Bindhyabasini Hydropower’s valuation downgraded amid lower projected free cash flows
Higher historical costs and an updated WACC weigh on its intrinsic value
December 17th 2025
Image Source: Bindhyabasini Hydropower Development Company Limited
Bindhyabasini Hydropower Development Company (BHDC) is doing much the same as before; its valuation is not.
The base-case intrinsic value of BHDC has been revised down by about 25%. The change reflects leaner projected free cash flows and a change in the WACC estimation approach within our DCF model.
Costs are the first drag. In the earlier valuation, average combined COGS and administrative expenses (excluding royalty) were assumed at 16.03% of revenue. This has now been lifted to 18.84%, in line with the three-year historical average, trimming projected free cash flow to the firm (FCFF).
Nabil Bank (Nabil) has remained the leading financial institution since its establishment in 1984 AD. Nabil's net profit margin and return on equity in FY 2076/77 declined to 14.5 percent and 18.6 percent, mainly due to decrease net interest income. The Bank has a well-established risk management system with an NPA of 0.48 percent .Nabil Bank (Nabil) has remained the leading financial institution since its establishment in 1984 AD. Nabil's net profit margin and return on equity in FY 2076/77 declined to 14.5 percent and 18.6 percent, mainly due to decrease net interest income. The Bank has a well-established risk management system with an NPA of 0.48 percent Nabil Bank (Nabil) has remained the leading financial institution since its establishment in 1984 AD. Nabil's net profit margin and return on equity in FY 2076/77 declined to 14.5 percent and 18.6 percent, mainly due to decrease net interest income. The Bank has a well-established risk management system with an NPA of 0.48 percent .Nabil Bank (Nabil) has remained the leading financial institution since its establishment in 1984 AD. Nabil's net profit margin and return on equity in FY 2076/77 declined to 14.5 percent and 18.6 percent, mainly due to decrease net interest income.
Nabil Bank (Nabil) has remained the leading financial institution since its establishment in 1984 AD. Nabil's net profit margin and return on equity in FY 2076/77 declined to 14.5 percent and 18.6 percent, mainly due to decrease net interest income. The Bank has a well-established risk management system with an NPA of 0.48 percent .Nabil Bank (Nabil) has remained the leading financial institution since its establishment in 1984 AD.
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