Weighted Average Cost of Capital

All figures are in INR unless stated otherwise

Peer Comps

Name of the Comp. country Total Debt Total Equity Tax Rrate 1

Avenue Super. India 630.4 291242.1 30.00%

Trent India 4839.3 138044.7 30.00%
Vedant Fashions India 365.0 22710.6 30.00%
Aditya Bir. Fas. India 10174.8 19557.6 30.00%
Redtape India 470.8 8688.7 30.00%

Average 30.00%
Median 30.00%

Cost of Debt Cost of Equity

Pre-Tax Cost of Debt 10.95% Risk free Rate

Tax Rate 30.00% Equity Risk Premium
Post Tax Cost of Debt 7.67% Levered Beta 4
Cost of Equity

Capital Structure Levered Beta

Current Target Comps Median Unlevered B

Total Debt 630.4 0.22% 8.91% Target Debt/ Equity
Market Capitalization 291242.1 99.78% 91.09% Tax Rate
Total Capital 291872.5 100.00% 100.00% Levered Beta

Debt/Equity 0.22% 9.78% Weighted Average Cost of C

Notes Cost of Equity

1. Tax Rate considered as marginal tax rate for the country Equity Weight
2. levered beta is based on 5 year monthly data
3.Unlevered beta = Levered beta/(1+(1-Tax Rate)*Debt/Equity) Cost of Debt
4.levered beta = Unlevered beta*(1+(1-Tax Rate)*Debt/Equity) Debt Weight

WACC
 Debt/ Debt/ Levered Unlevered
Equity Capital Beta 2
Beta 3

0.22% 0.22% 1.24 1.24

3.51% 3.39% 1.40 1.37
1.61% 1.58% 1.37 1.35
52.02% 34.22% 1.23 0.90
5.42% 5.14% 0.60 0.58

12.55% 8.91% 1.17 1.09

3.51% 3.39% 1.24 1.24

st of Equity

7.39%
uity Risk Premium 8.22%
vered Beta 4 1.32
18.26%

mps Median Unlevered Beta 1.24

rget Debt/ Equity 9.78%
30.00%
1.32

eighted Average Cost of Capital

18.26%
91.09%

7.67%
8.91%

16.64%
Regression Beta - 2 years Weekly

Avenue Supermart Weekly Return Nifty Return

Date Closing Price Return Closing Price Return

3/27/2023 3401.1 16658.4
4/3/2023 3496.1 2.79% 16245.3 -2.48%
4/10/2023 3501.1 0.14% 16630.4 2.37%
4/17/2023 3455.9 -1.29% 17287.1 3.95%
4/24/2023 3511.9 1.62% 17153.0 -0.78%
5/1/2023 3598.2 2.46% 17670.4 3.02%
5/8/2023 3677.6 2.21% 17784.3 0.64%
5/15/2023 3395.3 -7.68% 17475.7 -1.74%
5/22/2023 3501.8 3.14% 17171.9 -1.74%
5/29/2023 3531.6 0.85% 17102.6 -0.40%
6/5/2023 3632.1 2.85% 16411.3 -4.04%
6/12/2023 4085.6 12.49% 15782.2 -3.83%
6/19/2023 3744.1 -8.36% 16266.2 3.07%
6/26/2023 3889.2 3.88% 16352.5 0.53%
7/3/2023 3808.9 -2.06% 16584.3 1.42%
7/10/2023 3838.8 0.78% 16201.8 -2.31%
7/17/2023 3675.7 -4.25% 15293.5 -5.61%
7/24/2023 3713.9 1.04% 15699.3 2.65%
7/31/2023 3652.1 -1.66% 15752.0 0.34%
8/7/2023 3550.1 -2.79% 16220.6 2.97%
8/14/2023 3540.9 -0.26% 16049.2 -1.06%
8/21/2023 3534.6 -0.18% 16719.4 4.18%
8/28/2023 3761.1 6.41% 17158.3 2.62%
9/4/2023 3782.4 0.57% 17397.5 1.39%
9/11/2023 3796.0 0.36% 17698.2 1.73%
9/18/2023 3689.1 -2.82% 17758.4 0.34%
9/25/2023 3675.6 -0.37% 17558.9 -1.12%
10/2/2023 3833.9 4.31% 17539.4 -0.11%
10/9/2023 3935.9 2.66% 17833.3 1.68%
10/16/2023 3749.5 -4.73% 17530.8 -1.70%
10/23/2023 3665.4 -2.24% 17327.3 -1.16%
10/30/2023 3649.7 -0.43% 17094.3 -1.34%
11/6/2023 3798.4 4.07% 17314.7 1.29%
11/13/2023 3810.9 0.33% 17185.7 -0.74%
11/20/2023 3842.9 0.84% 17576.3 2.27%
11/27/2023 3988.4 3.79% 17786.8 1.20%
12/4/2023 4070.6 2.06% 18117.2 1.86%
12/11/2023 4045.6 -0.61% 18349.7 1.28%
12/18/2023 4007.9 -0.93% 18307.7 -0.23%
12/25/2023 4082.6 1.86% 18512.8 1.12%
1/1/2024 3863.5 -5.37% 18696.1 0.99%
1/8/2024 3841.0 -0.58% 18496.6 -1.07%
1/15/2024 3731.7 -2.85% 18269.0 -1.23%
1/22/2024 3734.3 0.07% 17806.8 -2.53%
1/29/2024 3784.3 1.34% 18105.3 1.68%
2/5/2024 3719.2 -1.72% 17859.4 -1.36%
2/12/2024 3693.3 -0.70% 17956.6 0.54%
2/19/2024 3840.6 3.99% 18027.7 0.40%
2/26/2024 3884.1 1.14% 17604.3 -2.35%
3/4/2024 3925.9 1.08% 17854.1 1.42%
3/11/2024 3932.1 0.16% 17856.5 0.01%
3/18/2024 4297.6 9.30% 17944.2 0.49%
3/25/2024 4486.2 4.39% 17826.7 -0.65%
 Beta Drifting

Levered Raw Beta -0.08 Beta 1 -0.08

Beta Weight 75.00% Beta 2 -0.08

Market Beta 1.00 Beta 3 -0.08

Market Beta Weight 25.00%
SUMMARY OUTPUT
Adjusted Beta 0.19
Regression Statistics
Multiple R 0.044956
R Square 0.002021
Adjusted R Square -0.017939
Standard Error 0.036503
Observations 52

ANOVA
df SS MS F
Regression 1 0.000135 0.000135 0.101257
Residual 50 0.066624 0.001332
Total 51 0.066759

Coefficients
Standard Error t Stat P-value
Intercept 0.006093 0.005076 1.200406 0.235638
X Variable 1 -0.07883 0.247731 -0.318209 0.751652
Significance F
0.751652

Lower 95%Upper 95%Lower 95.0%

Upper 95.0%
-0.004102 0.016289 -0.004102 0.016289
-0.576413 0.418752 -0.576413 0.418752
 Mar Cap Debt /
S.No. Name CMP Rs. Debt Rs.Cr.
Rs.Cr. Eq
1 Avenue Super. 4475.6 291242.07 630.38 0.04
2 Trent 3883.25 138044.68 4839.33 1.66
3 Vedant Fashions 935.1 22710.64 365.02 0.27
4 Aditya Bir. Fas. 206.05 19557.62 10174.77 3.46
5 Redtape 628.7 8688.74 470.82 0.85
Return On Markets

Year Annual
2000 -14.65% Average Return 15.61%
2001 -16.18% Dividend Yield 1.23% 1
2002 3.25% Total Market Return 15.61%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.90%
2021 24.12%
2022 4.32%
2023 19.42%
2024