Intrinsic Valuation of EMAMILTD
	EMAMILTD Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$1,785,300,000	-80.30%		EPS (FY)	18.88		Market Cap	204B
	2020		$9,064,614,000	150.92%		P/E Ratio	24.37		Total Asset	31B
	2019		$3,612,492,000	-12.01%		Net Income	8B		Total Debt	3B
	2018		$4,105,761,000	-20.06%		EBITDA	10B		Total Liab	10B
	2017		$5,136,298,000	11.60%		Opr Margin	0.1862		Debt/Equity	0.14
	2016		$4,602,326,000			PreTax Margin	0.2100		BV/Share	-
	5Y Average FCF		$4,740,893,000	10.03%
						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):	5.59%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$1,964,343,224			MBG Intrinsic Value			$396.04
	2023		$2,161,342,240
	2024		$2,378,097,790
	2025		$2,616,591,206
	2026		$2,879,002,524
	2027		$3,167,730,409
	Terminal Value		$105,183,131,157			Net Worth/Share			$46.66
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$84,295,431,884				Growth Rate
	(+) Cash & Cash Equivalents	$1,555,200,000			186.80	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$2,815,500,000		WACC	5.49%	146.0	163.6	186.8	219.0	266.6
	Equity Value	$83,035,131,884			5.54%	146.0	163.6	186.8	219.0	266.6
	Shares Outstanding	444514000			5.59%	146.0	163.6	186.8	219.0	266.6
					6.09%	146.0	163.6	186.8	219.0	266.6
	DCF Intrinsic Value	$186.80			6.59%	146.0	163.6	186.8	219.0	266.6
© Swarnadeep Seth (2022)