Intrinsic Valuation of ITC
	ITC Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$146,449,400,000	22.74%		EPS (FY)	12.37		Market Cap	3846B
	2020		$119,313,900,000	-13.13%		P/E Ratio	23.42		Total Asset	773B
	2019		$137,346,700,000	30.64%		Net Income	152B		Total Debt	2B
	2018		$105,135,300,000	-4.35%		EBITDA	223B		Total Liab	144B
	2017		$109,912,700,000	33.37%		Opr Margin	0.3116		Debt/Equity	0.00
	2016		$82,410,500,000			PreTax Margin	0.3369		BV/Share	50.68
	5Y Average FCF		$123,631,600,000	13.86%
						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):	7.42%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$166,740,625,020			MBG Intrinsic Value			$260.16
	2023		$189,843,290,803
	2024		$216,146,935,149
	2025		$246,095,068,078
	2026		$280,192,649,924
	2027		$319,014,605,553
	Terminal Value		$6,648,022,604,994			Net Worth/Share			$51.01
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$5,110,965,539,470				Growth Rate
	(+) Cash & Cash Equivalents	$169,187,000,000			428.50	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$2,494,400,000		WACC	7.32%	377.2	404.6	437.6	478.3	529.7
	Equity Value	$5,277,658,139,470			7.37%	373.8	400.6	433.0	472.7	522.7
	Shares Outstanding	12316571748			7.42%	370.5	396.8	428.4	467.1	515.8
					7.92%	340.1	361.7	387.2	418.0	455.7
	DCF Intrinsic Value	$428.50			8.42%	314.2	332.2	353.2	378.0	407.9
© Swarnadeep Seth (2022)