Intrinsic Valuation of AXISBANK
	AXISBANK Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$348,784,600,000	18.67%		EPS (FY)	45.91		Market Cap	2237B
	2020		$293,903,500,000	17113.89%		P/E Ratio	13.84		Total Asset	11747B
	2019		$1,707,362,000	-98.58%		Net Income	141B		Total Debt	2264B
	2018		$120,143,341,000	8.10%		EBITDA	-		Total Liab	10772B
	2017		$111,145,840,000	29.22%		Opr Margin	0.2437		Debt/Equity	1.52
	2016		$86,013,223,000			PreTax Margin	0.2437		BV/Share	385.25
	5Y Median FCF		$175,136,928,600	18.67%
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.00
	Perpetual Growth Rate (g):	2.50%				Historical US Bond Yield:			4.40%
	Discount Rete (WACC):	4.78%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$413,913,741,065			MBG Intrinsic Value			$961.87
	2023		$491,204,557,319
	2024		$582,928,019,036
	2025		$691,779,158,629
	2026		$820,956,256,495
	2027		$974,254,813,362
	Terminal Value		$43,716,380,268,194			Net Worth/Share			$318.05
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$34,827,690,448,478				Growth Rate
	(+) Cash & Cash Equivalents	$0			10619.19	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$2,263,949,100,000		WACC	4.68%	7707.3	9124.0	11190.4	14486.9	20577.0
	Equity Value	$32,563,741,348,478			4.73%	7567.2	8932.4	10909.9	14030.4	19687.8
	Shares Outstanding	3066500000			4.78%	7431.3	8747.8	10641.7	13599.5	18868.2
					5.28%	6272.2	7213.1	8492.5	10333.1	13207.6
	DCF Intrinsic Value	$10,619.19			5.78%	5386.4	6087.3	7001.9	8245.4	10034.4
© Swarnadeep Seth (2022)