Professional Documents
Culture Documents
Section A
Group 6 Members
Vakul Agarwal
Siddhant Joshi
Ananya Bansal
Bhawana Choudhary
Ayush Singhal
Date
27-Mar-15
20-Mar-15
13-Mar-15
5-Mar-15
28-Feb-15
20-Feb-15
13-Feb-15
6-Feb-15
30-Jan-15
23-Jan-15
16-Jan-15
9-Jan-15
2-Jan-15
31-Dec-14
26-Dec-14
19-Dec-14
12-Dec-14
5-Dec-14
28-Nov-14
21-Nov-14
14-Nov-14
7-Nov-14
31-Oct-14
23-Oct-14
17-Oct-14
10-Oct-14
1-Oct-14
26-Sep-14
19-Sep-14
Expected
'CNX500' Expected Return
-Unit Curr
Return
on
on Stock
Market
3,610.05
3,623.85
3,650.70
3,678.75
3,620.85
3,547.35
3,616.95
3,502.60
3,647.35
3,606.70
3,616.60
3,468.20
3,359.60
3,329.80
3,333.10
3,359.40
3,379.30
3,410.10
3,346.20
3,355.05
3,329.55
3,288.35
3,337.25
3,165.50
2,941.10
2,966.20
2,970.95
3,038.00
3,082.40
6846.6
7028.2
7099.9
7303.35
7239.45
7209.4
7176.2
7029.45
7166.7
7170.25
6961.45
6783
6866.45
6773.65
6674.8
6670.15
6680.55
6937.55
6918.05
6847.3
6785.75
6720.95
6685.75
6463.25
6255.15
6330.35
6398.05
6396.55
6561.65
-0.003808
-0.007355
-0.007625
0.015991
0.02072
-0.019243
0.032647
-0.039686
0.011271
-0.002737
0.042789
0.032325
0.008949
-0.00099
-0.007829
-0.005889
-0.009032
0.019096
-0.002638
0.007659
0.012529
-0.014653
0.054257
0.076298
-0.008462
-0.001599
-0.02207
-0.014404
-0.025839
-0.010099
-0.027857
0.008827
0.004168
0.004626
0.020876
-0.019151
-0.000495
0.029994
0.026308
-0.012153
0.0137
0.014809
0.000697
-0.001557
-0.037045
0.002819
0.010333
0.00907
0.009641
0.005265
0.034425
0.033269
-0.011879
-0.010581
0.000235
-0.025161
12-Sep-14
5-Sep-14
28-Aug-14
22-Aug-14
14-Aug-14
8-Aug-14
1-Aug-14
25-Jul-14
18-Jul-14
11-Jul-14
4-Jul-14
2,971.80
2,880.75
2,784.50
2,754.85
2,666.55
2,622.60
2,586.00
2,509.30
2,524.60
2,504.65
2,642.50
6572.7
6502.3
6360.75
6352.35
6215.65
6072.65
6111.7
6230.45
6184.55
5991.7
6297.6
0.037217
0.031606
0.034566
0.010763
0.033114
0.016758
0.014153
0.030566
-0.00606
0.007965
-0.052167
-0.001681
0.010827
0.022254
0.001322
0.021993
0.023548
-0.006389
-0.01906
0.007422
0.032186
-0.048574
27-Jun-14
2,454.70
20-Jun-14
13-Jun-14
6-Jun-14
30-May-14
23-May-14
2,366.40
2,403.35
2,392.05
2,271.80
2,385.85
0.037314
-0.015374
0.004724
0.052932
-0.047803
0.007204
-0.00312
-0.011819
0.056369
-0.020393
16-May-14
9-May-14
2-May-14
25-Apr-14
17-Apr-14
11-Apr-14
4-Apr-14
28-Mar-14
22-Mar-14
14-Mar-14
2,152.15
1,974.85
1,883.40
1,956.20
1,951.35
1,935.70
1,927.20
1,931.40
1,872.50
1,738.45
5656
5375.9
5260.95
5328.6
5310.75
5317.7
5234.5
5202.15
5037.5
5011.55
0.108589
0.089779
0.048556
-0.037215
0.002485
0.008085
0.004411
-0.002175
0.031455
0.077109
7-Mar-14
28-Feb-14
21-Feb-14
14-Feb-14
7-Feb-14
31-Jan-14
24-Jan-14
17-Jan-14
10-Jan-14
3-Jan-14
31-Dec-13
27-Dec-13
1,735.05
1,589.00
1,675.60
1,643.40
1,664.95
1,636.25
1,774.25
1,775.20
1,794.10
1,798.60
1,763.90
1,775.05
5033.85
4849.5
4762.75
4677.8
4701.7
4709.15
4836.7
4841.3
4813.95
4850.65
4914.85
4914.7
0.00196 -0.00443
0.091913 0.038014
-0.051683 0.018214
0.019594 0.01816
-0.012943 -0.005083
0.01754 -0.001582
-0.077779 -0.026371
-0.000535 -0.00095
-0.010535 0.005681
-0.002502 -0.007566
0.019672 -0.013062
-0.006282 3.05E-005
20-Dec-13
13-Dec-13
6-Dec-13
1,809.65
1,689.60
1,701.50
29-Nov-13
22-Nov-13
14-Nov-13
8-Nov-13
1-Nov-13
1,676.15
1,640.15
1,612.60
1,580.55
1,636.15
4770.1
4632.45
4670.1
4725.9
4823
0.015124
0.021949
0.017084
0.020278
-0.033982
0.012725
0.029714
-0.008062
-0.011807
-0.020133
25-Oct-13
18-Oct-13
11-Oct-13
4-Oct-13
27-Sep-13
20-Sep-13
13-Sep-13
1,508.70
1,468.75
1,464.00
1,428.50
1,366.95
1,467.25
1,315.90
4693.4
4706.9
4651.8
4516.15
4455.95
4560.1
4450.45
0.084477
0.0272
0.003245
0.024851
0.045027
-0.068359
0.115016
0.027613
-0.002868
0.011845
0.030037
0.01351
-0.022839
0.024638
6-Sep-13
1,288.40
4319.4 0.021344
0.03034
30-Aug-13
23-Aug-13
16-Aug-13
8-Aug-13
2-Aug-13
26-Jul-13
19-Jul-13
12-Jul-13
5-Jul-13
1,243.55
1,293.00
1,325.10
1,385.05
1,337.70
1,375.40
1,451.50
1,447.95
1,554.55
4175.85
4183.65
4224.3
4250.35
4314.95
4507.25
4632.75
4630.95
4535.8
28-Jun-13
21-Jun-13
1,537.75
1,554.65
0.036066
-0.038244
-0.024225
-0.043284
0.035397
-0.02741
-0.052429
0.002452
-0.068573
0.047321
0.052103
0.02185
-0.012696
0.003361
-0.001307
0.015895
0.006219
0.032685
0.005178
0.034376
-0.001864
-0.009623
-0.006129
-0.014971
-0.042665
-0.02709
0.000389
0.020978
14-Jun-13
7-Jun-13
31-May-13
24-May-13
17-May-13
11-May-13
3-May-13
26-Apr-13
18-Apr-13
12-Apr-13
5-Apr-13
28-Mar-13
22-Mar-13
15-Mar-13
8-Mar-13
1-Mar-13
22-Feb-13
15-Feb-13
8-Feb-13
1-Feb-13
25-Jan-13
18-Jan-13
11-Jan-13
4-Jan-13
31-Dec-12
28-Dec-12
21-Dec-12
14-Dec-12
7-Dec-12
30-Nov-12
23-Nov-12
16-Nov-12
9-Nov-12
2-Nov-12
26-Oct-12
19-Oct-12
12-Oct-12
5-Oct-12
28-Sep-12
21-Sep-12
14-Sep-12
8-Sep-12
31-Aug-12
24-Aug-12
17-Aug-12
10-Aug-12
3-Aug-12
27-Jul-12
20-Jul-12
13-Jul-12
6-Jul-12
29-Jun-12
22-Jun-12
15-Jun-12
8-Jun-12
1,514.15
1,554.90
1,605.60
1,674.90
1,708.70
1,734.65
1,665.40
1,673.15
1,524.60
1,408.45
1,406.30
1,281.20
1,305.55
1,406.70
1,428.95
1,424.40
1,438.40
1,475.05
1,587.70
1,609.70
1,599.45
1,547.45
1,565.25
1,545.45
1,490.05
1,500.40
1,504.90
1,477.25
1,509.95
1,473.85
1,493.30
1,438.10
1,463.40
1,465.90
1,365.70
1,369.25
1,372.05
1,387.70
1,350.60
1,311.75
1,261.10
1,209.20
1,143.30
1,190.30
1,177.55
1,165.80
1,120.85
1,112.95
1,147.50
1,183.95
1,215.50
1,169.75
1,102.10
1,106.80
1,124.05
4525.95
4621.1
4681.45
4685.6
4847.1
4779.75
4659.1
4591.65
4526.8
4352.75
4366.65
4438.35
4404.5
4598.2
4660.65
4499.75
4621.8
4647.25
4682.55
4775.9
4816.45
4844.05
4778.15
4844
4743.45
4738.3
4686.9
4698.8
4724.25
4675.25
4474.15
4451.1
4508.8
4510.25
4480.3
4509.45
4506.15
4547.9
4504.35
4456.15
4348.8
4210.9
4129.9
4226
4223.7
4186.95
4129.05
4028.25
4134.75
4156.75
4224.15
4170.65
4063.75
4047.45
4010.95
0.026748
-0.026207
-0.031577
-0.041376
-0.019781
-0.01496
0.041582
-0.004632
0.097435
0.082467
0.001529
0.097643
-0.018651
-0.071906
-0.015571
0.003194
-0.009733
-0.024847
-0.070952
-0.013667
0.006408
0.033604
-0.011372
0.012812
0.03718
-0.006898
-0.00299
0.018717
-0.021656
0.024494
-0.013025
0.038384
-0.017289
-0.001705
0.073369
-0.002593
-0.002041
-0.011278
0.027469
0.029617
0.040163
0.042921
0.05764
-0.039486
0.010828
0.010079
0.040103
0.007098
-0.030109
-0.030787
-0.025956
0.039111
0.061383
-0.004246
-0.015346
-0.023376
-0.02059
-0.012891
-0.000886
-0.033319
0.014091
0.025896
0.01469
0.014326
0.039986
-0.003183
-0.016155
0.007685
-0.042125
-0.013399
0.035758
-0.026407
-0.005476
-0.007539
-0.019546
-0.008419
-0.005698
0.013792
-0.013594
0.021198
0.001087
0.010967
-0.002533
-0.005387
0.010481
0.044947
0.005178
-0.012797
-0.000321
0.006685
-0.006464
0.000732
-0.00918
0.009668
0.010817
0.024685
0.032748
0.019613
-0.02274
0.000545
0.008777
0.014023
0.025023
-0.025757
-0.005293
-0.015956
0.012828
0.026306
0.004027
0.0091
1-Jun-12
25-May-12
18-May-12
11-May-12
4-May-12
28-Apr-12
20-Apr-12
13-Apr-12
4-Apr-12
1,074.85
1,119.00
1,166.65
1,235.25
1,281.30
1,397.45
1,390.70
1,322.75
1,315.70
3851.95
3910.6
3889.05
3928.25
4050.85
4147.1
4226.35
4169.55
4262.2
0.045774
-0.039455
-0.040843
-0.055535
-0.03594
-0.083116
0.004854
0.05137
0.005358
0.041278
-0.014998
0.005541
-0.009979
-0.030265
-0.023209
-0.018751
0.013623
-0.021738
-0.04
-0.02
0.02
-0.05
-0.1
Beta
Beta
Beta
Beta
of
of
of
of
1.149
1.123
1.112
1.1399
2012-2013
2013-2014
2014-2015
2012-2015
10%
0.1898877334
18.99%
Cost Of Debt
Year
Long Term Debt (in millions)
Interest (in millions)
Risk Premium (for top category)
Risk free rate
tax rate
D/E (debt/equity)
D/D+E
E/D+E
(interest/Long Term Debt)
Cost of Debt
(interest/Long Term Debt)*(1-T)
Cost of Debt (in %age)
((Risk free rate+risk premium)*(1-tax rate))
Expected return of the stock(in %)
WACC in %age (KeWe+KdWd)
Mar 15 (12)
6,662.00
2,178.00
1%
7.59%
30%
0.05
0.0476190476
0.9523809524
32.7
22.9
6.013
18.99
19.18
0.04
0.06
PBIT
Tax+
PBIT(1-T)
Depreciation
Total Current Asset
Total Current Liability
Net Working Capital
Change in Working Capital
Free Cash Flow
((EBIT(1-T)+Depreciation-Change in NWC)
11-Mar
31,338.00
8202
23,136.00
10313
57508
39254
18254
12-Mar
22,014.00
5110
16,904.00
11625
64879
54247
10632
-7622
36,151.00
36151
56173
63426
82863
110208
146576
194947
19-Mar
20-Mar
21-Mar
259279
344841
358635
..
Perpetuity
Value of Equity =
PV of Cash Flow(firm Value) - Debt(Long Term Debt)
Value of Equity (in Millions)
Value of Equity (in Crores)
Outstanding shares
Outstanding shares (in crores)
1,858,898.06
185889.80625
302080060
30.2
6155
Mar 11
Mar 12
16.2
22.06
77.98
0.1451780844
135
2976
24.37
55.37
-0.28994614
3180
12-2015
0.06
0.08
13-Mar
31,808.00
5989
25,819.00
18897
59250
60075
-825
-11457
14-Mar
15-Mar
38,344.00 50,742.00
8755
11570
29,589.00 39,172.00
21160
25153
55681
53905
69183
85945
-13502
-32040
-12677
-18538
56,173.00
55.3843600454
63,426.00 82,863.00
12.9118971748 30.64516
33.0
Present Value
Total PV @ 2015
Mar 13
110207.79
122987.381020305
137248.881319858
0
1
2
153164.131696099
170924.899442701
1171026.97905408
3
4
1865560.06253304
Mar 14
16.44
77.85
0.4059960267
Time Line
Mar 15
21.88
31.41
90.11
0.1574823378
117.79
0.30718
Close
CNX500'
-Unit
Curr
1,188.50 6846.6
1,165.30 7028.2 0.019909036
1,227.75 7099.9 -0.0508654
1,228.65 7303.35 -0.00073251
1,291.95 7239.45 -0.0489957
1,252.00 7209.4 0.031908946
1,192.55 7176.2 0.049851159
1,149.75 7029.45 0.037225484
1,265.10 7166.7 -0.09117856
1,361.90 7170.25 -0.07107717
1,304.60 6961.45 0.043921509
1,238.20
6783 0.053626232
1,224.65 6866.45 0.011064386
1,234.45 6773.65 -0.00793876
1,255.30 6674.8 -0.01660958
1,222.25 6670.15 0.027040295
1,251.40 6680.55 -0.02329391
1,294.05 6937.55 -0.03295854
1,323.75 6918.05 -0.02243626
1,246.70 6847.3 0.06180316
1,255.85 6785.75 -0.0072859
1,239.10 6720.95 0.013517876
1,306.20 6685.75 -0.05137039
1,263.70 6463.25
0.0336314
1,253.75 6255.15 0.007936191
1,317.40 6330.35 -0.04831486
1,389.65 6398.05 -0.05199151
1,393.45 6396.55 -0.00272704
1,373.55 6561.65 0.014488006
1,389.25 6572.7 -0.01130106
1,408.20 6502.3 -0.0134569
1,407.20 6360.75 0.000710631
1,391.85 6352.35 0.011028487
1,321.85 6215.65 0.052956084
1,229.35 6072.65 0.075243015
1,174.15 6111.7 0.047012733
1,210.60 6230.45 -0.03010904
1,183.65 6184.55 0.022768555
11/7/2014
1,164.35
4/7/2014
27/06/2014
20/06/2014
13/06/2014
6/6/2014
1,230.05 6297.6
1,153.50 6082.1
1,143.95 6038.6
1,228.85 6057.5
1,232.80 6129.95
-0.02584
-0.0101
-0.02786
0.008827
0.004168
0.004626
0.020876
-0.01915
-0.0005
0.029994
0.026308
-0.01215
0.0137
0.014809
0.000697
-0.00156
-0.03704
0.002819
0.010333
0.00907
0.009641
0.005265
0.034425
0.033269
-0.01188
-0.01058
0.000235
-0.02516
-0.00168
0.010827
0.022254
0.001322
0.021993
0.023548
-0.00639
-0.01906
0.007422
-0.04857
0.035432
0.007204
-0.00312
-0.01182
30/05/2014
23/05/2014
16/05/2014
9/5/2014
2/5/2014
25/04/2014
17/04/2014
11/4/2014
4/4/2014
28/03/2014
22/03/2014
1,235.50
1,159.30
1,114.70
1,102.55
1,057.85
1,070.70
996.95
1,005.50
999
968.25
973.9
5802.85
5923.65
5656
5375.9
5260.95
5328.6
5310.75
5317.7
5234.5
5202.15
5037.5
-0.00218535
0.065729319
0.040010765
0.011019908
0.042255518
-0.01200149
0.073975626
-0.00850323
0.006506507
0.031758327
-0.00580142
0.056369
-0.02039
0.047321
0.052103
0.02185
-0.0127
0.003361
-0.00131
0.015895
0.006219
0.032685
13/12/2013
6/12/2013
29/11/2013
22/11/2013
14/11/2013
8/11/2013
1/11/2013
25/10/2013
18/10/2013
###
4/10/2013
27/09/2013
20/09/2013
13/09/2013
6/9/2013
30/08/2013
23/08/2013
16/08/2013
8/8/2013
2/8/2013
26/07/2013
858.8
844
874.2
830.3
769.45
783.25
813.8
840.1
863.7
854.75
894.85
4516.15
4455.95
4560.1
4450.45
4319.4
4175.85
4183.65
4224.3
4250.35
4314.95
4507.25
0.015952492
0.017535545
-0.03454587
0.052872456
0.079082461
-0.0176189
-0.03753994
-0.0313058
-0.0273243
0.010470898
-0.04481198
0.030037
0.01351
-0.02284
0.024638
0.03034
0.034376
-0.00186
-0.00962
-0.00613
-0.01497
-0.04266
19/07/2013
12/7/2013
5/7/2013
28/06/2013
21/06/2013
14/06/2013
7/6/2013
31/05/2013
24/05/2013
17/05/2013
11/5/2013
3/5/2013
26/04/2013
18/04/2013
12/4/2013
5/4/2013
28/03/2013
22/03/2013
15/03/2013
8/3/2013
1/3/2013
22/02/2013
15/02/2013
8/2/2013
1/2/2013
25/01/2013
18/01/2013
11/1/2013
4/1/2013
31/12/2012
28/12/2012
21/12/2012
14/12/2012
7/12/2012
30/11/2012
23/11/2012
16/11/2012
9/11/2012
2/11/2012
26/10/2012
19/10/2012
###
5/10/2012
28/09/2012
21/09/2012
14/09/2012
8/9/2012
31/08/2012
24/08/2012
17/08/2012
10/8/2012
3/8/2012
27/07/2012
879.25
907.25
971.65
970.6
939.65
949
966.35
967.55
968.1
987.3
967.6
961
889.75
903.9
823.35
837.9
861.3
873.35
927.75
904.2
887.1
895.25
897.95
884.6
886.1
901.5
886
937.9
941.25
931.65
924.6
937.55
952.1
939.2
947
954.05
894.45
909.4
917.45
880.9
823.75
854.2
869
864.7
808.9
777.2
765.25
763.15
761.95
769.35
739.55
684.8
687.45
4632.75
4630.95
4535.8
4510.9
4420.15
4525.95
4621.1
4681.45
4685.6
4847.1
4779.75
4659.1
4591.65
4526.8
4352.75
4366.65
4438.35
4404.5
4598.2
4660.65
4499.75
4621.8
4647.25
4682.55
4775.9
4816.45
4844.05
4778.15
4844
4743.45
4738.3
4686.9
4698.8
4724.25
4675.25
4474.15
4451.1
4508.8
4510.25
4480.3
4509.45
4506.15
4547.9
4504.35
4456.15
4348.8
4210.9
4129.9
4226
4223.7
4186.95
4129.05
4028.25
0.017742394
-0.0308625
-0.06627901
0.001081805
0.032937796
-0.00985248
-0.01795416
-0.00124025
-0.00056812
-0.01944698
0.020359653
0.006867846
0.080078674
-0.01565439
0.097832028
-0.01736484
-0.02716823
-0.01379745
-0.05863649
0.026045123
0.019276294
-0.0091036
-0.00300685
0.015091567
-0.00169281
-0.01708264
0.017494357
-0.05533639
-0.0035591
0.010304299
0.007624919
-0.0138126
-0.01528201
0.013735094
-0.00823654
-0.00738955
0.066633127
-0.01643941
-0.00877432
0.041491656
0.069377845
-0.03564739
-0.01703107
0.004972823
0.068982569
0.040787442
0.015615812
0.002751753
0.001574906
-0.00961851
0.040294774
0.07995035
-0.00385483
-0.02709
0.000389
0.020978
0.00552
0.020531
-0.02338
-0.02059
-0.01289
-0.00089
-0.03332
0.014091
0.025896
0.01469
0.014326
0.039986
-0.00318
-0.01615
0.007685
-0.04213
-0.0134
0.035758
-0.02641
-0.00548
-0.00754
-0.01955
-0.00842
-0.0057
0.013792
-0.01359
0.021198
0.001087
0.010967
-0.00253
-0.00539
0.010481
0.044947
0.005178
-0.0128
-0.00032
0.006685
-0.00646
0.000732
-0.00918
0.009668
0.010817
0.024685
0.032748
0.019613
-0.02274
0.000545
0.008777
0.014023
0.025023
20/07/2012
13/07/2012
6/7/2012
29/06/2012
22/06/2012
15/06/2012
8/6/2012
1/6/2012
25/05/2012
18/05/2012
11/5/2012
4/5/2012
28/04/2012
20/04/2012
13/04/2012
4/4/2012
703.15
719.85
731.55
707.25
697.8
698.45
688.7
645.15
638.3
641.45
655.05
687.05
714.6
726.45
691.85
697.8
4134.75
4156.75
4224.15
4170.65
4063.75
4047.45
4010.95
3851.95
3910.6
3889.05
3928.25
4050.85
4147.1
4226.35
4169.55
4262.2
-0.0223281
-0.02319928
-0.01599344
0.034358431
0.013542562
-0.00093063
0.014157108
0.067503681
0.010731631
-0.00491075
-0.02076177
-0.04657594
-0.03855304
-0.0163122
0.050010841
-0.0085268
-0.02576
-0.00529
-0.01596
0.012828
0.026306
0.004027
0.0091
0.041278
-0.015
0.005541
-0.00998
-0.03027
-0.02321
-0.01875
0.013623
-0.02174
BETA
0.15
0.1
-0.06
0.05
f(x) = 0.7865642988x + 0.0014800697
0
-0.04
-0.02
-0.05 0
0.02
0.04
0.06
0.
-0.1
-0.15
Beta
Beta
Beta
Beta
of
of
of
of
2012-2013
2013-2014
2014-2015
2012-2015
0.772
0.815
0.7764
0.786564299
0.786564299
0.786
7.59%
10%
0.15455643
15.46%
Cost Of Debt
Year
Long Term Debt (in millions)
Interest (in millions)
Risk Premium (for top category)
Risk free rate
tax rate
D/E (debt/equity)
D/D+E
E/D+E
(interest/Long Term Debt)
Mar 15
(12)
379,114.60
31,566.90
1%
7.59%
30%
0.22
0.180327869
0.819672131
8.3
Cost of Debt
(interest/Long Term Debt)*(1-T)
Cost of Debt (in %age)
((Risk free rate+risk premium)*(1-tax rate))
Expected return of the stock(in %)
WACC in %age (KeWe+KdWd)
5.8
11-Mar
35,921.00
8,575.10
27,345.90
4,138.60
-1977.3
PBIT
Tax+
PBIT(1-T)
Depreciation
Net Working Capital
Change in Working Capital
Free Cash Flow
((EBIT(1-T)+Depreciation-Change in NWC)
12-Mar
37,686.40
7,270.00
30,416.40
5,761.40
-459
1518.3
13-Mar
46,382.80
10,942.70
35,440.10
7,108.10
2311.9
2770.9
34,659.50
39,777.30
14.7659371889
28.5
12-Mar
13-Mar
14-Mar
15-Mar
16-Mar
17-Mar
18-Mar
19-Mar
20-Mar
21-Mar
34,659.50
39,777.30
30,609.90
59,323.30
135554
309740
707757
Present Value
from
5th year to
perpetuity
1617224 on 20-mar
3695356
3843171
39376748
..
Perpetuity
Total PV @ 2015
VALUE OF EQUITY =
PV of Cash Flow(firm Value) - Debt(Long Term
Debt)
Value of Equity (in Millions)
Value of Equity (in Crores)
Outstanding shares
Outstanding shares (in crores)
7,728,500
772,850
###
62.1
12443
Year
Mar 11
Mar 12
Mar 13
15.99
16.802
43.69
0.063
57.9
972
11471
14.78
15.59
47.16
0.07942321
55.22
0.1709075488
BETA
Linear (BETA)
0.06
0.08
om Interest/Long term
e will consider
14-Mar
46,286.50
6,110.80
40,175.70
8,633.40
20511.1
18199.2
15-Mar
43,831.90
8,477.80
35,354.10
9,749.00
6290.9
-14220.2
30,609.90
59,323.30
-23.04681313 93.8042921
28.5
135554
272371
547281
0
1
2
1099663
2209576
3843171
3
4
8107615
Mar 14
Mar 15
15.84
21.81
61.9
54.44
0.1209706628 -0.12051696
TATA Motors
Close
Date
3/27/2015
3/20/2015
3/13/2015
3/5/2015
2/28/2015
2/20/2015
2/13/2015
2/6/2015
1/30/2015
1/23/2015
1/16/2015
1/9/2015
1/2/2015
###
###
###
###
12/5/2014
###
###
###
11/7/2014
###
###
###
###
10/1/2014
9/26/2014
9/19/2014
9/12/2014
9/5/2014
8/28/2014
8/22/2014
8/14/2014
8/8/2014
8/1/2014
7/25/2014
Expecte
d
'CNX500'
-Unit Curr
Return
on
Stock
529.67 6846.6
541.79 7028.2 -0.02237
552.43 7099.9 -0.01926
564.64 7303.35 -0.02162
587.05 7239.45 -0.03817
573.75 7209.4 0.02318
559.55 7176.2 0.02538
553.66 7029.45 0.01064
578.94 7166.7 -0.04367
582.21 7170.25 -0.00562
520.17 6961.45 0.11927
516.76
6783 0.0066
506.37 6866.45 0.02052
490.29 6773.65 0.0328
480 6674.8 0.02144
480.74 6670.15 -0.00154
494.65 6680.55 -0.02812
519.78 6937.55 -0.04835
527.84 6918.05 -0.01527
525.37 6847.3 0.0047
518.34 6785.75 0.01356
527.69 6720.95 -0.01772
530.16 6685.75 -0.00466
510.18 6463.25 0.03916
470.75 6255.15 0.08376
487.47 6330.35 -0.0343
497.42 6398.05
-0.02
505.68 6396.55 -0.01633
513.39 6561.65 -0.01502
511.71 6572.7 0.00328
500.63 6502.3 0.02213
519.48 6360.75 -0.03629
506.12 6352.35 0.0264
479.46 6215.65 0.0556
428.31 6072.65 0.11942
435.33 6111.7 -0.01613
456.21 6230.45 -0.04577
7/18/2014
470.26 6184.55
7/11/2014
441.22
7/4/2014
464.47
5991.7
Expecte
d
Return
on
Market
-0.02584
-0.0101
-0.02786
0.00883
0.00417
0.00463
0.02088
-0.01915
-0.0005
0.02999
0.02631
-0.01215
0.0137
0.01481
0.0007
-0.00156
-0.03704
0.00282
0.01033
0.00907
0.00964
0.00526
0.03443
0.03327
-0.01188
-0.01058
0.00023
-0.02516
-0.00168
0.01083
0.02225
0.00132
0.02199
0.02355
-0.00639
-0.01906
-0.02988 0.00742
0.06582 0.03219
6297.6 -0.05006 -0.04857
0.1
0.
0.0
f(x) = 1.2148509045x + 0.00
-0.06
-0.04
-0.02
-0.0
-0.
-0.1
-0.
6/27/2014
6/20/2014
6/13/2014
6/6/2014
5/30/2014
5/23/2014
5/16/2014
5/9/2014
5/2/2014
4/25/2014
4/17/2014
427.76
433.4
433.6
434.44
410.65
426.72
445.08
422.96
410.35
418.76
424.55
6082.1
6038.6
6057.5
6129.95
5802.85
5923.65
5656
5375.9
5260.95
5328.6
5310.75
4/11/2014
419.11
5317.7
3/22/2014
3/14/2014
3/7/2014
2/28/2014
2/21/2014
2/14/2014
2/7/2014
1/31/2014
1/24/2014
384.87
389.08
404.76
412.53
392
384.67
356.38
345.84
366.47
5037.5
5011.55
5033.85
4849.5
4762.75
4677.8
4701.7
4709.15
4836.7
1/17/2014
365.78
4841.3
1/10/2014
1/3/2014
###
###
###
###
12/6/2013
###
###
363.11
358.85
372.41
367.95
369.74
366.42
386.75
394.47
370.18
4813.95
4850.65
4914.85
4914.7
4861.65
4756.05
4830.8
4770.1
4632.45
###
382.94
4670.1
11/8/2013
11/1/2013
###
###
###
10/4/2013
380.07 4725.9
380.52
4823
372.26 4693.4
375.62 4706.9
381.21 4651.8
346.34 4516.15
9/27/2013
336.49 4455.95
9/20/2013
334.76
0.08582
-0.01301
-0.00046
-0.00193
0.05793
-0.03766
-0.04125
0.0523
0.03073
-0.02008
-0.01364
0.03543
0.0072
-0.00312
-0.01182
0.05637
-0.02039
0.04732
0.0521
0.02185
-0.0127
0.00336
0.01298 -0.00131
4/4/2014
401.2 5234.5 0.04464 0.01589
3/28/2014 393.08 5202.15 0.02066 0.00622
0.02133
-0.01082
-0.03874
-0.01883
0.05237
0.01906
0.07938
0.03048
-0.05629
0.03268
0.00518
-0.00443
0.03801
0.01821
0.01816
-0.00508
-0.00158
-0.02637
0.00189
0.00735
0.01187
-0.03641
0.01212
-0.00484
0.00906
-0.05257
-0.01957
0.06562
-0.00095
0.00568
-0.00757
-0.01306
3E-005
0.01091
0.0222
-0.01547
0.01273
0.02971
-0.03332
0.00755
-0.00118
0.02219
-0.00895
-0.01466
0.10068
-0.00806
-0.01181
-0.02013
0.02761
-0.00287
0.01184
0.03004
0.02927 0.01351
4560.1 0.00517 -0.02284
9/13/2013
9/6/2013
8/30/2013
8/23/2013
8/16/2013
8/8/2013
8/2/2013
7/26/2013
7/19/2013
7/12/2013
7/5/2013
6/28/2013
6/21/2013
6/14/2013
6/7/2013
5/31/2013
5/24/2013
5/17/2013
5/11/2013
5/3/2013
4/26/2013
4/18/2013
4/12/2013
4/5/2013
3/28/2013
3/22/2013
3/15/2013
3/8/2013
3/1/2013
2/22/2013
2/15/2013
2/8/2013
2/1/2013
1/25/2013
1/18/2013
1/11/2013
1/4/2013
###
###
###
###
12/7/2012
###
###
###
11/9/2012
11/2/2012
###
###
330.51
314.43
296.07
297.76
310.62
275.84
287.37
286.87
291.52
289.4
293.06
278.32
284
293.65
298.7
309.98
285.04
300.13
304.29
282.57
293.16
279.45
272.23
252.49
266.29
267.48
288.01
300.58
285.34
289.79
301.22
282.37
278.66
297.81
325.06
326.89
312.05
309.33
306.76
296.22
289
278.91
270.55
257.74
262.19
277.62
267.18
258.73
266.15
4450.45
4319.4
4175.85
4183.65
4224.3
4250.35
4314.95
4507.25
4632.75
4630.95
4535.8
4510.9
4420.15
4525.95
4621.1
4681.45
4685.6
4847.1
4779.75
4659.1
4591.65
4526.8
4352.75
4366.65
4438.35
4404.5
4598.2
4660.65
4499.75
4621.8
4647.25
4682.55
4775.9
4816.45
4844.05
4778.15
4844
4743.45
4738.3
4686.9
4698.8
4724.25
4675.25
4474.15
4451.1
4508.8
4510.25
4480.3
4509.45
0.01286
0.05114
0.06201
-0.00568
-0.0414
0.12609
-0.04012
0.00174
-0.01595
0.00733
-0.01249
0.05296
-0.02
-0.03286
-0.01691
-0.03639
0.0875
-0.05028
-0.01367
0.07687
-0.03612
0.04906
0.02652
0.07818
-0.05182
-0.00445
-0.07128
-0.04182
0.05341
-0.01536
-0.03795
0.06676
0.01331
-0.0643
-0.08383
-0.0056
0.04756
0.00879
0.00838
0.03558
0.02498
0.03618
0.0309
0.0497
-0.01697
-0.05558
0.03907
0.03266
-0.02788
0.02464
0.03034
0.03438
-0.00186
-0.00962
-0.00613
-0.01497
-0.04266
-0.02709
0.00039
0.02098
0.00552
0.02053
-0.02338
-0.02059
-0.01289
-0.00089
-0.03332
0.01409
0.0259
0.01469
0.01433
0.03999
-0.00318
-0.01615
0.00769
-0.04213
-0.0134
0.03576
-0.02641
-0.00548
-0.00754
-0.01955
-0.00842
-0.0057
0.01379
-0.01359
0.0212
0.00109
0.01097
-0.00253
-0.00539
0.01048
0.04495
0.00518
-0.0128
-0.00032
0.00668
-0.00646
###
10/5/2012
9/28/2012
9/21/2012
9/14/2012
9/8/2012
8/31/2012
8/24/2012
8/17/2012
8/10/2012
8/3/2012
7/27/2012
7/20/2012
7/13/2012
7/6/2012
6/29/2012
6/22/2012
6/15/2012
6/8/2012
6/1/2012
5/25/2012
5/18/2012
5/11/2012
5/4/2012
4/28/2012
4/20/2012
4/13/2012
4/4/2012
268.37
277.57
264.71
272.53
267.43
243.09
231.81
243.44
237.65
229.49
218.61
210.59
221.03
233.45
238.1
239.88
244.48
237.75
236.66
222.17
266.2
257.14
294.34
298.6
309.78
313.29
286.23
275.59
4506.15
4547.9
4504.35
4456.15
4348.8
4210.9
4129.9
4226
4223.7
4186.95
4129.05
4028.25
4134.75
4156.75
4224.15
4170.65
4063.75
4047.45
4010.95
3851.95
3910.6
3889.05
3928.25
4050.85
4147.1
4226.35
4169.55
4262.2
-0.00827
-0.03314
0.04858
-0.02869
0.01907
0.10013
0.04866
-0.04777
0.02436
0.03556
0.04977
0.03808
-0.04723
-0.0532
-0.01953
-0.00742
-0.01882
0.02831
0.00461
0.06522
-0.1654
0.03523
-0.12638
-0.01427
-0.03609
-0.0112
0.09454
0.03861
0.00073
-0.00918
0.00967
0.01082
0.02468
0.03275
0.01961
-0.02274
0.00054
0.00878
0.01402
0.02502
-0.02576
-0.00529
-0.01596
0.01283
0.02631
0.00403
0.0091
0.04128
-0.015
0.00554
-0.00998
-0.03027
-0.02321
-0.01875
0.01362
-0.02174
Beta
0.15
0.1
0.05
f(x) = 1.2148509045x + 0.0012576762
beta
Linear (b
0
-0.06
-0.04
-0.02
-0.05
0.02
0.04
-0.1
-0.15
-0.2
Beta
Beta
Beta
Beta
of
of
of
of
2012-2013
2013-2014
2014-2015
2012-2015
1.5244
0.8861
1.2263
1.2149
Beta(from formula)
Beta(from slope of the graph)
Risk free rate(Govt. Bond Security of 10yr)
Market Risk Premium(given)
Expected return of the stock
Expected return of the stock(in %)
Cost Of Debt
Year
Long Term Debt (in millions)
Interest (in millions)
Risk Premium (for top category)
Risk free rate
tax rate
D/E (debt/equity)
D/D+E
E/D+E
(interest/Long Term Debt)
Cost of Debt
(interest/Long Term Debt)*(1-T)
Cost of Debt (in %age)
((Risk free rate+risk premium)*(1-tax rate))
Expected return of the stock(in %)
1.2149
1.2149
7.59%
10%
0.19739
19.74
Mar 15
(12)
200,809.70
16,116.80
3%
7.59%
30%
1.06
0.51456311
0.48543689
8.03
5.6
7.413
19.74
0.06
0.08
PBIT
Tax+
PBIT(1-T)
Depreciation
Net Working Capital
Change in Working Capital
Free Cash Flow
((EBIT(1-T)+Depreciation-Change in NWC)
12.47
11-Mar
35,802.20
3,847.00
31,955.20
13,607.70
-51,888.20
12-Mar
13-Mar
14-Mar
16-Mar
17-Mar
18-Mar
19-Mar
20-Mar
21-Mar
..
Perpetuity
VALUE OF EQUITY =
PV of Cash Flow(firm Value) - Debt(Long Term
Debt)
Value of Equity (in Millions)
Value of Equity (in Crores)
Outstanding shares
Outstanding shares (in crores)
Value Per Share =
Value of Equity/no. of outstanding shares
VALUE PER SHARE
239,961.85
23996.1851
###
288.7
83
Year
Price Earning (P/E)
Average P/E
EPS (annualised) (Unit Curr)
Average EPS
EPS (annualised) (Unit Curr) (2016)
EXPECTED PRICE OF THE SHARE(2016)
UNDERPRICED VALUE
Mar 11
48.9
209.456
25.51
-0.647
0.3
55
28
Beta
02
beta
Linear (beta)
0.04
0.06
0.08
12-Mar
25,596.50
988.00
24,608.50
16,067.40
-89121
-37,232.80
77,908.70
13-Mar
15,626.90
-1,268.80
16,895.70
18,176.20
-67394
21727
13,344.90
14-Mar
3,273.80
-13,603.20
16,877.00
20,703.00
-63618.8
3775.2
33,804.80
15-Mar
-23,630.40
7,642.30
-31,272.70
26032.2
-38676.3
24942.5
-30183.00
-82.8711042541 153.3162482
-189.28613688
35.2
(in millions)
45704
54941
66044
0
1
2
79392
95437
99254
3
4
..
Perpetuity
Total PV @ 2015
440772
Mar 12
Mar 13
82.54
3.34
-0.8690709526
Mar 14
Mar 15
384.71
531.13
0.7
0.75
-0.7904191617 0.071428571
0
0
-1
for calculating average growth rate, ignoring the march 15 values, as that
year,
company had huge operating losses, due to which free cash flow came
negative. So, to interpret future cash flows it would be better if average
growth is taken for march,13 and march,14.
Escorts Ltd
Close
expected return on s expected return on market
'CNX500'
-Unit Curr
3/27/2015
125.55 6846.6
3/20/2015
131.4 7028.2
-0.0445205479
-0.0258387638
3/13/2015
140.4 7099.9
-0.0641025641
-0.0100987338
3/5/2015
135.85 7303.35
0.033492823
-0.0278570793
2/28/2015
134.35 7239.45
0.0111648679
0.0088266374
2/20/2015
132.65 7209.4
0.0128156804
0.0041681693
2/13/2015
124.35 7176.2
0.0667470848
0.0046264039
2/6/2015
122.1 7029.45
0.0184275184
0.0208764555
1/30/2015
129.15 7166.7
-0.0545876887
-0.0191510737
1/23/2015
127.15 7170.25
0.0157294534
-0.0004951013
1/16/2015
130.25 6961.45
-0.0238003839
0.0299937513
1/9/2015
126.2
6783
0.0320919176
0.0263084181
1/2/2015
128.25 6866.45
-0.0159844055
-0.0121532961
12/31/2014
128.55 6773.65
-0.0023337223
0.0137001469
12/26/2014
126.2 6674.8
0.0186212361
0.0148094325
12/19/2014
123.15 6670.15
0.0247665449
0.0006971357
12/12/2014
122.95 6680.55
0.0016266775
-0.0015567581
12/5/2014
133.35 6937.55
-0.0779902512
-0.0370447781
11/28/2014
140.1 6918.05
-0.0481798715
0.0028187134
11/21/2014
144.35 6847.3
-0.0294423277
0.0103325398
11/14/2014
146.35 6785.75
-0.0136658695
0.0090704786
11/7/2014
154 6720.95
-0.0496753247
0.0096414941
10/31/2014
169.75 6685.75
-0.0927835052
0.0052649291
10/23/2014
166.35 6463.25
0.0204388338
0.0344254052
10/17/2014
157.35 6255.15
0.0571973308
0.0332685867
10/10/2014
160.45 6330.35
-0.0193206606
-0.01187928
10/1/2014
149.4 6398.05
0.0739625167
-0.010581349
9/26/2014
146.15 6396.55
0.0222374273
0.0002345014
9/19/2014
164.2 6561.65
-0.1099269184
-0.0251613542
9/12/2014
147.75 6572.7
0.1113367174
-0.0016811965
9/5/2014
128.3 6502.3
0.1515978176
0.0108269382
8/28/2014
113.85 6360.75
0.1269213878
0.0222536651
8/22/2014
112.8 6352.35
0.0093085106
0.0013223453
8/14/2014
109.85 6215.65
0.026854802
0.0219928728
8/8/2014
111.1 6072.65
-0.0112511251
0.0235482038
8/1/2014
114.6 6111.7
-0.0305410122
-0.0063893843
7/25/2014
122.85 6230.45
-0.0671550672
-0.0190596185
7/18/2014
123 6184.55
-0.0012195122
0.0074217203
7/11/2014
117.5 5991.7
0.0468085106
0.0321861909
7/4/2014
138.55 6297.6
-0.1519307109
-0.04857406
6/27/2014
135.9 6082.1
0.0194996321
0.035431841
6/20/2014
135.2 6038.6
0.0051775148
0.0072036565
6/13/2014
137.45 6057.5
-0.0163695889
-0.0031200991
6/6/2014
134 6129.95
0.0257462687
-0.0118190197
5/30/2014
124.8 5802.85
0.0737179487
0.0563688532
5/23/2014
129 5923.65
-0.0325581395
-0.0203928321
5/16/2014
117.5
5656
0.0978723404
0.0473214286
Date
5/9/2014
107.45
5375.9
0.0935318753
0.0521029037
5/2/2014
121.7 5260.95
4/25/2014
4/17/2014
4/11/2014
4/4/2014
3/28/2014
3/22/2014
3/14/2014
3/7/2014
2/28/2014
2/21/2014
2/14/2014
2/7/2014
1/31/2014
1/24/2014
1/17/2014
123.8
127.05
133.25
123.2
114.95
116.8
116.95
123.4
115
116.85
109.9
120.2
124.05
119.75
115.7
5328.6
5310.75
5317.7
5234.5
5202.15
5037.5
5011.55
5033.85
4849.5
4762.75
4677.8
4701.7
4709.15
4836.7
4841.3
1/10/2014
119.15 4813.95
1/3/2014
12/31/2013
12/27/2013
12/20/2013
12/13/2013
12/6/2013
11/29/2013
11/22/2013
11/14/2013
11/8/2013
11/1/2013
124.8
137.55
138.8
137.2
120.75
127.7
117.25
115.85
115.7
114.8
103.75
4850.65
4914.85
4914.7
4861.65
4756.05
4830.8
4770.1
4632.45
4670.1
4725.9
4823
10/25/2013
93.25
4693.4
10/18/2013
10/11/2013
10/4/2013
9/27/2013
9/20/2013
9/13/2013
93.8 4706.9
97.05 4651.8
87 4516.15
82.1 4455.95
83.5 4560.1
84.2 4450.45
9/6/2013
84.75
4319.4
8/30/2013
8/23/2013
8/16/2013
8/8/2013
8/2/2013
7/26/2013
82.3
88.9
88.8
69.8
68.2
81.85
4175.85
4183.65
4224.3
4250.35
4314.95
4507.25
7/19/2013
87.55 4632.75
7/12/2013
7/5/2013
85 4630.95
74.2 4535.8
-0.1170912079
-0.0169628433
-0.0255804801
-0.0465290807
0.0815746753
0.0717703349
-0.0158390411
-0.0012825994
-0.0522690438
0.0730434783
-0.0158322636
0.0632393085
-0.0856905158
-0.0310358726
0.035908142
0.0350043215
0.0218496659
-0.0126956424
0.0033611072
-0.001306956
0.0158945458
0.0062185827
0.0326848635
0.0051780387
-0.0044300088
0.0380142283
0.018214267
0.0181602463
-0.0050832678
-0.0015820265
-0.0263712862
-0.000950158
-0.0289550986
0.0056814051
-0.0452724359
-0.0075659963
-0.092693566
-0.0130624536
-0.0090057637 3.0520682849522E-005
0.0116618076
0.0109119332
0.1362318841
0.022203299
-0.0544244323
-0.0154736276
0.0891257996
0.0127251001
0.0120845921
0.029714298
0.0012964564
-0.0080619259
0.0078397213
-0.0118072748
0.1065060241
-0.0201326975
0.1126005362
-0.0058635394
-0.0334878928
0.1155172414
0.059683313
-0.0167664671
-0.0083135392
0.0276132441
-0.0028681298
0.0118448773
0.0300366463
0.0135100259
-0.0228394114
0.024637958
-0.0064896755
0.0297691373
-0.0742407199
0.0011261261
0.2722063037
0.0234604106
-0.1667684789
0.030339862
0.0343762348
-0.0018644007
-0.0096228961
-0.006128907
-0.0149712048
-0.0426645959
-0.0651056539
0.03
0.1455525606
-0.0270897415
0.0003886891
0.0209775563
6/28/2013
6/21/2013
6/14/2013
6/7/2013
5/31/2013
5/24/2013
5/17/2013
5/11/2013
5/3/2013
4/26/2013
4/18/2013
4/12/2013
4/5/2013
3/28/2013
3/22/2013
3/15/2013
3/8/2013
3/1/2013
2/22/2013
2/15/2013
2/8/2013
2/1/2013
1/25/2013
1/18/2013
1/11/2013
1/4/2013
12/31/2012
12/28/2012
12/21/2012
12/14/2012
12/7/2012
11/30/2012
11/23/2012
11/16/2012
11/9/2012
11/2/2012
10/26/2012
10/19/2012
10/12/2012
10/5/2012
9/28/2012
9/21/2012
9/14/2012
9/8/2012
8/31/2012
8/24/2012
8/17/2012
8/10/2012
8/3/2012
7/27/2012
7/20/2012
7/13/2012
7/6/2012
73.6
68.45
70.7
72.45
69.5
59.9
66.75
65.25
61.75
56.4
55.45
53.3
53.25
49.5
51.3
57.6
60.2
59
63.25
63.1
66.6
68.8
66.5
70.5
72.05
75.5
73.95
73.15
69.15
65.8
66.25
66.45
61.2
62.7
64.3
65.65
65.9
67.9
67.9
68.8
63.95
63.3
60.8
62.7
61.15
62.9
64.55
61.4
58.5
56.1
65.9
67.25
71.65
4510.9
4420.15
4525.95
4621.1
4681.45
4685.6
4847.1
4779.75
4659.1
4591.65
4526.8
4352.75
4366.65
4438.35
4404.5
4598.2
4660.65
4499.75
4621.8
4647.25
4682.55
4775.9
4816.45
4844.05
4778.15
4844
4743.45
4738.3
4686.9
4698.8
4724.25
4675.25
4474.15
4451.1
4508.8
4510.25
4480.3
4509.45
4506.15
4547.9
4504.35
4456.15
4348.8
4210.9
4129.9
4226
4223.7
4186.95
4129.05
4028.25
4134.75
4156.75
4224.15
0.0081521739
0.0752373996
-0.031824611
-0.0241545894
0.0424460432
0.1602671119
-0.1026217228
0.0229885057
0.0566801619
0.094858156
0.0171325518
0.0403377111
0.0009389671
0.0757575758
-0.0350877193
-0.109375
-0.0431893688
0.0203389831
-0.0671936759
0.0023771791
-0.0525525526
-0.0319767442
0.0345864662
-0.0567375887
-0.0215128383
-0.0456953642
0.0209601082
0.010936432
0.0578452639
0.0509118541
-0.0067924528
-0.0030097818
0.0857843137
-0.023923445
-0.0248833593
-0.0205635948
-0.0037936267
-0.029455081
0
-0.0130813953
0.0758405004
0.0102685624
0.0411184211
-0.0303030303
0.0253475061
-0.0278219396
-0.0255615802
0.0513029316
0.0495726496
0.0427807487
-0.1487101669
-0.0200743494
-0.0614096301
0.0055199628
0.0205309775
-0.0233763077
-0.0205903356
-0.012891305
-0.0008856923
-0.0333188917
0.0140906951
0.0258955592
0.0146897085
0.0143257931
0.0399862156
-0.0031832183
-0.0161546521
0.0076853218
-0.0421251794
-0.0133994185
0.0357575421
-0.0264074603
-0.005476357
-0.0075386275
-0.0195460541
-0.0084190638
-0.0056977116
0.0137919488
-0.0135941371
0.0211976515
0.0010868877
0.0109667371
-0.0025325615
-0.0053870985
0.010480723
0.0449470849
0.0051784952
-0.0127971966
-0.0003214899
0.0066848202
-0.006464203
0.0007323325
-0.0091800611
0.0096684316
0.010816512
0.0246849706
0.0327483436
0.0196130657
-0.0227401798
0.0005445463
0.0087772722
0.014022596
0.0250232731
-0.0257573009
-0.0052925964
-0.0159558728
6/29/2012
6/22/2012
6/15/2012
6/8/2012
6/1/2012
5/25/2012
5/18/2012
5/11/2012
5/4/2012
4/28/2012
4/20/2012
4/13/2012
4/4/2012
68.55
66.25
64.45
65.6
62.85
64.9
65.35
67.4
69.8
73.5
81.4
74.9
74.5
4170.65
4063.75
4047.45
4010.95
3851.95
3910.6
3889.05
3928.25
4050.85
4147.1
4226.35
4169.55
4262.2
0.0452224654
0.0347169811
0.0279286268
-0.0175304878
0.0437549722
-0.031587057
-0.0068859985
-0.0304154303
-0.0343839542
-0.0503401361
-0.0970515971
0.0867823765
0.0053691275
0.0128277367
0.0263057521
0.004027227
0.0091000885
0.0412777944
-0.0149976986
0.005541199
-0.0099789983
-0.030265253
-0.0232089894
-0.0187514049
0.0136225732
-0.0217376003
beta
0.3
0.25
0.2
0.15
0.1
f(x) = 1.622235543x + 0.000048489
0.05
0
-0.06
-0.04
-0.02
-0.05 0
0.02
0.04
-0.1
-0.15
-0.2
Beta
Beta
Beta
Beta
of
of
of
of
2012-2013
2013-2014
2014-2015
2012-2015
1.801
1.6259
1.541
1.622236
Cost Of Debt
Year
Long Term Debt (in millions)
Interest (in millions)
Risk Premium (for top category)
Risk free rate
tax rate
D/E (debt/equity)
D/D+E
E/D+E
(interest/Long Term Debt)
4,843.80
582.6
3%
7.59%
30%
0.26
0.2063492
0.7936508
12.027747
Cost of Debt
(interest/Long Term Debt)*(1-T)
8.4194228
0.06
7.413
23.81
20.6
11-Mar
1,563.90
-194.7
1,758.60
379.7
15,800.30
11,917.60
2,114.30
PBIT
Tax+
PBIT(1-T)
Depreciation
Total Current Asset
Total Current Liability
Net Working Capital
Change in Working Capital
Free Cash Flow
((EBIT(1-T)+Depreciation-Change in NWC)
Annual Growth Rate in Free cash flow (in %age)
Average Growth Rate in Free Cash Flow (in %age)
Free Cash Flow (in millions)
Given
Increase in Free
Cash Flow,
taking avg growth rate
12-Mar
14-Mar
15-Mar
16-Mar
17-Mar
18-Mar
19-Mar
20-Mar
21-Mar
..
Perpetuity
Value of Equity =
PV of Cash Flow(firm Value) - Debt(Long Term Debt)
Value of Equity (in Millions)
Value of Equity (in Crores)
Outstanding shares
Outstanding shares (in crores)
Value Per Share =
Value of Equity/no. of outstanding shares
Value per share
2,213.12
221.31163
122576878
12.257688
18
Year
Price Earning (P/E)
Average P/E
Mar 11
6.16
11.7925
11.74
43.925841
9.0144
106
88
beta
Linear (beta)
0.04
0.06
0.08
12-Mar
1,843.90
183.5
1,660.40
484.3
13,840.90
12,023.00
352.40
-1,761.90
3,906.60
14-Mar
3,830.70
275.1
3,555.60
832.2
15,191.80
11,649.50
1,202.30
849.90
15-Mar
1,253.60
-60.46
1,314.06
660.6
14,433.30
10,710.00
1,828.40
626.10
3,537.90
1,348.56
-9.4378743665 -61.8824727
-0.3
Present Value Time Line
3,906.60
3,537.90
1,348.56
944
661
463
943.992
547.9223881
318.0312369
Present Value
from
5th year to
perpetuity
324 on 20-mar
184.5952453
227
107.1448356
236
1420 111.430629
..
Perpetuity
Total PV @ 2015
2213.1163347
0
1
2
3
4
Mar 12
Mar 14
11.33
5.84
-0.5025553663
Mar 15
8.54
21.14
20.53
6.26
2.5154109589 -0.69508037
Close
'CNX500 Expected
Return
on Stock
Expected
Return
on Market
-Unit Cu
27-Mar-15
20-Mar-15
13-Mar-15
5-Mar-15
28-Feb-15
20-Feb-15
13-Feb-15
6-Feb-15
30-Jan-15
23-Jan-15
16-Jan-15
9-Jan-15
2-Jan-15
31-Dec-14
26-Dec-14
19-Dec-14
12-Dec-14
5-Dec-14
28-Nov-14
21-Nov-14
14-Nov-14
7-Nov-14
31-Oct-14
23-Oct-14
17-Oct-14
10-Oct-14
1-Oct-14
26-Sep-14
19-Sep-14
12-Sep-14
5-Sep-14
28-Aug-14
22-Aug-14
14-Aug-14
8-Aug-14
1-Aug-14
25-Jul-14
18-Jul-14
15,490.75
16,017.50
15,912.75
16,001.10
16,255.55
16,362.10
16,267.40
15,587.75
16,275.90
15,145.95
15,349.70
14,738.70
15,081.95
15,075.00
15,124.30
14,621.10
14,036.80
15,213.50
14,518.70
14,512.75
13,992.90
12,675.90
12,772.75
11,890.55
11,334.35
11,270.35
11,801.65
11,356.75
11,634.80
12,023.80
10,829.05
9,755.95
10,014.00
10,024.90
8,477.50
8,408.00
8,586.65
8,565.05
6846.6
7028.2 -0.032885906 -0.0258387638
7099.9 0.0065827717 -0.0100987338
7303.35 -0.0055214954 -0.0278570793
7239.45 -0.0156531154 0.0088266374
7209.4 -0.0065120003 0.0041681693
7176.2 0.0058214589 0.0046264039
7029.45 0.0436015461 0.0208764555
7166.7 -0.042280304 -0.0191510737
7170.25 0.0746041021 -0.0004951013
6961.45 -0.0132738751 0.0299937513
6783 0.0414554879 0.0263084181
6866.45 -0.0227589934 -0.0121532961
6773.65 0.0004610282 0.0137001469
6674.8 -0.003259655 0.0148094325
6670.15 0.0344160152 0.0006971357
6680.55 0.0416262966 -0.0015567581
6937.55 -0.0773457784 -0.0370447781
6918.05 0.0478555243 0.0028187134
6847.3 0.0004099843 0.0103325398
6785.75 0.0371509837 0.0090704786
6720.95 0.1038979481 0.0096414941
6685.75 -0.0075825488 0.0052649291
6463.25 0.074193372 0.0344254052
6255.15 0.0490720685 0.0332685867
6330.35 0.0056786169 -0.01187928
6398.05 -0.0450191287 -0.010581349
6396.55
0.03917494 0.0002345014
6561.65 -0.0238981332 -0.0251613542
6572.7 -0.0323525009 -0.0016811965
6502.3 0.1103282375 0.0108269382
6360.75 0.1099944137 0.0222536651
6352.35 -0.0257689235 0.0013223453
6215.65 -0.0010872926 0.0219928728
6072.65 0.1825302271 0.0235482038
6111.7 0.0082659372 -0.0063893843
6230.45 -0.0208055528 -0.0190596185
6184.55 0.0025218767 0.0074217203
11-Jul-14
8,260.85
4-Jul-14
27-Jun-14
20-Jun-14
13-Jun-14
6-Jun-14
30-May-14
23-May-14
8,637.85
7,728.90
7,215.75
7,339.35
7,192.85
6,675.45
7,442.85
f(x) = 1.0769
-0.06
-0.04
16-May-14
9-May-14
2-May-14
25-Apr-14
17-Apr-14
11-Apr-14
4-Apr-14
28-Mar-14
22-Mar-14
6,346.75
6,478.60
6,248.40
6,107.85
5,870.85
6,105.50
6,049.75
5,832.05
5,718.05
14-Mar-14
7-Mar-14
28-Feb-14
21-Feb-14
14-Feb-14
7-Feb-14
31-Jan-14
24-Jan-14
17-Jan-14
10-Jan-14
3-Jan-14
31-Dec-13
27-Dec-13
20-Dec-13
5,571.35
5,434.10
5,140.30
4,884.00
4,849.50
4,426.00
4,646.10
4,921.80
4,945.75
5,009.05
4,968.95
4,975.85
4,992.60
5,073.50
13-Dec-13
6-Dec-13
29-Nov-13
22-Nov-13
14-Nov-13
8-Nov-13
1-Nov-13
25-Oct-13
18-Oct-13
11-Oct-13
4,915.25
4,828.75
4,687.30
4,202.00
4,201.80
4,135.95
3,982.80
3,932.45
3,876.80
3,952.45
4-Oct-13
27-Sep-13
20-Sep-13
13-Sep-13
6-Sep-13
30-Aug-13
23-Aug-13
16-Aug-13
8-Aug-13
2-Aug-13
26-Jul-13
19-Jul-13
3,687.00
3,554.35
3,474.50
3,613.45
3,192.15
3,189.80
3,199.60
3,167.70
3,319.00
3,497.20
3,701.70
3,839.65
12-Jul-13
5-Jul-13
28-Jun-13
21-Jun-13
14-Jun-13
7-Jun-13
31-May-13
24-May-13
17-May-13
11-May-13
3-May-13
26-Apr-13
18-Apr-13
12-Apr-13
5-Apr-13
28-Mar-13
22-Mar-13
15-Mar-13
8-Mar-13
1-Mar-13
22-Feb-13
15-Feb-13
8-Feb-13
1-Feb-13
25-Jan-13
18-Jan-13
11-Jan-13
4-Jan-13
31-Dec-12
28-Dec-12
21-Dec-12
14-Dec-12
7-Dec-12
30-Nov-12
23-Nov-12
16-Nov-12
9-Nov-12
2-Nov-12
26-Oct-12
19-Oct-12
12-Oct-12
5-Oct-12
28-Sep-12
21-Sep-12
14-Sep-12
8-Sep-12
31-Aug-12
24-Aug-12
17-Aug-12
10-Aug-12
3-Aug-12
27-Jul-12
20-Jul-12
3,783.45
3,614.60
3,276.90
3,561.65
3,514.35
3,550.35
3,701.60
3,582.45
3,449.25
3,065.10
3,132.55
2,894.10
2,686.95
2,756.25
2,664.30
2,562.20
2,678.85
2,790.45
2,793.95
2,772.80
2,795.90
2,659.30
2,740.15
2,841.20
2,653.85
2,712.25
2,810.80
2,822.70
2,906.60
2,802.55
2,687.70
2,706.70
2,690.15
2,738.25
2,427.00
2,404.85
2,503.25
2,391.35
2,365.70
2,302.45
2,225.10
2,302.70
2,311.20
2,208.85
2,269.60
2,079.95
2,144.80
2,183.20
2,225.25
2,068.55
1,993.55
1,950.35
1,951.60
13-Jul-12
6-Jul-12
29-Jun-12
22-Jun-12
15-Jun-12
8-Jun-12
1-Jun-12
25-May-12
18-May-12
11-May-12
4-May-12
28-Apr-12
20-Apr-12
13-Apr-12
4-Apr-12
1,936.30
2,021.15
1,999.90
2,000.70
2,056.45
2,172.65
2,251.70
2,218.55
2,107.45
2,168.10
2,162.10
2,274.00
2,299.60
2,179.65
2,192.45
BETA
0.2
0.15
0.1
f(x) = 1.0769007773x + 0.0101229876
0.05
0
-0.06
-0.04
-0.02
-0.05
0.02
-0.1
-0.15
Beta
Beta
Beta
Beta
of
of
of
of
0.6840492374
0.7936589432
1.5524543847
1.0769
2012-2013
2013-2014
2014-2015
2012-2015
Beta(from formula)
Beta(from slope of the graph)
Risk free rate(Govt. Bond Security of 10yr)
Market Risk Premium(given)
Expected return of the stock
Expected return of the stock(in %)
Year
Long Term Debt (in millions)
Interest (in millions)
Risk Premium (for top category)
Risk free rate
tax rate
D/E (debt/equity)
D/D+E
E/D+E
(interest/Long Term Debt)
Cost of Debt
(interest/Long Term Debt)*(1-T)
1.0769007773
1.0769
7.59%
10%
0.18359
18.36%
Cost Of Debt
Mar 15 (12)
0.00
0.00
1%
7.59%
30%
0.22
0
1
0.0
0.0
6.013
18.36
18.36
11-Mar
890.60
111.70
778.90
107.90
-646.5
PBIT
Tax+
PBIT(1-T)
Depreciation
Net Working Capital
Change in Working Capital
Free Cash Flow
((EBIT(1-T)+Depreciation-Change in
NWC)
Annual Growth Rate in Free cash flow (in %age)
Average Growth Rate in Free Cash Flow (in %age)
20-Mar
21-Mar
..
Perpetuity
VALUE OF EQUITY =
PV of Cash Flow(firm Value) Debt(Long Term Debt)
Value of Equity (in Millions)
Value of Equity (in Crores)
Outstanding shares
Outstanding shares (in crores)
6,165,241.19
616524.118805925
27,154,083
2.7154083
227047
Mar 11
32.08
53.09
46
0.508
300.5
15952
211095
BETA
BETA
Linear (BETA)
0.02
0.04
0.06
0.08
12-Mar
1,438.50
172.80
1,265.70
130.20
-802.3
-155.8
1,551.70
13-Mar
1,740.60
290.40
1,450.20
171.50
-1983.6
-1181.3
2,803.00
14-Mar
3,634.20
845.30
2,788.90
304.10
-3441.8
-1458.2
4,551.20
80.640587742
15-Mar
7,997.00
2,391.10
5,605.90
501.60
-5148.4
-1706.6
7,814.10
62.3688904745 71.6931798
71.6
Present Value
1,551.70
2,803.00
4,551.20
7,814.10
21223
57642
156555
425205 Present
Value from
5th year to
perpetuity
on 20-mar
1154856
1201050
Time Line
21223
50670
120973
288821
0
1
2
3
8363859
689556
4993998
Total PV @ 20
6165241
Mar 12
Mar 13
Mar 14
54.96
49.52
75.8
52.82
100.5
0.14826087 0.9026883756
199.25
0.9825870647
08
BETA
Linear (BETA)