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