JSW Steel Limited
BSE-500228
BUILD UP FREE CASH | 2023-03-31 (A) | 2024-03-31 (A) | 2025-03-31 (A) | 2026-03-31 (E) | 2027-03-31 (E) | 2028-03-31 (E) | 2029-03-31 (E) | 2030-03-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 1,659,600 | 1,750,060 | 1,688,240 | 1,385,476 | 1,541,343 | 1,629,717 | 1,629,717 | 1,629,717 |
Revenue % Chg. | 13.4% | 5.5% | -3.5% | |||||
EBIT | 131,600 | 205,000 | 141,580 | 228,494.3 | 291,441.8 | 323,485.4 | 323,485.4 | 323,485.4 |
EBIT Margin | 7.9% | 11.7% | 8.4% | |||||
Tax Rate | 26.8% | 32.9% | 31.2% | |||||
NOPAT | 96,320.5 | 137,478.7 | 97,352 | 147,607.3 | 212,461.1 | 236,661.9 | 236,661.9 | 236,661.9 |
NOPAT Margin | 5.8% | 7.9% | 5.8% | 10.7% | 13.8% | 14.5% | 14.5% | 14.5% |
D&A | 74,400 | 81,320 | 92,420 | 64,235 | 105,728.6 | 112,800.9 | 112,800.9 | 112,800.9 |
D&A / Revenue | 4.5% | 4.6% | 5.5% | |||||
Capex | -147,840 | -158,010 | -126,940 | -190,712 | -203,695.9 | -208,234 | -208,234 | -208,234 |
Capex / Revenue | -8.9% | -9% | -7.5% | |||||
Chg. NWC | 31,050 | -136,150 | -6,810 | -29,151.2 | -32,430.8 | -34,290.2 | -34,290.2 | -34,290.2 |
Chg. NWC / Revenue | 1.9% | -7.8% | -0.4% | |||||
Unlevered FCF (UFCF) | 53,930.5 | -75,361.3 | 56,022 | -8,020.9 | 82,063.1 | 106,938.6 | 106,938.6 | 106,938.6 |
UFCF % Chg. | -56.1% | -239.7% | -174.3% | -114.3% | -1,123.1% | 30.3% | — | — |
PV of UFCF | — | — | — | -7,264.2 | 67,310.9 | 79,440.3 | 71,946.5 | 65,159.7 |
Sum of PV of UFCF | — | — | — | -7,264.2 | 60,046.7 | 139,487 | 211,433.5 | 276,593.2 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 6% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 12% |
| Total Debt | 1,000,380 |
| Market Cap | 2,848,649.7 |
| Total Capital | 3,849,029.7 |
| Debt Weighting | 26% |
| Equity Weighting | 74% |
| WACC | 10.4% |
| Exit Multiple EV/FCF | |
| Terminal Value | 3,692,559.7 |
| PV of Terminal Value | 2,037,702.8 |
| Cumulative PV of UFCF | 276,593.2 |
| Net Debt | 821,740 |
| Equity Value | 1,492,555.9 |
| Shares Outstanding | 2,440.5 |
| Implied Share Price | 611.6 |
| Current Share Price | 1,167.3 |
| Implied Upside / (Downside) | -47.6% |