IPCA Laboratories

NSEI:IPCALAB

인도 / 헬스케어 / 제약

개요

뉴스

5년 현금흐름할인(DCF) 반영된 자금 회수

주가

1,299.30 INR

적정가치

1,330.88 INR

Metrics	Range	Conclusion
Discount Rate	8.0% - 7.0%	7.5%
Perpetuity Growth Rate	2.5% - 3.5%	3.0%
Fair Value	₹1,097 - ₹1,699	₹1,331
Upside	-15.6% - 30.7%	2.4%

10.4%

Revenue 5y CAGR

21.6%

5y Avg EBITDA Margin

33.4%

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

주가

1,299.30 INR

적정가치

1,330.88 INR

상승 여력 있음

2.4%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(INR in millions)		Input Projections
Fiscal Years Ending	Mar-24	Mar-25	Mar-26	Mar-27	Mar-28	Mar-29

Revenue	77,059	89,236	101,072	113,419	121,925	126,193
% Growth	23.3%	15.8%	13.3%	12.2%	7.5%	3.5%

EBITDA	12,644	17,204	20,730	24,939	28,029	29,010
% of Revenue	16.4%	19.3%	20.5%	22.0%	23.0%	23.0%

지원하는 계산법

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(INR in millions)		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Terminal

EBITDA		17,204	20,730	24,939	28,029	29,010	29,010
Other Income / (Exp)		0	0	0	0	0	0
D&A		(4,028)	(4,312)	(4,650)	(4,998)	(5,173)	(4,770)

EBIT		13,177	16,418	20,290	23,030	23,837	24,239
Pro forma Taxes		(3,426)	(4,269)	(5,275)	(5,988)	(6,197)	(6,302)
NOPAT	6,894	9,751	12,149	15,014	17,043	17,639	17,937

Capital Expenditures	(4,106)	(4,875)	(4,230)	(4,513)	(4,851)	(5,021)	(5,021)
NWC Investment	(2,052)	(1,714)	(1,666)	(1,738)	(1,197)	(601)	(533)
(+) D&A	3,328	4,028	4,312	4,650	4,998	5,173	4,770

Free Cash Flow	4,064	7,189	10,566	13,413	15,992	17,190	17,153
% Growth		77%	47%	27%	19%	7%	0%

로딩 에러

IPCA Laboratories

NSEI:IPCALAB

인도 / 헬스케어 / 제약

5년 현금흐름할인(DCF) 반영된 자금 회수