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Induslnd Bank FCFE Analysis 2028E

The document presents a financial analysis of Induslnd Bank, projecting revenue growth from ₹30,004.00 in 2024 to ₹49,753.70 in 2028. Key metrics include Net Income growth of 18% in 2025 and 16% in 2026, with Free Cash Flow to Equity estimated at ₹4,159.06 in 2024, rising significantly by 2026. Assumptions include a corporate tax rate of 25%, a cost of equity at 15%, and a terminal growth rate of 4%.

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Vedang Thakur
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7 views3 pages

Induslnd Bank FCFE Analysis 2028E

The document presents a financial analysis of Induslnd Bank, projecting revenue growth from ₹30,004.00 in 2024 to ₹49,753.70 in 2028. Key metrics include Net Income growth of 18% in 2025 and 16% in 2026, with Free Cash Flow to Equity estimated at ₹4,159.06 in 2024, rising significantly by 2026. Assumptions include a corporate tax rate of 25%, a cost of equity at 15%, and a terminal growth rate of 4%.

Uploaded by

Vedang Thakur
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

Induslnd Bank

FCFE Analysis 2024 2025E 2026E


Revenue ₹ 30,004.00 ₹ 34,954.66 ₹ 40,023.09
Growth 16.50% 14.50%
NII ₹ 20,615.00 ₹ 24,016.48 ₹ 27,498.86
Non Int Income ₹ 9,388.00 ₹ 10,937.02 ₹ 12,522.89
OpEx ₹ 13,839.00 ₹ 16,122.44 ₹ 18,460.19
PPOP ₹ 16,164.00 ₹ 18,831.06 ₹ 21,561.56
Advances ₹ 3,43,298.00 ₹ 4,05,091.64 ₹ 4,69,906.30
Provisions ₹ 3,796.88 ₹ 4,480.31 ₹ 5,197.16
PBT ₹ 12,367.12 ₹ 14,350.75 ₹ 16,364.40
Tax ₹ 3,104.15 ₹ 3,602.04 ₹ 4,107.46
Net Income ₹ 8,950.00 ₹ 10,561.00 ₹ 12,250.76
Growth 18% 16%
+ D&A (1.4% * Revenue) ₹ 423.06 ₹ 492.86 ₹ 564.33
- Change in Loans ₹ 53,157.00 ₹ 61,793.64 ₹ 64,814.66
+ Change in deposits ₹ 48,673.00 ₹ 55,681.91 ₹ 63,700.11
- CapEx ₹ 730.00 ₹ 850.45 ₹ 973.77

Free Cash Flow to Equity ₹ 4,159.06 ₹ 4,091.68 ₹ 10,726.77


DF ₹ 0.93 ₹ 0.81
PV of FCFE ₹ 3,815.51 ₹ 8,698.05
Terminal Value
PV of Terminal Value
Total Equity Value
Shares Outstanding
Value per Share

Cost of Equity
Senstivity Table ₹ 3,351.10 12.00%
3% ₹ 3,368.85
4% ₹ 3,395.14
Terminal Growth 5% ₹ 3,421.43
6% ₹ 3,447.72
2027E 2028E
₹ 45,025.97 ₹ 49,753.70
12.50% 10.50%
₹ 30,936.22 ₹ 34,184.53
₹ 14,088.25 ₹ 15,567.52
₹ 20,767.71 ₹ 22,948.32
₹ 24,256.76 ₹ 26,803.72
₹ 5,35,693.18 ₹ 5,99,976.37
₹ 5,924.77 ₹ 6,635.74
₹ 18,331.99 ₹ 20,167.98
₹ 4,601.33 ₹ 5,062.16
₹ 13,965.87 ₹ 15,641.77
14% 12%
₹ 634.87 ₹ 701.53
₹ 65,786.88 ₹ 64,283.18
₹ 72,872.92 ₹ 83,366.62
₹ 1,095.49 ₹ 1,210.51
TOTAL
₹ 20,591.29 ₹ 34,216.23
₹ 0.71 ₹ 0.61
₹ 14,519.07 ₹ 20,979.24 ₹ 48,011.88
₹ 3,86,792.13
₹ 2,12,804.18
₹ 2,60,816.06
77.83
₹ 3,351.10

14% 15% 16% 17%


₹ 3,338.98 ₹ 3,324.81 ₹ 3,311.11 ₹ 3,297.88
₹ 3,365.27 ₹ 3,351.10 ₹ 3,337.41 ₹ 3,324.17
₹ 3,391.56 ₹ 3,377.39 ₹ 3,363.70 ₹ 3,350.46
₹ 3,417.85 ₹ 3,403.68 ₹ 3,389.99 ₹ 3,376.75
Assumptions

Corporate Tax Rate 25%


Cost of Equity(Ke) 15.00%
Terminal Growth Rate 4%

Revenue 30,004
Income 8950
YOY Growth 16.50%
EBITDA 15,740
% Margin (assume increasing to 42%)
Depreciation/Amort % Revenue 1.41%
NWC as % of Revenue
Capex 730
Cash 36907
Debt 47611
Shares Outstanding 77.83
NII 68.71%
Non- Int Income 68.71%
OpEx 46.13%
PPOP 53.88%
Provisions 1.11%
Deposit Growth rate 14.40%

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