RattanIndia Power Ltd

NSEI:RTNPOWER

印度 / 公用事業 / 獨立能源和可再生電力公司

綜觀

股息

5 年 DCF 增長退出價

股價

9.72 INR

公允價值

14.01 INR

Metrics	Range	Conclusion
Discount Rate	11.5% - 10.5%	11.0%
Perpetuity Growth Rate	5.8% - 6.8%	6.3%
Fair Value	₹11.01 - ₹18.62	₹14.01
Upside	13.3% - 91.5%	44.2%

2.0%

Revenue 5y CAGR

21.6%

5y Avg EBITDA Margin

6.0%

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

股價

9.72 INR

公允價值

14.01 INR

看漲

44.2%

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

Revenue	33,640	34,313	34,999	35,699	36,413	37,141
% Growth	4.1%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	6,554	7,419	7,568	7,719	7,873	8,031
% of Revenue	19.5%	21.6%	21.6%	21.6%	21.6%	21.6%

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	Terminal

EBITDA		7,419	7,568	7,719	7,873	8,031	8,031
Other Income / (Exp)		0	0	0	0	0	0
D&A		(4,039)	(4,120)	(4,202)	(4,286)	(4,372)	(736)

EBIT		3,380	3,448	3,517	3,587	3,659	7,294
Pro forma Taxes		(575)	(586)	(598)	(610)	(622)	(1,240)
NOPAT	2,338	2,806	2,862	2,919	2,977	3,037	6,054

Capital Expenditures	(986)	(614)	(636)	(745)	(760)	(775)	(775)
NWC Investment	(231)	(117)	(119)	(122)	(124)	(127)	(404)
(+) D&A	3,738	4,039	4,120	4,202	4,286	4,372	736

Free Cash Flow	4,859	6,114	6,226	6,254	6,379	6,507	5,612
% Growth		26%	2%	0%	2%	2%	-14%

載入錯誤

RattanIndia Power Ltd

NSEI:RTNPOWER

印度 / 公用事業 / 獨立能源和可再生電力公司

5 年 DCF 增長退出價