Академический Документы
Профессиональный Документы
Культура Документы
Valuation
(in Rs. Crores)
Growth Assumptions
12.3%
420.65
12,685
Market Capitalisation
5335861
1,200.1
RFR
4%
3,456.2
Beta
1.4
Net Debt
4,656.3
Rp
6%
5340517
WACC Calculation
WACC
2009A
2010E
2011E
2012E
2013E
2014E
2,377,595
2,472,138
3,263,222
4,405,350
6,167,490
8,942,860
10,516,803
11,757,786
EBITDA
404,431
442,108
440,535
585,912
696,926
1,171,515
1,398,735
1,563,786
EBIT
348,440
385,417
383,019
527,446
637,660
1,111,465
1,259,160
1,407,741
Tax Expense
140,032
148,269
132,084
181,781
220,848
379,030
433,962
485,170
237,148
250,935
345,665
416,812
732,435
825,198
922,571
56,691
57,516
58,466
59,266
60,050
139,575
156,045
Revenues
1,700
719
292,139
307,732
406,896
475,626
793,577
965,865
1,079,708
2,256
2,568
115
3,401
1,246
2,577
8,120
9,078
265,906
294,707
307,847
410,297
476,872
796,154
973,986
1,088,787
12,685
12,685
12,685
12,685
12,685
12,685
12,685
12,685
FCF
Diluted Shares
Projection Year
Discount Factor
Present Value of FCF
452
(1,093)
2016E
(2,765)
2015E
(1,093)
(1,093)
0.89
0.79
0.71
0.63
0.56
0.50
0.45
262,757
244,715
290,795
301,337
448,550
489,248
487,621
4%
32%
35%
29%
23%
18%
12%
EBITDA
9%
0%
33%
19%
68%
19%
12%
11%
-1%
38%
21%
74%
13%
12%
1%
1%
2%
1%
1%
132%
12%
12%
12%
12%
12%
EBIT
Depreciation & Amortisation
17%
18%
14%
13%
EBIT Margin
15%
16%
12%
12%
2%
2%
1%
1%
1%
1%
1%
-0.095%
-0.104%
-0.004%
-0.077%
-0.077%
-0.077%
-0.077%
-0.077%
38%
34%
34%
34%
34%
34%
34%
Capex
Terminal Value
Enterprise Value
Intrinsic Value
7,875,414
Equity Value
99.91%
0.1%
6%
33
WACC Calculation
12%
Second Stage
of Valuation
uation
2017E
Terminal Year
12,463,253
12,774,835
1,657,613
1,699,053
1,492,206
1,529,511
514,280
527,137
977,926
1,002,374
165,407
169,542
(1,093)
(1,093)
1,144,425
1,173,009
9,623
9,864
1,154,049
1,182,872
12,685
12,685
8
0.40
460,814
6%
3%
6%
3%
6%
3%
6%
2%
12%
12%
1%
1%
-0.077%
-0.077%
34%
34%
7,870,758