Intrinsic Valuation of HEROMOTOCO
	HEROMOTOCO Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$16,454,900,000	-54.22%		EPS (FY)	115.93		Market Cap	553B
	2020		$35,945,300,000	-20.64%		P/E Ratio	23.88		Total Asset	227B
	2019		$45,291,200,000	1105.93%		Net Income	23B		Total Debt	6B
	2018		$3,755,700,000	-88.91%		EBITDA	34B		Total Liab	67B
	2017		$33,876,200,000	15.34%		Opr Margin	0.0932		Debt/Equity	0.04
	2016		$29,371,300,000			PreTax Margin	0.1102		BV/Share	793.08
	5Y Median FCF		$27,064,660,000	-20.64%
						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):	6.98%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$13,059,409,266			MBG Intrinsic Value			$2,436.56
	2023		$10,364,582,610
	2024		$8,225,837,056
	2025		$6,528,424,523
	2026		$5,181,275,347
	2027		$4,112,112,215
	Terminal Value		$94,128,337,081			Net Worth/Share			$800.55
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$98,112,643,004				Growth Rate
	(+) Cash & Cash Equivalents	$61,700,500,000			769.59	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$6,051,700,000		WACC	6.88%	720.0	746.3	778.6	819.2	871.8
	Equity Value	$153,761,443,004			6.93%	716.7	742.4	773.9	813.5	864.5
	Shares Outstanding	199796939			6.98%	713.5	738.6	769.4	807.9	857.5
					7.48%	684.2	704.5	729.0	758.9	796.4
	DCF Intrinsic Value	$769.59			7.98%	659.3	676.0	695.9	719.6	748.7
© Swarnadeep Seth (2022)