Valuation Abc
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Index Nos. in Blue colour do not contains any formula Nos. in Black colour contains formula
Income statement Balance sheet Cash flow Ratios FCFF EVA & ROIC News Analysis 1 News Analysis 2
Go home (Income statement )
(Rs mn) 2012E 2013E 227.93 271.25 93.13 135.25 134.80 136.00
2008 100.00 44.80 55.20
2009E 110.70 51.48 59.22
2010E 120.97 58.13 62.84
2011E 171.21 71.08 100.13
Operating expenses Operating income
37.84 17.36
39.32 19.90
40.80 22.05
72.01 28.12
98.84 35.96
94.06 41.95
Interest expenses
5.00
5.65
5.43
5.32
5.72
5.10
PBT Tax
12.36 4.94
14.25 5.70
16.62 6.65
22.80 9.12
30.24 12.09
36.85 14.74
PAT
7.42
8.55
9.97
13.68
18.14
22.11
Dividend payout
1.97
4.40
4.42
5.31
8.19
9.17
2009E 10.7% 53.5% 18.0%
2010E 9.3% 51.9% 18.2%
2011E 41.5% 58.5% 16.4%
2012E 33.1% 59.1% 15.8%
2013E 19.0% 50.1% 15.5%
51.5%
44.4%
38.8%
45.1%
41.5%
Revenue Cost of goods sold Gross profit
Assumptions For Income statement (Sales Growth ) (Gross Margin ) (Operating Margin ) (Tax Rate ) (Dividend Payout )
2008 55.2% 17.4% 40.0% 26.5%
Go home Balance sheet 2008 Asset Cash Other current asset Total current asset
2009E
2010E
2011E
2012E
(Rs mn) 2013E
20.00 28.29 48.29
22.33 30.61 52.94
21.97 40.51 62.48
23.35 50.83 74.18
3.98 78.52 82.50
8.81 90.39 99.21
30
5.79 7.68 28.11
6.65 6.31 28.45
9.36 6.81 31.01
11.29 6.92 35.37
12.54 8.17 39.75
Total Asset
78.29
81.05
90.94
105.19
117.87
138.96
Liabilities and equity Total current liability
12.44
11.05
15.39
21.26
24.00
32.14
Long term debt Total liabilities
50.00 62.44
50.00 61.05
50.00 65.39
50.00 71.26
50.00 74.00
50.00 82.14
Common stock Returned earning Shareholders equity
15.00 0.85 15.85
15.00 5.00 20.00
15.00 10.55 25.55
15.00 18.92 33.92
15.00 28.88 43.88
15.00 41.81 56.81
Total L & SE
78.29
81.05
90.94
105.19
117.87
138.96
PP&E Depreciation expenses Net PP&E
Go home Cash Flow Statement 2008
(Rs mn) 2012E 2013E 18.14 22.11 6.92 8.17 (27.69) (11.88) 2.73 8.15 0.10 26.55
2009E 8.55 7.68 (2.32) (1.39) 12.52
2010E 9.97 6.31 (9.90) 4.34 10.72
2011E 13.68 6.81 (10.32) 5.88 16.05
Capex
(5.79)
(6.65)
(9.36)
(11.29)
(12.54)
Change in long term debt Dividends Cash flow from financing
0.00 (4.40) (4.40)
0.00 (4.42) (4.42)
0.00 (5.31) (5.31)
0.00 (8.19) (8.19)
0.00 (9.17) (9.17)
2.33
(0.36)
1.38
(19.37)
4.83
22.33 2.33 22.33
21.97 (0.36) 21.97
23.35 1.38 23.35
3.98 (19.37) 3.98
8.81 4.83 8.81
Revenue Depreciation Change in Non-cash CA Change in CL Cash flow from operation
Total cash flow Opening cash flow Change in cash flow Ending cash flow
20.00
Go home Ratios
Current ratio
2008
2009E 2010E Liquidity ratio
3.88
4.79
4.06
2011E
2012E
2013E
3.49
3.44
3.09
5.52 1.63
6.44 1.93
6.82 1.95
Efficiancy ratio Fixed asset T/O Total asset T/O
3.33 1.28
3.94 1.37
4.25 1.33
Leverage ratio Total debt ratio Debt to Equity
### 75.32% 71.90% 67.75% 62.78% 59.11% 3.94 3.05 2.56 2.10 1.69 1.45 Coverage ratio
Interest expenses
3.47
3.52
4.06
5.28
6.28
8.23
58.48% 16.42% 7.99% 13.00% 40.32% 40.32%
59.14% 15.78% 7.96% 15.39% 41.35% 41.35%
50.14% 15.46% 8.15% 15.91% 38.91% 38.91%
Profitability ratio Gross profit margin Operating profit margin Net profit margin Return on Total Asset Return on equity Return on common equity The Du Pont Analysis
### ### 7.42% 9.47% ### ###
53.50% 17.98% 7.72% 10.55% 42.75% 42.75%
51.95% 18.23% 8.24% 10.97% 39.04% 39.04%
### 42.75% 39.04% 40.32% 41.35% 38.91% Valuation ratio
EV/EBITDA EV/Sales PE EPS Market cap/Sales EVA ROIC EV
3.28 1.98 1.94 1.53 1.70 1.36 0.57 0.49 0.45 0.31 0.32 0.25 3.63 3.14 2.70 1.97 1.48 1.22 16.83 19.40 22.63 31.03 41.15 50.15 0.27 0.24 0.22 0.16 0.12 0.10 2.73 11.73 13.23 18.33 25.01 29.48 ### 28.43% 29.18% 33.51% 38.30% 39.27% 56.89 54.56 54.92 53.54 72.91 68.08
Go home
Go home
Free cash flow to the firm (FCFF) Other parameter
(Rs mn)
(Kd ) 12.6% (Beta ) 1.30 (Rf ) 10.0% ((Rm-Rf) ) 7.2% (Market Value of Equity )26.89 Ke Book value of equity WACC (Market) WACC (Book) WACC (Used)
CMP (Rs) No. of shares (mn)
Implied - Market Equity Debt Implied - Book Equity Debt
19.36% 15.85 11.67% 10.38% 11.67%
61 0.44
35.0% 65.0%
24.1% 75.9%
(FCFF ) 2008 EBIT Cash taxes EBIAT Depreciation Changes in non cash CA Changes in CL
2009E 19.90 7.96 11.94 7.68 ((2.32) (1.39)
2010E 22.05 8.82 13.23 6.31 ((9.90) 4.34
2011E 28.12 11.25 16.87 6.81 ((10.32) 5.88
(Rs mn) 2012E 2013E 35.96 41.95 14.38 16.78 21.58 25.17 6.92 8.17 ((27.69) ((11.88) 2.73 8.15
Capex
(5.79)
(6.65)
(9.36)
(11.29)
(12.54)
FCFF
10.12
7.32
9.88
((7.75)
17.06
Terminal value Annuity with growth (%) Market value Book value Calculations - FCFF FCFF - Market value Cash flow Enterprise value Debt Equity FCFF - Book value Cash flow Enterprise value Debt Equity
Price per share (Rs)
3% 202.76 238.19 2000
2001 10.12
144 50.00 Debt (%) 93.65 Equity (%) 2000
2001 10.12
173 50.00 Debt (%) 123 Equity (%)
212
2002 7.32
9.88
(Rs mn) 2004 2005 -7.75 219.82
9.88
2004 -7.75
2003
34.81% 65.19% 2002 7.32
28.88% 71.12%
2003
2005 255.25
EVA calculation 2008
2009E
2010E
2011E
NOPAT 10.42 19.90 22.05 28.12 Invested capital 65.85 70.00 75.55 83.92 WACC (Market) 11.67% 11.67% 11.67% 11.67% WACC (Rs mn) 7.68 8.17 8.81 9.79 Economic profit2.73 11.73 13.23 18.33
(Rs mn) 2012E 2013E
35.96 93.88 11.67% 10.95 25.01
41.95 106.81 11.67% 12.46 29.48
ROIC calculation 2008
EVA = NOPAT-(WACC (Rs) *
NOPAT = ROIC*Investe
Therefore, EVA = (ROIC - WACC (Rs)) * EVA = NOPAT-(WACC (Rs) *In ROIC = NOPAT / Invested cap Go home
2009E
2010E
2011E
2012E
2013E
NOPAT 10.42 19.90 22.05 28.12 35.96 41.95 Invested capital 65.85 70.00 75.55 83.92 93.88 106.81 ROIC 15.8% 28.4% 29.2% 33.5% 38.3% 39.3%
NOPAT-(WACC (Rs) *Invested capital) NOPAT = ROIC*Invested capital
ROIC - WACC (Rs)) * Invested capital OR NOPAT-(WACC (Rs) *Invested capital) NOPAT / Invested capital
Income statement Balance sheet Cash flow Ratios FCFF EVA & ROIC News Analysis 1 News Analysis 2
Go home (Income statement )
(Rs mn) 2012E 2013E 227.93 271.25 93.13 135.25 134.80 136.00
2008 100.00 44.80 55.20
2009E 110.70 51.48 59.22
2010E 120.97 58.13 62.84
2011E 171.21 71.08 100.13
Operating expenses Operating income
37.84 17.36
39.32 19.90
40.80 22.05
72.01 28.12
98.84 35.96
94.06 41.95
Interest expenses
5.00
5.65
5.43
5.32
5.72
5.10
PBT Tax
12.36 4.94
14.25 5.70
16.62 6.65
22.80 9.12
30.24 12.09
36.85 14.74
PAT
7.42
8.55
9.97
13.68
18.14
22.11
Dividend payout
1.97
4.40
4.42
5.31
8.19
9.17
2009E 10.7% 53.5% 18.0%
2010E 9.3% 51.9% 18.2%
2011E 41.5% 58.5% 16.4%
2012E 33.1% 59.1% 15.8%
2013E 19.0% 50.1% 15.5%
51.5%
44.4%
38.8%
45.1%
41.5%
Revenue Cost of goods sold Gross profit
Assumptions For Income statement (Sales Growth ) (Gross Margin ) (Operating Margin ) (Tax Rate ) (Dividend Payout )
2008 55.2% 17.4% 40.0% 26.5%
Go home Balance sheet 2008 Asset Cash Other current asset Total current asset
2009E
2010E
2011E
2012E
(Rs mn) 2013E
20.00 28.29 48.29
22.33 30.61 52.94
21.97 40.51 62.48
23.35 50.83 74.18
3.98 78.52 82.50
8.81 90.39 99.21
30
5.79 7.68 28.11
6.65 6.31 28.45
9.36 6.81 31.01
11.29 6.92 35.37
12.54 8.17 39.75
Total Asset
78.29
81.05
90.94
105.19
117.87
138.96
Liabilities and equity Total current liability
12.44
11.05
15.39
21.26
24.00
32.14
Long term debt Total liabilities
50.00 62.44
50.00 61.05
50.00 65.39
50.00 71.26
50.00 74.00
50.00 82.14
Common stock Returned earning Shareholders equity
15.00 0.85 15.85
15.00 5.00 20.00
15.00 10.55 25.55
15.00 18.92 33.92
15.00 28.88 43.88
15.00 41.81 56.81
Total L & SE
78.29
81.05
90.94
105.19
117.87
138.96
PP&E Depreciation expenses Net PP&E
Go home Cash Flow Statement 2008
(Rs mn) 2012E 2013E 18.14 22.11 6.92 8.17 (27.69) (11.88) 2.73 8.15 0.10 26.55
2009E 8.55 7.68 (2.32) (1.39) 12.52
2010E 9.97 6.31 (9.90) 4.34 10.72
2011E 13.68 6.81 (10.32) 5.88 16.05
Capex
(5.79)
(6.65)
(9.36)
(11.29)
(12.54)
Change in long term debt Dividends Cash flow from financing
0.00 (4.40) (4.40)
0.00 (4.42) (4.42)
0.00 (5.31) (5.31)
0.00 (8.19) (8.19)
0.00 (9.17) (9.17)
2.33
(0.36)
1.38
(19.37)
4.83
22.33 2.33 22.33
21.97 (0.36) 21.97
23.35 1.38 23.35
3.98 (19.37) 3.98
8.81 4.83 8.81
Revenue Depreciation Change in Non-cash CA Change in CL Cash flow from operation
Total cash flow Opening cash flow Change in cash flow Ending cash flow
20.00
Go home Ratios
Current ratio
2008
2009E 2010E Liquidity ratio
3.88
4.79
4.06
2011E
2012E
2013E
3.49
3.44
3.09
5.52 1.63
6.44 1.93
6.82 1.95
Efficiancy ratio Fixed asset T/O Total asset T/O
3.33 1.28
3.94 1.37
4.25 1.33
Leverage ratio Total debt ratio Debt to Equity
### 75.32% 71.90% 67.75% 62.78% 59.11% 3.94 3.05 2.56 2.10 1.69 1.45 Coverage ratio
Interest expenses
3.47
3.52
4.06
5.28
6.28
8.23
58.48% 16.42% 7.99% 13.00% 40.32% 40.32%
59.14% 15.78% 7.96% 15.39% 41.35% 41.35%
50.14% 15.46% 8.15% 15.91% 38.91% 38.91%
Profitability ratio Gross profit margin Operating profit margin Net profit margin Return on Total Asset Return on equity Return on common equity The Du Pont Analysis
### ### 7.42% 9.47% ### ###
53.50% 17.98% 7.72% 10.55% 42.75% 42.75%
51.95% 18.23% 8.24% 10.97% 39.04% 39.04%
### 42.75% 39.04% 40.32% 41.35% 38.91% Valuation ratio
EV/EBITDA EV/Sales PE EPS Market cap/Sales EVA ROIC EV
3.28 1.98 1.94 1.53 1.70 1.36 0.57 0.49 0.45 0.31 0.32 0.25 3.63 3.14 2.70 1.97 1.48 1.22 16.83 19.40 22.63 31.03 41.15 50.15 0.27 0.24 0.22 0.16 0.12 0.10 2.73 11.73 13.23 18.33 25.01 29.48 ### 28.43% 29.18% 33.51% 38.30% 39.27% 56.89 54.56 54.92 53.54 72.91 68.08
Go home
Go home
Free cash flow to the firm (FCFF) Other parameter
(Rs mn)
(Kd ) 12.6% (Beta ) 1.30 (Rf ) 10.0% ((Rm-Rf) ) 7.2% (Market Value of Equity )26.89 Ke Book value of equity WACC (Market) WACC (Book) WACC (Used)
CMP (Rs) No. of shares (mn)
Implied - Market Equity Debt Implied - Book Equity Debt
19.36% 15.85 11.67% 10.38% 11.67%
61 0.44
35.0% 65.0%
24.1% 75.9%
(FCFF ) 2008 EBIT Cash taxes EBIAT Depreciation Changes in non cash CA Changes in CL
2009E 19.90 7.96 11.94 7.68 ((2.32) (1.39)
2010E 22.05 8.82 13.23 6.31 ((9.90) 4.34
2011E 28.12 11.25 16.87 6.81 ((10.32) 5.88
(Rs mn) 2012E 2013E 35.96 41.95 14.38 16.78 21.58 25.17 6.92 8.17 ((27.69) ((11.88) 2.73 8.15
Capex
(5.79)
(6.65)
(9.36)
(11.29)
(12.54)
FCFF
10.12
7.32
9.88
((7.75)
17.06
Terminal value Annuity with growth (%) Market value Book value Calculations - FCFF FCFF - Market value Cash flow Enterprise value Debt Equity FCFF - Book value Cash flow Enterprise value Debt Equity
Price per share (Rs)
3% 202.76 238.19 2000
2001 10.12
144 50.00 Debt (%) 93.65 Equity (%) 2000
2001 10.12
173 50.00 Debt (%) 123 Equity (%)
212
2002 7.32
9.88
(Rs mn) 2004 2005 -7.75 219.82
9.88
2004 -7.75
2003
34.81% 65.19% 2002 7.32
28.88% 71.12%
2003
2005 255.25
EVA calculation 2008
2009E
2010E
2011E
NOPAT 10.42 19.90 22.05 28.12 Invested capital 65.85 70.00 75.55 83.92 WACC (Market) 11.67% 11.67% 11.67% 11.67% WACC (Rs mn) 7.68 8.17 8.81 9.79 Economic profit2.73 11.73 13.23 18.33
(Rs mn) 2012E 2013E
35.96 93.88 11.67% 10.95 25.01
41.95 106.81 11.67% 12.46 29.48
ROIC calculation 2008
EVA = NOPAT-(WACC (Rs) *
NOPAT = ROIC*Investe
Therefore, EVA = (ROIC - WACC (Rs)) * EVA = NOPAT-(WACC (Rs) *In ROIC = NOPAT / Invested cap Go home
2009E
2010E
2011E
2012E
2013E
NOPAT 10.42 19.90 22.05 28.12 35.96 41.95 Invested capital 65.85 70.00 75.55 83.92 93.88 106.81 ROIC 15.8% 28.4% 29.2% 33.5% 38.3% 39.3%
NOPAT-(WACC (Rs) *Invested capital) NOPAT = ROIC*Invested capital
ROIC - WACC (Rs)) * Invested capital OR NOPAT-(WACC (Rs) *Invested capital) NOPAT / Invested capital
