Market NSE (Banking Sector)

Company: Current Year = 2010

SBI Expected ROI
PNB Time frame (years)
Axis Bank All units are in INR
ICICI Bank
HDFC Bank
Allahabad Bank
United Bank of India
Union Bank of India
Indian Bank
Dena Bank

State Bank of India Year

Year = 2010 C.M.P 3065.05 2006
EPS 153.54 2007
DPR (AVG. for 5years) 0.17 2008
Avg. P/E 19.96 2009
EPSGR (5years) 0.17 2010

Fore Casted Stock Price in 2015 6719.10

Total Dividend 236.40
Future Value at 2016 6955.51

Intrinsic Value 4318.82

 Intrinsic Value Calculation

10%
5

Dividend EPS DPR EPSGR Current Year

14.03 83.73 16.76 Time Frame
14.03 86.29 16.26 0.03 End of Investment
21.49 106.56 20.17 0.23 Expected EPSGR for the next 5 Years (2010-2015)
28.99 143.67 20.18 0.35 Expected P/E in the 6th year (2016)
30.03 153.54 19.56 0.07 Expected DPR (2010-2015)

Year
2010
2011
2012
2013
2014
2015
Total EPS
 2010
5
2016
17%
19.96
17%

Projected EPS
153.54
179.64
210.18
245.91
287.72
336.63
1413.62
Current Year = 2010
Expected ROI 10%
Time frame (years) 5
All units are in INR

Punjab National Bank

Year Dividend EPS DPR EPSGR
C.M.P 1303.2 2006 5.99 45.65 13.12
EPS 123.86 2007 12.99 48.84 26.60 0.07
DPR (AVG. for 5years) 0.35 2008 12.99 64.98 19.99 0.25
Avg. P/E 9.58 2009 20.02 98.03 20.42 0.34
EPSGR (5years) 0.21 2010 22.01 123.86 17.77 0.21

Fore Casted Stock Price in 2015 3077.68

Total Dividend 446.82
Future Value at 2016 3524.50

Intrinsic Value 2188.44

Current Year 2010
Time Frame 5
End of Investment 2016
Expected EPSGR for the next 5 Years (2010-2015) 21%
Expected P/E in the 6th year (2016) 9.58
Expected DPR (2010-2015) 35%

Year Projected EPS

2010 123.86
2011 149.87
2012 181.34
2013 219.43
2014 265.50
2015 321.26
Total EPS 1261.27
Current Year = 2010
Expected ROI 10%
Time frame (years) 5
All units are in INR

AXIS Bank
Year Dividend EPS DPR EPSGR
C.M.P 1426 2006 4.04 17.41 23.21
EPS 70.79 2007 5.28 23.40 22.56 0.34
DPR (AVG. for 5years) -0.15 2008 7.04 29.94 23.51 0.28
Avg. P/E 20.16 2009 11.71 50.57 23.16 0.69
EPSGR (5years) 0.43 2010 14.01 70.79 19.79 0.40

Fore Casted Stock Price in 2015 8533.80

Total Dividend -186.47
Future Value at 2016 8347.34

Intrinsic Value 5183.04

Current Year 2010
Time Frame 5
End of Investment 2016
Expected EPSGR for the next 5 Years (2010-2015) 43%
Expected P/E in the 6th year (2016) 9.58
Expected DPR (2010-2015) -15%

Year Projected EPS

2010 70.79
2011 101.23
2012 144.76
2013 207.00
2014 296.02
2015 423.30
Total EPS 1243.10
Current Year = 2010
Expected ROI 10%
Time frame (years) 5
All units are in INR

ICICI Bank
Year Dividend EPS DPR EPSGR
C.M.P 1164.40 2006 8.53 28.55 29.88
EPS 36.1 2007 10.13 34.59 29.29 0.21
DPR (AVG. for 5years) 0.11 2008 11.03 37.37 29.52 0.08
Avg. P/E 30.68 2009 11 33.76 32.58 -0.10
EPSGR (5years) 0.07 2010 12.02 36.10 33.30 0.07

Fore Casted Stock Price in 2015 1553.393

Total Dividend 29.55
Future Value at 2016 1582.94

Intrinsic Value 982.88

Current Year 2010
Time Frame 5
End of Investment 2016
Expected EPSGR for the next 5 Years (2010-2015) 7%
Expected P/E in the 6th year (2016) 30.68
Expected DPR (2010-2015) 11%

Year Projected EPS

2010 36.10
2011 38.63
2012 41.33
2013 44.22
2014 47.32
2015 50.63
Total EPS 258.23
Current Year = 2010
Expected ROI 10%
Time frame (years) 5
All units are in INR

HDFC Bank
Year Dividend EPS DPR EPSGR
C.M.P 2340.35 2006 5.51 35.64 15.46
EPS 64.42 2007 6.99 43.29 16.15 0.21
DPR (AVG. for 5years) 0.20 2008 8.51 44.87 18.97 0.04
Avg. P/E 32.17 2009 9.99 52.77 18.93 0.18
EPSGR (5years) 0.16 2010 11.99 64.42 18.61 0.22

Fore Casted Stock Price in 2015 4352.73

Total Dividend 117.91
Future Value at 2016 4470.64

Intrinsic Value 2775.92

Current Year 2010
Time Frame 5
End of Investment 2016
Expected EPSGR for the next 5 Years (2010-2015) 16%
Expected P/E in the 6th year (2016) 32.17
Expected DPR (2010-2015) 20%

Year Projected EPS

2010 64.42
2011 74.73
2012 86.68
2013 100.55
2014 116.64
2015 135.30
Total EPS 578.33
Current Year = 2010
Expected ROI 10%
Time frame (years) 5
All units are in INR

Allahabad Bank
Year Dividend EPS DPR EPSGR
C.M.P 258.50 2006 4 15.81 25.30
EPS 27.01 2007 3 16.79 17.87 0.06
DPR (AVG. for 5years) -0.20 2008 3 21.82 13.75 0.30
Avg. P/E 8.75 2009 2.5 17.21 14.53 -0.21
EPSGR (5years) 0.18 2010 5.5 27.01 20.36 0.57

Fore Casted Stock Price in 2015 540.68

Total Dividend -49.77
Future Value at 2016 490.91

Intrinsic Value 304.82

Current Year 2010
Time Frame 5
End of Investment 2016
Expected EPSGR for the next 5 Years (2010-2015) 18%
Expected P/E in the 6th year (2016) 8.75
Expected DPR (2010-2015) -20%

Year Projected EPS

2010 27.01
2011 31.87
2012 37.61
2013 44.38
2014 52.37
2015 61.79
Total EPS 255.03
Current Year = 2010
Expected ROI 10%
Time frame (years) 5
All units are in INR

United Bank of India

Year Dividend EPS DPR EPSGR
C.M.P 126.35 2006 0 -0.48 0
EPS 12.19 2007 0.12 1.74 6.90 -4.63
DPR (AVG. for 5years) 0.25 2008 0.12 2.08 5.77 0.20
Avg. P/E 10.02 2009 0.12 1.21 9.92 -0.42
EPSGR (5years) 0.54 2010 0.12 9.71 1.24 7.02

Fore Casted Stock Price in 2015 1057.97

Total Dividend 54.84
Future Value at 2016 1112.81

Intrinsic Value 690.97

Current Year 2010
Time Frame 5
End of Investment 2016
Expected EPSGR for the next 5 Years (2010-2015) 54%
Expected P/E in the 6th year (2016) 8.75
Expected DPR (2010-2015) 25%

Year Projected EPS

2010 9.71
2011 14.95
2012 23.03
2013 35.46
2014 54.61
2015 84.11
Total EPS 221.87
Current Year = 2010
Expected ROI 10%
Time frame (years) 5
All units are in INR

Union Bank Of India

Year Dividend EPS DPR EPSGR
C.M.P 377.45 2006 3.49 13.37 26.10
EPS 41.08 2007 3.49 16.74 20.85 0.25
DPR (AVG. for 5years) -0.49 2008 4.01 27.46 14.60 0.64
Avg. P/E 9.38 2009 5.02 34.18 14.69 0.24
EPSGR (5years) 0.33 2010 5.49 41.08 13.36 0.20

Fore Casted Stock Price in 2015 1603.58

Total Dividend -275.50
Future Value at 2016 1328.08

Intrinsic Value 824.63

Current Year 2010
Time Frame 5
End of Investment 2016
Expected EPSGR for the next 5 Years (2010-2015) 33%
Expected P/E in the 6th year (2016) 8.75
Expected DPR (2010-2015) -49%

Year Projected EPS

2010 41.08
2011 54.64
2012 72.67
2013 96.65
2014 128.54
2015 170.96
Total EPS 564.53
Current Year = 2010
Expected ROI 10%
Time frame (years) 5
All units are in INR

INDIAN Bank
Year Dividend EPS DPR EPSGR
C.M.P 289.25 2006 2.35 6.78 34.66
EPS 35.25 2007 2.99 16.93 17.66 1.50
DPR (AVG. for 5years) -0.47 2008 2.99 22.66 13.20 0.34
Avg. P/E 7.58 2009 5.01 28.10 17.83 0.24
EPSGR (5years) 0.58 2010 6.49 35.25 18.41 0.25

Fore Casted Stock Price in 2015 2630.96

Total Dividend -414.78
Future Value at 2016 5261.91

Intrinsic Value 3267.23

Current Year 2010
Time Frame 5
End of Investment 2016
Expected EPSGR for the next 5 Years (2010-2015) 58%
Expected P/E in the 6th year (2016) 7.58
Expected DPR (2010-2015) -47%

Year Projected EPS

2010 35.25
2011 55.70
2012 88.00
2013 139.04
2014 219.68
2015 347.09
Total EPS 884.75
Current Year = 2010
Expected ROI 10%
Time frame (years) 5
All units are in INR

Dena Bank
Year Dividend EPS DPR EPSGR
C.M.P 138.10 2006 0.94 3.24 29.01
EPS 19.91 2007 0.94 7.03 13.37 1.17
DPR (AVG. for 5years) -0.55 2008 1.17 12.54 9.33 0.78
Avg. P/E 6.93 2009 1.40 14.74 9.50 0.18
EPSGR (5years) 0.58 2010 2.34 17.82 13.13 0.21

Fore Casted Stock Price in 2015 1358.59

Total Dividend -244.83
Future Value at 2016 1113.76

Intrinsic Value 691.56

Current Year 2010
Time Frame 5
End of Investment 2016
Expected EPSGR for the next 5 Years (2010-2015) 58%
Expected P/E in the 6th year (2016) 6.93
Expected DPR (2010-2015) -55%

Year Projected EPS

2010 17.82
2011 28.16
2012 44.49
2013 70.29
2014 111.05
2015 175.47
Total EPS 447.27
 Intrinsic Value
Index NSE NIFTY
Sector Banking
Currency INR Company Intrinsic Value
SBI 4318.82
PNB 2188.44
Axis Bank 5183.04
ICICI Bank 982.88
HDFC Bank 2775.92
Allahabad Bank 304.82
United Bank of India 690.97
Union Bank of India 824.63
Indian Bank 3267.23
Dena Bank 691.96
Intrinsic Value

Year
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016