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INCOME STATEMENT

GROSS TURNOVER
Less: Value Added Tax
NET TURNOVER
Less: COST OF GOODS SOLD
GROSS PROFIT
Less: Operating Expenses:

Selling and Distribution Expenses


Administrative Expenses
Less: Financial Expenses
PROFIT FROM OPERATIONS
Plus:Other Income
NET PROFIT BEFORE WPPF
Less: Allocation for WPPF
NET PROFIT BEFORE TAX
Less: Provision for Income Tax
Less: Provision for Deferred Income Tax
NET PROFIT AFTER TAX
(Transferred to the Statement of Changes in Equity)
Other Comprehensive Income:
Gain on Marketable Securities (Unrealized
Total Comprehensive Income for the Year
Earnings Per Share (EPS)
Number of Shares used to compute EPS

Dividend paid

Particulars

2010
13,279,141,757
1,816,563,347
11,462,578,410
6,561,288,485
4,901,289,925

2011
15,576,487,536
2,105,063,067
13,471,424,469
7,703,661,010
5,767,763,459

211,670,939
1,687,210,447
524,460,492
308,861,107
2,380,757,879
585,564,825

2,747,308,991
2,121,163,004
626,145,987
268,849,071
2,751,605,397
833,884,528

141,253,462
2,825,069,243
688,499,602
48,697,850
2,087,871,791

170,737,615
3,414,752,310
805,575,198
77,122,562
2,532,054,550

71,664,526
2,159,536,317

92,483,089
2,624,537,639

106.43
19,617,390
980869500

129.07
19,617,390
980869500

2010

2011
0.173004086

0.136798249

0.13514363

0.49410486

0.494569844

Sales growth rate


Average sales growth rate
Value added tax in proportion to sales
Average proportion
COGS in proportion to sales

Average proportion
Operating expense in proportion to sales

0.015940107

0.176375385

0.127057191

0.136177235

0.039495059

0.04019815

0.023259117

0.017259929

Average proportion
Selling and distributin expense in proportion to sales
Average proportion
Administrative expense in proportion to sales
Average proportion
Financial expense in proportion to sales
Average proportion

0.424068681

Growth rate of other income


Normalize proportion
Proportion of contribution to WPPF to sales

0.010637243

0.01096124

0.2437107

0.235910287

0.017237754

0.022585112

0.454203753

0.373730399

Average
Tax rate on EBT
Average

Deferred Income Tax in proportion to EBT


Average proportion

Dividend payout ratio

2012
18,592,856,236
2,538,430,993
16,054,425,243
9,167,253,620
6,887,171,623

2013
20742746372

2017

2014

2015

2016

2017

16%

16%

16%

16%

14%

14%

14%

14%

10,223,478,073
7,736,011,423

198,946,954
3,978,939,088
958,906,349
122,322,098
2,897,710,641

224,052,372
4,481,047,443
1067770353

139,986,324
3,037,696,965

101,475,954
3,239,948,829

7.82

9.01
370,768,664

1275130300

1721425940

2012
0.193648837

2013
0.115629902

0.493052466

2016

17,959,489,496

3,883,200,849
2,820,582,797
737,337,036
325,281,016
3,852,810,574
852,289,241

0.136527221

2015

2,783,256,876

3,132,443,874
2,430,466,795
701,977,079
433,581,036
3,754,727,749
856,739,329

370,768,66

2014

71,852,307
3341424783

0.134179767

0.492870032

0.168475668

0.130720464

0.037755204

0.023319765

0.027407633

0.010700182

0.240995483

0.03074239

0.419768764

49%

49%

49%

49%

18%

18%

18%

18%

13%

13%

13%

13%

4%

4%

4%

4%

2%

2%

2%

2%

40%

40%

23%

1%

1%

1%

1%

24%

24%

24%

24%

2%

2%

2%

2%

0.187207652

0.135979236

0.035546741

0.015681675

-0.005194215

0.010801481

0.238285884

0.016034712

0.531312694
0.4447539 0.444754 0.444754 0.444754

2010

2011

10,643,410,336
5,630,791,822
634,347,093
3,990,050,169
388,221,252

12,422,195,814
6,981,559,781
887,584,197
4,031,751,281
521,300,555

Current Assets:
Inventories
Trade Debtors
Advances,Deposits and Prepayments

4,553,041,968
2,207,078,082
508,249,174
358,250,076

7,022,213,840
2,541,688,329
772,421,345
523,991,079

Short Term Loan


Cash and Cash Equivalents

1,220,736,941
258,727,695

2,813,811,332
370,301,755

15,196,452,304

19,444,409,654

11,721,331,851
1,509,030,000
2,035,465,000
105,878,200
1,1O1,935,237
259,435,115
6,802,071,388

13,817,708,990
1,961,739,000
2,035,465,000
105,878,200
1,101,935,237
166,952,026
8,353,256,438

Non-Current Liabilities:
Long Term Loans - Secured
Deferred Tax Liability

1,258,376,052
1,032,633,110
225,742,942

958,511,238
655,645,734
302,865,504

Current Liabilities:
Short Term Bank Loans
Long Term Loans - Current Portion
Trade Creditors
Liabilities for Expenses
Liabilities for Other Finance

2,216,744,401
736,443,848
462,090,211
394,715,915
56,463,570
567,030,857

4,668,189,426
2,627,483,864
478,199,933
733,369,218
79,499,584
749,636,827

15,029,500,278

19,444,409,654

BALANCE SHEET
ASSETS:

Non-Current Assets
Property, Plant and Equipment-Carrying Value

Capital Work-in-Progress
Investment - Long Term (at Cost)
Investment in Marketable Securities (Fair Value)

TOTAL ASSETS

SHAREHOLDERS' EQUITY AND LIABILITIES:


Shareholders' Equity:
Share Capital
Share Premium
General Reserve
Tax Holiday Reserve
Gain on Marketable Securities (Unrealized)
Retained Earnings

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

Particulars

2010

2011

Groth rate of PPE


Average growth rate

0.239889522

Growth rate of Capital Work-in-Progress

0.399209056

Normalized average
Growth rate of investment (long term)
Normalized average

0.010451275

Investment in Marketable Securities (Fair Value)


Average growth rate

0.342792421

Non-Current Assets
Rate of return on investment
Average
Normalized average

Current Assets:
0.16620638

0.163174677

0.09

0.180644791

Trade debtors in proportion to sales


Average proportion

0.038274249

0.04958893

Advance & prepayment in proportion to sales


Average proportion

0.026978406

0.033639874

2,231,167,169

3,761,329,531
2,996,248,350

Inventory in proportion to sales


Average proportion

Short-term loan in proportion to sales (current asset)


Average proportion

Non-Current Liabilities:
Total loan
Average loan
Interest rate
Average interest rate

0.174882392

Growth rate of Deferred Tax Liability


Average growth rate

0.341638863

Current Liabilities:
Trade Creditors in proportion to sales (current asset)
Normalized proportion
Average proportion

0.029724505

0.047081809

Short Term Bank Loans in proportion to sales


Average proportion

0.055458693

0.168682693

Liabilities for Expenses in proportion to sales


Average proportion

0.00425205

0.00510382

Liabilities for Other Finance in proportion to sales


Average proportion

0.042700866

0.048126179

Trade creditors in proportion to sales


Average proportion

0.037085474

0.059037004

Others
Property, Plant and Equipment-Carrying Value
CAPEX
Depreciation as % of PPE

9,322,186,497.00

15.00%

11059130817.87
1,736,944,320.87
1,658,869,622.68

2012

2013

2014

14,708,277,754 17,450,947,962
8,767,827,062 9,322,186,497
1,274,390,572 3,718,326,254
3,971,022,723 3,821,121,331
695,037,397
589,313,880
6,745,507,008 5,996,697,544
2,687,818,472 2,503,683,240
808,311,714
800,974,912
577,156,445
650,380,369
2,085,300,110 1,109,251,152
586,920,267
932,407,871
21,453,784,762 23,447,645,506

16,266,884,255
2,648,347,600
2,035,465,000
105,878,200
0
399,421,439
11,077,772,016

18,844,746,184

933,965,662
508,778,060
425,187,602

810,461,067
313,421,158

3,707,686,640
2,035,465,000
105,878,200
297,945,485
12,697,770,859

497,039,909

4,252,934,845 3,792,438,255
2,016,551,125 1,112,694,131
477,141,480
511,504,034
875,431,555 1,086,097,881
95,361,435
109,604,834
788,449,250
972,537,375
21,453,784,762 23,447,645,506

280,938,516

2015

2016

2017

2012

2013

2014

2015

2016

2017

0.255855043

0.063226548
0.186323704

0.186323704

0.186323704

0.186323704

0.186323704

0.41750294

0.41750294

0.41750294

0.41750294

0.435796825

-0.015062575

1.917728941

-0.037748812
-0.014120038 -0.014120038 -0.014120038 -0.014120038

0.333275766

0.144561892

0.112155985

-0.152111983
0.338034094

0.338034094

0.338034094

0.338034094

0.148661144

0.148661144

0.148661144

0.148661144

0.120701627

0.053476581
0.11

0.043474316

0.031041839

0.038614699

0.11

0.11

0.042488048
0.042488048

0.042488048

0.042488048

0.042488048

0.030753678

0.030753678

0.030753678

0.030753678

0.202949964

0.202949964

0.202949964

0.202949964

0.372760716

0.372760716

0.372760716

0.372760716

0.031354593

3,002,470,665
3,381,900,098

1,937,619,323
2,470,044,994

0.170660406

0.263307094

0.40388257

0.11

0.168989657

0.047084296

0.05236037
0.044062745

0.044062745

0.044062745

0.044062745

0.096560584

0.096560584

0.096560584

0.096560584

0.004942201

0.004942201

0.004942201

0.004942201

0.045029684

0.045029684

0.045029684

0.045029684

0.054469828

0.054469828

0.054469828

0.054469828

0.04129687
0.108458383

0.005128929

0.042406032

0.059519651

0.053642566

0.005284008

0.046885661

0.062237185

13119709038.87
2,060,578,221.00

15564221827
18464205293.47
2444512788 2,899,983,466.47

1,967,956,355.83

2334633274 2,769,630,794.02

Particulars

2010

Sales growth rate


Average sales growth rate

2011

2012

0.173004086 0.193648837

Value added tax in proportion to sales


Average proportion

0.13679825

COGS in proportion to sales


Average proportion

0.49410486 0.494569844 0.493052466

Operating expense in proportion to sales


Average proportion

0.01594011 0.176375385 0.168475668

Selling and distributin expense in proportion to sales


Average proportion

0.12705719 0.136177235 0.130720464

Administrative expense in proportion to sales


Average proportion

0.03949506

Financial expense in proportion to sales


Average proportion

0.02325912 0.017259929 0.023319765

Growth rate of other income


Normalize proportion
Proportion of contribution to WPPF to sales
Average
Tax rate on EBT
Average

0.13514363 0.136527221

0.04019815 0.037755204

0.424068681 0.027407633

0.01063724

0.01096124 0.010700182

0.2437107 0.235910287 0.240995483

Deferred Income Tax in proportion to EBT


Average proportion

0.01723775 0.022585112

0.03074239

Dividend payout ratio

0.45420375 0.373730399 0.419768764

Groth rate of PPE


Average growth rate

0.239889522 0.255855043

Growth rate of Capital Work-in-Progress


Normalized average

0.399209056 0.435796825

Growth rate of investment (long term)


Normalized average

0.010451275

Investment in Marketable Securities (Fair Value)

0.342792421 0.333275766

-0.01506258

Average growth rate


Non-Current Assets
Inventory in proportion to sales
Average proportion
Short-term loan in proportion to sales (current asset)
Average proportion

0.16620638 0.163174677 0.144561892

0.0919289 0.180644791 0.112155985

Trade debtors in proportion to sales


Average proportion

0.03827425

0.04958893 0.043474316

Advance & prepayment in proportion to sales


Average proportion

0.02697841 0.033639874 0.031041839

Non-Current Liabilities:
Total loan
Average loan

2231167169

3761329531
2996248350

3002470665
3381900098

Interest rate
Average interest rate

0.174882392 0.170660406

Growth rate of Deferred Tax Liability


Average growth rate

0.341638863

0.40388257

Current Liabilities:
Trade Creditors in proportion to sales (current asset)
Normalized proportion
Average proportion

0.0297245 0.047081809 0.047084296


0.04129687

Short Term Bank Loans in proportion to sales


Average proportion

0.05545869 0.168682693 0.108458383

Liabilities for Expenses in proportion to sales


Average proportion

0.00425205

Liabilities for Other Finance in proportion to sales


Average proportion

0.04270087 0.048126179 0.042406032

Trade creditors in proportion to sales


Average proportion

0.03708547 0.059037004 0.059519651

0.00510382 0.005128929

Others
Property, Plant and Equipment-Carrying Value
CAPEX
Depreciation as % of PPE

9322186497 11059130818 13119709039


1736944321 2060578221
0.15

1658869623

1967956356

2013

2014

2015

2016

2017

0.160760942

0.16

0.16

0.16

0.135283539 0.135284

0.14

0.14

0.493497447 0.493497

0.492961249

0.492870032

0.177352902 0.177842

0.177597281

0.177597281

0.134292312 0.134292

0.13334985

0.13

0.037833365 0.037833

0.036650973

0.035546741

0.01875379 0.018754

0.01950072

0.015681675

0.4

0.4

0.23

0.010820968 0.010821

0.010820968

0.010820968

0.238397218 0.238397

0.238397218

0.238397218

0.023388551 0.023389

0.023388551

0.023388551

0.444753903 0.444754

0.444753903

0.444753903

0.063226548
0.186323704 0.186323704 0.186324

0.186323704

0.186323704

0.41750294

0.41750294

-0.014120038

-0.014120038

0.115629902

0.134179767

0.492870032

0.187207652

0.135979236

0.035546741

0.015681675

-0.00519421

0.010801481

0.238285884

0.016034712

0.531312694

1.917728941
0.41750294 0.417503
-0.03774881
-0.01412004
-0.15211198

-0.01412

0.338034094 0.338034

0.338034094

0.338034094

0.148661144 0.148661

0.148661144

0.148661144

0.109551565 0.109552

0.109551565

0.109551565

0.038614699 0.042488048
0.042488048 0.042488

0.042488048

0.042488048

0.030753678 0.030754

0.030753678

0.030753678

0.202949964

0.20295

0.202949964

0.202949964

0.372760716 0.372761

0.372760716

0.372760716

0.044062745 0.044063

0.044062745

0.044062745

0.096560584 0.096561

0.096560584

0.096560584

0.004942201 0.004942

0.004942201

0.004942201

0.045029684

0.04503

0.045029684

0.045029684

0.054469828

0.05447

0.054469828

0.054469828

0.120701627

0.053476581

0.031354593

1937619323
2470044994
0.263307094

0.168989657

0.05236037

0.053642566

0.005284008

0.046885661

0.062237185

15564221827 18464205293
2444512788 2899983466
2334633274

2769630794

Assumption
Risk free rate

8%

Capital expenditures will be financed by long-term loan.


The existing long-term loan will be repaid by four equal-yearly installments.
Growth of marketable securities are considered as return
SPC uses varibale depriciation rate. For simplicity it is assumed at (flat):

Perpetual Growth rate

15%
3%

1) C

1) Company had Investment in marketabble securities in 2010 as current asset , but in

le securities in 2010 as current asset , but in the year 2012 and 2013 it was shown as non-current asset. So I project it as non- cur

non-current asset. So I project it as non- current asset.

Particulars

INCOME STATEMENT
GROSS TURNOVER
Less: Value Added Tax
NET TURNOVER
Less: COST OF GOODS SOLD
GROSS PROFIT
Less: Operating Expenses:

Selling and Distribution Expenses


Administrative Expenses
Less: Financial Expenses
PROFIT FROM OPERATIONS
Plus:Other Income
NET PROFIT BEFORE WPPF
Less: Allocation for WPPF
NET PROFIT BEFORE TAX
Less: Provision for Income Tax
Less: Provision for Deferred Income Tax
NET PROFIT AFTER TAX
(Transferred to the Statement of Changes in Equity)
Other Comprehensive Income:
Gain on Marketable Securities (Unrealized)
Total Comprehensive Income for the Year
Earnings Per Share (EPS)
Number of Shares used to compute EPS

2013
20742746372
2,783,256,876.00
17,959,489,496.00
10,223,478,073.00
7,736,011,423.00
3,883,200,849.00
2,820,582,797.00
737,337,036.00
325,281,016.00
3,852,810,574.00
852,289,241.00
4,379,818,799.00
224,052,372.00
4,481,047,443.00
1,067,770,353.00
71,852,307.00
3,341,424,783.00

101,475,954.00
3,239,948,829.00
9.01
370,768,664.00

2014

2015

2016

2017

24077369808
3,370,831,773.17
20,706,538,035.18
11,797,911,206.09
8,908,626,829.09

27929748978
3,910,164,856.88
24,019,584,120.81
13,685,576,999.07
10,334,007,121.74

32398508814
4,535,791,233.98
27,862,717,580.14
15,875,269,318.92
11,987,448,261.22

37582270224
5,261,517,831.41
32,320,752,392.96
18,415,312,409.94
13,905,439,983.02

4,605,509,751.54
3,130,058,075.09
963,094,792.33
512,356,884.12
4,303,117,077.55
1,193,204,937.40
5,496,322,014.95
240,773,698.08
5,255,548,316.87
1,261,331,596.05
105,110,966.34
3,889,105,754.48

5,342,391,311.78
3,630,867,367.10
1,117,189,959.11
594,333,985.58
4,991,615,809.96
1,670,486,912.36
6,662,102,722.32
279,297,489.78
6,382,805,232.54
1,531,873,255.81
127,656,104.65
4,723,275,872.08

6,197,173,921.67
4,211,806,145.84
1,295,940,352.56
689,427,423.27
5,790,274,339.55
2,338,681,677.30
8,128,956,016.86
323,985,088.14
7,804,970,928.72
1,873,193,022.89
156,099,418.57
5,775,678,487.25

7,188,721,749.14
4,885,695,129.17
1,503,290,808.97
799,735,810.99
6,716,718,233.88
3,274,154,348.23
9,990,872,582.11
375,822,702.24
9,615,049,879.86
2,307,611,971.17
192,300,997.60
7,115,136,911.10

10.49

12.74

15.58

19.19

2013

2014

17,450,947,962
9,322,186,497
3,718,326,254
3,821,121,331
589,313,880

20,885,558,234
11059130818
5270738398
3767166954
788522063.4

5,996,697,544
2,503,683,240
800,974,912
650,380,369
1,109,251,152
932,407,871

7,980,551,020.61
3,579,369,343.49
1,023,000,455.78
740,467,675.87
2637713545
1736944321

23,447,645,506

28,552,189,650

Shareholders' Equity:
Share Capital
Share Premium
General Reserve
Gain on Marketable Securities (Unrealized)
Retained Earnings

18,844,746,184
3,707,686,640
2,035,465,000
105,878,200
297,945,485
12,697,770,859

3,707,686,640
2,035,465,000
105,878,200
280,938,516
16,586,876,613

Total Equity

18,844,746,184

22,716,844,970

810,461,067
313,421,158
497,039,909

917,382,730
235,065,869
682316861.5

3,792,438,255
1,112,694,131
511,504,034
1,086,097,881
109,604,834
972,537,375

4,917,961,950
2,324,924,882.11
78,355,290
1,311,490,199.96
118,995,212.72
1,084,196,365.85

23,447,645,506

28,552,189,650

BALANCE SHEET
ASSETS:

Non-Current Assets
Property, Plant and Equipment-Carrying Value

Capital Work-in-Progress
Investment - Long Term (at Cost)
Investment in Marketable Securities (Fair Value)
Current Assets:
Inventories
Trade Debtors
Advances,Deposits and Prepayments
Short Term Loan
Cash and Cash Equivalents
TOTAL ASSETS

SHAREHOLDERS' EQUITY AND LIABILITIES:

Non-Current Liabilities:
Long Term Loans - Secured
Deferred Tax Liability

Current Liabilities:
Short Term Bank Loans
Long Term Loans - Current Portion
Trade Creditors
Liabilities for Expenses
Liabilities for Other Finance

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

2015

2016

2017

25,360,040,036
13119709039
7471287178
3713974415
1055069405

31,228,045,161
15564221827
10590571543
3661532957
1411718835

38,975,131,501
18464205293
15012166302
3609831974
1888927932

4,152,068,438.45
1,186,680,528.71
858,942,504.01
3059747713
2060578221

4,816,399,388.60
1,376,549,413.30
996,373,304.65
3549307347
2444512788

5,587,023,290.78
1,596,797,319.43
1,155,793,033.40
4117196522
2899983466

34,225,788,220

41,170,491,640

49,728,519,559

3,707,686,640
2,035,465,000
105,878,200
280,938,516
21,310,152,486

3,707,686,640
2,035,465,000
105,878,200
280,938,516
27,085,830,973

3,707,686,640
2,035,465,000
105,878,200
280,938,516
34,200,967,884

27,440,120,842

33,215,799,329

40,330,936,240

1,093,368,362
156,710,579
936657783.4

1,364,162,299
78,355,290
1285807010

1,765,105,352
0
1765105352

5,692,299,016
2,696,912,863.25
78,355,290
1,521,328,631.95
138,034,446.75
1,257,667,784.39

6,590,530,012
3,128,418,921.37
78,355,290
1,764,741,213.06
160,119,958.24
1,458,894,629.89

7,632,477,968
3,628,965,948.79
78,355,290
2,047,099,807.15
185,739,151.55
1,692,317,770.67

34,225,788,220

41,170,491,640

49,728,519,559

Date

Stock Monthly Price


DGEN (Close)
(Close)
12/30/2012
127.19
4,219.31
11/29/2012

127.04

4,210.58

10/31/2012

135.27

4,493.92

9/30/2012

134.42

4,544.41

8/30/2012

140.27

4,446.87

7/30/2012

135.68

4,159.17

6/28/2012

140.35

4,572.88

5/31/2012

139.09

4,734.33

4/30/2012

145.14

5,098.90

3/29/2012

125.96

4,990.32

2/29/2012

114.97

4,695.41

1/31/2012

102.99

4,153.96

12/29/2011

125.85

5,257.61

11/30/2011

130.25

5,268.55

10/31/2011

126.4

5,036.50

9/29/2011

140.33

5,910.20

8/25/2011

143.95

6,212.00

7/31/2011

139.57

6,459.62

6/30/2011

139.58

6,117.23

5/31/2011

131.42

5,758.26

4/28/2011

129.15

6,050.85

3/31/2011

128.59

6,352.10

2/28/2011

112.38

5,203.08

2/27/2011

116.39

7,484.23

1/31/2011

136.76

6,877.66

12/30/2010

138.76

7,135.16

11/30/2010

148.96

6,612.14

10/31/2010

147.58

5,930.90

9/30/2010

137.26

5,555.49

8/31/2010

120.29

5,278.89

7/29/2010
6/30/2010
5/31/2010

113.94
118.25
116.12

5,111.63
5,030.05
4,641.54

4/29/2010
3/31/2010
2/28/2010

107.45
107.37
109.21

4,573.81
4,549.60
4,422.81

1/31/2010

107.74

4,535.53

12/30/2009

102.32

4,380.95

11/30/2009
10/31/2009
9/30/2009
8/31/2009
7/31/2009
6/30/2009
5/31/2009

84.32

3364.26
3083.89
2941.28
2914.53
3010.26
2572.18
2554.36

86.92
88.83
86.44
89.43
82.07
81.11

4/30/2009

80.07

2446.92

Square Returns

DGEN Returns

0.12%

0.21%

-6.08%

-6.30%

0.63%

-1.11%

-4.17%

2.19%

3.38%

6.92%

-3.33%

-9.05%

0.91%

-3.41%

-4.17%

-7.15%

15.23%

2.18%

9.56%

6.28%

11.63%

13.03%

-18.16%

-20.99%

-3.38%

-0.21%

3.05%

4.61%

-9.93%

-14.78%

-2.51%

-4.86%

3.14%

-3.83%

-0.01%

5.60%

6.21%

6.23%

1.76%

-4.84%

0.44%

-4.74%

14.42%

22.08%

-3.45%

-30.48%

-14.89%

8.82%

-1.44%

-3.61%

-6.85%

7.91%

0.94%

11.49%

7.52%

6.76%

14.11%

5.24%

5.57%

3.27%

-3.64%
1.83%
8.07%

1.62%
8.37%
1.48%

0.07%
-1.68%
1.36%

0.53%
2.87%
-2.49%

5.30%

3.53%

21.35%

30.22%

-2.99%

9.09%

-2.15%

4.85%

2.76%

0.92%

-3.34%

-3.18%

8.97%

17.03%

1.18%

0.70%

1.30%

4.39%

CV
0.004516821
VAR
0.009959425
BETA
0.453522308
Market monthly return
1.72%
Yearly rate
21.60%

Risk-free rate
Market return
Beta
Cost of equity
Cost of debt
After tax cost of debt
Total market value of equity
Book value of debt
Total
Weight of equity
Weight of debt
WACC

8.00%
21.60%
0.46
17.94%
20%
15.46%
47,158,066,374
1,937,619,323
49,095,685,697
0.960533817
0.04108776
17.86%

Tax Rate

24%

2013
2,503,683,240
800,974,912
650,380,369
3,955,038,521

2014
3,579,369,343.49
1,023,000,455.78
740,467,675.87
5,342,837,475

Non- STD Current liabilities

1,086,097,881
109,604,834
972,537,375
2,168,240,090

1,311,490,199.96
118,995,212.72
1,084,196,365.85
2,514,681,779

Working capital

1,786,798,431

2,828,155,697
1,041,357,266

Particulars

Inventories
Trade Debtors
Advances,Deposits and Prepayments
Non-cash current asset

Trade Creditors
Liabilities for Expenses
Liabilities for Other Finance

Change in WC

2015
4,152,068,438.45
1,186,680,528.71
858,942,504.01
6,197,691,471

2016
4,816,399,388.60
1,376,549,413.30
996,373,304.65
7,189,322,107

2017
5,587,023,290.78
1,596,797,319.43
1,155,793,033.40
8,339,613,644

1,521,328,631.95
138,034,446.75
1,257,667,784.39
2,917,030,863

1,764,741,213.06
160,119,958.24
1,458,894,629.89
3,383,755,801

2,047,099,807.15
185,739,151.55
1,692,317,770.67
3,925,156,729

3,280,660,608
452,504,911

3,805,566,305
524,905,697

4,414,456,914
608,890,609

Terminal growth rate


Tax rate
WACC

Particulars
EBIT
EBIT (1-tax rate)
Depreciation
Capital expenditure
Change in NWC

Free cashflow
Present value discount factor
Present value of free cashflow

3%
24%
17.86%

2014
5,255,548,316.87
3,994,216,720.82
1,658,869,622.68
1,736,944,320.87
1,041,357,265.62

2,874,784,757.02
0.848441123
2439085607.51

Terminal value
Enterprise value
Cash
Interest-bearing debt
Equity value
Number of Shares
Value per share

$51,178,701,922
$932,407,871
$313,421,158
$51,797,688,635
370,768,664
139.70

2015
6,382,805,232.54
4,850,931,976.73
1,967,956,355.83
2,060,578,221.00
452,504,911.46

4,305,805,200.10
0.719852339
3099543945.14

2016
7,804,970,928.72
5,931,777,905.82
2,334,633,274.05
2,444,512,788.13
524,905,697.29

5,296,992,694.45
0.610180865
3232123584.20

2017
9,615,049,879.86
7,307,437,908.70
2,769,630,794.02
2,899,983,466.47
608,890,608.86

6,568,194,627.39

6,765,240,466.21

0.517541022
3399310160.15
39008638624.81

1. Variable Growth Model


Dividend per share

4.643

Year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Assumed growth
dividend K
1.16 5.38588
1.16 6.247621
1.16 7.24724
1.12 8.116909
1.12 9.090938
1.12 10.18185
1.08 10.9964
1.08 11.87611
1.08 12.8262
1.03 13.21099

1.18
1.18
1.18
1.18
1.18
1.18
1.18
1.18
1.18
1.18

Share Value

value
4.569602
4.497364
4.426269
4.20608
3.996844
3.798018
3.480186
3.188951
2.922089
88.07324
123.1586

2. Constant growth model


1.15
Share Value

1.18
133.4863

Assumption: Constant growth rate is the average of variable growth rate.