Life Insurance Corporation of India

NSEI-LICI

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	7,853,696.2	8,550,424.1	8,907,704.7	9,394,537.1	10,303,173.1	10,689,210.4	10,689,210.4	10,689,210.4
Revenue % Chg.	7.9%	8.9%	4.2%
EBIT	266,136	534,372.5	667,128.9	458,869.7	507,414.2	557,022.2	557,022.2	557,022.2
EBIT Margin	3.4%	6.2%	7.5%
Tax Rate	11.4%	12.6%	13.4%
NOPAT	235,913.9	467,269.2	577,502.1	449,692.3	497,265.9	545,881.8	545,881.8	545,881.8
NOPAT Margin	3%	5.5%	6.5%	4.8%	4.8%	5.1%	5.1%	5.1%
D&A	4,665.7	4,713.4	5,074.4	5,351.7	5,869.3	6,089.3	6,089.3	6,089.3
D&A / Revenue	0.1%	0.1%	0.1%
Capex	-8,864.7	-7,677.7	-7,767.3	-8,191.8	-8,984.1	-9,320.7	-9,320.7	-9,320.7
Capex / Revenue	-0.1%	-0.1%	-0.1%
Chg. NWC	—	—	—	—	—	—	—	—
Chg. NWC / Revenue	—	—	—
Unlevered FCF (UFCF)	231,714.9	464,304.9	574,809.2	446,852.2	494,151.2	542,650.3	542,650.3	542,650.3
UFCF % Chg.	-8,710.8%	100.4%	23.8%	-22.3%	10.6%	9.8%	—	—
PV of UFCF	—	—	—	398,959.1	393,902.5	386,201.1	344,808.5	307,852.3
Sum of PV of UFCF	—	—	—	398,959.1	792,861.6	1,179,062.7	1,523,871.1	1,831,723.4

Perpetuity

Multiple