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    Valuation

    Uploaded by

    ekta agarwal

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    © All Rights Reserved
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    Valuation

    Uploaded by

    ekta agarwal
    13 views10 pages

    Copyright

    © © All Rights Reserved

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    Copyright:

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    Download as xlsx, pdf, or txt
    13 views10 pages

    Valuation

    Uploaded by

    ekta agarwal

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 10

    2021 2022 2023 2024 2025 2026 2027 2028

    1 2 3 4 5 6 7
    Sales 4,348.01 4,869.77 5,454.14 6,108.64 6,719.51 7,391.46 8,130.60 8,781.05
    PAT 252.97 283.33 317.33 355.40 390.95 430.04 473.04 510.89
    Depreciation 219.82 246.20 260.32 277.10 290.62 306.39 324.57 337.12
    Interest 224.97 224.97 224.97 224.97 224.97 224.97 224.97 224.97
    -CWC 1,391.36 166.96 187.00 174.53 191.99 211.18 185.84 200.71
    Total Fixed Assets 3,509.00 3,930.08 4,401.69 4,929.89 5,422.88 5,965.17 6,561.69 7,086.62
    Capex for year 421.08 471.61 528.20 492.99 542.29 596.52 524.93 566.93
    FCF 115.92 87.41 189.95 172.27 153.70 311.80 305.33
    Terminal CF
    Total Cash Flo 115.92 87.41 189.95 172.27 153.70 311.80 305.33
    NPV ₹ 3,400.18 Value of The firm This includes value of equity and value of debt
    WACC 13.51%
    Equity Value ₹ 1,931.18
    Value per Share ₹ 163.66

    Dep % 6.26%
    Growth
    1-3 12% Assumed
    4-6 10% Assumed
    7-10 8% Assumed
    after 10 5% Assumed Indian Economy
    g 5.00%
    # of Shares 11.8 crores
    Debt 1469.00
    FA TO 1.24
    WC TO 3.5
    Net Margin 5.82% Company is expected to retain this net margin
    2029 2030 2031
    8 9 10
    9,483.53 10,242.22 11,061.59 11,614.67
    551.76 595.90 643.57
    351.51 367.85 386.23
    224.97 224.97 224.97
    216.77 234.11 158.02
    7,653.55 8,265.84 8,927.10 9,373.46
    612.28 661.27 446.36 446.36
    299.19 293.34 650.39 682.91
    8,021.31
    299.19 293.34 8,671.70
    1.00 2.00 3.00 4.00 5.00 6.00 7.00
    Sales 4869.77 5454.14 6108.64 6719.51 7391.46 8130.60 8781.05
    Beginning WC 1391.36
    WC Required 1558.33 1745.33 1919.86 2111.84 2323.03 2508.87
    WC Addition 166.96 187.00 174.53 191.99 211.18 185.84 200.71
    8.00 9.00 10.00 11.00
    9483.53 10242.22 11061.59 11614.67

    2709.58 2926.35 3160.46 3318.48


    216.77 234.11 158.02
    1 2 3 4 5 6
    Gross Value av for depr 3930.08 4155.49 4423.37 4639.26 4890.93 5181.05
    Depreciation 246.20 260.32 277.10 290.62 306.39 324.57
    Net Value 3683.88 3895.17 4146.27 4348.64 4584.54 4856.49
    New Capex 471.61 528.20 492.99 542.29 596.52 524.93
    7 8 9 10
    5381.42 5611.24 5872.01 6165.42
    337.12 351.51 367.85 386.23
    5044.31 5259.72 5504.16 5779.19
    566.93 612.28 661.27 446.36
    Rf 6.24% RBI Website
    Beta 1.17
    Rm-Rf 6.85% Damodaran
    Ke 14.25%

    Int 224.97
    Debt 1469
    kd 15%
    Tax Rate 25%
    Kd After Tax 11%
    Value Wt Cost Weighted Cost
    Mkt Cap 4076 0.73507665 14.25% 10.48%
    Debt 1469 0.26492335 11% 3.04%
    Total 5545 WACC 13.51%
    Growth of Company Company/Sector Growth of Sector Sector/Economy Growth of Economy
    15% 10% 5%
    1000.000 0.200 5000.000 0.200 25000.000
    1150.000 0.209 5500.000 0.210 26250.000
    1322.500 0.219 6050.000 0.220 27562.500
    1520.875 0.229 6655.000 0.230 28940.625
    1749.006 0.239 7320.500 0.241 30387.656
    2011.357 0.250 8052.550 0.252 31907.039
    2313.061 0.261 8857.805 0.264 33502.391
    2660.020 0.273 9743.586 0.277 35177.511
    3059.023 0.285 10717.944 0.290 36936.386
    3517.876 0.298 11789.738 0.304 38783.205
    4045.558 0.312 12968.712 0.318 40722.366
    4652.391 0.326 14265.584 0.334 42758.484 At some point in time
    growth of company has
    5350.250 0.341 15692.142 0.350 44896.408 to be less than or equal
    6152.788 0.356 17261.356 0.366 47141.229 to growth of economy
    7075.706 0.373 18987.492 0.384 49498.290
    8137.062 0.390 20886.241 0.402 51973.204
    9357.621 0.407 22974.865 0.421 54571.865
    10761.264 0.426 25272.351 0.441 57300.458
    12375.454 0.445 27799.587 0.462 60165.481
    14231.772 0.465 30579.545 0.484 63173.755
    16366.537 0.487 33637.500 0.507 66332.443
    18821.518 0.509 37001.250 0.531 69649.065
    21644.746 0.532 40701.375 0.557 73131.518
    24891.458 0.556 44771.512 0.583 76788.094
    28625.176 0.581 49248.663 0.611 80627.499
    32918.953 0.608 54173.530 0.640 84658.874
    37856.796 0.635 59590.883 0.670 88891.817
    43535.315 0.664 65549.971 0.702 93336.408
    50065.612 0.694 72104.968 0.736 98003.228
    57575.454 0.726 79315.465 0.771 102903.390
    66211.772 0.759 87247.011 0.807 108048.559
    76143.538 0.793 95971.712 0.846 113450.987
    87565.068 0.829 105568.884 0.886 119123.537
    100699.829 0.867 116125.772 0.928 125079.714
    115804.803 0.907 127738.349 0.973 131333.699
    133175.523 0.948 140512.184 1.019 137900.384
    153151.852 0.991 154563.403 1.067 144795.403
    176124.630 1.036 170019.743 1.118 152035.174
    202543.324 1.083 187021.717 1.172 159636.932
    232924.823 1.132 205723.889 1.227 167618.779
    267863.546 1.184 226296.278 1.286 175999.718
    308043.078 1.237 248925.906 1.347 184799.704
    354249.540 1.294 273818.496 1.411 194039.689
    407386.971 1.353 301200.346 1.478 203741.673
    At some point in time
    growth of company has
    to be less than or equal
    to growth of economy

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