Airbus

Template
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date
Mar-07
Year
2007-A

Mar-08
2008-A

Mar-09
2009-A

Mar-10
2010-A

Mar-11
2011-A

Mar-12
2012-A

Mar-13
2013-A

Mar-14
2014-A

Mar-15
2015-A

Mar-16
2016-E

Mar-17
2017-E

Mar-18
2018-E

Mar-19
2019-E

Mar-20
2020-E

Airbus
Income Statement
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date
Mar-07
Year
2007-A

Mar-08
2008-A

Mar-09
2009-A

Revenue from operations

Cost of Services + Products
Gross Profit
Gross Margin
Selling and Marketing Expenses
General and Administrative Expenses
Research and development expenses
Other income
Share of profit from investments accounted for under the equity method
Other income from investments
Other Expenses
Profit before finance costs and income taxes
EBIT Margin
Interest income
Interest expense
Other financial result
Income taxes
Profit for the period
EPS - Reported
Basic
Diluted
Weighted Average Shares
Basic
Diluted
Share Count
Basic
Diluted
Issue/Buyback

Dividends
Dividend per share
Divident payout ratio

Mar-10
2010-A

Mar-11
2011-A

Mar-12
2012-A

Mar-13
2013-A

Mar-14
2014-A

57,567
(49,613)

60,713
(51,776)

7,954

8,937

(1,140)
(1,622)
(3,118)
272
434
49
(259)
2,570

(1,063)
(1,538)
(3,391)
330
840
55
(179)
3,991

161
(493)
(278)
(477)

142
(462)
(458)
(863)

1483

2350

1.86
1.85

2.99
2.99

792
794

783
784

Mar-15
2015-A

Mar-16
2016-E

Mar-17
2017-E

Mar-18
2018-E

Mar-19
2019-E

Mar-20
2020-E

Airbus
Balance Sheet
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date
Mar-07
Year
2007-A
Share Capital
Application money
Outstanding Employees Stock options
Reserves and Surplus
Total Shareholders' Equity
Secured Loans + Unsecured Loans
Minority Interest
Deferred Tax Liability
Other Liabilities
Long Term provisions
Total Long Term Liablities
Short Term Borrowings
Trade payables
Provisions
Other Current Liabilities
Total Current Liabilities
Total Libalities and Equity
Fixed Assets
Tangible fixed assets
Intangible assets
Capital work in progress
Intangible assets under development
Goodwill
Non-current Investments
Deferred Tax Assets
Lon term loans and advances
Other non-current assets
Total Fixed Assets
Current Investments
Inventories
Trade Receivables
Cash & Bank Balance
Loans & Advances
Other Current Assets
Total Current Assets
Total Assets
Checksum
Balance Sheet Metrics
Current Ratio
Cash Ratio

Mar-08
2008-A

Mar-09
2009-A

Mar-10
2010-A

Accounts Receivable Turnover

Days Sales Outstanding
Receivable as a % of sales
Inventory Turnover
Inventory days
Inventory as a % of sales
Accounts Payable Turnover
Payable Days
Account payable as a % of sales
Total Debt
Debt / Equity
BVPS
ROE %

Mar-11
2011-A

Mar-12
2012-A

Mar-13
2013-A

Mar-14
2014-A

Mar-15
2015-A

Mar-16
2016-E

Mar-17
2017-E

Mar-18
2018-E

Mar-19
2019-E

Mar-20
2020-E

Airbus
Cash Flow Statement
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date
Year

Mar-07
2007-A

Mar-08
2008-A

Mar-09
2009-A

Cash Flow From Operating

Net profit before tax
Adjustments for
(Profit) on sale of fixed assets (net)
Depreciation / Amortization / Diminution
Expense on Employee Stock Option Schemes
Finance costs
Interest expense
Interest income
Dividend income
Provision fpr diminution in value of investments
Exchange differences on translation of foreign currency cash and cash equivalent
Unrealised foreign exchange loss/(gain)
Amortisation of ESOP expenses
Profit on sale of Business Assets
Operating Profit before working capital changes
Adjustments for changes in working capital:
Increase/(Decrease) in Other Long-Term Liabilities
Increase / (Decrease) in Long Term Provisions
Increase / (Decrease) in Trade Payables
Increase / (Decrease) in Other Current Liabilities
Increase / (Decrease) in Short Term Provisions
(Increase) / Decrease in Long term Loans and Advances
(Increase) / Decrease in Other Non Current Asset
(Increase) / Decrease in Inventories
(Increase) / Decrease in Trade Receivables
(Increase) / Decrease in Short term Loans and Advances
(Increase) / Decrease in Other Current Assets
Cash generated from operations
Employee Welfare Fund
Taxes paid
Net cash from operating activities (A)
Cash Flow From Investing Activities
Purchase of Fixed Assets
Proceeds from Sale of Fixed Assets
Investment in Equity Shares of Assosiate
Investment in Equity Shares
Investment in Preference Shares of Subsidiary
Purchase of shares from minority shareholders
Sale of Mutual Fund Investments
Proceeds from Sale of Business Assets
Loan (given to)/repaid by Employee Welfare trust
Interest received

Dividend received from Mutual Fund Investments

Cash Surplus / (deficit) for the year
Fixed Deposit with banks (net) having maturity over three months
Net Cash (used in) investing activities (B)
Cash Flow From Financing Activities
Proceeds from Long term loan from banks
Repayment of Long term loan from banks
Proceeds from Long term loan from other than banks
Repayment of Long term loan from other than banks
Proceeds from issue of Share Capital and application money
Share Issue expenses for Preferential Allotment
Proceeds from Working Capital loan (net)
Proceeds/(Repayment) of Short-Term Borrowings
Proceeds from / (payments for) shares issued / purchased by Employee Welfare Trust (net)
Dividend paid including corporate dividend tax
Interest and finance charges paid
Net cash from /(used in ) financing activities (c)
Exchange differences on translation of foreign currency cash and cash equivalents
Net Increase / (decrease ) in cash and cash equivalents (A + B+ C + D)
Cash & cash equivalents at beginning of the year (Refer note 1 below)
Cash & cash equivalents on acquisition of subsidiaries
Plug
Cash & cash equivalents at close of the year (Refer note 1 below)

Dividend paid as a % of net income

Mar-10
2010-A

Mar-11
2011-A

Mar-12
2012-A

Mar-13
2013-A

Mar-14
2014-A

Mar-15
2015-A

Mar-16
2016-E

Mar-17
2017-E

Mar-18
2018-E

Mar-19
2019-E

Mar-20
2020-E

Airbus
Revenue Metrics
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date
Mar-07
Year
2007-A
Revenue By Billing rates
Onsite
Offshore
Telematics Solutions
Total Revenue
Y-o-Y growth
Onsite/Offsite - Split (Revenues)
Onsite Revenues
Offshore Revenues
Telematics Solutions
Employee Metrics
Development Team - Onsite
Development Team - Offshore
Total
Development team utilization
Margin Analysis (%) of Total
Development Team - Onsite
Development Team - Offshore
Onsite FTE
Offshore FTE
Total FTE
Employee Strength - year End
Development Team
Gen Management /Support
Marketing
Total
Employee Additions
Change in total employee addition
Net Employee Addition
Development at Qtr end
Gen Management /Support
Marketing
Total
Margin Analysis % of Gross Addition
Development at Qtr end
Gen Management /Support
Marketing

Mar-08
2008-A

Mar-09
2009-A

Mar-10
2010-A

Onsite/Offsite Split (Utilisation)

Onsite Revenue
Offsite Revenue
Number of Days utilised in a Month
Number of Hours Utilised in a Day
Person Hours Billed ('Million)
Onsite
Offshore
Billing Per Hour (INR)
Onsite
Offshore
Exchange Rate (Rs./$)
Billing Per Hour ($)
Onsite
Offshore
y/y Growth in Billing Rate (%)
Onsite
Offshore

3%
6%

Mar-11
2011-A

Mar-12
2012-A

Mar-13
2013-A

Mar-14
2014-A

Mar-15
2015-A

Mar-16
2016-E

Mar-17
2017-E

Mar-18
2018-E

Mar-19
2019-E

Mar-20
2020-E

Airbus
Cost Metrics
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date
Mar-07
Year
2007-A

Mar-08
2008-A

Sales
Cost of Services + Products
Selling and Marketing Expenses
General and Administrative Expenses
Other Expenses
Depreciation/Amortozation
Interest and Financial Expenses
Other Income
Interest income
Dividend income from current investments (non trade)
Profit on sale of fixed asset
Foreign exchange gain
Sundry credit balances
Other non operating income
Tax Expense
Less: Minority Interest
Interest income as % of cash
Divident incoe as % of c invest
Cash & Bank Balance
Current Investments
Common Size Analysis
Software Development Expenses
Selling and Marketing Expenses
General and Administrative Expenses
Other Expenses
Depreciation/Amortozation
Interest and Financial Expenses
Other Income
Tax Expense
Less: Minority Interest

Effective Tax Rate %

Mar-09
2009-A

Mar-10
2010-A

Mar-11
2011-A

Mar-12
2012-A

Mar-13
2013-A

Mar-14
2014-A

Mar-15
2015-A

Mar-16
2016-E

Mar-17
2017-E

Mar-18
2018-E

Mar-19
2019-E

Mar-20
2020-E

Airbus
Schedules
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date
Mar-07
Year
2007-A
Tangible Assets
Opening Net Tangible
Addition
Deletions
Depreciation
Other adjustments
Closing Net Tangible
Intangible Assets
Opening Net Intangible
Addition
Deletions
Amortization
Other adjustments
Closing Net Intangible
Depreciation
Depreciation as % Opening Net Tangible
Amortization
Amortization as % Opening Net Intangible
Depreciation and Amortization
D&A as a % of sales
Purchase of Tangible assets
Purchase of T Assets as % of Revenues
Purchase of InTangible assets
Purchase of InT Assets as % of Revenues
Purchase of Assets
Purchase of Assets as % of Revenues
Dividends Paid including dividend tax
Dividend Tax
Dividends Declared (DPS)

Mar-08
2008-A

Mar-09
2009-A

Mar-10
2010-A

Mar-11
2011-A

Mar-12
2012-A

Mar-13
2013-A

Mar-14
2014-A

Mar-15
2015-A

Mar-16
2016-E

Mar-17
2017-E

Mar-18
2018-E

Mar-19
2019-E

Mar-20
2020-E

Airbus
Debt Schedule
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date
Mar-07
Year
2007-A
Cash BOP
Cash Flow Before Financing
Cash For other financing items
Minimum Cash
Cash Available for debt repayment

Total Debt
Long term debt
Loan 1
Loan 2
Loan 3
Loan 4
Short term debt
Short term debt as % of sales
Issuance of Debt
Long term debt
Short term debt
Repayment of Debt
Long term debt
Short term debt
Interest and Finance Charges
% Interest Rate
Cash available for Investment
Investment
Dividend Income
Dividend Income as % Investment

Mar-08
2008-A

Mar-09
2009-A

Mar-10
2010-A

Mar-11
2011-A

Mar-12
2012-A

Mar-13
2013-A

Mar-14
2014-A

Mar-15
2015-A

Mar-16
2016-E

Mar-17
2017-E

Mar-18
2018-E

Mar-19
2019-E

Mar-20
2020-E

Airbus
DCF - Valuation
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Growth Assumptions
Long term India growth rate

CAPM Assumptions
Ke
RFR
Beta
Rp
Calculation of Free Cash Flow

Explicit Forecast Perio

2015-A
3/31/2015
Revenues
EBITDA
EBIT
Tax Expense
Net Operating Profit After Tax (NOPAT)
Depreciation & Amortisation
Working Capital Change
Operating Cash Flow
Capex
FCF
Diluted Shares
Projection Year
Discount Factor
Present Value of FCF
Y/Y Growth Analysis
Revenues
EBITDA
EBIT
Depreciation & Amortisation
Margin Analysis (As % of Revenues)
EBITDA Margin
EBIT Margin
Depreciation & Amortisation
Capex
Tax Rate (Tax Expense/EBIT)

Terminal Value
Sum of PV of FCF for explicit forecast
WACC
Long term growth in EBIT

2016-E
3/31/2016

2017-E
3/31/2017

Present Value of terminal value

Terminal Value as % of Total Value

Sensitivity Analysis

Enterpsire Value (EV)

Current Market Price
Diluted Shares
Market Capitalisation
Long Term Liabilities
Less: Cash & Cash Equivalents
Net Debt
Current Enterprise Value (EV)

Explicit Forecast Period

2018-E
3/31/2018

2019-E
3/31/2019

2020-E
3/31/2020

Terminal
Year
2020-E

Intrinsic Value
Equity Value
Diluted Shares

Intrinsic Value

Debt Equity Weightage

E/(D+E)
D/(D+E)
Interest Rate (%)
Tax Rate (@)
WACC Calculation
WACC

nsic Value

Airbus
Relative Valuation
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Company

CMP

NOS.

M Cap

Debt

FY12E

EV/Revenue
FY13E

FY14E

Multiple

EV

Debt

Multiple

Price

KPIT Cummins
Cyient Limited
Hexaware
Mphasis
NIIT

Cyient Limited
Hexaware
Mphasis
NIIT
Aggregate multiple - 1st Quartile
Valuation of KPIT Based on EV/Revenue

FY12E EV/Revenue
FY13E EV/Revenue
FY14E EV/Revenue

Valuation of KPIT Based on P/S

FY12E P/S
FY13E P/S
FY14E P/S

10

Valuation of KPIT Based on P/E

Multiple

Price

FY12E P/E
FY13E P/E
FY14E P/E

8
6
4

Sales Price - Valuation

Min
DCF
EV/Revenue
P/S
P/E

12

Max

Diff

2
0

Cash

EV

Sales (Rs. mn)

FY12E

FY12E

P/S
FY13E

FY14E

Cash

Equity Value

Price

EPS(Rs.)

FY13E

FY14E

FY12E

FY12E

P/E
FY13E

FY14E

FY13E

Football Field

12
10
8
6
4
2
0
DCF

EV/Revenue

P/S

EPS(Rs.)
FY14E

P/S

P/E