Intrinsic Valuation of KOTAKBANK
	KOTAKBANK Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$259,355,965,000	25.37%		EPS (FY)	60.73		Market Cap	3640B
	2020		$206,867,402,000	41.08%		P/E Ratio	27.90		Total Asset	5465B
	2019		$146,633,848,000	-0.21%		Net Income	121B		Total Debt	561B
	2018		$146,937,152,000	32.50%		EBITDA	-		Total Liab	4493B
	2017		$110,897,450,000	42.57%		Opr Margin	0.2894		Debt/Equity	0.00
	2016		$77,785,170,000			PreTax Margin	0.2950		BV/Share	487.06
	5Y Average FCF		$174,138,363,400	28.26%
						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):	6.55%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$332,655,803,055			MBG Intrinsic Value			$1,275.71
	2023		$426,671,826,523
	2024		$547,258,896,061
	2025		$701,926,587,839
	2026		$900,306,853,413
	2027		$1,154,753,850,824
	Terminal Value		$29,200,637,008,901			Net Worth/Share			$489.97
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$21,854,335,231,456				Growth Rate
	(+) Cash & Cash Equivalents	$0			10737.16	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$561,480,365,000		WACC	6.45%	9009.9	9918.3	11056.6	12525.0	14491.0
	Equity Value	$21,292,854,866,456			6.50%	8904.7	9791.6	10900.1	12325.3	14225.6
	Shares Outstanding	1983099747			6.55%	8801.7	9667.7	10747.4	12131.4	13969.0
					7.05%	7875.8	8566.1	9408.0	10457.9	11803.5
	DCF Intrinsic Value	$10,737.16			7.55%	7106.2	7666.5	8337.7	9156.5	10177.4
© Swarnadeep Seth (2022)