Intrinsic Valuation of HDFCBANK
	HDFCBANK Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$213,173,900,000	-63.93%		EPS (FY)	68.31		Market Cap	7929B
	2020		$591,042,764,000	33.23%		P/E Ratio	19.92		Total Asset	21649B
	2019		$443,610,430,000	64.80%		Net Income	381B		Total Debt	2423B
	2018		$269,179,715,000	42.41%		EBITDA	-		Total Liab	18749B
	2017		$189,017,216,000	-50.36%		Opr Margin	0.3067		Debt/Equity	0.84
	2016		$380,791,461,000			PreTax Margin	0.3067		BV/Share	445.99
	5Y Average FCF		$341,204,805,000	5.23%
						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):	7.43%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$224,323,342,239			MBG Intrinsic Value			$1,436.59
	2023		$236,055,923,701
	2024		$248,402,143,789
	2025		$261,394,097,093
	2026		$275,065,556,813
	2027		$289,452,062,561
	Terminal Value		$6,018,159,867,288			Net Worth/Share			$524.06
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$4,834,527,023,864				Growth Rate
	(+) Cash & Cash Equivalents	$0			435.79	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$2,423,192,200,000		WACC	7.33%	333.0	388.0	454.5	536.3	639.5
	Equity Value	$2,411,334,823,864			7.38%	326.1	380.0	445.0	524.9	625.3
	Shares Outstanding	5533203566			7.43%	319.4	372.2	435.8	513.7	611.4
					7.93%	257.8	301.2	352.6	414.4	490.2
	DCF Intrinsic Value	$435.79			8.43%	205.3	241.4	283.6	333.6	393.7
© Swarnadeep Seth (2022)