This document provides valuation details for five companies - Container Corporation of India Limited, ICICI Bank Limited, LIC Housing Finance Limited, Balmer Lawrie and Company Limited, and Suzlon Energy Limited. Valuation methodologies used include free cash flow to equity discounted at cost of equity, relative valuation using enterprise value to sales ratio, and equity as an option. The document compares the valuation results to the market prices of the stocks as of 21-10-2016 and finds most to be overvalued except Balmer Lawrie which is undervalued. Key assumptions and considerations for each valuation are outlined.
This document contains the balance sheet and profit/loss statements for Bajaj Auto Limited Company from March 2013 to March 2009 and Indian Airlines Ltd from March 2006 to March 2000. Some key details:
- Bajaj Auto's net worth increased from Rs. 2.9 billion in March 2010 to Rs. 7.9 billion in March 2013. Net profit increased from Rs. 1.7 billion to Rs. 3 billion over the same period.
- Indian Airlines had consistent losses, with reported net losses of Rs. 673.2 crore in March 2004 and Rs. 514.05 crore in March 2000. Its net current assets position also steadily deteriorated from negative Rs. 1.1 billion to negative
Tata Motors is India's largest automobile company, established in 1945. It has revenues of Rs. 35651.48 crores in 2007-08 and is a leader in commercial vehicles and among the top 3 in passenger vehicles. It is the 4th largest truck manufacturer and 2nd largest bus manufacturer globally. Over the years, Tata Motors has expanded its product portfolio, acquired foreign brands like Jaguar and Land Rover, and increased its global presence through strategic partnerships and acquisitions. It currently employs over 23,000 people worldwide.
1. The document provides an overview and financial analysis of Reliance Communications Ltd, an Indian telecommunications company.
2. Key financial details from the profit and loss account and balance sheet for 2012-2009 are presented, including revenues, expenses, assets, liabilities, and profit/loss.
3. Financial ratios like current ratio and quick ratio are calculated for each year to analyze the company's liquidity and ability to meet short-term obligations.
Comparative statement of reliance industries ltdvijay jha
Reliance Industries Ltd is an Indian conglomerate founded as a textile company by Dhirubhai Ambani. The company has diversified into petrochemicals, oil and gas exploration, refining and other industries. The balance sheet comparison from 2009 to 2010 shows an increase in total assets but a decrease in total liabilities. Key increases include net block, inventories and debtors. However, capital work in progress and unsecured loans decreased significantly. The current financial position is assessed as weak due to negative working capital in both years.
Hindustan Construction Company (HCC) saw significant growth in key financial metrics from FY2006-07 to FY2007-08. Sales turnover increased 44% and net profit increased 37%. However, interest costs also increased substantially, lowering the net profit margin. While current assets grew 31%, current liabilities also increased 21%, reducing liquidity. HCC has higher leverage than industry averages. The management will need to focus on improving liquidity and reducing interest costs as the business model requires substantial debt for long-term infrastructure projects.
This document provides an overview and financial analysis of Yes Bank, an Indian private sector bank. Some key details:
- Yes Bank was founded in 2004 and is headquartered in Mumbai. It provides banking and financial services.
- As of 2015, Yes Bank had revenues of $3.7 billion, net income of $470 million, and total assets of $14 billion.
- The bank has received several awards and recognitions for its performance and innovation.
- Over the last 5 years, Yes Bank has seen significant growth in deposits, advances, and total assets, with profits also rising steadily over this period.
- Various ratios show improving performance and profitability from 2013-2017 across areas like margins,
The revenue for ITC increased 17.57% to Rs. 60852.20 millions for the quarter ended September 2011 compared to the same quarter of the previous year. The net profit saw a modest rise of 21.46% to Rs. 15143.10 millions. The operating profit of the company witnessed a marginal growth to 23997.90 millions from 20046.50 millions in the same quarter last year.
For Suzlon Energy, revenue increased sharply by 81.73% to Rs. 19435.70 millions for the quarter ended September 2011 compared to the corresponding quarter of the previous fiscal. The net loss for the quarter stood at Rs. -193.90 millions compared to a net loss of Rs
This document contains the balance sheet and profit/loss statements for Bajaj Auto Limited Company from March 2013 to March 2009 and Indian Airlines Ltd from March 2006 to March 2000. Some key details:
- Bajaj Auto's net worth increased from Rs. 2.9 billion in March 2010 to Rs. 7.9 billion in March 2013. Net profit increased from Rs. 1.7 billion to Rs. 3 billion over the same period.
- Indian Airlines had consistent losses, with reported net losses of Rs. 673.2 crore in March 2004 and Rs. 514.05 crore in March 2000. Its net current assets position also steadily deteriorated from negative Rs. 1.1 billion to negative
Tata Motors is India's largest automobile company, established in 1945. It has revenues of Rs. 35651.48 crores in 2007-08 and is a leader in commercial vehicles and among the top 3 in passenger vehicles. It is the 4th largest truck manufacturer and 2nd largest bus manufacturer globally. Over the years, Tata Motors has expanded its product portfolio, acquired foreign brands like Jaguar and Land Rover, and increased its global presence through strategic partnerships and acquisitions. It currently employs over 23,000 people worldwide.
1. The document provides an overview and financial analysis of Reliance Communications Ltd, an Indian telecommunications company.
2. Key financial details from the profit and loss account and balance sheet for 2012-2009 are presented, including revenues, expenses, assets, liabilities, and profit/loss.
3. Financial ratios like current ratio and quick ratio are calculated for each year to analyze the company's liquidity and ability to meet short-term obligations.
Comparative statement of reliance industries ltdvijay jha
Reliance Industries Ltd is an Indian conglomerate founded as a textile company by Dhirubhai Ambani. The company has diversified into petrochemicals, oil and gas exploration, refining and other industries. The balance sheet comparison from 2009 to 2010 shows an increase in total assets but a decrease in total liabilities. Key increases include net block, inventories and debtors. However, capital work in progress and unsecured loans decreased significantly. The current financial position is assessed as weak due to negative working capital in both years.
Hindustan Construction Company (HCC) saw significant growth in key financial metrics from FY2006-07 to FY2007-08. Sales turnover increased 44% and net profit increased 37%. However, interest costs also increased substantially, lowering the net profit margin. While current assets grew 31%, current liabilities also increased 21%, reducing liquidity. HCC has higher leverage than industry averages. The management will need to focus on improving liquidity and reducing interest costs as the business model requires substantial debt for long-term infrastructure projects.
This document provides an overview and financial analysis of Yes Bank, an Indian private sector bank. Some key details:
- Yes Bank was founded in 2004 and is headquartered in Mumbai. It provides banking and financial services.
- As of 2015, Yes Bank had revenues of $3.7 billion, net income of $470 million, and total assets of $14 billion.
- The bank has received several awards and recognitions for its performance and innovation.
- Over the last 5 years, Yes Bank has seen significant growth in deposits, advances, and total assets, with profits also rising steadily over this period.
- Various ratios show improving performance and profitability from 2013-2017 across areas like margins,
The revenue for ITC increased 17.57% to Rs. 60852.20 millions for the quarter ended September 2011 compared to the same quarter of the previous year. The net profit saw a modest rise of 21.46% to Rs. 15143.10 millions. The operating profit of the company witnessed a marginal growth to 23997.90 millions from 20046.50 millions in the same quarter last year.
For Suzlon Energy, revenue increased sharply by 81.73% to Rs. 19435.70 millions for the quarter ended September 2011 compared to the corresponding quarter of the previous fiscal. The net loss for the quarter stood at Rs. -193.90 millions compared to a net loss of Rs
Hindustan Construction Company (HCC) is an engineering and construction company founded in 1926. It constructs large infrastructure projects across sectors. The document analyzes HCC's financial ratios and Z-score from 2007-2009. While revenue and profits increased, debt levels also rose. The Z-score, which predicts bankruptcy risk, was above 3 in 2007 but fell to around 2.6 in 2009, indicating increased risk. Based on this analysis, the author does not recommend investing in HCC's bond issue.
The document provides financial information for DLF, a real estate company, over a 5 year period from 2006-2010. It includes balance sheets, profit and loss statements, cash flows, key financial ratios, and comparisons to competitors. The balance sheets show DLF growing its net worth, total assets, secured loans, and current assets over this period. The profit and loss statements show increasing sales turnover, net profit, and earnings per share for most years. Key financial ratios indicate improving profitability, liquidity, and returns.
Larsen & Toubro Limited (L&T) is an Indian engineering conglomerate engaged in engineering, construction, and manufacturing. The document provides an overview of L&T and the engineering industry in India. It summarizes L&T's financial performance and position, highlighting strong revenue and order inflow growth. Calculations include projected financial statements, weighted average cost of capital, discounted cash flow valuation, and target price of Rs. 2,413.60 per share for L&T.
This document provides a financial analysis of ITC Limited. It begins with a brief history of ITC, originally founded in 1910 as Imperial Tobacco Company of India Limited, and discusses changes to its name over time. The bulk of the document consists of a balance sheet analysis from 2013 to 2017, examining trends in equities and liabilities, assets, ratios including debt-to-assets, current, long-term debt-to-assets, and liquidity ratios like current and cash ratios. Charts and figures are included to illustrate changes in various line items and ratios over the five-year period.
3 years comparative ratio, trend analysis and common size statement of bajaj ...Jay Savani
The document provides an overview of two major Indian automotive companies, Bajaj Auto Ltd and Hero Motocorp Ltd. It includes details about their founding, leadership, products, financial performance from 2012-2014 based on common sized income statements and balance sheets, and trend and ratio analyses. Both companies showed growth in net sales, gross profits, and net profits over the period analyzed.
The document discusses the financial accounting analysis of Cipla Ltd, an Indian pharmaceutical company. It includes an overview of Cipla, analysis of its balance sheet, cash flows, profitability ratios, share prices, earnings per share, price-earnings ratio and comparisons to competitors. The board of directors report highlights a 12% growth in domestic sales, 16% growth in exports, a 3% decline in operating margins, investments in new production facilities, a reduction in shareholder funds, 55% of revenues from international markets and contribution of $420 million in foreign exchange earnings.
This company plans to build infrastructure for Residential schools, Mini Shopping malls& Multiplexes and Hospitals in India. Mission Excellence is renowned for providing sustainable bespoke solutions in the construction arena.
GIC Housing Finance's surplus scenario likely to continue for next three year...IndiaNotes.com
GIC Housing Finance Ltd reported financial results for the quarter ended June 30, 2015. Net sales grew 21.31% to Rs. 2045.80 million compared to the same quarter last year. Net profit grew 11.40% to Rs. 282.50 million. EPS was Rs. 5.25, up from Rs. 4.71 the previous year. For the full 2015 fiscal year, net sales grew 17% to Rs. 7327.40 million. The company expects continued growth over the next few years and the analyst recommends buying the stock with a target price of Rs. 260.
The debt service coverage ratio (DSCR) is calculated as:
EBIT / (Interest + Principal repayment)
In year 2:
EBIT = Rs. 16.80 lakhs
Interest = Rs. 8.80 lakhs
Principal repayment = Rs. 10 lakhs
DSCR = EBIT / (Interest + Principal repayment)
= Rs. 16.80 lakhs / (Rs. 8.80 lakhs + Rs. 10 lakhs)
= Rs. 16.80 lakhs / Rs. 18.80 lakhs
= 0.89
Therefore, the debt service coverage ratio in year 2 is 0.89.
The revenue for Hero MotoCorp for the quarter ended June 2012 grew by 9.95% to Rs. 62472.80 million compared to the same period last year. The net profit increased by 10.32% to Rs. 6154.60 million.
The revenue for Dr Reddy's Lab for the quarter ended June 2012 increased by 6.34% to Rs. 18045.40 million year-on-year, but the net profit declined by 60.87% to Rs. 1776.60 million.
The revenue for Persistent Systems for the quarter ended June 2012 rose by 36.75% to Rs. 2342.70 million versus the corresponding period of the previous year.
The weekly newsletter provides a summary of the past week's events in the stock market and expert analysis. Key points include:
- The BSE Sensex and Nifty indices declined over the past week due to weakness in global stocks and domestic economic data.
- Tata Motors and Tata Steel were the top losers for the week, falling over 5% each.
- The RBI governor warned against "casino banking" and called for more inclusive growth.
- The CAG asked the oil ministry not to approve investment plans for Reliance Industries' KG-D6 gas field without an audit.
The document analyzes 13 financial ratios of Visakhapatnam Port Trust from 2005-06 to 2009-10. Some key highlights:
- The current ratio, quick ratio, and debt-equity ratio were satisfactory and within industry standards, indicating adequate short-term liquidity and low reliance on debt.
- Turnover ratios like debtor's turnover and fixed assets turnover increased over time, showing better management of receivables and more efficient use of assets.
- Profitability ratios like gross profit ratio, net profit ratio, and return on assets declined during the period mostly due to pension liabilities, but were still within acceptable levels.
- Overall the ratios indicate Visakhapatnam Port
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- Sales and profits were impacted by external factors such as chip shortages and the Ukraine war, however margin increased due to an improved product mix.
- Assets and income grew due to increased lease volume and a focus on high-value models, despite a decline in overall vehicle sales.
- Solid financial performance was maintained through efficient operations and strong asset quality, while further diversifying funding sources.
- HMG achieved record quarterly performance from global sales growth and higher ASP model mix, with global car sales up 0.2% YoY to 18.5 million units.
- HMG maintained prime auto finance asset portfolio based on strong cooperation, with financial assets growing 4.5% YoY to KRW 33 trillion.
- Profitability was defended with captive lease-led revenue growth and pre-emptive risk management, though equity method income decreased due to one-off HCBE impairment cost.
Hindustan Construction Company (HCC) is an engineering and construction company founded in 1926. It constructs large infrastructure projects across sectors. The document analyzes HCC's financial ratios and Z-score from 2007-2009. While revenue and profits increased, debt levels also rose. The Z-score, which predicts bankruptcy risk, was above 3 in 2007 but fell to around 2.6 in 2009, indicating increased risk. Based on this analysis, the author does not recommend investing in HCC's bond issue.
The document provides financial information for DLF, a real estate company, over a 5 year period from 2006-2010. It includes balance sheets, profit and loss statements, cash flows, key financial ratios, and comparisons to competitors. The balance sheets show DLF growing its net worth, total assets, secured loans, and current assets over this period. The profit and loss statements show increasing sales turnover, net profit, and earnings per share for most years. Key financial ratios indicate improving profitability, liquidity, and returns.
Larsen & Toubro Limited (L&T) is an Indian engineering conglomerate engaged in engineering, construction, and manufacturing. The document provides an overview of L&T and the engineering industry in India. It summarizes L&T's financial performance and position, highlighting strong revenue and order inflow growth. Calculations include projected financial statements, weighted average cost of capital, discounted cash flow valuation, and target price of Rs. 2,413.60 per share for L&T.
This document provides a financial analysis of ITC Limited. It begins with a brief history of ITC, originally founded in 1910 as Imperial Tobacco Company of India Limited, and discusses changes to its name over time. The bulk of the document consists of a balance sheet analysis from 2013 to 2017, examining trends in equities and liabilities, assets, ratios including debt-to-assets, current, long-term debt-to-assets, and liquidity ratios like current and cash ratios. Charts and figures are included to illustrate changes in various line items and ratios over the five-year period.
3 years comparative ratio, trend analysis and common size statement of bajaj ...Jay Savani
The document provides an overview of two major Indian automotive companies, Bajaj Auto Ltd and Hero Motocorp Ltd. It includes details about their founding, leadership, products, financial performance from 2012-2014 based on common sized income statements and balance sheets, and trend and ratio analyses. Both companies showed growth in net sales, gross profits, and net profits over the period analyzed.
The document discusses the financial accounting analysis of Cipla Ltd, an Indian pharmaceutical company. It includes an overview of Cipla, analysis of its balance sheet, cash flows, profitability ratios, share prices, earnings per share, price-earnings ratio and comparisons to competitors. The board of directors report highlights a 12% growth in domestic sales, 16% growth in exports, a 3% decline in operating margins, investments in new production facilities, a reduction in shareholder funds, 55% of revenues from international markets and contribution of $420 million in foreign exchange earnings.
This company plans to build infrastructure for Residential schools, Mini Shopping malls& Multiplexes and Hospitals in India. Mission Excellence is renowned for providing sustainable bespoke solutions in the construction arena.
GIC Housing Finance's surplus scenario likely to continue for next three year...IndiaNotes.com
GIC Housing Finance Ltd reported financial results for the quarter ended June 30, 2015. Net sales grew 21.31% to Rs. 2045.80 million compared to the same quarter last year. Net profit grew 11.40% to Rs. 282.50 million. EPS was Rs. 5.25, up from Rs. 4.71 the previous year. For the full 2015 fiscal year, net sales grew 17% to Rs. 7327.40 million. The company expects continued growth over the next few years and the analyst recommends buying the stock with a target price of Rs. 260.
The debt service coverage ratio (DSCR) is calculated as:
EBIT / (Interest + Principal repayment)
In year 2:
EBIT = Rs. 16.80 lakhs
Interest = Rs. 8.80 lakhs
Principal repayment = Rs. 10 lakhs
DSCR = EBIT / (Interest + Principal repayment)
= Rs. 16.80 lakhs / (Rs. 8.80 lakhs + Rs. 10 lakhs)
= Rs. 16.80 lakhs / Rs. 18.80 lakhs
= 0.89
Therefore, the debt service coverage ratio in year 2 is 0.89.
The revenue for Hero MotoCorp for the quarter ended June 2012 grew by 9.95% to Rs. 62472.80 million compared to the same period last year. The net profit increased by 10.32% to Rs. 6154.60 million.
The revenue for Dr Reddy's Lab for the quarter ended June 2012 increased by 6.34% to Rs. 18045.40 million year-on-year, but the net profit declined by 60.87% to Rs. 1776.60 million.
The revenue for Persistent Systems for the quarter ended June 2012 rose by 36.75% to Rs. 2342.70 million versus the corresponding period of the previous year.
The weekly newsletter provides a summary of the past week's events in the stock market and expert analysis. Key points include:
- The BSE Sensex and Nifty indices declined over the past week due to weakness in global stocks and domestic economic data.
- Tata Motors and Tata Steel were the top losers for the week, falling over 5% each.
- The RBI governor warned against "casino banking" and called for more inclusive growth.
- The CAG asked the oil ministry not to approve investment plans for Reliance Industries' KG-D6 gas field without an audit.
The document analyzes 13 financial ratios of Visakhapatnam Port Trust from 2005-06 to 2009-10. Some key highlights:
- The current ratio, quick ratio, and debt-equity ratio were satisfactory and within industry standards, indicating adequate short-term liquidity and low reliance on debt.
- Turnover ratios like debtor's turnover and fixed assets turnover increased over time, showing better management of receivables and more efficient use of assets.
- Profitability ratios like gross profit ratio, net profit ratio, and return on assets declined during the period mostly due to pension liabilities, but were still within acceptable levels.
- Overall the ratios indicate Visakhapatnam Port
www.onlineassignment.net is a 24*7 online portal dedicated to fulfilling students' need from across the globe. Be it assignment, project or thesis, we can provide you quality solution within the deadline set by you. All levels and from any course of study, you need not worry anymore.
Homework Help | Assignment Help | Project Help | Online Tutoring | Math Help | Programming Help | Engineering | Computer Science | AutoCad
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- Sales and profits were impacted by external factors such as chip shortages and the Ukraine war, however margin increased due to an improved product mix.
- Assets and income grew due to increased lease volume and a focus on high-value models, despite a decline in overall vehicle sales.
- Solid financial performance was maintained through efficient operations and strong asset quality, while further diversifying funding sources.
- HMG achieved record quarterly performance from global sales growth and higher ASP model mix, with global car sales up 0.2% YoY to 18.5 million units.
- HMG maintained prime auto finance asset portfolio based on strong cooperation, with financial assets growing 4.5% YoY to KRW 33 trillion.
- Profitability was defended with captive lease-led revenue growth and pre-emptive risk management, though equity method income decreased due to one-off HCBE impairment cost.
Discounted Cash Flow Method of Valution for Maruti SuzukiPRACHI NAVGHARE
This document calculates the discounted cash flow valuation of a company from 2017 to 2022. It projects the company's free cash flows to the firm over this period based on figures for assets, liabilities, working capital, EBIT, depreciation, capital expenditures and tax rates. It then calculates the net present value of these projected free cash flows. Additionally, it calculates the company's weighted average cost of capital, determines the terminal value based on long-term growth projections, and sums the present values to estimate an enterprise value and intrinsic equity value per share of INR 7,079, indicating the current market price undervalues the company.
This document provides financial ratios for State Bank of India for the years ending March 2008, March 2009, and March 2010. Some key ratios that declined over this period include the operating margin, which fell from 19.5% to 16.96% due to higher operating expenses, and the adjusted return on net worth, which declined sharply from 15.74% to -57.84% as profit growth did not keep pace with the increase in shareholders' funds. Liquidity and leverage ratios such as the current ratio and quick ratio improved slightly, while the total debt to equity ratio remained high, reflecting the bank's reliance on external borrowing.
Active Gear, Inc is considering acquiring Mercury Athletic to double its revenue and expand its market presence. John Liedtke analyzed Mercury's financials from 2006-2011 to determine if the acquisition would be financially beneficial. The net present value of Mercury's projected free cash flows is $275,399.78 using a 7.65% discount rate, indicating the acquisition would provide a positive return on investment. Liedtke also considered qualitative benefits like increased market share and preventing competitors from acquiring Mercury. Based on the financial analysis, the acquisition appears justified and would create value for Active Gear.
Active Gear, Inc is considering acquiring Mercury Athletic to double its revenue and expand its market presence. John Liedtke analyzed Mercury's financials from 2006-2011 and calculated the net present value (NPV) using a 7.65% discount rate. The NPV of $275,399.78 exceeds the proposed $186,215.80 acquisition price, indicating the purchase would generate positive returns. Lowering the discount rate to 6.3% increases the NPV further, but raising it to 15% decreases the NPV to account for additional risk. The analysis supports acquiring Mercury as financially beneficial for Active Gear.
Muthengi mike bamburi financial model - enhancementMike Muthengi
The document contains a financial model for Bamburi Cement Limited including an income statement, balance sheet, cash flow statement, assumptions, and notes. It shows projected growth in revenue, earnings, and cash flows over the period 2017-2021. Key assumptions include revenue growth of 5% annually, declining cost of goods sold as a percentage of revenue, and increasing SG&A expenses. The model indicates increasing profitability, cash flows, and dividends over the projection period.
- Global car sales and revenues increased due to strong customer demand and a greater share of high-priced models like SUVs and Genesis. Domestic car sales also grew from normalized production.
- Profitability was enhanced through revenue growth from leases and prime loans, but expenses increased and profits declined somewhat due to rising interest rates.
- Asset quality was maintained with delinquencies below 1% through conservative risk management practices.
- Global car sales and revenues increased due to strong customer demand and a greater share of high-priced models like SUVs and Genesis. Domestic car sales also grew from normalized production.
- Profitability was enhanced through revenue growth from leases and prime loans, but expenses increased and profits declined somewhat due to rising interest rates.
- Asset quality was maintained with delinquencies below 1% through conservative risk management.
The document provides an earnings release and financial summary for Hyundai Capital Services for 3Q15, highlighting asset growth despite market challenges, improved asset quality decreasing bad debt expenses, and expanded overseas operations. Key issues included stagnant auto sales, economic uncertainty, and low interest rates restricting profitability. Financial results showed increased equity method income and a higher capital adequacy ratio, while expenses decreased and asset quality was maintained.
This document provides a 5-year financial forecast for company ABC. It includes forecast income statements, balance sheets, cash flows, and key performance ratios. The forecast was prepared by Syed Muhammad Ali and contains inputs, assumptions, and linked calculations for sales, expenses, assets, liabilities and cash flows for the years 0-4. Dashboards and dropdown menus allow interactive analysis of the forecast.
This report is written to do financial analysis of National Grid Plc. (NGP) – a multinational gas and utility company headquartered in London. The entire analysis will be done using trend and ratios analysis using different groups of ratios such as profitability, efficiency, Liquidity etc. Besides these the presentation style of report will be analyzed to check the way use by company to communicate various strategies to shareholders
1) Active Gear Inc. is considering acquiring Mercury Athletic, a footwear company being sold by its parent company, to double its revenue and expand its market presence.
2) An analysis of Mercury's financial data from 2006-2011 shows that it has higher revenue growth than AGI and its acquisition could help compensate for weaknesses in AGI's product mix.
3) Calculating Mercury's discounted cash flows from 2006-2011 using a 7.65% discount rate results in a positive NPV of $275,399.78 for the acquisition, indicating it should be undertaken.
The document provides an earnings release and financial summary for Hyundai Capital Services for 3Q15, noting asset growth despite market challenges, improved asset quality decreasing bad debt expenses, and expanded overseas operations. Key issues included stagnant auto sales, economic uncertainty, and low interest rates restricting profitability. The summary highlights improved profitability through risk management and global business expansion.
The document provides Hyundai Capital Services' 3Q15 earnings release, summarizing that while auto sales were stagnant, the company improved asset quality and profitability through risk management. It also expanded overseas through strengthened global capabilities. However, macroeconomic uncertainty and low interest rates continued to pose challenges for profitability.
2023_EN. HYUNDAI CAPITAL SERVICES 2023 PERFORMANCEirhcs
- HCS reported strong financial results for 4Q 2023, with record high operating income driven by robust car sales and an improved sales mix at HMG.
- HCS maintained an auto-centric asset portfolio, with new car and lease assets growing due to stable production and sales.
- While expenses increased due to higher interest rates, HCS mitigated profit impacts through competitive auto financing and pre-emptive risk management.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
1. Name of the company Type of company Valuation Methodology
Price as per
Valuation
Methodology
used
Market Price as
on 21-10-2016
NSE Comparison result Remarks
Container Corporation of India
Limited
Profit making Logistics
service provider
Free Cash Flow to Equity
discounted at the cost of
equity Rs.320.93 Rs.1347.00 Overvalued
1.Year 2022 calculation represents the
Terminal Value calculation.
2. The cost of equity has been calculated
by arriving at the USD cost of equity and
the infation differential between USD
and India.
ICICI Bank Limited
Financial services
conglomerate
Free Cash Flow to Equity
discounted at the cost of
equity Rs. 124.77 Rs.277.95 Overvalued
1. The FCFE for the group calculation is
based on the average profit after tax
calculated for each company in the
group.
2. The cost of equity has been calculated
by arriving at the USD cost of equity and
the infation differential between USD
and India.
LIC Housing Finance Limited Housing Finance company
Free Cash Flow to Equity
discounted at the cost of
equity Rs.409.86 Rs.599.50 Overvalued
1.The FCFE has been calculated based on
the forecasted growth in its assets and
the equity capital required to generate
that growth.
2.The cost of equity has been calculated
by arriving at the USD cost of equity and
the infation differential between USD
and India.
Balmer Lawrie and Company Limited
Diversified company with
interests in Industrial
Packaging, Travel and
Vacation, Greases and
Lubricants, and Logistics.
Relative Valuation using the
Enterprise Value to Sales
Ratio Rs.2985.33 Rs.697.00 Undervalued.
1. For each of the 4 businesses, a list of
comparable firms was taken and
relationship between EV/ Sales on one
hand and the Operating Profit Margin
(proxy for return)and Debt- Equity Ratio
(proxy for risk) was obtained using
multiple regression analysis.
2. The debt equity ratio for each business
is obtained using the median debt equity
ratio for the sector and the segmental
information provided in the Annual
Report of the company.
3. The reasons for the low valuation of
the stock can be seen from a comparison
between the business-wise OPMfor
Balmer Lawrie and the average OPMfor
the companies in each of the business
that it is operating in
Free Cash Flow to the Firm
discounted at the cost of
capital. Negative N A
1. Calculation of FCFF is based on the
Asset Turnover Ratio and growth
forecasts for its domestic sales and
foreign sales .
2. The cost of debt used for the cost of
capital calculation is based by applying a
spread based on its credit rating.
2. The analysis is based on the optimistic
assumption that the company will grow
out of its debt overhang , maintaining a
heathy market share in the domestic
market and regaining its overseas market
share.
3. Calculation of FCFF also considers the
option overhang in the capital structure
and uses the Black Scholes option
valuation model to value the sam.
Equity as an Option Rs.5.49 Overvalued
1. The Firm Value needed to calculate
the value of equity as an option is based
on Relative Valation using the EV/ Sales
multiple.Suzlon Energy Limited
Loss making company in the
renewable energy sector Rs 14.85
2. CONTAINER CORPORATION OF
INDIA/ FORECASTS 2017 2018 2019 2020 2021 2022
in Rs crores in Rs crores in Rs crores in Rs crores in Rs crores in Rs crores
Growth in net income after tax 0.11 0.11 0.11 0.11 0.11 0.09
Net Income after tax 1031.38 1144.83 1270.77 1410.55 1565.71 1698.80
ROE (in decimals) 0.20 0.20 0.19 0.19 0.17 0.16
Equity reinvestment rate 0.55 0.56 0.58 0.59 0.65 0.52
Equity reinvestment in amount 567.26 645.80 735.71 838.70 1013.11 882.63
FCFE 464.12 499.03 535.06 571.84 552.60 816.17
Beta Unlevered 0.81 0.81 0.81 0.81 0.81 0.81
Debt Equity Ratio 0.03 0.03 0.03 0.03 0.03 0.03
Levered Beta 0.83 0.83 0.83 0.85 0.90 1.00
risk free rate 1.58 1.58 1.58 1.58 1.58 1.58
equity risk premium 10.78 10.78 10.78 10.78 10.78 10.78
cost of equity in US dollars 10.50 10.50 10.50 10.74 11.28 12.36
cost of equity in INR (in %) 14.44 14.44 14.44 14.69 15.25 16.36
Inflation rate in US 1.58%
Inflation rate in INR 5.20%
Year 1.00 2.00 3.00 4.00 5.00
PV of FCFE 405.56 381.03 356.99 332.67 278.94 10378.33
4502.02
Sum of PV of FCFE 6257.21
No of shares 194974191.00
Intrinsic Value per share 320.93
CONTAINER CORPORATION OF INDIA LIMITED
3. CONTAINER CORPORATION OF INDIA/
ACTUALS in Rs crores in Rs crores in Rs crores in Rs crores in Rs crores
Month and year for financial statement March 31 2016 March 31 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012
Profit before exceptional item &
extraordinary items and tax as per P and
L 1072.70 1319.93 1253.60 1202.69
Net Income before tax as per P and L 1072.21 1319.81 1253.60 1202.69
Current Tax as per Pand L 299.84 319.01 268.02 241.60
Deferred tax as per P and L -10.08 -55.05 29.04 31.47
Total tax 289.76 263.96 297.06 273.07
Net Income,i.e after tax; as per
calculations 782.94 1055.97 956.54 929.62
Net income after tax as per P & L 781.78 1054.44 949.86 930.61
Interest and Dividend Income as per
Cash Flow statement 290.23 323.45 311.09 300.77
After tax interest and dividend income 211.80 258.76 237.37 232.48
Non Cash Net Income 571.14 797.21 719.17 697.14
MINUS
Capex as per Cash Flow stataemnt 761.07 998.65 534.35 585.80
Less: Depriciation as per cash flow
stataement 402.73 410.89 193.38 176.32
Net Capex 358.34 587.76 340.97 409.48
MINUS
Change in non cash WC as per Cash Flow
statement 159.39 -105.91 232.42 -42.45
ADD
New Debt raised as per Cash Flow
stataement 47.58 17.18 0.00 10.01
Less: debt Repayment(INCL INTEREST
PAID)as per cash flow stataement 35.31 52.82 39.74 32.96
Net Debt raised 12.27 -35.64 -39.74 -22.95
FREE CASH FLOW TO EQUITY 65.68 279.72 106.04 307.16
D/E ratio
tax rate 0.27 0.20 0.24 0.23
Equity reinvested 505.46 517.49 613.13 389.98
Equity Reinvestment Rate 0.65 0.49 0.64 0.42
Return on Equity= Net Income as per P
and L / Book Value of equity as per
balance sheet 0.10 0.15 0.15 0.17
Return on Equity excl Cash= Non cash
Net Income/ Non Cash Book Value of
Equity 0.13 0.19 0.22 0.25
BookValue of equity as per Balance
Sheet 7975.20 7516.79 6889.75 6220.47 5,555.19
Less: Cash and Marketable securities
(Current Investments) as per Balance
Sheet 1112.55 2950.99 2698.41 2945.95 2,761.63
Non cash book value of equity 6862.65 4565.80 4191.34 3274.52 2793.56
4. ICICI Bank Group Forecasts
Year Year PAT (in crores)
Reinvestment
Rate ROE Growth
Reinvestment
(in Rs crores)
FCFE
(in Rs
crores)
Cost of equity
(in %)
PV of FCFE
(in crores)
cost of equity
in decimals
2017 1 12391.98 0.39 31.00 12.00 4796.89 7595.08 23.39 6155.36 0.2339
2018 2 13817.05 0.40 29.00 11.50 5479.18 8337.88 21.93 5541.96 0.2193
2019 3 15371.47 0.43 26.00 11.25 6651.12 8720.35 20.82 4797.55 0.2082
2020 4 17062.33 0.43 25.50 11.00 7360.22 9702.11 19.70 4459.21 0.1970
2021 5 18853.88 0.48 22.00 10.50 8998.44 9855.44 18.58 3819.79 0.1858
2022 6 20739.27 0.50 20.00 10.00 10369.63 10369.63 18.58 3389.21 0.1858
2023 7 22502.11 0.44 19.50 8.50 9808.61 12693.50 18.03 3515.08 0.1803
2024 8 24358.53 0.44 18.75 8.25 10717.75 13640.78 17.47 3215.66 0.1747
2025 9 26246.32 0.46 17.00 7.75 11965.23 14281.08 16.91 2879.61 0.1691
2026 10 28214.79 0.46 16.35 7.50 12942.56 15272.23 16.35 2646.64 0.1635
TERMINAL
VALUE 30330.90 0.46 16.35 7.50 13913.26 16417.64 16.35
32134.62
PV of FCFE (in
Rs crores) 72554.69
No of shares in
crores 581.5034519
Intrinsic Value
(in Rs/ )share 124.77
Cost of equity calculation 1 2 3 4 5 6 7 8 9 10
risk free rate 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58
beta 1.63 1.5 1.4 1.3 1.2 1.2 1.15 1.1 1.05 1
equity risk premium 10.77 10.77 10.77 10.77 10.77 10.77 10.77 10.77 10.77 10.77
inflation rate -US (in %) 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58
inflation rate- India (in %) 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2
cost of equity-in USD (in %) 19.14 17.74 16.66 15.58 14.50 14.50 13.97 13.43 12.89 12.35
cost of equity- in INR (in %) 23.39 21.93 20.82 19.70 18.58 18.58 18.03 17.47 16.91 16.35
ICICI BANK LIMITED
5. ACTUALS
The details of the individual companies are as below:
ICICI Bank Group- Actuals
Name Average PAT Average FCFE
% shareholding of
ICICI Group
Average PAT share
belonging to ICICI
Group
in Rs. crores
Average of 5 years from 2012
to 2016
in Rs crores
Average of 5 years from
2012 to 2016 in Rs crores
ICICI Bank standalone 9,100.57 2,172.92 100 9,100.57
Pru ICICI Life Insurance 1,546.30 1,489.37 54.89 848.77
ICICI Securities Primary
Dealer 150.41 93.99 100 150.41
ICICI Securities Ltd 140.00 119.41 100 140.00
ICICI PRUDENTIAL AMC
LTD 190.69 88.13 51 97.25
ICICI Lombard General
Insurance 288.77 -40.19 63.82 184.29
ICICI Home Finance 216.02 178.26 100 216.02
ICICI Venture Funds
Management Company
Limited. 20.15 4.09 100 20.15
ICICI International
Limited -0.36 -0.77 100 -0.36
ICICI Prudential Pension
Funds Management
Company Limited -0.29 -3.20 100 -0.29
ICICI Investment
Management Company
Limited -0.22 - 100 -0.22
ICICI Trusteeship
Services Limited 0.04 - 100 0.04
ICICI Bank UK PLC 98.35 70.79 100 98.35
ICICI Bank Canada 209.17 445.44 100 209.17
ICICI Prudential Trust
Limited 0.20 0.15 50.8 0.10
TOTAL 11,959.82 4,618.41 11,064.26
6. ICICI BANK STANDALONE/ACTUALS 2016 2015 2014 2013 2012
Rs in '000s Rs in '000s Rs in '000s Rs in '000s Rs in '000s
Profit before tax 1219,57,196.00 1581,99,234.00 1396,81,708.00 1139,66,897.00 880,34,223.00
Profit before tax and AFTER
adjustments for non cash and provisions
and non operating income 1953,13,721.00 1856,08,386.00 1568,61,048.00 1313,39,572.00 1091,68,978.00
Profit after tax 972,62,873.00 1117,53,549.00 981,04,770.00 832,54,727.00 646,52,572.00
Profit after tax as a % of Profit before
tax and AFTER adj 49.80 60.21 62.54 63.39 59.22
Capital 116,31,656.00 115,96,608.00 115,50,446.00 115,36,362.00 115,27,683.00
Reserves and and Surplus 8856,57,157.00 7926,22,557.00 7205,17,086.00 6554,78,392.00 5925,00,885.00
TOTAL Share Capital (CLOSING) 8972,88,813.00 8042,19,165.00 7320,67,532.00 6670,14,754.00 6040,28,568.00
ASSETS 59567,57,385.00 54565,12,924.00 51572,44,656.00 46164,30,344.00 41328,77,009.00
Investments 16041,17,966.00 15812,92,196.00 17702,18,164.00 17139,35,993.00 15956,00,430.00
Advances 43526,39,419.00 38752,20,728.00 33870,26,492.00 29024,94,351.00 25372,76,579.00
Advances as a % of Investments 271.34 245.07 191.33 169.35 159.02
Contingent liabilities 90079,87,789.00 85197,76,091.00 78143,04,451.00 78998,93,146.00 91546,51,059.00
Interest earned 5273,94,348.00 4909,11,399.00 4417,81,528.00 4007,55,969.00 3354,26,522.00
Interest expended 3151,53,949.00 3005,15,294.00 2770,25,886.00 2620,91,848.00 2280,84,964.00
Average Rate of interest earned in % 0.09 0.09 0.09 0.09 0.08
Average rate of interest paid in % 0.05 0.06 0.06 0.06 0.06
Net Interest Margin 0.04 0.03 0.03 0.03 0.02
Ratios
Equity Capital/ (Investments + Advances
) Ratio 0.15 0.15 0.14 0.14 0.15
Growth in Share Capital in % 11.57 9.86 9.75 10.43 9.64
Growth in Assets in % 9.17 5.80 11.71 11.70 17.73
Return on Equity in % 0.12 0.15 0.15 0.14 0.12
Reinvestment in Amounts 930,69,648.00 721,51,633.00 650,52,778.00 629,86,186.00 531,22,124.00
Reinvestment Rate in % 0.96 0.65 0.66 0.76 0.82
Fundamental Growth rate in % 0.12 0.10 0.10 0.10 0.10
Interest cost to interest income ratio 59.76 61.22 62.71 65.40 68.00
Total Borrowings 59623,30,865.00 53398,00,799.00 48667,27,109.00 43795,51,201.00 39566,48,634.00
Deposits 42142,57,086.00 36156,27,301.00 33191,36,570.00 29261,36,257.00 25549,99,561.00
Borrowings 17480,73,779.00 17241,73,498.00 15475,90,539.00 14534,14,944.00 14016,49,073.00
Deposits as a % of Borrowings 241.08 209.70 214.47 201.33 182.29
FCFE 41,93,225.00 396,01,916.00 330,51,992.00 202,68,541.00 115,30,448.00
7. PRU ICICI LIFE INSURANCE / ACTUALS 2016 2015 2014 2013 2012
(in Rs '000s) (in Rs '000s) (in Rs '000s) (in Rs '000s) (in Rs '000s)
Premiums earned 1899,86,971.00 1516,04,465.00 1228,26,527.00 1341,72,372.00 1392,78,800.00
Cash Receipts from customers- Premiums
and Other Receipts 2151,47,600.00 1783,69,212.00 1465,36,074.00 1600,89,949.00 1651,02,805.00
Benefits paid 1240,86,821.00 1224,57,230.00 1207,39,625.00 1328,78,583.00 845,43,802.00
Change in the valuation of policy liabilities 351,54,814.00 1795,61,032.00 566,17,344.00 259,30,741.00 170,25,834.00
Surplus in the Revenue Account after tax 134,20,678.00 116,20,461.00 125,99,650.00 144,96,763.00 133,19,646.00
Transer from Revenue Account to
Shareholders Account 120,76,435.00 113,85,962.00 126,41,803.00 170,06,388.00 154,49,503.00
Contribution from Shareholders Account to
Revenue Account - 4,14,567.00 9,46,523.00 54,12,458.00 34,98,006.00
Net Cash from Operating Activities 363,70,897.00 52,82,743.00 -236,82,181.00 -265,20,476.00 281,51,092.00
Profit After Tax 165,04,607.00 163,42,915.00 156,66,555.00 149,59,392.00 138,41,737.00
Transfer from Revenue account (Net=
Transfer to MINUS Transfer from) as a % of
the PAT 73.17 67.13 74.65 77.50 86.34
Shareholders Funds- CLOSING 507,38,205.00 486,37,623.00 479,56,404.00 479,34,495.00 493,12,180.00
Share Capital 143,23,193.00 143,17,170.00 142,92,557.00 142,89,392.00 142,88,491.00
Reserves and Surplus 364,15,012.00 343,20,453.00 336,63,847.00 336,45,103.00 350,23,689.00
Policy Liability= Non Unit Liabilities+ Total
inked liabilities (Total linked liabilities=
provision for linked liabilities + funds for
discontinued policies) 9554,95,047.00 9203,40,233.00 7407,79,201.00 6841,61,856.00 6582,31,115.00
Borrowings - - - - -
Investments:-
Policy Holders Investments 2151,56,198.00 1885,79,514.00 1445,67,076.00 1128,69,878.00 911,07,635.00
Policy Holders Assets to cover Linked
Liabilities 7529,57,948.00 7477,75,359.00 6031,04,321.00 5752,08,274.00 5781,73,746.00
Income from investments- Net 120,83,680.00 1872,44,458.00 921,67,437.00 619,03,123.00 -14,18,084.00
Income from investments - Gross 381,69,027.00 354,02,718.00 316,93,174.00 279,92,314.00 262,62,326.00
Return earned for policy holders % 3.94 3.78 4.24 4.07 3.92
Shareholders Investments 621,56,674.00 585,67,710.00 535,27,703.00 491,99,607.00 347,70,112.00
Income from investments 59,95,701.00 53,35,126.00 39,73,950.00 41,60,630.00 22,02,900.00
Income from Investments- Gross 38,77,663.00 37,69,054.00 35,92,152.00 30,03,955.00 20,65,785.00
Return earned for shareholders % 6.24 6.44 6.71 6.11 5.94
Growth in Share Capital in % 4.32 1.42 0.05 -2.79 2.97
Return on Equity in % 0.34 0.34 0.33 0.30 0.29
Reinvestment in Amounts 21,00,582.00 6,81,219.00 21,909.00 -13,77,685.00 14,20,644.00
Reinvestment Rate in % 0.13 0.04 0.00 -0.09 0.10
Fundamental Growth rate in % 0.04 0.01 0.00 -0.03 0.03
Policy Assets / Policy Liabilities 1.01 1.02 1.01 1.01 1.02
Change in the valuation of policy liabilities/
Policy liabilities 3.68 19.51 7.64 3.79 2.59
FCFE 144,04,025.00 156,61,696.00 156,44,646.00 163,37,077.00 124,21,093.00
8. ICICI Prudential Pension
Funds Management
Company Limited
Year Net Profit
Op balance of
Share Capital
Closing Balance
of Share Capital
Increase/
Decrease in
Share
Capital FCFE
in Rs in Rs in Rs in Rs in Rs
2012 -445000 1098,60,000 1094,15,000.00 -4,45,000 0
2013 -10,41,073 1094,15,000 2683,74,175.00 1589,59,175
-
1600,00,248
2014 -106,57,593 2683,74,175 2577,16,582.00 -106,57,593 0
2015 10,01,311 2577,16,582 2587,17,893.00 10,01,311 0
2016 -31,51,629 2587,17,893 2555,66,264.00 -31,51,629 0
ICICI Venture Funds
Management Company Limited
Year Net Profit
Op balance of
Share Capital
Closing Balance
of Share Capital
Increase/
Decrease in
Share Capital FCFE
in million Rs in million Rs in million Rs in million Rs in million Rs
2012 683.6 1,172.50 1,681.80 509.30 174.30
2013 197.9 1,681.80 1,862.30 180.50 17.40
2014 329.8 1,862.30 2,180.40 318.10 11.70
2015 8.7 2,180.40 2,187.90 7.50 1.20
2016 -212.3 2,187.90 1,975.60 -212.30 0.00
ICICI International Limited
Year Net Profit
Op balance of
Share Capital
Closing Balance
of Share Capital
Increase/
Decrease in
Share Capital FCFE
in Rs in Rs in Rs in Rs in Rs
2012(in '000 for Net profit, op
and closing balance AND in Rs
for Increase/ Decrease and
FCFE ) -4,411 73,356 82,692 9336000 -137,47,000
2013 20,59,957 82,692 902,90,557 7598557 -55,38,600
2014 -27,29,426 902,90,557 969,48,042 66,57,485 -93,86,911
2015 -79,37,208 969,48,042 930,20,312 -39,27,730 -40,09,478
2016 -48,88,424 930,20,312 937,20,546 7,00,234 -55,88,658
9. ICICI Investment Management
Company Limited
Year Net Profit
Op balance of
Share Capital
Closing Balance
of Share Capital
Increase/
Decrease in
Share Capital FCFE
in Rs '000 in Rs '000 in Rs '000 in Rs '000 in Rs '000
2012 17,156 1,26,310 1,43,466 17,156 0
2013 8,976 1,43,466 1,52,442 8,976 0
2014 1,899 1,52,442 1,54,341 1,899 0
2015 -20,253 1,54,341 1,34,088 -20,253 0
2016 -18,544 1,34,088 1,15,544 -18,544 0
ICICI Trusteeship Services
Limited
Year Net Profit
Op balance of
Share Capital
Closing Balance
of Share Capital
Increase/
Decrease in
Share Capital FCFE
in Rs '000 in Rs '000 in Rs '000 in Rs '000 in Rs '000
2012 338 3,271 3,609 338 0
2013 470 3,609 4,079 470 0
2014 388 4,079 4,467 388 0
2015 321 4,467 4,788 321 0
2016 531 4,788 5,319 531 0
ICICI Bank UK PLC
Year Net Profit
Op balance of
Share Capital
Closing Balance
of Share Capital
Increase/
Decrease in
Share Capital FCFE
in million Rs in million Rs in million Rs in million Rs in million Rs
2012 1,291.70 34,766.00 36,102.90 1,337 -45
2013 864 36,102.90 37,279 1,176 -312
2014 1,512 37,279 37,690 411 1,101
2015 1,214 37,690 36,137 -1,553 2,767
2016 36 36,137 36,144 7 29
ICICI Bank Canada
Year Net Profit
Op balance of
Share Capital
Closing Balance
of Share Capital
Increase/
Decrease in
Share Capital FCFE
as of 31st Dec and NOT 31st
March in millions Rs. in millions Rs. in millions Rs.
in millions
Rs.
in millions
Rs.
2011 1,858.00 51,494.60
2012 2,473.30 51,494.60 58,822.20 7,327.60 -4,854.30
2013 2,816.30 58,822.20 55,530.60 -3,291.60 6,107.90
2014 1,776.10 55,530.60 45,797.60 -9,733.00 11,509.10
2015 1,301.00 45,797.60 42,043.70 -3,753.90 5,054.90
10. ICICI Prudential Trust Limited
Year Net Profit
Op balance of
Share Capital
Closing Balance
of Share Capital
Increase/
Decrease in
Share Capital FCFE
in Rs '000 in Rs '000 in Rs '000 in Rs '000 in Rs '000
2012 1,705 10653 10895 242 1,463
2013 2,820 10895 11654 759 2,061
2014 2,730 11654 12323 669 2,061
2015 2,236 12323 12,436 113 2,123
2016 349 12,436 12,787 351 -2
11. ICICI SECURITIES PRIMARY DEALERSHIP
LIMITED/ ACTUALS 2016 2015 2014 2013 2012
Rs in millions Rs in millions Rs in millions Rs in millions Rs in millions
Share Capital 1563.40 1563.40 1563.40 1563.40 1563.40
Reserves and Surplus 7105.20 6543.00 5859.50 5227.10 4646.30
Shareholders funds 8668.60 8106.40 7422.90 6790.50 6209.70
Growth in Share Capital OR Reinvestment
amount 562.20 683.50 632.40 580.80 361.70
Growth in share capital % 6.94 9.21 9.31 9.35 6.19
Reinvestment Rate 28.76 31.44 47.97 47.73 42.22
Profit after tax 1954.70 2173.70 1318.30 1216.80 856.80
ROE 24.11 29.28 19.41 19.60 14.65
Fundamental Growth rate 0.07 0.09 0.09 0.09 0.06
Long Term Borrowings 3800.00 2850.00 3650.00 3100.00 3400.00
Short Term Borrowings 132143.50 127642.80 82213.30 78628.10 68171.00
Current maturities of Long term Borrowings 0.00 800.00 800.00 2000.00 1100.00
Total Borrowings 135943.50 131292.80 86663.30 83728.10 72671.00
Interest and Dividend Income 10315.30 9111.10 6764.10 6147.40 4460.20
Profit and Loss on securities 2889.50 3528.00 1499.70 1898.60 1349.20
Total 13204.80 12639.10 8263.80 8046.00 5809.40
Total of "Revenue from Operations" 13602.30 13047.80 9016.40 8256.90 5972.30
Interest earned 7.42 7.05 7.47 6.34 5.82
Interest Expenses 9450.40 8642.40 6106.60 5636.60 4034.10
Rate of interest paid 6.95 6.58 7.05 6.73 5.55
Interest spread 0.47 0.47 0.42 -0.40 0.26
Non Current Investments:
Govt Securities- market value and NOT the
FV. The Schedule will have the market value 1808.80 7539.00 9379.90 3155.20 0.00
Current Investments:
Inventories - Securities held as stock in
Trade- market value 137141.00 121715.60 81224.20 93864.90 76698.40
Total Investments 138949.80 129254.60 90604.10 97020.10 76698.40
Purchases of Securities- market value 6863703.70 7438516.60 6384677.10 4132028.60 3138574.40
Sales of securities- market value 6849067.00 7400878.10 6397837.30 4116853.30 3117656.10
Borrowings as a multiple of share capital 15.68 16.20 11.68 12.33 11.70
Investments as a multiple of share capital 16.03 15.94 12.21 14.29 12.35
Short term borrowings as a % of stock in
trade (current investments) 96.36 104.87 101.22 83.77 88.88
FCFE 1392.50 1490.20 685.90 636.00 495.10
12. ICICI SECURITIES LIMITED/ ACTUALS 2016 2015 2014 2013 2012
in Rs million in Rs million in Rs million in Rs million in Rs million
Share Capital 1,610.70 1,610.70 1,610.70 2,110.70 2,110.70
Reserves and Surplus 2,331.60 1,910.60 1,385.00 1,157.60 897.5
Total 3942.3 3521.3 2995.7 3,268.30 3008.2
Change in Share Capital/ Reinvestment 421 525.6 -272.6 260.1 95.4
Net Profit 2,357.40 2,439.60 749.4 682.1 771.3
Return on Equity 0.67 0.81 0.23 0.23 0.26
Reinvestment Rate 0.18 0.22 -0.36 0.38 0.12
Fundamental Growth rate 0.12 0.18 -0.08 0.09 0.03
FCFE 1936.4 1914 1022 422 675.9
ICICI PRUDENTIAL AMC
LTD/ACTUALS 2016 2015 2014 2013 2012
(in million Rs) (in million Rs) (in million Rs) (in million Rs) (in million Rs)
Share Capital 176.5 176.5 176.5 176.5 176.5
Reserves and Surplus 6,196.00 4,213.80 2,687.10 1,686.30 1,281.80
Total 6372.5 4390.3 2863.6 1862.8 1458.3
Change in Share Capital/
Reinvestment 1982.2 1526.7 1000.8 404.5 213.9
Net Profit 3,256.90 2,468.20 1,826.90 1,102.00 880.6
Net Profit growth 0.319544607 0.351031803 0.657803993 0.251419487 0.22595016
Return on Equity 0.741839965 0.861922056 0.980727936 0.755674415 0.707650273
Reinvestment Rate 0.608615555 0.61854793 0.547813236 0.367059891 0.242902566
Fundamental Growth Rate 0.451495342 0.533140103 0.537255744 0.277377769 0.171890068
FCFE 1,274.70 941.50 826.10 697.50 666.70
13. ICICI LOMBARD GENERAL INSURANCE/ ACTUALS 2016 2015 2014 2013 2012
(in '000s) (in '000s) (in '000s) (in '000s) (in '000s)
Premium from direct business
written-net of service tax 809,07,071 667,77,956 685,61,645 613,39,850 515,01,386
Net Premium (i.e after adjusting for premium on
reinsurenace accepted and reinsurance ceded) 543,48,919 442,76,854 449,79,957 414,54,927 410,87,394
change in reserve for unexpired risks 61,32,746 19,23,506 14,50,824 13,62,412 55,97,396
Total premium earned (net) 482,16,173 423,53,348 435,29,133 400,92,515 354,89,998
Premium received from policyholders, including advance
receipt 880,77,170 735,25,871 716,75,899 635,84,389 569,51,264
Claims paid- Direct 487,13,929 403,85,749 372,48,084 315,62,427 297,57,757
Net Claims paid(i.e adj for claims on reinsurance accepted
or reins ceded) 275,31,698 405,89,331 310,15,669 286,00,091 223,35,884
Total Claims incurred (i.e adj for opening and closing
balance of claims outstanding) 392,82,142 344,34,368 361,89,051 338,06,189 360,09,054
Payments of claims (net of salvage) 494,12,253 561,71,861 442,08,778 405,73,786 344,64,546
Operating Profit 48,02,189 56,55,472 42,74,739 27,21,088 -46,68,877
Transfer to Shareholders' Account 48,02,189 56,55,472 42,74,739 27,21,088 -46,68,877
Reserve for unexpired risks 307,35,580 246,02,834 226,79,328 212,28,505 198,66,094
Claims Outstanding (gross) 754,07,234 656,23,094 707,70,449 652,32,383 615,48,048
Reserve for premium deficiency 0 0 0 0 17,300
Fair value change account 30,90,130 35,59,494 11,34,613 6,90,462 4,95,909
Investments 1156,25,186 1019,97,176 930,89,768 781,25,187 603,36,193
Interest, Dividend & Rent – Gross 16,02,584 14,31,530 11,29,758 10,04,751 8,72,639
Interest, Dividend & Rent – Gross 65,94,781 58,86,745 53,76,232 40,59,412 26,38,263
Total 8197365 7318275 6505990 5064163 3510902
Interest, Dividend & Rent – Gross; as a % of investments 7.089601568 7.17497806 6.988942114 6.482113124 5.818898783
Borrowings 0 0 0 0 0
Premium Deficiency 0 0 0 -17,300 -1,200
Net Profit 50,74,467 53,56,145 51,13,559 30,57,753 -41,63,292
Share Capital: 317,56,464 282,33,291 238,10,921 176,57,566 145,80,600
Share capital 44,75,384 44,65,940 44,50,555 43,70,152 43,65,839
Reserves and Surplus 272,81,080 237,67,351 193,60,366 142,16,414 142,01,514
Misc expenditure to the extent not written off 0 0 0 0 0
Debit balance in the P and L account 0 0 0 9,29,000 39,86,753
Growth in Share Capital Reinvestment 3523173 4422370 6153355 3076966 -727665
FCFE 15,51,294 9,33,775 -10,39,796 -19,213 -34,35,627
Return on Equity 0.18 0.22 0.29 0.21 -0.27
Equity Reinvestment rate 0.69 0.83 1.20 1.01 0.17
Fundamental Growth Rate 0.12 0.19 0.35 0.21 -0.05
14. ICICI HOME FINANCE/ACTUALS 2016 2015 2014 2013 2012
in million Rs in million Rs in million Rs in million Rs in million Rs
Share Capital 10,987.50 10,987.50 10,987.50 10,987.50 10,987.50
Reserves and Surplus 4,304.60 3,929.10 4,221.80 3,658.30 3,097.70
Misc expenditure not written off 0 0 0 0 0
P & L a/c debit balance 0 0 0 0 0
Share Capital 15292.1 14916.6 15209.3 14645.8 14085.2
Growth in Share Capital/
Reinvestement 375.5 -292.7 563.5 560.6 681
Borrowings 74478 64093 53329.5 53404.2 55942.8
Long term Borrowings 49,016.50 39,707.30 39,956.30 38,686.70 38,485.90
Short term Borrowings 8,272.60 7,783.20 4,645.00 1,950.90 2,032.20
Current maturities of long term
debt 17,188.90 16,602.50 8,728.20 12766.6 15424.7
Interest paid 6,547.10 5,701.10 5,245.60 5,290.10 6,101.70
Interest rate paid % 8.79% 8.90% 9.84% 9.91% 10.91%
Net profit 1,798.50 1,975.70 2,228.20 2,202.20 2,596.50
Return on Equity 0.12 0.13 0.15 0.16 0.19
FCFE 1423.00 2268.40 1664.70 1641.60 1915.50
Reinvestment Rate 0.21 -0.15 0.25 0.25 0.26
Fundamental Growth rate 0.03 -0.02 0.04 0.04 0.05
15. ICICI LOMBARD GENERAL INSURANCE/ ACTUALS 2016 2015 2014 2013 2012
(in '000s) (in '000s) (in '000s) (in '000s) (in '000s)
Premium from direct business
written-net of service tax 809,07,071 667,77,956 685,61,645 613,39,850 515,01,386
Net Premium (i.e after adjusting for premium on
reinsurenace accepted and reinsurance ceded) 543,48,919 442,76,854 449,79,957 414,54,927 410,87,394
change in reserve for unexpired risks 61,32,746 19,23,506 14,50,824 13,62,412 55,97,396
Total premium earned (net) 482,16,173 423,53,348 435,29,133 400,92,515 354,89,998
Premium received from policyholders, including advance
receipt 880,77,170 735,25,871 716,75,899 635,84,389 569,51,264
Claims paid- Direct 487,13,929 403,85,749 372,48,084 315,62,427 297,57,757
Net Claims paid(i.e adj for claims on reinsurance accepted
or reins ceded) 275,31,698 405,89,331 310,15,669 286,00,091 223,35,884
Total Claims incurred (i.e adj for opening and closing
balance of claims outstanding) 392,82,142 344,34,368 361,89,051 338,06,189 360,09,054
Payments of claims (net of salvage) 494,12,253 561,71,861 442,08,778 405,73,786 344,64,546
Operating Profit 48,02,189 56,55,472 42,74,739 27,21,088 -46,68,877
Transfer to Shareholders' Account 48,02,189 56,55,472 42,74,739 27,21,088 -46,68,877
Reserve for unexpired risks 307,35,580 246,02,834 226,79,328 212,28,505 198,66,094
Claims Outstanding (gross) 754,07,234 656,23,094 707,70,449 652,32,383 615,48,048
Reserve for premium deficiency 0 0 0 0 17,300
Fair value change account 30,90,130 35,59,494 11,34,613 6,90,462 4,95,909
Investments 1156,25,186 1019,97,176 930,89,768 781,25,187 603,36,193
Interest, Dividend & Rent – Gross 16,02,584 14,31,530 11,29,758 10,04,751 8,72,639
Interest, Dividend & Rent – Gross 65,94,781 58,86,745 53,76,232 40,59,412 26,38,263
Total 8197365 7318275 6505990 5064163 3510902
Interest, Dividend & Rent – Gross; as a % of investments 7.089601568 7.17497806 6.988942114 6.482113124 5.818898783
Borrowings 0 0 0 0 0
Premium Deficiency 0 0 0 -17,300 -1,200
Net Profit 50,74,467 53,56,145 51,13,559 30,57,753 -41,63,292
Share Capital: 317,56,464 282,33,291 238,10,921 176,57,566 145,80,600
Share capital 44,75,384 44,65,940 44,50,555 43,70,152 43,65,839
Reserves and Surplus 272,81,080 237,67,351 193,60,366 142,16,414 142,01,514
Misc expenditure to the extent not written off 0 0 0 0 0
Debit balance in the P and L account 0 0 0 9,29,000 39,86,753
Growth in Share Capital Reinvestment 3523173 4422370 6153355 3076966 -727665
FCFE 15,51,294 9,33,775 -10,39,796 -19,213 -34,35,627
Return on Equity 0.18 0.22 0.29 0.21 -0.27
Equity Reinvestment rate 0.69 0.83 1.20 1.01 0.17
Fundamental Growth Rate 0.12 0.19 0.35 0.21 -0.05
16. LIC HOUSING FINANCE
/ FORECASTS 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Terminal
Value
Growth in Assets (in %) 25.00 25.00 25.00 25.00 25.00 23.00 21.00 19.00 18.00 10.00 8.50
Assets (in Rs. Lakhs) 156,46,649.86 195,58,312.33 244,47,890.41 305,59,863.01 381,99,828.77 469,85,789.38 568,52,805.15 676,54,838.13 798,32,708.99 878,15,979.89 952,80,338.19
Capital (in Rs. Lakhs)
Assuming a Capital to
Asset ratio of 9%. 14,08,198.49 17,60,248.11 22,00,310.14 27,50,387.67 34,37,984.59 42,28,721.04 51,16,752.46 60,88,935.43 71,84,943.81 79,03,438.19 85,75,230.44
Existing Capital (in Rs.
Lakhs) 9,14,597.70 16,96,014.79 17,60,248.11 22,44,316.34 27,51,487.83 35,05,396.59 42,28,721.04 51,16,752.46 60,88,935.43 71,84,943.81 79,03,438.19
Reinvestment needed
(in Rs. Lakhs) 4,93,600.79 64,233.32 4,40,062.03 5,06,071.33 6,86,496.76 7,23,324.45 8,88,031.42 9,72,182.97 10,96,008.38 7,18,494.38 6,71,792.25
Return on Equity (in %) 22.50 22.50 22.50 22.50 22.50 22.00 21.50 20.00 20.00 18.00 15.00
Profit after tax (in Rs.
Lakhs) 2,05,784.48 3,81,603.33 3,96,055.82 5,04,971.18 6,19,084.76 7,71,187.25 9,09,175.02 10,23,350.49 12,17,787.09 12,93,289.89 11,85,515.73
FCFE (in Rs. Lakhs) -2,87,816.31 3,17,370.01 -44,006.20 -1,100.16 -67,412.00 47,862.80 21,143.61 51,167.52 1,21,778.71 5,74,795.50 5,13,723.48
Cost of equity
risk free rate 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58
beta 1.42 1.40 1.35 1.30 1.25 1.20 1.15 1.10 1.05 1.00
equity risk premium 10.78 10.78 10.78 10.78 10.78 10.78 10.78 10.78 10.78 10.78
inflation rate -india 5.20 5.20 5.20 5.20 5.20 5.20 5.20 5.20 5.20 5.20
inflation rate- US 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58
cost of equity-in USD
(in %) 16.85 16.67 16.13 15.59 15.06 14.52 13.98 13.44 12.90 12.36
cost of equity- in
INR(in %) 17.46 17.27 16.71 16.15 15.59 15.03 14.48 13.92 13.36 12.80
cost of capital in
decimals 0.1746 0.1727 0.1671 0.1615 0.1559 0.1503 0.1448 0.1392 0.1336 0.1280
1 + cost of capital in
decimals 1.1746 1.1727 1.1671 1.1615 1.1559 1.1503 1.1448 1.1392 1.1336 1.1280
PV of FCFE (in Rs.
Lakhs) -2,45,043.04 2,30,420.04 -27,375.87 -589.24 -31,235.40 19,278.99 7,439.68 15,804.53 33,182.09 1,57,394.50 79,03,438.19
19,09,138.68
Total FCFE (in Rs. 20,68,414.96
No of shares 5046,63,000.00
Intrinsic Value
(Rs./share) 409.86
LIC HOUSING FINANCE /
ACTUALS 2016 (in Rs. lakhs) 2015(in Rs.lakhs) 2014 (in Rs. lakhs) 2013 (in Rs. lakhs) 2012 (in Rs. lakhs) 2011( in Rs.) 2010(in Rs)
Share Capital 9,14,597.70 7,81,843.78 7,53,289.62 6,48,129.06 5,68,220.54 416910,41,272.00 338767,23,594.00
Profit after tax 1,66,079.05 1,38,618.87 1,31,718.63 1,02,320.66 91,419.61 97448,62,002.00 66217,60,807.00
Dividends 27,756.69 25,233.00 22,710.00 19,177.00 18,168.00 16613,00,000.00 14239,00,000.00
Dividend % 16.71 18.20 17.24 18.74 19.87 17.05 21.50
Retention % 83.29 81.80 82.76 81.26 80.13 82.95 78.50
Revenue from Operations 12,39,614.56 10,66,934.62 9,18,138.22 7,57,592.03 6,11,486.04 468008,58,227.00 345576,97,060.00
Interest Income 12,25,085.30 10,54,667.50 9,07,333.66 7,45,908.67 5,98,268.79 446965,56,020.00 328266,56,394.00
Interest cost 9,30,675.81 8,31,024.58 7,17,437.57 5,92,459.63 4,59,106.52 309771,00,788.00 239571,12,365.00
Ratios
Equity Capital/ Total Assets
Ratio (in %) 7.31 7.22 8.25 8.33 9.01 8.16 8.90
Growth in Share Capital 16.98 3.79 16.23 14.06 36.29 23.07
Growth in Assets 15.52 18.63 17.39 23.36 23.47 34.16
Return on Equity 21.24 18.40 20.32 18.01 21.93 28.77
Reinvestment 1,32,753.92 28,554.16 1,05,160.56 79,908.52 1,51,310.13 78,143.18
Reinvestment Rate 79.93 20.60 79.84 78.10 165.51 80.19
Fundamental Growth rate 16.98 3.79 16.23 14.06 36.29 23.07
Interest cost to interest
income ratio 75.08 77.89 78.14 78.20 75.08 66.19 69.32
Total Borrowings 114,78,422.55 99,40,346.71 84,10,662.28 70,65,090.23 57,40,718.45 4625542,20,711.00 3562421,20,216.00
Long Term 90,65,813.59 80,51,855.04 67,71,232.88 56,26,793.67 46,11,129.74 4070060,87,696.00 3101498,22,039.00
Short Term 5,44,044.21 2,69,800.96 3,73,811.08 2,43,724.47 1,75,862.14 446222,40,744.00 374317,45,717.00
Current Maturities of Long
term Debt 14,83,259.17 13,31,530.99 10,58,514.24 10,05,890.74 8,21,735.01 - -
Temporary Book OverDraft 3,85,305.58 2,87,159.72 2,07,104.08 1,88,681.35 1,31,991.56 109258,92,271.00 86605,52,460.00
Interest rate paid 8.11 8.36 8.53 8.39 8.00 6.70 6.72
Interest rate received 9.79 9.73 9.93 9.59 9.48 8.75 8.62
Net Interest Margin 1.68 1.37 1.40 1.20 1.49 2.05 1.90
LIC HOUSING FINANCE LIMITED
17. Calculation of value per share based on relative valuation using the EV/ Sales approach:
Calculations for business-wise Debt Equity Ratio:
As per Balance Sheet:
Borrowings as on 31Mar
2016
in lakhs (figures as per
"Consolidated Subsidiary &
Joint Venture Companies"
in Consolidated Balance
Sheet as at 2016.
Long term borrowings 6438.4
Short Term Borrowings 6686.02
Current Maturities of Long
Term Debt 2923.36
Total Debt 16047.78
Equity 116767.92
Debt- Equity Ratio 0.137
Cash and Cash Equivalents 45751.45
Business wise split:
Total Industrial Packaging Travel and Vacation Greases and Lubricants Logistics
EV/ Sales arrived at based on
regression equation 1.69488176 2.138324809 1.732092359 5.710877
Sales (in Rs. Lakhs) 94823.07 124496.93 38403.39 57379.49
EV (in Rs. Lakhs) 160713.89 266214.87 66518.22 327687.21
Debt.(in Rs. Lakhs) 9957.94 44.58 3552.73 2492.53
Equity MINUS Cash (in Rs. Lakhs) 805086.42 150755.95 266170.29 62965.49 325194.68
Cash (Rs lakhs) 45751.45
Equity (Rs lakhs) 850837.87
No of shares 28500641
Value (in Rs per share) based on
Relative Valuation 2985.33
Business
Median
debt-equity
ratio
Segment Assets
(Source: Annual report
2015-16)
in Rs. lakhs
Total debt as per
the median debt
equity ratio
in Rs. lakhs
Debt seperated
business wise
in Rs. lakhs
Equity
(=Segment Assets
MINUS Segment
Debt)
in Rs Lakhs debt equity ratio
Industrial Packaging 0.81 64787.57 52477.93 9957.94 54829.63 0.182
Travel and Vacation 0.01 23493.56 234.94 44.58 23448.98 0.002
Lubricants and Greases 0.79 23699.66 18722.73 3552.73 20146.93 0.176
Logistics 0.47 28248.47 13135.54 2492.53 25755.94 0.097
140229.26 84571.14 16047.78
Note: 16047.78 124181.48
100% of the debt as per balance sheet spread over 70% of the assets as per segment info as the balance 30% o the assets are either "Other Assets" or "Unallocable
Assets". To that extent, the debt equity ratio is overstated.
BALMER LAWRIE AND COMPANY LIMITED
18. Regression output of EV/ Sales against Operating Profit Margin and Debt-Equity Ratio:
Comparison Table
Business
Operating Profit
Margin (%)
Debt equity
ratio
Balmer and Lawrie –Greases and
Lubricants 10.27 0.18
Median for the Lubricants and Greases
industry 7.14 0.79
Average for the Lubricants and Greases
industry 15.38 0.80
List of comparable firms for Greases
and Lubricants business:
Prices as on 06-Oct-2016
Company Price EV/ Sales
Operating
Margin (%)
Debt Equity
Ratio
Castrol India Ltd. 474 6.69 30.04 0
Goa Carbon Ltd. 135 0.65 3.88 2.82
GP Petroleums Ltd. 82.95 1.12 7.03 0.86
Gulf Oil Lubricants India Ltd. 771.05 3.55 17.51 0.79
Kavit Industries Ltd. 16.45 2.89 60.97 0.07
Panama Petrochem Ltd. 76.55 0.47 6.72 0.21
Savita Oil Technologies Ltd. 703.75 0.69 5.65 0.06
Tide Water Oil Co. (India) Ltd. 5816.75 1.81 15.07 0.01
Bharat Petroleum Corpn. Ltd. 670.7 0.63 8.56 1.04
Hindustan Petroleum Corpn. Ltd. 451.55 0.43 6.57 2.1
Indian Oil Corpn. Ltd. 650.2 0.63 7.14 0.81
20. Comparison Table
Business
Operating Profit
Margin
(%) Debt equity ratio
Balmer Lawrie- Industrial Packaging 9.44 0.18
Median for the Industrial Packaging industry 9.22 0.81
Average for the Industrial Packaging industry 12.06 1.17
21. Regression output of EV/ Sales against Operating Profit Margin and Debt-Equity Ratio:
Comparison Table
Business
Operating
Profit
Margin (%)
Debt
equity
ratio
Balmer Lawrie- Logistics 24.54 0.10
Median in the Logistics Industry 17.29 0.47
Average in the Logistics Industry 21.13 0.61
List of comparable firms for Logistics
business:
Prices as on 06-Oct-2016
Company Price EV/ Sales Operating Margin (%) Debt Equity Ratio
Aegis Logistics Ltd. 153.25 2.37 8.76 0.37
Allcargo Logistics Ltd. 180.75 0.86 9.73 0.25
Arshiya International Ltd. 32 10.50 18.56 -2.56
Chartered Logistics Ltd. 20.3 1.65 9.8 2.7
Container Corpn. Of India Ltd. 1400.2 4.66 23.67 0.03
Dredging Corpn. Of India Ltd. 411.25 3.21 28.79 0.67
Gateway Distriparks Ltd. 259.4 10.44 25.64 0.18
Kesar Terminals & Infrastructure Ltd. 247.2 8.51 61.08 1.49
Mahasagar Travels Ltd. 8.31 0.25 7.51 1.16
Navkar Corporation Ltd. 195.75 8.65 45.13 0.42
North Eastern Carrying Corporation
Ltd. 39.55 0.49 4.09 1.07
Sical Logistics Ltd. 176.9 2.05 14.76 1.95
Snowman Logistics Ltd. 64.35 5.21 22.25 0.33
VRL Logistics Ltd. 311.65 1.78 16.02 0.51
22. Regression output of EV/ Sales against Operating Profit Margin and Debt-Equity Ratio:
Comparison Table
Business
Operating Profit
Margin (%)
Debt equity
ratio
Balmer Lawrie- Travel and Vacation 1.95 0.002
Median for the Travel and Vacations industry 13.18 0.010
Average for the Travel and Vacations industry 15.48 0.871
List of comparable firms for Travel and
Vacations business:
Prices as on 06-Oct-2016
Company Price EV/ Sales Operating Margin (%) Debt Equity Ratio
Cox & Kings Ltd. 224.5 1.65 38.14 1.72
Crown Tours Ltd. 46.3 1.99 5.05 0
India Tourism Devp. Corpn. Ltd. 207.85 3.41 9.78 0.01
International Travel House Ltd. 206.95 0.66 16.63 0
Mahindra Holidays & Resorts India Ltd 457.45 6.45 18.79 3.57
South Asian Enterprises Ltd. 7.05 1.07 13.18 0.01
Thomas Cook (India) Ltd. 203.25 1.26 6.82 0.79
23. Note: The option value referred to above represents the value of the management/ employee
options issued by the company.
Equity Value of Suzlon:
in Rs. crores
FCFF 1230.76
Less: Debt 11430.76
Less: Minority Interest 3.19
Less: Option value calculated as below 0.07
Add: Investments under the heading
"CurrentAssets" 316.19
Add: Cash and Bank balance 629.29
Total -9257.78
No of equity shares in crores 502.05
Intrinsic Value per share (in Rs.) -18.44
SUZLON ENERGY LIMITED/ FORECASTS
2017 2018 2019 2020 2021 2022 2023 2024 2025
Terminal
Value
in Rs. Crores in Rs. Crores in Rs. Crores in Rs. Crores in Rs. Crores in Rs. Crores in Rs. Crores in Rs. Crores in Rs. Crores in Rs. Crores
Segment Revenue
(India Sales + Other than India Sales) 11443.39 12381.08 14023.59 16719.89 20388.96 23513.12 29398.47 36746.21 45822.29 56486.04
India sales 8649.18 8371.67 8270.49 8464.76 8543.68 6516.32 5942.89 5081.17 4657.74 5030.36
Other than India Sales 2794.21 4009.41 5753.10 8255.13 11845.28 16996.80 23455.58 31665.04 41164.55 51455.68
Market share in the domestic market 0.26 0.22 0.19 0.17 0.15 0.10 0.08 0.06 0.05 0.05
Total market in India 33266.06 38053.05 43528.88 49792.69 56957.85 65163.24 74286.10 84686.15 93154.77 100607.15
Total Assets= Fixed Assets + WorkingCapital 7581.86 8203.14 9291.39 11077.83 13508.79 15578.72 19478.08 24346.35 30359.75 37425.07
Incremental Total Assets. 3200.05 621.28 1088.25 1786.44 2430.96 2069.93 3899.36 4868.27 6013.40 7065.32
EBIT (1-t) as a % of sales 8.00 9.00 9.50 10.50 12.00 13.00 14.00 14.50 15.00 15.50
EBIT(1- T() 915.47 1114.30 1332.24 1755.59 2446.68 3056.71 4115.79 5328.20 6873.34 8755.34
FCFF -2284.58 493.02 243.99 -30.85 15.71 986.78 216.42 459.93 859.95 1690.02
Year 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00
Cost of capital as per table below (in %) 23.97 23.97 23.97 23.97 23.97 23.97 23.50 23.00 22.50 20.00
PV of the FCFF -1842.85 320.80 128.06 -13.06 5.37 271.84 49.39 87.79 138.44 14083.50
2084.98
PV of the FCFF (in Rs. Crores) 1230.76
SUZLON ENERGY LIMITED
24. COST OF CAPITAL CALCULATION in %
risk free rate (10 year US govt bond rate) 1.58
levered beta (levered beta is negative
because of negative debt-equity ratio ;
which is because of the negative equity in
the company. -0.3423
equity risk premium for India 10.78
Cost of equity in USD -2.11
inflation rate in US 1.58
inflation rate in India 5.2
Cost of equity in INR 1.378505918
US risk free rate 1.58
country default spread 1.36
spread based on BBB- rating 3.25
cost of debt in USD 6.19
cost of debt in INR 9.97
Share Capital -7082.77
Debt 11430.76
Total 4347.99
Weighted Average Cost of Capital weighted
by the amount of debt and capital in the
capital structure. 23.97
Option Valuation:
Number of options outstanding 40340800
Exercise Period till 31-03-2019
Average exercise price (in rs.) 26.955
Volatility 12.48651
Average stated maturity (in days) 908
Stock price as on 04-10-2016 15.25
interest rate (in %) 5.46
Value per option (in Rs.) 0.018
Value of the options outstanding (in Rs.) 726134.4
Value of the options outstanding (in Rs. crores) 0.07
SUZLON ENERGY LIMITED/ ACTUALS 2016 2015 2014 2013 2012 2011 2010 2009
in Rs crores in Rs crores in Rs crores in Rs crores in Rs crores in Rs crores in Rs crores in Rs crores
EBIT 902.61 -684.12 -303.91 -1465.98 1309.35 402.88 1290.58 2799.59
Tax rate (T) (effective tax rate) 0.35 0.35 0.34 0.34 0.32 0.32 0.34 0.34
EBIT (1-T) 312.39 -684.12 -303.91 -1465.98 884.47 272.19 851.91 1848.01
EBIT (1-T) as a % of sales 3.27 -3.43 -1.49 -7.75 4.14 1.50 4.09 6.97
Total Assets = Fixed Assets + Current
Assets 4381.81 7758.57 15383.10 16440.79 17715.53 16396.49 15800.12 21835.69
25. Valuing Equity as an option
Suzlon Energy Ltd. Source Amount (in Rrs. Crores)
Market Cap
as on 10-Oct-2016
(valueresearchonline.com) 7421
Debt Annual Report for 2015-16 11489.3
Firm Value Market Cap + Debt 18910.3
Firm Value
Calculated from EV/ Sales
approach as per below 12213.72
Life of the option
Average tenor of the debt
calculated as per below 1175
Volatility of firm value 12.48651
Riskless interest rate (in %) 5.46
Option Value of the equity
(in crores) 2756.9
Value of equity per share (in
Rs.) 5.49
26. Calculations for the life of
the option:
Source: Annual report 2015-
16
Loan Type Loan Tenor
Amount
in Rs crores
Tenor
considered
in days
Secured + unsecured upto 1
year upto 1 year 294.81 365
secured + unsecured from 2
to 5 years
average of 2 to 5 years is 3.5
years 7693.02 1277.5
secured + unsecured above 5
years
above 5 years is considered as 5
years 1533.26 1825
short term borrowings short term 1909.67 365
Leases
less than one year 8.98 365
> 1 and < 5 years, so average is 3
yrs 25.84 1095
> 5 years 23.72 1825
TOTAL 11489.3 1175.49
Weighted Average tenor
of the debt with the
amounts outstanding as
the weights
(rounded off) 1175
27. Calculations of Firm Value using EV/Sales approach:
Source: valueresearchonline.com
Prices as on 10-10-2016
Company Price Enterprise Value (Cr) Market Cap (Cr) Price / Sales Sales EV/ Sales
Advance Metering Technology Ltd. 29.2 34.92 47.29 1.8 26.27 1.33
Baroda Extrusion Ltd. 0.22 50.75 3.28 0.14 23.43 2.17
BGR Energy Systems Ltd. 116.85 2591.61 844.65 0.27 3128.33 0.83
Bharat Heavy Electricals Ltd. 134.95 25413.42 33079.31 1.23 26893.75 0.94
Crompton Greaves Ltd. 76.45 5473.15 4797.74 0.57 8417.09 0.65
Cummins India Ltd. 900.8 24489.37 24888.4 5.35 4652.04 5.26
Delta Magnets Ltd. 32 53.24 20.71 0.37 55.97 0.95
Electrotherm (India) Ltd. 181 3206.44 209.44 0.12 1745.33 1.84
Fluidomat Ltd. 183.7 82.98 90.51 3.36 26.94 3.08
GEE Ltd. 40.15 133.55 94.86 0.48 197.63 0.68
Goldstone Infratech Ltd. 22 119.69 79.38 0.87 91.24 1.31
JSL Industries Ltd. 130 15.69 14.51 0.33 43.97 0.36
Kirloskar Industries Ltd. 854 889.29 830.91 153.82 5.40 164.63
Permanent Magnets Ltd. 19.8 32.83 17.02 0.26 65.46 0.50
Ricoh India Ltd. 300.05 1824.37 1193.24 0.56 2130.79 0.86
S. E. Power Ltd. 6.5 73.94 27.98 2.62 10.68 6.92
Swaraj Engines Ltd. 1323.3 1455.43 1640.1 3.02 543.08 2.68
Windsor Machines Ltd. 34.65 251.14 225.64 0.84 268.62 0.93
WS Industries (India) Ltd. 9.95 329.49 22.68 6 3.78 87.17
Median EV/ Sales 1.31
TTMSales (Sept 2015- Jun 2016)(in Rs
crore) 8589.94
Enterprise Value (in Rs crore) 11268.24
Cash and Current Investments
Mar 2016 Consolidated
(in Rs crore) 945.48
Firm Value (in Rs. Crores) 12213.72