Intrinsic Valuation of ICICIBANK
	ICICIBANK Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$763,989,206,000	17.51%		EPS (FY)	35.49		Market Cap	5833B
	2020		$650,169,520,000	10.20%		P/E Ratio	20.99		Total Asset	17428B
	2019		$589,984,990,000	28.39%		Net Income	251B		Total Debt	1767B
	2018		$459,535,512,000	60.57%		EBITDA	-		Total Liab	15683B
	2017		$286,190,510,000	-23.88%		Opr Margin	0.2341		Debt/Equity	0.85
	2016		$375,964,201,000			PreTax Margin	0.2393		BV/Share	261.99
	5Y Average FCF		$549,973,947,600	18.56%
						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):	6.64%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$905,764,161,723			MBG Intrinsic Value			$745.51
	2023		$1,073,848,570,398
	2024		$1,273,124,728,132
	2025		$1,509,380,948,172
	2026		$1,789,479,692,260
	2027		$2,121,556,902,442
	Terminal Value		$52,523,468,968,491			Net Worth/Share			$251.61
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$40,239,918,479,175				Growth Rate
	(+) Cash & Cash Equivalents	$0			5548.74	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$1,766,881,159,000		WACC	6.54%	4677.2	5134.4	5704.8	6436.2	7408.3
	Equity Value	$38,473,037,320,175			6.59%	4623.8	5070.3	5626.0	6336.4	7276.8
	Shares Outstanding	6933652636			6.64%	4571.4	5007.6	5549.1	6239.4	7149.5
					7.14%	4099.6	4448.5	4872.6	5399.1	6070.3
	DCF Intrinsic Value	$5,548.74			7.64%	3706.1	3990.1	4329.4	4741.8	5253.9
© Swarnadeep Seth (2022)