table
Year Cash flow PV of Cash flow
2022-23 138.00 124.32
2023-24 158.70 128.80
2024-25 182.50 133.45
2025-26 209.88 138.25
2026-27 241.36 143.24

erminal Year 2026-27

erminal Value 4,223.85
V of Terminal Value 2,506.65
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

Free Cash Flow Estimate (In INR Crs)

2011 - 12 2012 - 13 2013 - 14
Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 243.0

Inputs Cash flow & Present Value Table

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 25% 1
FCF Growth rate for last 5 years 20% 2
Terminal Growth Rate 5.00% 3
Discount Rate 11% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated) 6
Total PV of cash flow 15,929.81 7
Total Debt 289.00 8
Cash & Cash Balance - 9
Net Debt 289.00 10
Share Capital 30.60
Face Value (INR) 1.00 Terminal Year
Number of Shares 306,000,000 Terminal Value
Share Price (INR) 511.14 400 PV of Terminal Value

Intrinsic Value Band mos

Model Error leeway 10%
Lower Intrinsic value band 460.0
Upper Intrinsic value band 562.3

Disclaimer – This DCF model is for educational purpose only.

 0.433766233766
-0.56623376623
-56.6233766234

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2014 - 15 303.75 273.65
2015 - 16 379.69 308.16
2016 - 17 474.61 347.03
2017 - 18 593.26 390.80
2018 - 19 741.58 440.09
2019 - 20 889.89 475.77
2020 - 21 1,067.87 514.35
2021 - 22 1,281.45 556.05
2022 - 23 1,537.73 601.14
2023 - 24 1,845.28 649.88

erminal Year 2023 - 24

erminal Value 32,292.42
V of Terminal Value 11,372.89

27.784431

459-cf
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

+ 243

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 313.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 10.46% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 7,461.85
Total Debt 77.00
Cash & Cash Balance 63.00
Net Debt 14.00
Share Capital 4.66
Face Value (INR) 1.00 Terminal Year
Number of Shares 46,600,000 Terminal Value
Share Price (INR) 1,598.25 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,438.4
Upper Intrinsic value band 1,758.1

Disclaimer – This DCF model is for 0.51beta

educational purpose only.
 sales

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 359.95 325.86
2023-24 413.94 339.26
2024-25 476.03 353.20
2025-26 547.44 367.72
2026-27 629.55 382.83

erminal Year 2026-27

erminal Value 9,361.91
V of Terminal Value 5,692.98
100 136 116
2 2 4
102 138 120
 242
1
243
0.055667 5.566719
1.5 1.5
1.106682
0.106682
10.66819
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

+ 243

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 267.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 10.46% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 6,365.22
Total Debt 47.00
Cash & Cash Balance 166.00
Net Debt (119.00)
Share Capital 9.02
Face Value (INR) 1.00 Terminal Year
Number of Shares 90,200,000 Terminal Value
Share Price (INR) 718.87 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 647.0
Upper Intrinsic value band 790.8

Disclaimer – This DCF model is for 0.51beta

educational purpose only.
 ocf

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 307.05 277.97
2023-24 353.11 289.40
2024-25 406.07 301.29
2025-26 466.98 313.68
2026-27 537.03 326.57

erminal Year 2026-27

erminal Value 7,986.04
V of Terminal Value 4,856.31
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

+ 243

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 4,972.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 12.96% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 85,730.05
Total Debt 222.00
Cash & Cash Balance 5,202.00
Net Debt (4,980.00)
Share Capital 64.85
Face Value (INR) 1.00 Terminal Year
Number of Shares 648,500,000 Terminal Value
Share Price (INR) 1,398.77 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,258.9
Upper Intrinsic value band 1,538.6

Disclaimer – This DCF model is for 0.51beta

educational purpose only.
 ocf

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 5,717.80 5,061.79
2023-24 6,575.47 5,153.21
2024-25 7,561.79 5,246.27
2025-26 8,696.06 5,341.01
2026-27 10,000.47 5,437.47

erminal Year 2026-27

erminal Value 109,413.15
V of Terminal Value 59,490.29
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

+ 243

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 946.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 25% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 10.00% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 35,598.15
Total Debt 347.00
Cash & Cash Balance 376.00
Net Debt (29.00)
Share Capital 25.02
Face Value (INR) 1.00 Terminal Year
Number of Shares 250,200,000 Terminal Value
Share Price (INR) 1,423.95 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,281.6
Upper Intrinsic value band 1,566.3

Disclaimer – This DCF model is for 0.51beta

educational purpose only.
 ocf

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 1,182.50 1,075.00
2023-24 1,478.13 1,221.59
2024-25 1,847.66 1,388.17
2025-26 2,309.57 1,577.47
2026-27 2,886.96 1,792.58

erminal Year 2026-27

erminal Value 45,969.33
V of Terminal Value 28,543.34
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

+ 243

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 281.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 10.00% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 7,196.64
Total Debt -
Cash & Cash Balance 383.00
Net Debt (383.00)
Share Capital 27.94
Face Value (INR) 1.00 Terminal Year
Number of Shares 279,400,000 Terminal Value
Share Price (INR) 271.28 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 244.2
Upper Intrinsic value band 298.4

Disclaimer – This DCF model is for 0.51beta

educational purpose only.
 net profit

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 323.15 293.77
2023-24 371.62 307.13
2024-25 427.37 321.09
2025-26 491.47 335.68
2026-27 565.19 350.94

erminal Year 2026-27

erminal Value 8,999.59
V of Terminal Value 5,588.03
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

+ 243

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 1,912.0

Inputs Cash flow & Present Value Tabl

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 15% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 11.75% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 38,110.96
Total Debt 4.00
Cash & Cash Balance 2,819.00
Net Debt (2,815.00)
Share Capital 26.54
Face Value (INR) 1.00 Terminal Year
Number of Shares 265,400,000 Terminal Value
Share Price (INR) 1,542.05 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 1,387.8 1,911.80
Upper Intrinsic value band 1,696.3 -713.2
1,198.60

Disclaimer – This DCF model is for 0.51beta

educational purpose only.
 ocf

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 2,198.80 1,967.61
2023-24 2,528.62 2,024.83
2024-25 2,907.91 2,083.72
2025-26 3,344.10 2,144.32
2026-27 3,845.71 2,206.68

erminal Year 2026-27

erminal Value 48,246.24
V of Terminal Value 27,683.81

1,946.93 1,215.94 954.3 775.86 1,150.37 ocf

-910.19 -1,183.21 -733.07 -273.88 -376.7 cpex
1,036.74 32.73 221.23 501.98 773.67 fcf
15.6124004 3067.552704 -85.2054422999 -55.9285230487 -35.1170395647
 The Discounted Cash Flow (DCF) Model
Module 3, Chapter 15
Version 1.0

+ 243

2011 - 12 2012 - 13 2013 - 14

Net cash from Operating Activities
Capital Expenditures
Free Cash Flow (FCF)
3 Year Average Free Cash flow 8,985.0

Inputs Cash flow & Present Value Table

Number of years considered 5 Sl No
FCF Growth rate for first 5 years 5% 1
2
Terminal Growth Rate 3.50% 3
Discount Rate 11.75% 4
5
Intrinsic Value Calculation (INR Crs, unless indicated)
Total PV of cash flow 119,317.42
Total Debt 1,290.00
Cash & Cash Balance 5,033.00
Net Debt (3,743.00)
Share Capital 239.93
Face Value (INR) 1.00 Terminal Year
Number of Shares 2,399,300,000 Terminal Value
Share Price (INR) 512.90 sp PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10%
Lower Intrinsic value band 461.6 1,911.80
Upper Intrinsic value band 564.2 -713.2
1,198.60

Disclaimer – This DCF model is for 0.51beta

educational purpose only.
 ocf

ash flow & Present Value Table

Year Cash flow PV of Cash flow
2022-23 9,422.57 8,431.83
2023-24 9,881.45 7,912.72
2024-25 10,362.68 7,425.56
2025-26 10,867.34 6,968.40
2026-27 11,396.58 6,539.38

erminal Year 2026-27

erminal Value 142,975.24
V of Terminal Value 82,039.53

1,946.93 1,215.94 954.3 775.86 1,150.37 ocf

-910.19 -1,183.21 -733.07 -273.88 -376.7 cpex
1,036.74 32.73 221.23 501.98 773.67 fcf
15.6124004 3067.552704 -85.2054422999 -55.9285230487 -35.1170395647