Eicher Motors

Year
Dec 10 Dec 11 Dec 12 Dec 13 Dec 14
SOURCES OF FUNDS :
Share Capital +
26.94
26.99
27
27.04
27.1
Reserves Total +
1,205.20 1,466.14 1,727.89 2,028.38 2,488.76
Equity Share Warrants
0
0
0
0
0
Equity Application Money
0
0
0
0
0
Total Shareholders Funds
1,232.14 1,493.13 1,754.89 2,055.42 2,515.86
Minority Interest
677.41
837.65
948.46 1,039.72 1,085.06
Secured Loans +
86.52
35.37
22.35
33.9
58.36
Unsecured Loans +
9.12
7.85
0.58
50
0
Total Debt
95.64
43.22
22.93
83.9
58.36
Policy Holders Fund
0
0
0
0
0
Other Liabilities+
0
70.37
73.71
73.38
89.7
Total Liabilities
2,005.19 2,444.37 2,799.99 3,252.42 3,748.98
APPLICATION OF FUNDS :
Gross Block +
811.28
988.72 1,525.98 2,299.27 3,137.36
Less: Accumulated Depreciation+
426.9
484.3
534.18
643.13
828.03
Less: Impairment of Assets
0
0
0
0
0
Net Block+
384.38
504.42
991.8 1,656.14 2,309.33
Lease Adjustment
0
0
0
0
0
Capital Work in Progress+
70.33
352.29
504.37
463.59
418.8
Producing Properties
0
0
0
0
0
Investments +
458.59
512.62
638.5
825.46 1,077.69
Current Assets, Loans & Advances
Inventories +
326.52
427.96
488.84
526.8
645.52
Sundry Debtors +
260.93
344.58
445.87
512.5
562.17
Cash and Bank+
1,245.68 1,191.51
803.5
682.56
353.32
Loans and Advances +
216.89
205.25
261.94
363.98
423.4
Total Current Assets
2,050.02 2,169.30 2,000.15 2,085.84 1,984.41
Less : Current Liabilities and Provisions
Current Liabilities +
794.15 1,177.56 1,434.04 1,747.62 2,166.43
Provisions +
139.06
106.99
114.26
156.1
248.47
Total Current Liabilities
933.21 1,284.55 1,548.30 1,903.72 2,414.90
Net Current Assets
1,116.81
884.75
451.85
182.12
-430.49
Miscellaneous Expenses not written off + 0
0
0
0
0
Deferred Tax Assets
11.05
25.94
35.64
66.71
84.96
Deferred Tax Liability
35.97
90.4
158.83
247.16
324.31
Net Deferred Tax
-24.92
-64.46
-123.19
-180.45
-239.35
Other Assets+
0
254.75
336.66
305.56
613
Total Assets
2,005.19 2,444.37 2,799.99 3,252.42 3,748.98
Contingent Liabilities+
144.16
150.33
200.76
210.64
402.78

Mar 16

Mar 17

Mar 18

Mar 19

Mar 20

27.16
27.16
27.16
27.16
27.16
3,437.13 4,399.20 5,562.55 6,934.07 8,509.56
0
0
0
0
0
0
0
0
0
0
3,464.29 4,426.36 5,589.71 6,961.23 8,536.72
1,156.85 1434.98 1736.325 2048.864 2356.194
63.3
22.57
85.87 115.807 146.2438 182.127 223.3465
0
0
0
0
0
152.29 188.9035 228.5733 269.7165 310.1739
4,859.30 6,166.05 7,700.85 9,461.94 11,426.43

1,014.31
833.61
591.43
484.86
2,924.21

1258.17 1522.386 1796.415 2065.878 2313.783

1034.026 1251.172 1476.383 1697.84 1901.581
733.6215 887.682 1047.465 1204.584 1349.135
601.4299 727.7302 858.7217 987.5299 1106.034
3627.248 4388.97 5178.985 5955.832 6670.532
4800.279
124.6054
4924.884
-535.9142
0
74.27993
581.857
-507.5771
904.5672
7700.851

5664.329
147.0343
5811.363
-632.3787
0
87.65032
686.5912
-598.9409
1067.389
9461.94

8494.273
2580.03
0
5914.242
0
834.6324
0
4866.078

6513.978
169.0895
6683.068
-727.2356
0
100.7979
789.5799
-688.7821
1227.498
11426.43

Mar 23

269.4486 319.6145 372.679

0
0
0
347.3948 378.6603
401.38
13,554.61 15,790.98 18,067.57

5173.22
1571.302
0
3601.919
0
508.3116
0
2170.633

3967.173
102.9797
4070.152
-442.9043
0
61.38838
480.8735
-419.4852
747.5762
6166.05

7386.324
2243.505
0
5142.819
0
725.7673
0
3757.284

Mar 22

27.16
27.16
27.16
10,271.67 12,189.10 14,217.33
0
0
0
0
0
0
10,298.83 12,216.26 14,244.49
2638.937 2876.441 3049.028

4,170.54
1,266.75
0
2,903.79
0
409.79
0
1,638.28

3,198.25
83.02
3,281.27
-357.06
0
49.49
387.67
-338.18
602.68
4,859.30
329.28

6259.597
1901.275
0
4358.322
0
615.0571
0
2866.397

Mar 21

9513.585
2889.634
0
6623.951
0
934.7883
0
6207.009

7295.656
189.3802
7485.036
-814.5038
0
112.8936
884.3295
-771.4359
1374.797
13554.61

10369.81
10992
3149.701 3338.683
0
0
7220.107 7653.313
0
0
1018.919 1080.054
0
0
7782.098 9578.16
2522.024
2072.723
1470.557
1205.577
7270.88

2673.345
2197.087
1558.79
1277.911
7707.133

7952.265
206.4245
8158.689
-887.8092
0
123.054
963.9192
-840.8651
1498.529
15790.98

8429.401
218.8099
8648.211
-941.0777
0
130.4373
1021.754
-891.317
1588.441
18067.57

Mar 24
27.16
16,300.96
0
0
16,328.12
3140.498

427.1931 ( Maintaining D/E ratio as Constant using Total share holders fund for every year and avg. D
0
413.4214
20,309.23
11321.76
3438.844
0
7882.913
0
1112.456
0
11565.13 ( as the adjustment factor between total liabilities and Total assets)
2753.545
2262.999
1605.554
1316.248
7938.347
8682.283
225.3742
8907.657
-969.3101
0
134.3504
1052.407
-918.0566
1636.094
20309.23

or every year and avg. D/E ratio)

Eicher Motors
Year
INCOME :
Sales Turnover +
Excise Duty
Net Sales

Dec 10 (12)
Dec 11 (12)
Dec 12 (12)
Dec 13 (12)
4,701.63
304.55
4,397.08

Growth in net sales

Other Income +
137.35
Stock Adjustments +
66.74
Total Income
4,601.17
EXPENDITURE :
Raw Materials +
3,391.21
Power & Fuel Cost+
29.05
Employee Cost +
263.11
Other Manufacturing Expenses +
49.68
Selling and Administration Expenses + 331.97
Miscellaneous Expenses +
51.68
Less: Pre-operative Expenses Capitalised+
0
Total Expenditure
4,116.70
Operating Profit
484.47
Interest +
9.5
Gross Profit
474.97
Depreciation+
57.3
Minority Interest (before tax)
0
Profit Before Tax
417.67
Tax+
100.09
Fringe Benefit Tax+
0
Deferred Tax+
10.73
Net Profit
306.85
Minority Interest (after tax)
117.93
Profit/Loss of Associate Company
0
Net Profit after Minority Interest & P/L Asso.Co.
188.92
Extraordinary Items +
12.68
Adjusted Net Profit
176.24
Adjst. below Net Profit +
0
P & L Balance brought forward
311.13
Statutory Appropriations
0
Appropriations +
68.05
P & L Balance carried down
432
Dividend
29.63
Preference Dividend
0
Equity Dividend (%)
110
Dividend Per Share(Rs)
11
EPS before Minority Interest (Unit Curr.) 112.07
EPS before Minority Interest (Adj) (Unit Curr.)
112.07
EPS after Minority Interest (Unit Curr.)
68.3
EPS after Minority Interest (Adj) (Unit Curr.)68.3

6,130.29
445.87
5,684.42
0.29
142.48
68.54
5,895.44

6,995.04
605.15
6,389.89
0.12
136.64
41.07
6,567.60

7,433.29
623.49
6,809.80
0.07
95.29
17.83
6,922.92

4,186.40
35.03
345.56
85.04
431.17
80.41
0
5,163.61
731.83
7.67
724.16
63.96
0
660.2
123.1
0
39.7
497.4
188.63
0
308.77
19.63
289.14
0
432
0
104.08
636.69
43.19
0
160
16
181.69
181.69
111.8
111.8

4,628.37
46.11
457.26
106.23
543.51
102.52
2.06
5,881.94
685.66
3.79
681.87
82.17
0
599.7
66.12
0
58.73
474.85
150.59
0
324.26
21.65
302.61
0
636.69
0
110.91
850.04
54
0
200
20
172.63
172.63
116.85
116.85

4,658.25
61.45
533.34
126.8
583.03
153.29
1.72
6,114.44
808.48
7.88
800.6
130.04
0
670.56
87.92
0
57.26
525.38
131.44
0
393.94
19.18
374.76
0
850.04
0
138.51
1,105.47
81.12
0
300
30
189.19
189.19
140.58
140.58

 Book Value (Unit Curr.)

457.36
553.22
649.96
760.14
Book Value (Adj) (Unit Curr.)
457.36
553.22
649.96
760.14
Avg. growth rate
25.78% ( Research report from below links)
References
http://markets.ft.com/data/equities/tearsheet/forecasts?s=EICHERMOT:NSI
http://www.foundryinfo-india.org/Indian%20commercial%20vehicle%20market%20to%20double%2
Cost of Debt
D/E
Tax Rate
WACC for Eicher Motors

0.1105
0.1146
0.1475
0.0289
0.0131
0.0408
0.18646 0.11026 0.13111
6.53% (https://www.google.co.in/url?sa=t&rct=j&q=&es

ors

(Values are adjusted for 12 months by taking a fraction 4/5 to normalise for
Dec 14 (12)
Mar 16 (15)Adj. Values
Mar 17 (12Mar 18 (1Mar 19 (1
Growth Rate
24%
21%
18%
9,351.74 17,184.80
613.42
1,496.14
8,738.32 15,688.66
12550.928 15568.42 18837.79 22228.59
0.28
0.44
0.24
107.44
111.98
89.584 111.12177 134.4573 158.6597
84.72
288.31
230.648 286.10035 346.1814 408.4941
8,930.48 16,088.95
12871.16 15965.642 19318.43 22795.74
5,855.79
74.07
659.64
171.82
674.42
277.61
5.09
7,708.26
1,222.22
9.78
1,212.44
219.82
0
992.62
231.98
0
58.9
701.74
86.38
0
615.36
38.34
577.02
0
1,105.47
0
228.97
1,491.86
135.52
0
500
50
248.94
248.94
217.07
217.07

10,425.30
112.5
1,057.48
312.58
1,154.21
483.44
15.76
13,529.75
2,559.20
9.04
2,550.16
451.66
0
2,098.50
542.02
0
104.54
1,451.94
174.06
0
1,277.88
36.22
1,241.66
-7.61
1,491.86
0
470.23
2,291.90
271.61
0
1,000.00
100
411.38
411.38
360.11
360.11

8340.24
90
845.984
250.064
923.368
386.752
12.608
10823.8
2047.36
7.232
2040.128
361.328
0
1678.8
433.616
0
83.632
1161.552
139.248
0
1022.304
28.976
993.328

10345.399
111.63778
1049.3753
310.18434
1145.3639
479.73484
15.639213
13457.334
2508.3075
14.18
2494.1275
448.1984
0
2045.929
537.86587
0
103.73879
1404.3244
172.72598
0
1231.5984
0
1231.5984

12517.93
135.0817
1269.744
375.323
1385.89
580.4792
18.92345
16283.37
3035.052
17.91359
3017.138
542.3201
0
2474.818
650.8177
0
125.5239
1698.477
208.9984
0
1489.478
0
1489.478

14771.16
159.3964
1498.298
442.8812
1635.351
684.9654
22.32967
19214.38
3581.361
22.36638
3558.995
639.9377
0
2919.057
767.9649
0
148.1182
2002.974
246.6181
0
1756.356
0
1756.356

217.288 269.52834 326.1293 384.8326

928.36
928.36

1,275.51
1,275.51

low links)

market%20to%20double%20by%202016-17%20-%20EY%20Report.aspx

0.1375
0.1003 Avg Cost of Debt
0.1221
0.0232
0.0248 Avg D/E
0.0262
0.2337 0.2582893 Avg Tax rate
0.183964
.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwjA9ur7xrfPAhWMMI8KH

action 4/5 to normalise forecast to 12 months)

Mar 20 (1Mar 21 (1Mar 22 (1Mar 23 (1Mar 24 (12)
15%
12%
9%
6%
3%

25562.88 28630.42 31207.16 33079.59 34071.98

182.4586 204.3536 222.7455 236.1102 243.1935
469.7682 526.1404 573.493 607.9026 626.1397
26215.1 29360.92 32003.4 33923.6 34941.31
16986.83
183.3059
1723.043
509.3134
1880.653
787.7102
25.67912
22096.54
4118.566
27.48709
4091.078
735.9283
0
3355.15
883.1596
0
170.336
2301.655
283.6109
0
2018.044
0
2018.044

19025.25
205.3026
1929.808
570.431
2106.332
882.2354
28.76061
24748.12
4612.793
33.22228
4579.571
824.2397
0
3755.331
989.1388
0
190.7763
2575.416
317.6442
0
2257.772
0
2257.772

20737.53
223.7798
2103.491
621.7698
2295.901
961.6366
31.34907
26975.45
5027.945
39.47364
4988.471
898.4213
0
4090.05
1078.161
0
207.9462
2803.942
346.2322
0
2457.71
0
2457.71

21981.78
237.2066
2229.7
659.076
2433.656
1019.335
33.23001
28593.98
5329.622
46.10009
5283.521
952.3266
0
4331.195
1142.851
0
220.4229
2967.921
367.0061
0
2600.915
0
2600.915

22641.23
244.3228
2296.591
678.8482
2506.665
1049.915
34.22691
29451.8
5489.51
52.92533 Interest rate is calculated as Avg cost of deb
5436.585
980.8964
0
4455.688
1177.136
0
227.0356
3051.516
378.0163
0
2673.5
0
2673.5

442.5574 495.6643 540.2741 572.6906 589.8713

KEwjA9ur7xrfPAhWMMI8KHXQ-Dd4QFggbMAA&url=http%3A%2F%2Fwww.gurufocus.com%2Fterm%2Fwacc%

ed as Avg cost of debt multiplied by Total debt from balance sheet

m%2Fterm%2Fwacc%2FNSE%3AEICHERMOT%2FWeighted-Average-Cost-Of-Capital-WACC%2FEicher-Motors-

CC%2FEicher-Motors-Ltd&usg=AFQjCNFY9bQ4eYT5sukTYvSTcwhfRoe4ZA&sig2=LFWTwPPB7iWS7xA8FPcw4Q

PPB7iWS7xA8FPcw4Q&bvm=bv.134495766,d.c2I)

Adjusted EBIT
Tax on Adjusted EBIT
NOPLAT
Invested Capital
Net Investment
OFCF
Non- OFCF
Discount Factor
PV of OFCF
PV of Non OFCF
Present Value of Total FCFF

Enterprise Value
No. of Shares
Value per share

Mar 16
Mar 17
Mar 18
Mar 19
1596.448 1948.987 2358.275 2782.764
502.098162674 623.7708 754.9017
891.01
1094.34983733 1325.216 1603.373 1891.754
2546.73 3159.014 3822.407 4510.441
612.2843 663.393 688.0333
712.9321 939.9799 1203.721
90.67932 109.722 129.4719
0.938703 0.881163 0.82715
669.2313 828.2753 995.6575
85.12092 96.68292 107.0927
754.3523 924.9582 1102.75

47386.1
3E+007
17446.3

Mar 20
Mar 21
Mar 22
Mar 23
Mar 24
3200.179
3584.2 3906.778086 4141.185 4265.42 PBT + Interest Expense - Other Income
1024.986 1148.433 1252.391938 1328.319 1369.17 Tax Provision from income statement+Defe
2175.192 2435.767 2654.386148 2812.866 2896.251 Adjusted EBIT - Tax on adjusted EBIT
5187.007 5809.448 6332.297812 6712.236 6913.603 NFA + NCA-Revaluation Reserves
676.5661 622.4408 522.850278 379.9379 201.3671 IC at end of period - IC at beginning of perio
1498.626 1813.326 2131.53587 2432.928 2694.884 60679.5
Long term growth rate is taken
148.8927 166.7598 181.7682292 192.6743 198.4546 4468.513
0.776448 0.728854 0.684176949 0.642239 0.602871 0.565917
1163.605 1321.65 1458.347708 1562.521 1624.668 34339.55
115.6074 121.5435 124.3616325 123.7429 119.6425 2528.807
1279.213 1443.193 1582.70934 1686.264 1744.311 36868.36
OFCF=
Non- OFCF=

NOPLAT - NI
After tax other income- Extraordinary income

e - Other Income
me statement+Deferred Tax+Tax on Interest expense - Tax on other income
adjusted EBIT
n Reserves
at beginning of period
owth rate is taken as 2% which is developed country growth rate