The Discounted Cash Flow (DCF) Model

Career Point Ltd.

Free Cash Flow Estimate (In INR Million)

2015 2016 2017
Net cash from Operating Activities 3.5 (14.3) 17.8
Capital Expenditures 33.2 4.7 9.7
Free Cash Flow (FCF) (29.7) (19.0) 8.1
4 Year Average Free Cash flow

Inputs Cash flow & Present Value Tabl

Number of years considered 10 Sl No
FCF Growth rate for first 5 years 18% 1
FCF Growth rate for last 5 years 10% 2
Terminal Growth Rate 3.50% 3
Discount Rate 9% 4
5
Intrinsic Value Calculation (INR Million, unless indicated) 6
Total PV of cash flow 6,818.16 7
Total Debt 645.70 8
Cash & Cash Balance 2.99 9
Net Debt 642.71 10
Share Capital 2,973.30
Face Value (INR) 163.70 Terminal Year
Number of Shares 18,163,103 Terminal Value
Share Price (INR) 340.00 PV of Terminal Value

Intrinsic Value Band

Model Error leeway 10% Current MP
Lower Intrinsic value band 306.0
Upper Intrinsic value band 374.0
 2018 2019
103.7 (31.6)
1,071.9 14.742
(968.2) (46.3)
(256.4) required cash flow in next 3 years
956.17
ash flow & Present Value Table
Year Cash flow PV of Cash flow
2023 174.95 160.51
2024 206.44 173.76
2025 243.60 188.11
2026 287.45 203.64
2027 339.19 220.45
2028 400.25 238.65
2029 440.27 240.84
2030 484.30 243.05
2031 532.73 245.28
2032 586.00 247.53

erminal Year 2,032.00

erminal Value 11,027.45
V of Terminal Value 4,658.12

163.7 4/30/2021

6,819.94
Nifty 50 companies as on 04-May-2020

Is it a
Company Name (M.Cap) CMP
Right Stock? 

Very
Cipla Ltd.(L) 612
Good
Somew
Bharti Airtel Ltd.(L) hat 532.3
Good

Very
Sun Pharmaceutical Industries Ltd.(L) 465.1
Good

Dr. Reddys Laboratories Ltd.(L) Very 3,938

Good

Very
Wipro Ltd.(L) 190.2
Good
Power Grid Corporation Of IndiaVery
Ltd.(L) 158.9
Good

Somew
Reliance Industries Ltd.(L) hat 1,435
Good

Very
Britannia Industries Ltd.(L) 3,093
Good

Very
GAIL (India) Ltd.(L) 93.35
Good
Very
Nestle India Ltd.(L) 17,453
Good

Mahindra & Mahindra Ltd.(L) Very 356.9

Good

Very
Bharti Infratel Ltd.(L) 168.8
Good

Somew
NTPC Ltd.(L) hat 91.4
Good

Tata Consultancy Services Ltd.(L)Very 1,929

Good

Very
Oil & Natural Gas Corporation Ltd.(L) 76.55
Good

Very
Coal India Ltd.(L) 142.2
Good
Very
ITC Ltd.(L) 174.1
Good
Very
Asian Paints Ltd.(L) 1,676
Good

Very
Hindustan Unilever Ltd.(L) 2,082
Good
 Somew
Larsen & Toubro Ltd.(L) hat 850.8
Good

Very
Grasim Industries Ltd.(L) 479.8
Good

Very
Ultratech Cement Ltd.(L) 3,347
Good

Very
HCL Technologies Ltd.(L) 514.4
Good
Somew
Indian Oil Corporation Ltd.(L) hat 79.8
Good

Very
Shree Cement Ltd.(L) 18,631
Good

Very
Kotak Mahindra Bank Ltd.(L) 1,278
Good

Very
Infosys Ltd.(L) 673.8
Good
Very
State Bank Of India(L) 178.8
Good

Very
Bharat Petroleum Corporation Ltd.(L) 347.7
Good

Very
Eicher Motors Ltd.(L) 13,752
Good

Very
Bajaj Finserv Ltd.(L) 4,767
Good
Very
Bajaj Auto Ltd.(L) 2,441
Good

Very
Hero MotoCorp Ltd.(L) 2,002
Good
 Very
HDFC Bank Ltd.(L) 923
Good

Very
Tech Mahindra Ltd.(L) 502.4
Good

Very
Zee Entertainment Enterprises Ltd.(M) 146.4
Good

Very
UPL Ltd.(L) 385.9
Good

Very
Titan Company Ltd.(L) 891.2
Good

Somew
hatZone Ltd.(L)
Adani Ports and Special Economic 266.5
Good
Somew
Tata Steel Ltd.(L) hat 273.7
Good

Very
Maruti Suzuki India Ltd.(L) 4,891
Good

Very
Axis Bank Ltd.(L) 402.8
Good
Somew
JSW Steel Ltd.(L) hat 163.7
Good
Very
IndusInd Bank Ltd.(L) 423.1
Good
Somew
Tata Motors Ltd.(L) hat 83.9
Good

Very
Housing Development Finance Corporation1,724
Ltd.(L)
Good
 Very
Bajaj Finance Ltd.(L) 2,081
Good

Somew
Vedanta Ltd.(L) hat 80
Good
Very
ICICI Bank Ltd.(L) 338.2
Good

Not
Hindalco Industries Ltd.(L) 115.8
Good
 Price Market 52W 52W EV/
ROE P/E P/BV
EBITD
Change Cap (Cr) High Low
A

3.82% 47,528 632 356.8 12.03 20.24 2.76 18.16

3.49% 280,607 568.6 312.9 -3.8 0 2.6 33.49

0.04% 111,533 504.9 315.2 8.79 27.88 2.51 17.22

0.02% 65,425 4,095 2,352 13.76 38.48 4.4 21.01

-0.18% 108,841 301.6 159.6 16.52 11.19 1.97 6.96

-1.91% 84,778 216.2 129.8 20.75 5.5 1.6 7.67

-2.16% 930,012 1,618 875.7 11.37 23.63 2.05 13.36

-2.28% 76,103 3,444 2,101 29.05 57.43 19.09 43.5

-2.51% 43,185 182.5 65.7 14.28 9.14 0.93 4.47

-2.53% 172,643 18,301 10,126 45.54 87.66 89.35 64.31

-2.66% 45,577 682.4 245.8 14.95 9.74 1.23 6.24

-3.29% 32,285 295.8 121.2 15.2 18.48 2.33 9.72

-4.14% 94,345 145.8 74 11.42 8.78 0.86 12.27

-4.25% 756,049 2,296 1,504 34.87 23.38 8.92 18.08

-4.25% 100,579 178.9 51.8 13.65 4.94 0.47 3.69

-4.34% 91,578 270.9 119.2 74.93 5.06 2.41 2.47

-4.45% 223,903 309.9 134.9 22 15.11 3.66 11.91

-4.76% 168,824 1,916 1,291 24.01 62.15 15.59 47.47

-5.16% 515,493 2,614 1,657 80.17 76.39 62.5 57.33

-5.19% 125,978 1,607 661 12.3 19.14 2.33 14.8

-5.22% 33,298 958.5 380 6.05 8.21 0.57 6.61

-5.24% 101,957 4,904 2,913 8.44 28.87 3.34 18.16

-5.24% 147,298 624 375.5 25.41 14.12 3.01 10.15

-5.28% 79,314 170.4 74.55 16.4 6.3 0.71 4.44

-5.72% 71,304 25,341 15,500 12.57 54.72 5.55 26.33

-5.83% 259,590 1,740 1,000 12.18 42.64 5.52 -

-5.93% 305,029 847.4 511.1 23.38 18.38 4.66 13.82

-6.09% 169,925 373.7 173.6 0.44 14.47 0.82 -

-6.14% 80,360 549.7 252 20.99 11.21 2.06 8.23

-6.45% 40,138 23,428 12,460 27.69 19.41 4.01 12.67

-6.48% 81,233 10,297 4,161 24.29 20.24 2.9 -

-7.12% 76,038 3,315 1,793 21.27 14.44 3.05 14.77

-7.61% 43,280 3,021 1,475 25.68 11.56 2.87 8.1

 -7.86% 549,354 1,304 738.9 17.05 20.16 3.11 -

-7.99% 52,746 845.7 470.2 19.78 13.08 2.41 7.23

-8.04% 15,296 410.9 114 19.19 9.65 1.55 5.65

-8.08% 32,073 709.2 240.3 15.83 27.32 2.1 14.39

-8.10% 86,098 1,390 720 25.08 59.16 12.87 43.6

-8.17% 58,961 430 203.4 19.18 12.51 2.25 11.32

-8.29% 35,937 544 250.9 15.3 3.72 0.46 3.11

-8.75% 161,924 7,755 4,002 13.63 26.19 3.36 14.11

-9.40% 125,459 826.5 285 7.19 77.1 1.48 -

-9.54% 43,728 304.8 132.5 27.18 6.45 1.13 4.25

-9.58% 32,458 1,673 235.6 13.25 7.35 0.96 -

-9.88% 28,758 205 63.6 -11.41 0 0.5 3.83

-10.08% 332,052 2,500 1,473 13.71 18.05 3.69 -

-10.21% 139,414 4,923 1,916 22.13 27.32 4.39 -

-10.71% 33,306 179.9 60.3 9.95 3.93 0.48 2.63

-10.96% 245,959 552.4 269 3.24 32.03 2.2 -

-11.06% 29,258 221.2 85.05 9.51 6.84 0.51 4.39

sum 7,566,811
0.62811 384.40415652

3.70839 1973.97696467
0 0

1.47398 685.546372177

0.86463 3404.91721017

1.4384 273.583656312
1.12039 178.03040409

12.2907 17637.1158207
0 0

1.00575 3110.7765081

0.57072 53.276337284

2.28158 39820.451165

0.60233 214.970762452

0.42667 72.0211988908

1.24683 113.959936359
0 0

9.99165 19273.8859342

1.32921 101.751219239

1.21026 172.098808864

2.95901 515.164344663

2.23111 3739.34308654

6.81255 14183.7350768
1.66488 1416.4762725
0 0

0.44005 211.137563764

1.34742 4509.82691387

1.94663 1001.34774345

1.04818 83.6449754064
0 0

0.94233 17556.4689537

3.43064 4384.35716182

4.03114 2716.18440318

2.24566 401.524367399

1.06201 369.259546723

0.53045 7294.72132976

1.07354 5117.5813827

1.00489 2452.9323912

0.57197 1145.08688006
7.26005 6701.02295406

0.69707 350.208170919

0.20215 29.5941632479

0.42386 163.569179936

1.13784 1014.04062557

0.77921 207.658239382
0 0

0.47493 129.988140314
0 0

2.13992 10466.3679851

1.65802 667.849179793

0.57789 94.6009302994
0 0

0.42895 181.489663215

0.38005 31.8865662166
0 0

4.38827 7565.37526839
1.84244 3834.1189439

0.44016 35.2127203917
0 0

3.2505 1099.31824384

0.38666 44.7754860006

100 187186.635309 20.1417