ITC Limited engages in the fast-moving consumer goods, hotels, paperboards and paper, packaging, agri, and information technology (IT) businesses in India and internationally. It primarily offers cigarettes and cigars; staples, spices, biscuits, confectionery and gums, snacks, noodles and pasta, beverages, dairy, ready to eat meals, chocolate, coffee, and frozen foods; personal care products; notebooks, pens and pencils, geometry boxes, erasers, sharpeners, rulers, wax and plastic crayons, sketch pens, and oil pastels; apparel, safety matches; and incense sticks under various brands. The company also operates approximately 113 hotels under the ITC Hotel, WelcomHotel, Fortune, and WelcomHeritage brands; and Kaya Kalp spas. In addition, it offers virgin, recycled, barrier coated, biodegradable barrier, and graphic boards, as well as specialty papers; and packaging products, such as carton board, flexible, tobacco, and green packaging products; and exports feed ingredients, food grains, marine products, processed fruits, coffee products, leaf tobacco products, and spices. Further, the company offers information technology services for the banking, financial services, consumer goods, manufacturing, travel, hospitality, and healthcare industries. Additionally, it provides property infrastructure and estate maintenance; engineering, procurement, and construction management services; project management consultancy services; business consulting, real estate development, and agro-forestry and other related services; manages and operates golf courses; fabricates and assembles machinery for tube filling; cartooning and wrapping services; conveyor solutions; and produces and commercializes seed potato technology products The company was incorporated in 1910 and is headquartered in Kolkata, India.

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	709,368.5	679,319.4	753,233.4	817,749.5	899,109.1	974,467.3	974,467.3	974,467.3
Revenue % Chg.	16.9%	-4.2%	10.9%
EBIT	238,606.8	236,694.8	241,931.3	260,585	294,144	319,568.5	319,568.5	319,568.5
EBIT Margin	33.6%	34.8%	32.1%
Tax Rate	24.8%	23.5%	25.6%
NOPAT	179,327.1	181,023.2	180,022.3	194,031.6	218,960.8	238,014.6	238,014.6	238,014.6
NOPAT Margin	25.3%	26.6%	23.9%	23.7%	24.4%	24.4%	24.4%	24.4%
D&A	17,853.5	17,813.9	19,055.5	17,469.8	18,895	20,252	20,252	20,252
D&A / Revenue	2.5%	2.6%	2.5%
Capex	-27,429.9	-35,625.3	-22,787	-24,338.3	-23,947.6	-25,776	-25,776	-25,776
Capex / Revenue	-3.9%	-5.2%	-3%
Chg. NWC	-9,241.5	-33,370.3	-27,420	-26,864.2	-29,536.9	-32,012.5	-32,012.5	-32,012.5
Chg. NWC / Revenue	-1.3%	-4.9%	-3.6%
Unlevered FCF (UFCF)	160,509.2	129,841.5	148,870.8	160,298.9	184,371.2	200,478	200,478	200,478
UFCF % Chg.	18.3%	-19.1%	14.7%	7.7%	15%	8.7%	—	—
PV of UFCF	—	—	—	143,054.2	146,836.3	142,487.7	127,159.1	113,479.6
Sum of PV of UFCF	—	—	—	143,054.2	289,890.5	432,378.2	559,537.3	673,016.8

Cost of Debt
Tax Rate
After Tax Cost of Debt	11.5%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	12.1%
Total Debt	2,848.4
Market Cap	453,796,709.6
Total Capital	453,799,558
Debt Weighting	0%
Equity Weighting	100%
WACC	12.1%

Exit Multiple EV/FCF
Terminal Value	437,907,718.2
PV of Terminal Value	221,209,434.9
Cumulative PV of UFCF	673,016.8
Net Debt	-181,969.5
Equity Value	222,064,421.2
Shares Outstanding	12,528.8
Implied Share Price	17,724.4
Current Share Price	397.4
Implied Upside / (Downside)	4,360.6%