they won’t have to pay taxes for a long time as they had losses for the last few years.
and here is how I calculated ebitda
- Expecting 200 crores to be their interest cost. So 2000 crores is debt because cost of debt is 10%. Assuming 145 crores+200 crore free cash flow, ebitda coms to 470 crores(3.5 times net debt/ebitda is expected)
Out of this, 200 is interest costs, followed by almost the same or a little higher depreciation at 125 crores.
so we get, 135 crores. remove 30 crores because of G&A and ESOP costs, we get a pat 100-110 crores.
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