- Ashok Leyland's total operating revenues increased 45% year-over-year to Rs. 107,035 crore in FY21 from Rs. 73,817 crore in FY20. Total expenses also increased 44% to Rs. 103,824 crore in FY21 from Rs. 72,341 crore in FY20.
- EBITDA more than doubled to Rs. 4,253 crore in FY21 from Rs. 2,377 crore in FY20, with the EBITDA margin expanding to 4% from 3%.
- Net profit for the year increased 24% to Rs. 6,422 crore in FY21 from Rs. 5
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DESCRIPTION
This is an valuation model of Petronet LNG. This model covers the different valuation types to arrive at the fair value of a stock.
This Slideshare presentation is a partial preview of the full business document. To view and download the full document, please go here:
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DESCRIPTION
This is an valuation model of Petronet LNG. This model covers the different valuation types to arrive at the fair value of a stock.
Financial Model Sample Format - Cement CompanyPranav Pareek
A sample of a basic financial model of a hypothetical cement company based in Kenya
Contains:
- Driver Sheet (with Revenue Model)
- Income Statement
- Balance Sheet
- Cash Flow
- DCF (including WACC calculation and Sensitivity Analysis)
- Ratio Analysis
'Financial Dashboard'. Dynamic and flexible dashboard for the finance team to monitor the progress of financial indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/52
Dynamic and flexible 'KPI Dashboard Template'. Ready dashboard template, just plug your actual data. Flexible for the organization or any department's KPI. More: https://www.bizinfograph.com/dashboard-templates/55
'CFO Dashboard'. Dynamic and flexible dashboard for CFO to monitor the progress of profitability, cash flow, and balance sheet indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/51
'CEO Dashboard'. Present monthly business performance to your CEO in a world-class, dynamic, and flexible dashboard. Ready dashboard, just plug your data. More: https://www.bizinfograph.com/dashboard-templates/50
'Cash Flow Dashboard'. Keep focusing on the indicators that matter to your cash flow management. Dynamic and flexible dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/53
Presentation on Private Equity Valuation of Bkash. This presentation was performed for a National Financial Modeling Competition called " Blueprints," organized by NSU Finance Club
This Slideshare presentation is a partial preview of the full business document. To view and download the full document, please go here:
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DESCRIPTION
Valuation of trading firm which is outsource major percentage of manufacturing to third party vendors.
In this valuation methodology we would primarily look into brand equity and relative valuation compared to its peers
This Slideshare presentation is a partial preview of the full business document. To view and download the full document, please go here:
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This is a valuation model of Axis bank. This model covers the different valuation types to arrive at the fair value of a stock.
TIL Limited. Financial Analysis Crane Manufacturing Company in IndiaZeeshan Mir
Analysis of all the important financial statements from FY2012-13 to FY2016-17. This is my analysis of the financial statements released by the company.
Financial Model Sample Format - Cement CompanyPranav Pareek
A sample of a basic financial model of a hypothetical cement company based in Kenya
Contains:
- Driver Sheet (with Revenue Model)
- Income Statement
- Balance Sheet
- Cash Flow
- DCF (including WACC calculation and Sensitivity Analysis)
- Ratio Analysis
'Financial Dashboard'. Dynamic and flexible dashboard for the finance team to monitor the progress of financial indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/52
Dynamic and flexible 'KPI Dashboard Template'. Ready dashboard template, just plug your actual data. Flexible for the organization or any department's KPI. More: https://www.bizinfograph.com/dashboard-templates/55
'CFO Dashboard'. Dynamic and flexible dashboard for CFO to monitor the progress of profitability, cash flow, and balance sheet indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/51
'CEO Dashboard'. Present monthly business performance to your CEO in a world-class, dynamic, and flexible dashboard. Ready dashboard, just plug your data. More: https://www.bizinfograph.com/dashboard-templates/50
'Cash Flow Dashboard'. Keep focusing on the indicators that matter to your cash flow management. Dynamic and flexible dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/53
Presentation on Private Equity Valuation of Bkash. This presentation was performed for a National Financial Modeling Competition called " Blueprints," organized by NSU Finance Club
This Slideshare presentation is a partial preview of the full business document. To view and download the full document, please go here:
http://flevy.com/browse/business-document/excel-model-of-trading-firm-1067
DESCRIPTION
Valuation of trading firm which is outsource major percentage of manufacturing to third party vendors.
In this valuation methodology we would primarily look into brand equity and relative valuation compared to its peers
This Slideshare presentation is a partial preview of the full business document. To view and download the full document, please go here:
http://flevy.com/browse/business-document/Excel-Model-for-Banking--119
This is a valuation model of Axis bank. This model covers the different valuation types to arrive at the fair value of a stock.
TIL Limited. Financial Analysis Crane Manufacturing Company in IndiaZeeshan Mir
Analysis of all the important financial statements from FY2012-13 to FY2016-17. This is my analysis of the financial statements released by the company.
Horniman Horticulture, FIL 349 ( Advanced Financial Theory and Problems)CameronMcintosh8
Overview: This is a presentation on Horniman Horticulture, we have devised a Naïve and Revised forecast to extrapolate out the income statement and balance sheet from 2016 to 2018. Our presentation outlines the difference between Profits and Cash. Horniman Horticulture had high profitability but their cash balance was decreasing year-over-year. Our Revised Forecast applies our assumptions to create manageable growth without addition financing through debt or equity.
Problem: Horniman Horticulture started with a cash balance $120,000 at the end of 2012, then decreased to $9,400 at the end 2015. Cash was eroding year-over-year with no signs of stopping as the naive forecast shows they will have a negative cash balance in 2016 through 2018.
Solution/Assumption: We discovered that Horniman Horticulture was growing to fast for the business to fund its operations without debt or equity. Their cash cycle was above industry average with high receivable days, low payable days, and high inventory days. We kept payable days constant as the firm gets a 2% discount from suppliers when paid under 10 days. We increased receivable days and inventory days as they go to a more mature plant which increase gross margin. The change in cash cycle decreases revenue growth from 30% to and controllable growth of 8.3%.
7. Valuation Ratios
DATA Required 2016
CMP ON 31 MARCH 2016 108.55 P/E 42.80008382
EPS ON 31 MARCH 2016 2.536209986 P/B 5.602368547
REVENUE ON 31 MARCH 2016 18,821.58 P/SALES RATIO 1.641320468
NO . O/S SHARE 285 PRICE TO CASH FLOW 18.43641689
NET WORTH 5,514.14 PRICE TO EARNING GROWTH RATIO 5.887803507
ANNUAL DIVIDEND 45.00 DIVIDEND YIELD 0.414555504
CASH FLOW FROM OPERATION 1675.61 MARKET CAP 30892.2445
EPS GROWTH 116% ENTERPRISE VALUE 30475.9945
SHORT TERM BORROWING 0 NET DEBT 416.25
LONG TERM BORROWING 1,984.38 EV/EBITDA 14.07036778
CASH & CASH EQUIVALENT 1,568.13 EV/SALES 1.619204897
EBITDA 2,165.97 EV/EBIT 17.69493962
Net Debt= SHORT TERM BORROWING+LONG TERM BORROWING-CASH & CASH EQUIVALENT
8. Analysis
Company Profiles:
Company : Ashok Leyland: Ashok Leyland is an Indian automobile manufacturing company based in Chennai, India. Founded in 1948, it is the 2nd largest
commercial vehicle manufacturer in India, 4th largest manufacturer of buses in the world and 16th largest manufacturer of trucks globally. Operating six
plants, Ashok Leyland also makes spare parts and engines for industrial and marine applications. With a joint venture with Nissan Motors of Japan the company
made its presence in the Light Commercial Vehicle (LCV) segment (<7.5 tons).
Discounted Cash Flow Valuation
1. Revenue Growth: The revenue growth of the companies has been assumed as follows:
Company : Ashok Leyland: Ashok Leyland is an 2nd largest commercial vehicle manufacturer in India Ashok Leyland has an potential to grow with an average
growth of 40-45% and on this basis the future operating revenue forecasting has been done with an growth rate of 40-45%. Fall in fuel prices has substantially
improved interest serviceability of the fleet operators leading to higher demand. The company expects to earn over one-fourth of its revenues from exports in
the next 3-5 years by expanding presence in Africa, South East and Latin American market.
2. The other financials are based on the revenue and the average/estimated of the last three –five years.
3. WACC (Weighted Average Cost of Capital) for all the three companies are calculated as follows:
WACC Calculation Ashok Leyland
WACC 9%
Weight of Debt 38.0%
Weight of Equity 62.0%
After-tax Cost of Debt 2.1%
Corporate tax rate 29.0%
Cost of Debt 3.0%
Cost of Equity 13.2%
9. Adjusted Risk free Rate 5.0%
Annual inflation rate 9.0%
Country Risk Premium 1.5%
Risk free Rate 8.0%
Unlevered Beta 1.82
Market Premium 4.0%
4. Terminal Growth Rate Assumption: T growth rate is taken 5 % assumption for all the three companies.
5. After calculating the value of the company the following recommendation can be given for each of the companies:
Name of the Company FCFF/ Share
(Rs)
Current Market Price (Rs) Upside
(%)
Recommendation
Ashok Leyland 138.9480213 89 (As on 12 Aug 2016) 56% BUY
This report has been prepared by Aakash Singh, MBA Finance Student (SIBM HYD) only for the learning purpose. It includes research analysis, projections, forecasts and other
predictive statements providing a basis for investment decisions. The views expressed therein are based solely on information available publicly/internal data/other reliable
sources believed to be true. The information is provided merely as a complementary service and do not constitute an offer, solicitation for the purchase or sale of any financial
instruments or neither me nor anyone responsible for the risk held by the investor.