Intrinsic Valuation of BANDHANBNK
	BANDHANBNK Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$33,091,808,000	-39.94%		EPS (FY)	0.78		Market Cap	442B
	2020		$55,099,145,000	39.05%		P/E Ratio	69.08		Total Asset	1412B
	2019		$39,626,828,210	40.89%		Net Income	1B		Total Debt	366B
	2018		$28,125,662,650	323.01%		EBITDA	-		Total Liab	1217B
	2017		$6,648,973,580	-48.36%		Opr Margin	0.0476		Debt/Equity	1.34
	2016		$12,876,030,000			PreTax Margin	0.0476		BV/Share	107.91
	5Y Median FCF		$32,518,483,488	39.05%
						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):	4.59%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$46,012,522,568			MBG Intrinsic Value			$16.36
	2023		$63,978,137,219
	2024		$88,958,435,956
	2025		$123,692,306,024
	2026		$171,988,034,695
	2027		$239,140,857,090
	Terminal Value		$11,712,385,357,028			Net Worth/Share			$121.27
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$9,156,907,665,468				Growth Rate
	(+) Cash & Cash Equivalents	$0			5457.99	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$365,773,650,000		WACC	4.49%	3855.3	4621.4	5772.5	7696.2	11562.9
	Equity Value	$8,791,134,015,468			4.54%	3781.4	4518.0	5615.6	7426.0	10977.1
	Shares Outstanding	1610691061			4.59%	3709.9	4418.5	5466.2	7172.8	10445.0
					5.09%	3105.5	3602.3	4291.0	5309.1	6967.5
	DCF Intrinsic Value	$5,457.99			5.59%	2650.6	3015.4	3498.2	4167.5	5157.1
© Swarnadeep Seth (2022)