Intrinsic Valuation of TATACONSUM
	TATACONSUM Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$12,814,300,000	-12.38%		EPS (FY)	10.15		Market Cap	723B
	2020		$14,624,100,000	60.91%		P/E Ratio	77.24		Total Asset	211B
	2019		$9,088,300,000	1560.44%		Net Income	9B		Total Debt	14B
	2018		($622,300,000)	-464.77%		EBITDA	17B		Total Liab	48B
	2017		$170,600,000	-97.15%		Opr Margin	0.1160		Debt/Equity	0.09
	2016		$5,988,800,000			PreTax Margin	0.1172		BV/Share	164.31
	5Y Median FCF		$7,215,000,000	-12.38%
						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):	8.54%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$11,228,471,119			MBG Intrinsic Value			$213.89
	2023		$9,838,895,895
	2024		$8,621,287,031
	2025		$7,554,362,894
	2026		$6,619,475,553
	2027		$5,800,284,843
	Terminal Value		$98,490,558,488			Net Worth/Share			$176.81
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$94,336,428,760				Growth Rate
	(+) Cash & Cash Equivalents	$27,979,200,000			117.41	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$14,120,100,000		WACC	8.44%	109.5	113.8	118.9	124.9	132.1
	Equity Value	$108,195,528,760			8.49%	108.9	113.1	118.1	124.0	131.0
	Shares Outstanding	921551715			8.54%	108.3	112.5	117.4	123.1	130.0
					9.04%	102.8	106.4	110.4	115.2	120.8
	DCF Intrinsic Value	$117.41			9.54%	98.1	101.1	104.5	108.5	113.1
© Swarnadeep Seth (2022)