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Application of Discounted Cash Flow Model: A Case on LTI-Mindtree Limited;

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Application of Discounted Cash Flow Model: A Case on LTI-Mindtree

Limited; an IT Mastodon

Dr. Minakshi Tripathi1 Dr. Sushil Laddhu2

Assistant Professor Assistant Professor
Amity Business School School of Management, (M.P.)
Amity University, Gwalior (M.P.) ITM University, Gwalior

Dr. Pranshuman Parashar3 Dr. Komal Raghav4

Associate Professor Assistant Professor
Amity Business School Amity Business School,
Amity University, Gwalior (M.P.) Amity University, Gwalior
(M.P.)
Abstract
The present study examines the theoretical and practical aspects of the commonly used discounted cash
flow (DCF) valuation approach. The DCF Valuation approach is used in this study to predict the
valuation of LTI Mindtree by analysing factors such as future free cash flow and stock value. The main
objectives are to recognizing the value and potential impact of LTI Mindtree on business strategy and
investment decisions, at the same time researcher estimate company’s future income, expenditure, free
cash flow and equity beta by utilizing data from the past five years. After the valuation result shows
that the equity value per share of 1,404 is far lower than the real share price on the stock market, which
is 4884. This difference raises the possibility that Mindtree's shares are being overpriced by the market.
This circumstance could provide difficulties for the business because it might draw investors with
inflated expectations and put more pressure on it to maintain consistent growth and success.
Keywords: Discounted Cash Flow Valuation, Stock Market, LTI Mindtree, Future Valuation, WACC
1. Background of LTI Mindtree
Mindtree Limited is a leading global information technology and consulting company that specializes
in Digital transformation, application development, and business process management services are the
areas of expertise of Mindtree Limited, a top international provider of information technology and
consulting services. Since its founding in 1999, Mindtree has grown to become a major force in the IT
sector. It is renowned for its creative solutions, client-centred philosophy, and broad domain knowledge.
In 2019, Mindtree underwent an acquisition by Larsen & Toubro, and in 2022, it merged with L&T
Infotech (LTI) to form LTIMindtree. The company had a diverse range of business interests, and
business resource planning, as well as e-commerce, mobile apps, cloud computing, digital
transformation, data analytics, testing, and enterprise application integration. A global provider of
technology consulting and services, Mindtree is leveraging cutting-edge digital and cloud technologies
to facilitate digital transformation for more than 275 pioneering enterprises worldwide. As a purpose-
driven business technology partner, Mindtree assists clients across various industries in achieving
superior competitive advantage, delivering exceptional customer experiences, and realizing enhanced
business outcomes. For its outstanding performance and outstanding contributions to the IT industry,
Mindtree has won a great deal of admiration and industry recognition throughout the years. The business
has continually won awards for its superior performance in providing top-notch services, promoting
innovation, and upholding steadfast client relationships.
2. Introduction to DCF Model
Discounted cash flow (DCF) is a valuation technique that uses future cash flows to determine the value
of an investment. The discounted cash flow model, one of the greatest valuation models, has been
widely used to get the actual value of businesses; including stock price, mergers and acquisitions,
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financing, tax avoidance, and stock sales by shareholders (Gajek, L. and Kuciński, Ł, 2017). It is used
by investment bankers, private equity firms, equity research organisations, and "buy-side" investors to
determine a company's value. The DCF model is frequently used in financial research to determine and
compare a company's intrinsic value (worth based on its ability to generate cash flows) to its market
value. The DCF model argues that a business's value is defined by its internal dynamics rather than
depending on random demand and supply for its shares, as in market-based valuation approaches which
is similar company analysis. Instead, a company's ability to generate cash flow for its owners in the near
future determines how valuable it is.
When valuing net assets, the enterprise value is calculated as the total of the division's net assets' book
value and the adjustment item. Entrepreneurs and investors, however, frequently pay more attention to
the potential future cash flow from an asset than the product itself. Furthermore, the NAV disregards
off-balance sheet assets like goodwill, technical talent, experienced labour, and established
organisational structures, all of which are extremely unsuitable for valuing an IT based company like
LTIMindtree.
The earnings-based equity value is the product of the business's P/E ratio and the actual profit retained
inside the company after dividends. It combines stock market data with corporate information.
However, determining the optimal P/E ratio is quite challenging. The P/E ratio is based on historical
performance and may not account for the company's future growth.
Overall, the DCF model is the ideal model because it is based on future cash flow and risk associated
with cash flow. It is applicable to a broader variety of businesses than net asset valuation and price-
earnings ratio valuation. However, it is difficult for the cash flow and discount rate estimates to be
correct.
3. Objectives of the Study
To study the data and produce insightful forecast about the growth of the LTI Mindtree’s revenue and
expenses for the next five years FY2023 to FY2027.
To analyse the efficiency and effectiveness of the Discounted Cash Flow (DCF) model in predicting
the profitability and valuation of LTI Mindtree.
4. Research Methodology
Annual report (income statement, balance sheet, and cash flow statement) from the company's official
website and fiscal years 2017-2018, 2018-2019, 2019-2020, 2020-2021 (from the Mindtree Ltd. before
the merger) and 2021-2022 (LTI-Mindtree after the merger) were gathered from their annual report.
Financial ratio analysis, trend analysis, comparative analysis and sensitivity analysis are used to analyze
the data and produce insightful forecast about the growth of the company's revenue and expenses for
the next five years FY2023 to FY2027.
Data collection leads to the development of assumptions and forecasts for the income statement, balance
sheet, and cash flow statement, which are then used to construct financial statements for the organisation
using the DCF model (discounted cash flow model) which will be helpful in the prediction and growth
of LTI Mindtree’s future income, revenue and expenses. It also analyses the current share price and
provides recommendations based on the valuation results. It assesses the efficiency and effectiveness
of the Discounted Cash Flow (DCF) model in predicting the profitability and valuation of Mindtree.
The Weighted Average Cost of Capital WACC, Terminal value, equity value, Sensitivity Analysis is
computed by using the financial assumptions and other important assumptions.
5. Literature Review
Florian Steiger (2008) has highlighted the strengths and weaknesses of the DCF valuation method,
particularly in the context of company valuation. His study emphasizes the importance of data quality,
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raises concerns about assumption bias and manipulation, and suggests combining the DCF method with
other techniques for a more comprehensive valuation analysis. However, the paper could benefit from
further exploration and detailed analysis of the limitations and potential implications of the identified
weaknesses.
Jeremiah Green, John R. M. Hand (2010) identified various differences between the analysts' DCF
models and a 100% correct model. The findings highlight the prevalence of errors and questionable
judgments in analysts' DCF models and provide insights into the factors influencing their valuation
practices. Fabio Buttignon (2020) has acknowledged the uncertainties and complexities involved in
valuing ailing firms, including the importance of assumptions and market references. It emphasizes the
need to appropriately value the firm's specific assets and resources during the restructuring process.
The valuation research conducted by M.X. Li (2020) on Uber suggests a positive outlook for the
company's future operations, with a price target exceeding the current share price. The study highlights
the importance of making informed investment decisions and provides valuable insights into Uber's
strengths and potential risks. The discounted cash flow model used in the analysis adds credibility to
the valuation. However, it is crucial to acknowledge the limitations of relying on historical data and
assumptions about future performance. The risks associated with Uber, such as the classification of
drivers, competition, and autonomous vehicle technologies, should be carefully considered. The
research provides useful information for investors but emphasizes the need for caution and further
analysis.
Yao, J.S. et al. (2005) have concluded that in the current competitive environment, success relies on
having a clear understanding of valuation and employing an appropriate valuation approach to inform
business choices. Copeland, Koller, & Murrin (1994) contended that DCF model has gained widespread
popularity in valuation due to its alignment with the objective of generating long-term value.
Additionally, it possesses the ability to encompass all factors influencing a company's value in a
comprehensive and uncomplicated manner. Moreover, its utility extends across various domains,
including project management, insurance, and financial management. Certain advocates of the DCF
methodology have even proposed that the DCF model can offer a more advanced and dependable
depiction of a company's worth compared to the accounting method.
N. Venkata Raman, Nippon and Amara Raja(2016)analysed the operational performance of many
Indian companies involved in the manufacturing of batteries and concluded that theyhave amassed a
short-term liquidity position as per their findings both Bosch and Exide have reduced their labour and
material expenditures while increasing their earnings. Low-performing companies aren't maximising
their employees' potential to increase sales and earnings. The negative association between the debt-
equity ratio and operational performance ratios, as well as the lack of a correlation between CR and
operating performance, were investigated using a statistical model. According to the author, operations
indicators have a considerable impact on debt-to-equity ratios but have no impact on current ratios.
Apriliana Ika Kusumanisita and Frilya Hajar Minanti (2021) investigated the influence of stock
valuation using the dividend discount model (DDM), the Free Cash Flow to Equity (FCFE) technique,
and the Walter Model approach on investing decisions. For this study, twenty-four enterprises in the
Consumer Goods Industry were picked at random. The data was gathered using a quantitative and
descriptive technique. Researcher sought information from additional sources as part of our
investigation. A panel data set is created when time-series and cross-sectional data are merged.
Companies in the Consumer Goods Industry on the ISSI were less likely to apply this model due to its
beneficial impact on investment decisions. FCFE has less of an impact on investment decisions in the
consumer goods industry.
After having an in-depth study on the complexity and calculation part of the DCF valuation, Patena, W.
(2011) submitted that DCF is one of the most widely used valuation methods in businesses. However,
DCF valuation models have grown to be extremely complicated. Numerous input data must be
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processed, there are numerous phases to the process, and the data obtained at each stage may be
connected. Therefore, the process is not just a series of tasks. Modern models operate through complex
loops that are activated anytime new information is discovered and the entire model needs to be updated.
Technically speaking, this can only be accomplished in the context of spreadsheets by using repetitions.
The sensitivity analysis, which is able to quantify the influence of each and every assumption made on
the ultimate firm value, should also be applied to the valuation model. The study identifies a number of
key presumptions that significantly affect the calculated company value. As a result, the sensitivity
analysis enhances the model's objectivity and reduces the exposure to potential result manipulation. The
sensitivity analysis shows how important it is to the valuation process and demonstrates why it ought
to be a required step in every DCF assessment.
On the other hand Nenkov, D., & Hristozov, Y. (2022) have discussed on the application part of the
DCF model in business enterprises. Additionally, researcher had a broader discussion regarding the
figuring out a company's value, important input variables that determine operating free cash flows are
examined in detail. Final estimations are frequently significantly distorted as a result of this. In this
context, a more thorough investigation of the interdependence between the five key input variables is
required, particularly between revenues and various categories of expenditures in Bulgaria for the
period 2008-2020. Their findings show the medium- and long-term link between operating income and
operating expense dynamics.
Gajek, L., &Kuciński, Ł. (2017) have suggested valuing a corporation using discounted cash flows. The
owners of the firm have the choice to inject new capital into it in times of financial difficulty; if they
choose not to, the company is liquidated. The company's own funds are modelled by a system that
assumes no capital inflows or outflows. Researchers have tried to seek a dividend-focused strategy
within this framework. Capital investments and payments that increase the firm are worth. Our company
offers the best both the corresponding valuation technique and its associated formula.
6. Need of the Research
Having assessed a sufficient number of research paper on DCF model,researcher found that most of the
paper discussed the calculation stock valuation, risk factors through DCF model. We picked the
valuation of LTIMindtree through DCF model because LTIMindtree is a leading IT company and had
a recent merger with L&T ltd. in 2022. Therefore, from investor’s as well as research point of view it
is pertinent to know about the future profitability associated with the company’s financial position when
anyone invested in the company.
7. DCF Model for the LTI Mindtree and Data Analysis
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Table 1 Profit & Loss Analysis (author’s calculation)

The provided data represents the Profit and Loss (P&L) statement for LTIMindtree for the fiscal years
FY2018 to FY2022 and forecasts Profit and Loss (P&L) statement from FY2023 to FY2027.
Revenues: The business has had consistent revenue growth, with significant increases between FY2018
and FY2027. This expansion shows the company's capacity to increase sales and diversify its
commercial activities.
Gross Margin: The increasing trend in the gross margin indicates that the business has been successful
in controlling its cost and enhancing profitability.
Operating Expenses: The increase in operating expenses is a sign that the business is investing in its
operations. This could be done by growing the customer base, increasing up promotions, or hiring more
employees.
EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization has grown continuously
over time, a sign of higher operating profitability. This mean that the business' capacity to make money
from its core operations has been growing. EBITDA does not include expenses for interest, taxes,
depreciation, and amortisation; as a result, it does not give a complete view of the company's financial
situation.
Net Income:Net Income for FY2018 is $5,701 million. Whereas in the fiscal year 2019 (FY2019), net
income climbed to $7,541 million, representing a growth rate of almost 32%.In theFY2020, The Net
Income fell to $6,309 million, representing a 16% reduction.On the other hand in FY2021 indicated the
growth rate of almost 76%, where net income increased significantly, reaching 11,105 million.
Furthermore from 2021 to 2023 Net Income increases slightly at decreasing rate for FY2022 climbed
to $16.529 billion, representing an increase of roughly 49% whereas in FY2023 growth rate is almost
38% and Net Income increased further to 22,770 million.
The company's improving profitability and capacity to produce bigger returns for its shareholders are
indicated by the rising trend in Net Income.
Table 2 Balance sheet & working Capital (author’s calculation)
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Assumptions have made it clear that over the year current liabilities have increased from 9,857 FY2018
to 44,978 in FY 2027. On the other hand, the percentage of increase in current assest is higher than the
CL as in FY 2018 it was 25,031 and predicted that in FY 2027 it would be 2,31,893. CA is more than
the CL which is a good indicator for the company’s prospective.
Table 3 Working capital (author’s calculation)
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Days Sales Outstanding (DSO): The company's average collection period has fallen over time, a sign
of increased effectiveness in obtaining consumer payments. The company appears to expect to retain
its collection efficiency, based on the maintained DSO prediction.
Days Sales Outstanding (DSO) = 360*TRADE RECEIVABLE/REVENUE
Days Payables Outstanding (DPO): The average payment term for suppliers has grown over time for
the organization, indicating a longer payment period. This can be the outcome of the business
negotiating better terms for payments with its suppliers. The projected constant DPO indicates that the
business anticipates keeping its payment terms with suppliers.
Days Payables Outstanding (DPO) = 360*TRADE PAYABLE/COG
Financial Assets: Financial assets of the corporation have been expanding at a good rate, with significant
increase projected from FY2021 to FY2022. The expected growth rate's consistency indicates that the
corporation anticipates continuously growing its financial assets going forward.
The trend shows an overall increase in the value of Other Current Assets and liabilites, indicating the
company's increasing investments or holdings in short-term assets and liabilites.
Table 4 Capital Expenditure (author’s calculation)

We assume that LTIMindtree will invest more in physical assets in the future, including building
additional branches, operating more servers, and purchasing potential or current rivals, as its scale
continues to grow. Consequently, capital spending exhibits a rising tendency in our prediction, although
it consistently contributes to the growth in income, as seen in Table 3.
PP&E: Over the years, the value of PP&E has consistently increased, with a year-over-year (y-o-y)
growth rate that ranges from 4% to 7%. The numbers show that the business has been enhancing and
adding to its physical assets, such as real estate, buildings, and machinery, in order to support its
operations and expansion.
Intangible Assets: Although its value has changed over time, it has generally declined in line with
revenues. The numbers reveal a downward tendency, showing that the corporation has invested less in
intangible assets than it used to, such as patents, trademarks, or intellectual property.
Financial assets: Over the years, the value of financial assets has fluctuated significantly, with recent
years seeing a major rise. According to the data, the business has been investing a larger percentage of
its resources in financial assets, such as investments or securities that have increased in value in
comparison to its revenues.
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Hence, the rise in financial assets shows that using financial instruments to generate profits is becoming
more and more important. The company's strategic decisions and asset allocation plans in connection
to its revenue creation are highlighted by these patterns.
Table 5 Cash Flow (author’s calculation)

The company earns enough cash from its main operations, as shown by the cash flow statement's
positive cash flows from operational activities. The rise in operating cash flows is a result of rising
profit before tax and depreciation/amortization costs. It is crucial to remember that changes in working
capital, including receivables and financial assets, have an effect on the state of the company's overall
cash flow.
Changes in Working Capital: Variations throughout time can be seen in the adjustments for changes in
current assets and liabilities. Receivables fluctuate, showing negative numbers in FY2019 and FY2021,
which point to a decline in unpaid customers. Financial assets have considerable ups and downs in
value, indicating adjustments to investment holdings or asset sales. There are conflicting trends in trade
payables, other financial liabilities, and other current liabilities that could be due to shifting payment
terms or vendor relationships. Over time, less income tax is paid, most often as a result of adjustments
to tax liabilities and payment schedules.
Operating Activity Net Cash Flow: Throughout the reporting years, the net cash flow from operating
activities shows positive values. The company's capacity to create cash from its main operations is
reflected in the cash flow, which grows steadily. The biggest increase, which indicates significant
expansion in operating cash flows, is seen in FY2023.
Weighted Average Cost of Capital
The weighted average cost of capital (WACC) is a formula for figuring out a company's cost of capital
that gives each type of capital an appropriate amount of weight. All capital sources are considered when
calculating the WACC, including bonds, common stock, preferred stock, and any other long-term debt.
It follows that a firm's WACC grows as the beta and rate of return on equity do since an increase in
WACC signals a decline in value and an increase in risk.
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Table 6 Weighted Average Cost of Capital (author’s calculation)

In this illustration, the WACC is calculated by taking each component's such as debt and equity of
weighted cost of capital into account. The research shows that there is no debt (0% proportion); hence
the cost of debt is zero. Contrarily, equity accounts for 17.4% of total capital and has a weighted cost
of 17.385%.The weighted costs of each component are added up to the WACC, which has a value of
17.4%.
Table 7 Discounted Cash Flow (Author’s Calculations)

Unlevered Free Cash Flow (FCF) is a financial indicator that measures a company's operating cash flow
after deducting taxes, capital expenses, and working capital changes. Without taking into account the
consequences of financing decisions or paying financial liabilities, it offers insight into the amount of
cash available to all investors (including debt and stockholders).
Table 8 Terminal Value and Equity Value

Enterprise Value 220,928

Plus: Cash & Cash Equivalents: 10,513
Less: Debt: -
Less: Preferred Stock: -
Equity Value: 231,441

Shares Outstanding: 165

Equity Value/Share 1,404
The expected value of a company's cash flows after a certain projection time is referred to as terminal value. It
shows the current value of all anticipated future cash flows that the company will produce after the projection
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period. Typically, the projection period is established using the projections and assumptions used in financial
modelling.
In DCF analysis, cash flows are projected over a specific period, usually based on the company's financial
forecasts or industry trends. However, since most companies are expected to continue operating and generating
cash flows beyond the forecasted period, the terminal value is used to capture the value of these cash flows.
Equity value is derived from the DCF valuation by subtracting the market value of debt and preferred stock, if
applicable, and considering only the residual value available to the equity share holders. The equity value of
231,441 is the estimated intrinsic value indicates that the estimated value of the equity ownership in the company
is 231,441 units of the currency in use (millions of rupees). This value reflects how the market views the
company's potential to generate future cash flow, its growth prospects, and the prospective rewards for stock
investors whereas the equity value per share of 1,404 suggests that each individual share of the company's equity
is estimated to be worth 1,404 units of the currency being used (rupees).
8. Finding and Conclusion
The predicted value of the company's future cash flows outside of the anticipated period is represented by the
terminal value of 197,430. This shows that the business can grow and produce value over the long run. It gives
LTIMindtree's business prospects a positive outlook and suggests that it has the ability to keep generating wealth
for its shareholders. The enterprise value of 220,928 is less than the equity value of 231,441, which is significant
to notice. This suggests that the equity in the company is primarily responsible for its overall market value,
pointing to a low level of debt relative to equity. From the standpoint of the corporation, this might be viewed
favourably since it signals a stronger financial position with lower financial risk.
However, the equity value per share of 1,404 is far lower than the real share price on the stock market, which is
4884. This difference raises the possibility that LTIMindtree's shares are being overpriced by the market. This
circumstance could provide difficulties for the business because it might draw investors with inflated expectations
and put more pressure on it to maintain consistent growth and success.
An investor would need to carefully assess the company's financial performance, growth potential, and market
circumstances in this scenario. They can think about performing thorough fundamental research to determine the
company's intrinsic value and contrast it with the going stock price. An investor may decide to take a cautious
approach and consider selling or reducing their holdings in LTIMindtree if the analysis shows that the stock is
overvalued.
In response to this overvaluation the company can think about taking proactive steps to temper investor
expectations and effectively communicate the genuine value proposition in response to this overvaluation. This
can entail open disclosures, educating investors, and emphasizing the company's potential for long-term success.
It is critical for the business to control market mood and refrain from speculative actions that can result in future
market volatility. In order to align the market price with the intrinsic worth of the shares, the corporation may
also consider strategic initiatives like dividends or share buybacks. These measures may present a chance to
repurchase undervalued shares and, over time, raise shareholder value.
The profitability forecasted by the DCF model for LTIMindtree points to promising future possibilities for the
business. Based on its anticipated cash flows, it implies that LTIMindtree has the potential to produce significant
profits. However, before making investment decisions, investors and stakeholders must consider the inherent
uncertainties and dangers related to such predictions and perform careful due diligence.
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