Intrinsic Valuation of YESBANK
	YESBANK Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$8,668,930,000	-72.29%		EPS (FY)	0.42		Market Cap	417B
	2020		$31,284,051,000	233.67%		P/E Ratio	35.55		Total Asset	3187B
	2019		($23,404,342,000)	-150.53%		Net Income	11B		Total Debt	874B
	2018		$46,313,285,000	62.65%		EBITDA	-		Total Liab	2849B
	2017		$28,474,654,000	-40.60%		Opr Margin	0.0688		Debt/Equity	2.08
	2016		$47,940,736,000			PreTax Margin	0.0688		BV/Share	13.45
	5Y Average FCF		$18,267,315,600	6.58%
						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):	4.87%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$9,239,106,362			MBG Intrinsic Value			$8.90
	2023		$9,846,784,593
	2024		$10,494,431,282
	2025		$11,184,675,250
	2026		$11,920,318,223
	2027		$12,704,346,203
	Terminal Value		$548,657,079,561			Net Worth/Share			$13.51
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$448,279,186,917				Growth Rate
	(+) Cash & Cash Equivalents	$0			-16.97	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$873,569,472,000		WACC	4.77%	-21.3	-19.2	-16.1	-11.4	-2.8
	Equity Value	($425,290,285,083)			4.82%	-21.5	-19.5	-16.6	-12.0	-4.1
	Shares Outstanding	25054915063			4.87%	-21.7	-19.7	-16.9	-12.6	-5.2
					5.37%	-23.5	-22.1	-20.1	-17.4	-13.2
	DCF Intrinsic Value	-$16.97			5.87%	-24.8	-23.8	-22.4	-20.5	-17.9
© Swarnadeep Seth (2022)