Intrinsic Valuation of DABUR
	DABUR Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$17,731,500,000	-13.32%		EPS (FY)	9.81		Market Cap	973B
	2020		$20,457,200,000	44.49%		P/E Ratio	55.85		Total Asset	123B
	2019		$14,158,600,000	-2.87%		Net Income	17B		Total Debt	10B
	2018		$14,577,000,000	34.60%		EBITDA	23B		Total Liab	39B
	2017		$10,829,500,000	22.79%		Opr Margin	0.1838		Debt/Equity	0.12
	2016		$8,819,200,000			PreTax Margin	0.2085		BV/Share	47.41
	5Y Average FCF		$15,550,760,000	17.14%
						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):	7.11%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$20,770,359,340			MBG Intrinsic Value			$206.26
	2023		$24,330,024,371
	2024		$28,499,751,794
	2025		$33,384,095,304
	2026		$39,105,527,210
	2027		$45,807,509,367
	Terminal Value		$1,018,050,175,175			Net Worth/Share			$47.64
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$776,583,475,126				Growth Rate
	(+) Cash & Cash Equivalents	$14,130,800,000			441.46	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$10,301,000,000		WACC	7.01%	382.8	414.1	452.3	500.0	561.3
	Equity Value	$780,413,275,126			7.06%	379.0	409.6	446.9	493.4	552.9
	Shares Outstanding	1767791555			7.11%	375.3	405.2	441.7	487.0	544.8
					7.61%	341.6	366.0	395.1	430.5	474.5
	DCF Intrinsic Value	$441.46			8.11%	313.1	333.2	356.9	385.2	419.6
© Swarnadeep Seth (2022)