Tata Communications

BSE:500483

印度 / 通訊服務 / 多元化電訊服務

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股息

10 年 DCF EBITDA 退出價

股價

1,593.35 INR

公允價值

1,848.08 INR

Metrics	Range	Conclusion
Discount Rate	9.5% - 8.5%	9.0%
Terminal EBITDA Multiple	7.9x - 9.9x	8.9x
Fair Value	₹1,634 - ₹2,077	₹1,848
Upside	2.6% - 30.4%	16.0%

5.8%

Revenue 10y CAGR

23.7%

10y Avg EBITDA Margin

13.7%

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

1,593.35 INR

公允價值

1,848.08 INR

看漲

16.0%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(INR in millions)		Input Projections
Fiscal Years Ending	Mar-24	Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

Revenue	209,688	231,298	253,525	273,906	307,000	330,025	341,576	348,407	355,376	362,483	369,733
% Growth	17.5%	10.3%	9.6%	8.0%	12.1%	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%

EBITDA	37,317	46,560	55,406	62,978	72,800	81,560	84,415	86,103	87,825	89,582	91,373
% of Revenue	17.8%	20.1%	21.9%	23.0%	23.7%	24.7%	24.7%	24.7%	24.7%	24.7%	24.7%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(INR in millions)		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

EBITDA		46,560	55,406	62,978	72,800	81,560	84,415	86,103	87,825	89,582	91,373
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(26,327)	(27,620)	(28,677)	(32,141)	(34,552)	(35,761)	(36,476)	(37,206)	(37,950)	(38,709)

EBIT		20,233	27,786	34,301	40,659	47,008	48,654	49,627	50,619	51,632	52,664
Pro forma Taxes		(4,047)	(5,557)	(6,860)	(8,132)	(9,402)	(9,731)	(9,925)	(10,124)	(10,326)	(10,533)
NOPAT	14,083	16,186	22,229	27,441	32,527	37,607	38,923	39,701	40,495	41,305	42,131

Capital Expenditures	(20,823)	(21,900)	(23,400)	(25,000)	(25,300)	(27,198)	(25,833)	(26,110)	(26,380)	(26,108)	(26,199)
NWC Investment	2,280	1,574	1,619	1,484	2,410	1,677	841	498	507	518	528
(+) D&A	19,713	26,327	27,620	28,677	32,141	34,552	35,761	36,476	37,206	37,950	38,709

Free Cash Flow	15,253	22,187	28,068	32,602	41,778	46,638	49,693	50,565	51,829	53,666	55,169
% Growth		45%	27%	16%	28%	12%	7%	2%	2%	4%	3%

載入錯誤

Tata Communications

BSE:500483

印度 / 通訊服務 / 多元化電訊服務

10 年 DCF EBITDA 退出價