Bharat Electronics Limited

Weely Returns Growth Rate

1/3/2016 118.004997
1/10/2016 114.504997 -2.9659760934
1/17/2016 108.514 -5.2320834522
1/24/2016 111.959 3.1747055679
1/31/2016 112.355003 0.3537035879
2/7/2016 102.314003 -8.9368517039
2/14/2016 102.705002 0.382155901
2/21/2016 95.977303 -6.5505076374
2/28/2016 100.050003 4.2433990878
3/6/2016 98.800003 -1.2493752749
3/13/2016 100.259003 1.4767206029
3/20/2016 109.245003 8.9627861151
3/27/2016 109.009003 -0.2160281876
4/3/2016 106.150002 -2.6227200702
4/10/2016 108.550003 2.2609523832
4/17/2016 106.308998 -2.0644909609
4/24/2016 107.441002 1.0648242588
5/1/2016 103.832001 -3.3590537437
5/8/2016 104.445 0.5903757937
5/15/2016 100.009003 -4.2472085787
5/22/2016 107.550003 7.5403211449
5/29/2016 103.935997 -3.3603030211
6/5/2016 115.064003 10.7065947518
6/12/2016 114.308998 -0.656160902
6/19/2016 113.473 -0.7313492504
6/26/2016 115.613998 1.8867906903
7/3/2016 114.390999 -1.0578295199

7/10/2016 113.876999 -0.4493360531

7/17/2016 112.373001 -1.3207214918
7/24/2016 112.355003 -0.0160163027
7/31/2016 114.486 1.8966640943
8/7/2016 111.705002 -2.4291162238
8/14/2016 111.781998 0.0689279787
8/21/2016 110.835999 -0.8462892209
8/28/2016 110.818001 -0.0162384064
9/4/2016 110.109001 -0.6397877543
9/11/2016 110.172997 0.0581205891
9/18/2016 114.667999 4.0799489189
 9/25/2016 113.158997 -1.3159748257

10/2/2016 115.236 1.835473144

10/9/2016 115.408997 0.1501240932
10/16/2016 114.917999 -0.425441701
10/23/2016 118.291 2.9351372538
10/30/2016 118.167999 -0.1039817061
11/6/2016 118.373001 0.1734835165
11/13/2016 118.900002 0.4452037167
11/20/2016 118.613998 -0.2405416276
11/27/2016 129.005005 8.7603547433
12/4/2016 137.141006 6.3067328279
12/11/2016 131.358994 -4.2161073253
12/18/2016 125.904999 -4.1519768338
12/25/2016 125.004997 -0.7148262636
1/1/2017 128.332001 2.661496804

1/8/2017 138.968002 8.2878790303

1/15/2017 134.082001 -3.5159180025
1/22/2017 140.076996 4.4711407611
1/29/2017 140.395004 0.2270237149
2/5/2017 140.354996 -0.0284967405
2/12/2017 138.882004 -1.0494760016
2/19/2017 136.858994 -1.4566394074
2/26/2017 135.891006 -0.7072885542
3/5/2017 142.514008 4.8737603723
3/12/2017 146.908997 3.0838996543
3/19/2017 141.408997 -3.7438142744
3/26/2017 142.5 0.7715230453
4/2/2017 152.408997 6.9536821053
4/9/2017 154.5 1.3719682179
4/16/2017 164.091003 6.207768932
4/23/2017 166.317993 1.3571676443
4/30/2017 163.182007 -1.885536221
5/7/2017 163.091003 -0.0557684034
5/14/2017 158.272995 -2.9541838062
5/21/2017 159.044998 0.4877667223
5/28/2017 156.455002 -1.6284674354
6/4/2017 152.955002 -2.2370649422
6/11/2017 154.317993 0.8911058692
6/18/2017 150.272995 -2.6212095695
6/25/2017 146.863998 -2.2685360068
7/2/2017 154.727005 5.3539377295
 7/9/2017 157.5 1.7921855335
7/16/2017 155.908997 -1.0101606349
7/23/2017 161.727005 3.7316691865
7/30/2017 162.682007 0.5905024952
8/6/2017 155.591003 -4.3588127112
8/13/2017 165.908997 6.6314849837
8/20/2017 170.863998 2.9865776357
8/27/2017 176.317993 3.1920094718
9/3/2017 171.044998 -2.990616505
9/10/2017 172.817993 1.0365664128
9/17/2017 164.455002 -4.8391899795
9/24/2017 162.800003 -1.0063537015
10/1/2017 166.199997 2.0884483645
10/8/2017 171 2.8880884998
10/15/2017 172.300003 0.7602356725
10/22/2017 172.350006 0.0290208933
10/29/2017 183 6.1792826395
11/5/2017 181.949997 -0.5737721311
11/12/2017 178.699997 -1.7862050308
11/19/2017 184.649994 3.3296010632
11/26/2017 184.5 -0.0812315217
12/3/2017 185.100006 0.3252065041
12/10/2017 179.949997 -2.7822846208
12/17/2017 188.5 4.7513215574
12/24/2017 182.149994 -3.3687034483
12/31/2017 182.300003 0.0823546555
1/7/2018 178 -2.3587509211
1/14/2018 172.75 -2.9494382022
1/21/2018 176.899994 2.4023120116
1/28/2018 151.850006 -14.1605363763
2/4/2018 156.300003 2.9305214515
2/11/2018 155.699997 -0.3838809907
2/18/2018 150.949997 -3.0507386587
2/25/2018 153.300003 1.5568108955
3/4/2018 148.449997 -3.1637350979
3/11/2018 149.199997 0.5052206232
3/18/2018 139.949997 -6.1997320281
3/25/2018 141.449997 1.0718113842
3/26/2018 135.948898 -3.889076788
4/2/2018 139.168594 2.3683134232
4/9/2018 136.958054 -1.5883899783
4/16/2018 127.154732 -7.1579010607
4/23/2018 128.019745 0.6802837664
4/30/2018 124.559738 -2.7027135541
5/7/2018 122.877808 -1.3502998858
5/14/2018 116.726692 -5.0058803132
5/21/2018 113.843376 -2.4701428187
5/28/2018 107.067558 -5.9518772528
6/4/2018 113.939499 6.4183223456
6/11/2018 112.305603 -1.4340031458
 6/18/2018 105.43367 -6.1189582856
6/25/2018 104.424507 -0.9571543891
7/2/2018 106.490891 1.9788305058
7/9/2018 99.763138 -6.3176793215
7/16/2018 99.618958 -0.1445223185
7/23/2018 98.513687 -1.1094986559
7/30/2018 114.852539 16.5853623974
8/6/2018 116.438377 1.3807600718
8/13/2018 112.978386 -2.9715211506
8/20/2018 112.930328 -0.0425373398
8/27/2018 109.458359 -3.074434531
9/3/2018 88.5793 -19.0748876475
9/10/2018 85.637909 -3.320630215
9/17/2018 77.295929 -9.7409898226
9/24/2018 77.44059 0.1871521591
10/1/2018 77.729897 0.3735857384
10/8/2018 82.503632 6.1414400176
10/15/2018 80.140877 -2.8638193771
10/22/2018 85.107491 6.1973541917
10/29/2018 91.617119 7.6487133195
11/5/2018 95.137161 3.8421225623
11/12/2018 89.543694 -5.8793713636
11/19/2018 90.411636 0.9692943872
11/26/2018 80.285538 -11.1999942131
12/3/2018 77.247696 -3.7837972762
12/10/2018 79.465797 2.871413796
12/17/2018 85.252144 7.2815566174
12/24/2018 84.769966 -0.5655904677
12/31/2018 88.5793 4.4937307159
1/7/2019 88.772179 0.2177472615
1/14/2019 83.275139 -6.1923004053
1/21/2019 77.4888 -6.9484591314
1/28/2019 81.587471 5.2893721415
2/4/2019 77.15126 -5.4373679508
2/11/2019 72.692841 -5.7788025756
2/18/2019 76.032257 4.5938719055
2/25/2019 82.27552 8.2113345655
3/4/2019 84.404991 2.5882194364
3/11/2019 91.906593 8.8876284579
3/18/2019 88.131599 -4.1074245892
3/25/2019 90.10685 2.2412517445
 Bharat Electronics Limited
CNX 500
Price Growth rate
2-Jan-16 6753.65
9-Jan-16 6490.85 -3.8912291872
16-Jan-16 6262.4 -3.519569856
23-Jan-16 6216.7 -0.7297521717
30-Jan-16 6339.45 1.9745202439
6-Feb-16 6270.5 -1.0876337853
13-Feb-16 5833.4 -6.970735986
20-Feb-16 6000.4 2.8628244249
27-Feb-16 5852.9 -2.4581694554
5-Mar-16 6239.35 6.6027097678
12-Mar-16 6258.45 0.3061216313
19-Mar-16 6322.65 1.0258131007
26-Mar-16 6423.7 1.5982222644
2-Apr-16 6445.5 0.3393682768
9-Apr-16 6346.65 -1.5336281126
16-Apr-16 6575.35 3.6034758495
23-Apr-16 6627.95 0.7999574167
30-Apr-16 6588.55 -0.5944522816
7-May-16 6504.55 -1.2749390989
14-May-16 6582.3 1.1953171242
21-May-16 6513.1 -1.0513042554
28-May-16 6797 4.3589074327
4-Jun-16 6844.75 0.7025158158
11-Jun-16 6832.05 -0.1855436649
18-Jun-16 6842.35 0.1507600208
25-Jun-16 6775.55 -0.9762727718
2-Jul-16 7027.85 3.7236829482

9-Jul-16 7039.4 0.1643461372

16-Jul-16 7194.4 2.2018922067
23-Jul-16 7227.45 0.4593850773
30-Jul-16 7330 1.4188960145
6-Aug-16 7364.05 0.4645293315
13-Aug-16 7347.45 -0.2254194363
20-Aug-16 7397.8 0.685271761
27-Aug-16 7334.8 -0.8516045311
3-Sep-16 7504.6 2.3149915471
10-Sep-16 7575.55 0.9454201423
17-Sep-16 7487.2 -1.1662519553
24-Sep-16 7554.9 0.9042098515

1-Oct-16 7394.85 -2.1184926339

8-Oct-16 7527.2 1.7897590891
15-Oct-16 7439.85 -1.1604580721
22-Oct-16 7541.7 1.3689792133
29-Oct-16 7494.1 -0.6311574313
5-Nov-16 7274.1 -2.9356427056
12-Nov-16 7126.5 -2.0291170042
19-Nov-16 6908.5 -3.0590051217
26-Nov-16 6960.75 0.7563146848
3-Dec-16 6947.3 -0.1932263046
10-Dec-16 7101.15 2.2145293855
17-Dec-16 6976.5 -1.7553494856
24-Dec-16 6814.9 -2.3163477388
31-Dec-16 6982.8 2.4637192035

7-Jan-17 7083.1 1.4363865498

14-Jan-17 7228.3 2.0499498807
21-Jan-17 7202.75 -0.3534717707
28-Jan-17 7455.15 3.5042171393
4-Feb-17 7569.9 1.5392044426
11-Feb-17 7631.25 0.8104466373
18-Feb-17 7638 0.0884520885
25-Feb-17 7729.65 1.1999214454
4-Mar-17 7696.2 -0.4327492189
11-Mar-17 7710.9 0.1910033523
18-Mar-17 7933.1 2.881635088
25-Mar-17 7905.3 -0.3504304748
1-Apr-17 7995.05 1.1353142828
8-Apr-17 8045.35 0.6291392799
15-Apr-17 8044.9 -0.005593293
22-Apr-17 8057.7 0.1591070119
29-Apr-17 8214.3 1.9434826315
6-May-17 8193.25 -0.2562604239
13-May-17 8299.2 1.2931376438
20-May-17 8258.2 -0.4940235203
27-May-17 8331.85 0.891840837
3-Jun-17 8406.55 0.8965595876
10-Jun-17 8452.75 0.5495714651
17-Jun-17 8411.45 -0.4885983851
24-Jun-17 8355.1 -0.6699201683
1-Jul-17 8331.6 -0.2812653349
 8-Jul-17 8479.45 1.7745691104
15-Jul-17 8640.7 1.9016563574
22-Jul-17 8669.75 0.3361996135
29-Jul-17 8747.45 0.8962196142
5-Aug-17 8776.2 0.3286672116
12-Aug-17 8427.7 -3.9709669333
19-Aug-17 8594.25 1.9762212703
26-Aug-17 8605.75 0.1338103965
2-Sep-17 8755.25 1.7372105859
9-Sep-17 8749.95 -0.0605351075
16-Sep-17 8887.6 1.5731518466
23-Sep-17 8738 -1.6832440704
30-Sep-17 8600 -1.5793087663
7-Oct-17 8787.4 2.1790697674
14-Oct-17 8937.2 1.7047135672
21-Oct-17 8937.65 0.005035134
28-Oct-17 9104.45 1.8662623844
4-Nov-17 9260.65 1.7156445474
11-Nov-17 9154.95 -1.1413885634
18-Nov-17 9137.1 -0.1949764881
25-Nov-17 9246.05 1.192391459
2-Dec-17 9060.4 -2.007884448
9-Dec-17 9190.55 1.436470796
16-Dec-17 9216.75 0.2850754307
23-Dec-17 9431.5 2.3299970163
30-Dec-17 9490.65 0.6271536871
6-Jan-18 9573.45 0.8724376096
13-Jan-18 9665.2 0.9583796855
20-Jan-18 9723.1 0.5990564086
27-Jan-18 9810 0.8937478788
3-Feb-18 9409.8 -4.0795107034
10-Feb-18 9251.1 -1.6865395651
17-Feb-18 9235.6 -0.167547643
24-Feb-18 9251.35 0.170535753
3-Mar-18 9225.35 -0.2810400644
10-Mar-18 8986.4 -2.5901456313
17-Mar-18 9004.45 0.2008590759
24-Mar-18 8800.8 -2.2616595128
3/26/2018 10113.700195 14.9179642192
4/2/2018 10331.599609 2.1544974618
4/9/2018 10480.599609 1.4421774521
4/16/2018 10564.049805 0.7962349399
4/23/2018 10692.299805 1.2140230533
4/30/2018 10618.25 -0.692552644
5/7/2018 10806.5 1.7728910131
5/14/2018 10596.400391 -1.9441966317
5/21/2018 10605.150391 0.0825752112
5/28/2018 10696.200195 0.858543261
6/4/2018 10767.650391 0.6679960612
6/11/2018 10817.700195 0.4648163915
 6/18/2018 10821.849609 0.0383576354
6/25/2018 10714.299805 -0.9938209076
7/2/2018 10772.650391 0.5446047531
7/9/2018 11018.900391 2.2858812926
7/16/2018 11010.200195 -0.0789570256
7/23/2018 11278.349609 2.4354635633
7/30/2018 11360.799805 0.7310484145
8/6/2018 11429.5 0.6047126627
8/13/2018 11470.75 0.3609081762
8/20/2018 11557.099609 0.7527808469
8/27/2018 11680.5 1.0677453269
9/3/2018 11589.099609 -0.7825040966
9/10/2018 11515.200195 -0.6376631187
9/17/2018 11143.099609 -3.2313861652
9/24/2018 10930.450195 -1.9083506516
10/1/2018 10316.450195 -5.6173349592
10/8/2018 10472.5 1.5126308183
10/15/2018 10303.549805 -1.6132747195
10/22/2018 10030 -2.6549083585
10/29/2018 10553 5.2143569292
11/5/2018 10585.200195 0.3051283521
11/12/2018 10682.200195 0.9163737881
11/19/2018 10526.75 -1.4552263781
11/26/2018 10876.75 3.3248628494
12/3/2018 10693.700195 -1.6829457788
12/10/2018 10805.450195 1.0450077893
12/17/2018 10754 -0.4761504062
12/24/2018 10859.900391 0.9847534964
12/31/2018 10727.349609 -1.2205524657
1/7/2019 10794.950195 0.6301704378
1/14/2019 10906.950195 1.037522156
1/21/2019 10780.549805 -1.1588976546
1/28/2019 10893.650391 1.0491170492
2/4/2019 10943.599609 0.4585168076
2/11/2019 10724.400391 -2.0029901114
2/18/2019 10791.650391 0.6270746853
2/25/2019 10863.5 0.6657888867
3/4/2019 11035.400391 1.5823665577
3/11/2019 11426.849609 3.5472135503
3/18/2019 11456.900391 0.2629839635
3/25/2019 11483.25 0.2299889857
ed
CO-VARIANCE
2016-17 2017-18
-0.518042515 -1.1137656002

VARIANCE
2016-17 2017-18
5.1586019217 1.7056029753

BETA
2016-17 2017-18
-0.1004230454 -0.6530040205

Expected Return for the Stock

Market Risk Premium (Rm-Rf)

Risk Free Rate Rf

Expected Return = Rf+β(Rm-Rf)

Expected Return 5.83%

Cost of Debt In Millions

Total Debt 333.3

Intrest 10.2
Kd 3%
Kd after Tax 2%
1% Addition to Cost of Debt 3.14%

Free Cash Flo

1 EBIT*(1-T)
2 Add: Dep & Amortization
3 Less: Changes in NWC

Free Cash Flow

GROWTH RATE

AVERAGE GROWTH

YEAR
2018-19
2019-20
2020-21
2021-22
2022-23
2023-PERPETUITY

Total present value of cash flows

Value of equity

Number of shares

Present Value of the share

Year
2014 - 2015
2015 - 2016
2016 - 2017
2017 - 2018
2018 - 2019
Average PE
Year
2014 - 15
2015 - 16
2016 - 17
2017 - 18
2018 - 19

EPS growth rate 1

EPS growth rate 2
EPS growth rate 3
EPS growth rate 4
Average Growth rate
Expected Eps

Stock Price = PE * EPS

Market Price

Comparing Market Price with

Stock Price
Present Value per Share
 2018-19 2016-19
0.4726247952 -0.2834616851132

2017-18 2016-19
6.3623802935 4.6089994468

2018-19 2016-19
0.0742842731 -0.06

rn for the Stock

10% (Given)
6.45% (RBI WEBSITE)

Calculation of W

Equity Share Capital

 Debt

Free Cash Flow Calculation

2015-16 2016-17
10274.81 12154.66
1130.4 1297.1
9327.7 4150.5

2077.51 9301.26

348%

198.5021%

FUTURE CASH FLOWS PRESENT VALUE OF FUTURE CASH FLOWS

71,954.00 68195.7584286536
214784.238465786 192933.317112339
641135.55867468 545829.619167788
1913803.39420285 1544212.1538157
5712744.18039384 4368746.38578214
378086202.723274 289136477.934764

ash flows 295856395.169071

295,856,061,869,070.00

2,436,592,943

121422.03018318

P/E
11.35
25.07
24.37
27.8
25.64
22.846
 EPS
101.17
133.66
50.24
5.64
5.52

32%
-62%
-89%
-2.13%
-30%
10.9573183971

273.1768961007
141.449997

141.449997

273.1768961007 Under Priced

121422.03018318 Under Priced
 `

Calculation of WACC

Value Weightage Cost

2436.6 0.8796707462 5.83% 5.132863%
 333.3 0.1203292538 3% 0.37810%

2769.9 1 5.511%

2017-18 2018-19
14286.65 13642.02
1484.4 1951.2
-19527.8 -8511.8

35298.85 24,105.02

280% -32%

Growth Rate of Perpetuity 4%

 2018-19 2017-18
Profit before Taxes 19,478.40 20,294.20
Intrest 10.2 115.3
EBIT 19,488.60 20,409.50
EBIT(1-T) 13642.02 14286.65

CURRENT ASSETS 142558 140224.1

CURRENT LIABILITIES 93915.1 83069.4
WORKING CAPITAL 48642.9 57154.7
CHANGES -8511.8 -19527.8
Depreciation 1951.2 1484.4
Amortization 0 0

Total 1951.2 1484.4

2016-17 2015-16 2014-15
17,321.20 14,666.90 1,147.40
42.6 11.4 31.5
17,363.80 14,678.30 1,178.90
12154.66 10274.81 825.23

157990.8 137810.2 132114.3

81308.3 65278.2 68910
76682.5 72532 63204.3
4150.5 9327.7
1297.1 1130.4 1035.9
0 0 0

1297.1 1130.4 1035.9

 EXID
EXIDE INDUSTRIES LIMITED
Weely Returns Growth Rate
4/10/2016 128.96637
4/17/2016 137.50972 6.6244789242
4/24/2016 141.349411 2.7923051549
5/1/2016 139.093597 -1.5959132649
5/8/2016 140.773453 1.2077162689
5/15/2016 147.156998 4.5346227317
5/22/2016 151.236694 2.7723425018
5/29/2016 151.620682 0.2538987
6/5/2016 150.276764 -0.8863685233
6/12/2016 154.88443 3.0661200557
6/19/2016 159.204117 2.788974334
6/26/2016 168.467407 5.8184990279
7/3/2016 166.499527 -1.1681072529
7/10/2016 173.527847 4.221225205
7/17/2016 175.736633 1.2728712067
7/24/2016 173.508469 -1.267899562
7/31/2016 169.584885 -2.2613213191
8/7/2016 167.647339 -1.1425228139
8/14/2016 172.975601 3.1782562323
8/21/2016 169.148926 -2.2122628728
8/28/2016 181.258682 7.1592272481
9/4/2016 184.794739 1.9508345537
9/11/2016 187.410431 1.415458045
9/18/2016 187.022934 -0.206763838
9/25/2016 177.286682 -5.2059134095
10/2/2016 187.216675 5.6010936005
10/9/2016 185.085358 -1.1384226325
10/16/2016 197.679504 6.8045069238
10/23/2016 189.638626 -4.0676336379
10/30/2016 182.905624 -3.5504380843
11/6/2016 176.828644 -3.3224675475
11/13/2016 174.19162 -1.4912878029
11/20/2016 171.603409 -1.4858412821
11/27/2016 171.847565 0.1422792248
12/4/2016 175.119446 1.9039437655
12/11/2016 171.359222 -2.1472338372
12/18/2016 169.259354 -1.2254187289
12/25/2016 175.900833 3.9238475411
1/1/2017 182.151581 3.553563615
1/8/2017 177.805328 -2.3860638355
 1/15/2017 189.965057 6.8387877556
1/22/2017 192.65094 1.4138826595
1/29/2017 204.175827 5.9822635695
2/5/2017 203.052612 -0.5501214402
2/12/2017 205.201324 1.0582045603
2/19/2017 207.594177 1.1661001758
2/26/2017 206.031494 -0.7527585901
3/5/2017 209.352234 1.6117632967
3/12/2017 214.040298 2.2393188314
3/19/2017 210.621902 -1.5970805647
3/26/2017 219.119064 4.0343202294
4/2/2017 219.607407 0.2228665051
4/9/2017 222.049133 1.1118595831
4/16/2017 228.983597 3.1229412636
4/23/2017 224.490829 -1.9620479628
4/30/2017 236.308701 5.2643005742
5/7/2017 239.141113 1.1986067326
5/14/2017 232.59729 -2.7363856084
5/21/2017 227.909241 -2.015521763
5/28/2017 221.902618 -2.6355328874
6/4/2017 217.800537 -1.8485951346
6/11/2017 216.775024 -0.4708496196
6/18/2017 211.354431 -2.5005615961
6/25/2017 215.358841 1.8946420858
7/2/2017 224.588501 4.2857121431
7/9/2017 217.605225 -3.1093648913
7/16/2017 211.598618 -2.7603229656
7/23/2017 212.170609 0.2703188733
7/30/2017 211.533463 -0.3002988977
8/6/2017 198.986526 -5.9314194653
8/13/2017 204.818893 2.9310361446
8/20/2017 198.545441 -3.0629264264
8/27/2017 200.211823 0.8392950206
9/3/2017 215.307327 7.5397665202
9/10/2017 213.591934 -0.7967183578
9/17/2017 205.309006 -3.8779217196
9/24/2017 201.878189 -1.6710504166
10/1/2017 201.388077 -0.242776103
10/8/2017 200.897964 -0.2433674363
10/15/2017 203.152512 1.1222353652
10/22/2017 199.084549 -2.002418262
10/29/2017 200.799942 0.861640448
11/5/2017 198.399704 -1.1953379947
11/12/2017 198.498489 0.0497909009
11/19/2017 204.079559 2.8116435687
11/26/2017 202.350922 -0.8470407367
 12/3/2017 203.881989 0.7566394978
12/10/2017 202.301529 -0.7751837265
12/17/2017 217.612427 7.5683550568
12/24/2017 220.625229 1.3844806758
12/31/2017 224.329468 1.6789734414
1/7/2018 221.464844 -1.2769717797
1/14/2018 218.50145 -1.3380877734
1/21/2018 224.329468 2.6672674255
1/28/2018 209.166718 -6.7591432081
2/4/2018 205.709427 -1.6528877218
2/11/2018 208.870392 1.5366165013
2/18/2018 207.487473 -0.6620943192
2/25/2018 207.042969 -0.2142317286
3/4/2018 207.43808 0.1908352657
3/11/2018 211.043549 1.7380940857
3/18/2018 213.562454 1.1935474986
3/25/2018 220.131317 3.0758510576
4/2/2018 233.079651 5.8820953676
4/9/2018 234.493729 0.6066930313
4/16/2018 236.883041 1.0189236233
4/23/2018 242.051758 2.1819700466
4/30/2018 242.441833 0.1611535496
5/7/2018 254.973572 5.1689672714
5/14/2018 247.951889 -2.7538865871
5/21/2018 251.511459 1.4355889823
5/28/2018 249.024643 -0.9887485882
6/4/2018 252.047867 1.2140260352
6/11/2018 244.831177 -2.8632220085
6/18/2018 245.026215 0.0796622401
6/25/2018 251.90155 2.8059589461
7/2/2018 256.29007 1.7421568069
7/9/2018 258.386871 0.8181358724
7/16/2018 259.264557 0.3396790234
7/23/2018 266.725067 2.8775664851
7/30/2018 267.761505 0.3885791507
8/6/2018 285.811737 6.7411601978
8/13/2018 285.125 -0.2402759968
8/20/2018 287.332245 0.7741323981
8/27/2018 279.680542 -2.6630157712
9/3/2018 273.794586 -2.1045282442
9/10/2018 268.301025 -2.0064534804
9/17/2018 262.95459 -1.992700177
9/24/2018 260.404083 -0.9699419964
10/1/2018 243.923401 -6.328887708
10/8/2018 251.427948 3.0765998544
10/15/2018 249.564072 -0.7413161563
10/22/2018 246.964462 -1.0416603557
10/29/2018 248.730255 0.7149988244
11/5/2018 251.624176 1.1634776799
11/12/2018 241.66713 -3.9571102262
11/19/2018 247.558716 2.4378929811
11/26/2018 259.455322 4.8055694391
12/3/2018 246.423355 -5.0228173774
12/10/2018 254.370895 3.2251569661
12/17/2018 260.146454 2.2705266654
12/24/2018 262.071655 0.7400450671
12/31/2018 255.456909 -2.524021913
1/7/2019 256.49353 0.405790943
1/14/2019 243.658997 -5.003842787
1/21/2019 227.220886 -6.746359134
1/28/2019 224.160355 -1.3469408794
2/4/2019 208.561417 -6.9588299858
2/11/2019 203.773163 -2.2958484215
2/18/2019 210.832169 3.4641490057
2/25/2019 215.571075 2.2477148637
3/4/2019 221.59343 2.7936748935
3/11/2019 226.727249 2.3167740127
3/18/2019 218.088623 -3.8101401742
3/25/2019 213.99144 -1.8786780088
EXIDE INDUSTRIES LIMITED
CNX 500
Price Growth rate
9-Apr-16 6346.65
16-Apr-16 6575.35 3.6034758495
23-Apr-16 6627.95 0.7999574167
30-Apr-16 6588.55 -0.5944522816
7-May-16 6504.55 -1.2749390989
14-May-16 6582.3 1.1953171242
21-May-16 6513.1 -1.0513042554
28-May-16 6797 4.3589074327
4-Jun-16 6844.75 0.7025158158
11-Jun-16 6832.05 -0.1855436649
18-Jun-16 6842.35 0.1507600208
25-Jun-16 6775.55 -0.9762727718
2-Jul-16 7027.85 3.7236829482
9-Jul-16 7039.4 0.1643461372
16-Jul-16 7194.4 2.2018922067
23-Jul-16 7227.45 0.4593850773
30-Jul-16 7330 1.4188960145
6-Aug-16 7364.05 0.4645293315
13-Aug-16 7347.45 -0.2254194363
20-Aug-16 7397.8 0.685271761
27-Aug-16 7334.8 -0.8516045311
3-Sep-16 7504.6 2.3149915471
10-Sep-16 7575.55 0.9454201423
17-Sep-16 7487.2 -1.1662519553
24-Sep-16 7554.9 0.9042098515
1-Oct-16 7394.85 -2.1184926339
8-Oct-16 7527.2 1.7897590891
15-Oct-16 7439.85 -1.1604580721
22-Oct-16 7541.7 1.3689792133
29-Oct-16 7494.1 -0.6311574313
5-Nov-16 7274.1 -2.9356427056
12-Nov-16 7126.5 -2.0291170042
19-Nov-16 6908.5 -3.0590051217
26-Nov-16 6960.75 0.7563146848
3-Dec-16 6947.3 -0.1932263046
10-Dec-16 7101.15 2.2145293855
17-Dec-16 6976.5 -1.7553494856
24-Dec-16 6814.9 -2.3163477388
31-Dec-16 6982.8 2.4637192035
7-Jan-17 7083.1 1.4363865498
 14-Jan-17 7228.3 2.0499498807
21-Jan-17 7202.75 -0.3534717707
28-Jan-17 7455.15 3.5042171393
4-Feb-17 7569.9 1.5392044426
11-Feb-17 7631.25 0.8104466373
18-Feb-17 7638 0.0884520885
25-Feb-17 7729.65 1.1999214454
4-Mar-17 7696.2 -0.4327492189
11-Mar-17 7710.9 0.1910033523
18-Mar-17 7933.1 2.881635088
25-Mar-17 7905.3 -0.3504304748
1-Apr-17 7995.05 1.1353142828
8-Apr-17 8045.35 0.6291392799
15-Apr-17 8044.9 -0.005593293
22-Apr-17 8057.7 0.1591070119
29-Apr-17 8214.3 1.9434826315
6-May-17 8193.25 -0.2562604239
13-May-17 8299.2 1.2931376438
20-May-17 8258.2 -0.4940235203
27-May-17 8331.85 0.891840837
3-Jun-17 8406.55 0.8965595876
10-Jun-17 8452.75 0.5495714651
17-Jun-17 8411.45 -0.4885983851
24-Jun-17 8355.1 -0.6699201683
1-Jul-17 8331.6 -0.2812653349
8-Jul-17 8479.45 1.7745691104
15-Jul-17 8640.7 1.9016563574
22-Jul-17 8669.75 0.3361996135
29-Jul-17 8747.45 0.8962196142
5-Aug-17 8776.2 0.3286672116
12-Aug-17 8427.7 -3.9709669333
19-Aug-17 8594.25 1.9762212703
26-Aug-17 8605.75 0.1338103965
2-Sep-17 8755.25 1.7372105859
9-Sep-17 8749.95 -0.0605351075
16-Sep-17 8887.6 1.5731518466
23-Sep-17 8738 -1.6832440704
30-Sep-17 8600 -1.5793087663
7-Oct-17 8787.4 2.1790697674
14-Oct-17 8937.2 1.7047135672
21-Oct-17 8937.65 0.005035134
28-Oct-17 9104.45 1.8662623844
4-Nov-17 9260.65 1.7156445474
11-Nov-17 9154.95 -1.1413885634
18-Nov-17 9137.1 -0.1949764881
25-Nov-17 9246.05 1.192391459
 2-Dec-17 9060.4 -2.007884448
9-Dec-17 9190.55 1.436470796
16-Dec-17 9216.75 0.2850754307
23-Dec-17 9431.5 2.3299970163
30-Dec-17 9490.65 0.6271536871
6-Jan-18 9573.45 0.8724376096
13-Jan-18 9665.2 0.9583796855
20-Jan-18 9723.1 0.5990564086
27-Jan-18 9810 0.8937478788
3-Feb-18 9409.8 -4.0795107034
10-Feb-18 9251.1 -1.6865395651
17-Feb-18 9235.6 -0.167547643
24-Feb-18 9251.35 0.170535753
3-Mar-18 9225.35 -0.2810400644
10-Mar-18 8986.4 -2.5901456313
17-Mar-18 9004.45 0.2008590759
24-Mar-18 8800.8 -2.2616595128
4/2/2018 10331.599609 17.3938688415
4/9/2018 10480.599609 1.4421774521
4/16/2018 10564.049805 0.7962349399
4/23/2018 10692.299805 1.2140230533
4/30/2018 10618.25 -0.692552644
5/7/2018 10806.5 1.7728910131
5/14/2018 10596.400391 -1.9441966317
5/21/2018 10605.150391 0.0825752112
5/28/2018 10696.200195 0.858543261
6/4/2018 10767.650391 0.6679960612
6/11/2018 10817.700195 0.4648163915
6/18/2018 10821.849609 0.0383576354
6/25/2018 10714.299805 -0.9938209076
7/2/2018 10772.650391 0.5446047531
7/9/2018 11018.900391 2.2858812926
7/16/2018 11010.200195 -0.0789570256
7/23/2018 11278.349609 2.4354635633
7/30/2018 11360.799805 0.7310484145
8/6/2018 11429.5 0.6047126627
8/13/2018 11470.75 0.3609081762
8/20/2018 11557.099609 0.7527808469
8/27/2018 11680.5 1.0677453269
9/3/2018 11589.099609 -0.7825040966
9/10/2018 11515.200195 -0.6376631187
9/17/2018 11143.099609 -3.2313861652
9/24/2018 10930.450195 -1.9083506516
10/1/2018 10316.450195 -5.6173349592
10/8/2018 10472.5 1.5126308183
10/15/2018 10303.549805 -1.6132747195
10/22/2018 10030 -2.6549083585
10/29/2018 10553 5.2143569292
11/5/2018 10585.200195 0.3051283521
11/12/2018 10682.200195 0.9163737881
11/19/2018 10526.75 -1.4552263781
11/26/2018 10876.75 3.3248628494
12/3/2018 10693.700195 -1.6829457788
12/10/2018 10805.450195 1.0450077893
12/17/2018 10754 -0.4761504062
12/24/2018 10859.900391 0.9847534964
12/31/2018 10727.349609 -1.2205524657
1/7/2019 10794.950195 0.6301704378
1/14/2019 10906.950195 1.037522156
1/21/2019 10780.549805 -1.1588976546
1/28/2019 10893.650391 1.0491170492
2/4/2019 10943.599609 0.4585168076
2/11/2019 10724.400391 -2.0029901114
2/18/2019 10791.650391 0.6270746853
2/25/2019 10863.5 0.6657888867
3/4/2019 11035.400391 1.5823665577
3/11/2019 11426.849609 3.5472135503
3/18/2019 11456.900391 0.2629839635
3/25/2019 11354.25 -0.8959700049
MITED
CO-VARIANCE
2016-17 2017-18
-0.0353095416 -0.5585167266

VARIANCE
2016-17 2017-18
2.887928649 2.0991679886

BETA
2016-17 2017-18
-0.0122265976 -0.2660657602

Expected Return for the Stock

Market Risk Premium (Rm-Rf)

Risk Free Rate Rf

Expected Return = Rf+β(Rm-Rf)

Expected Return 9.34%

Cost of Debt In Millions

Total Debt 0
Intrest 52.4
Kd 0%
Kd after Tax 0%
1% Addition to Cost of Debt 1.00%

Free Cash Flow

1 EBIT*(1-T)
2 Add: Dep & Amortization
3 Less: Changes in NWC

Free Cash Flow

GROWTH RATE

AVERAGE GROWTH

YEAR
2018-19
2019-20
2020-21
2021-22
2022-23
2023-PERPETUITY

Total present value of cash flows

Value of equity

Number of shares

Present Value of the share

Year
2014-2015
2015-2016
2016-2017
2017-2018
2018-2019
Average PE

Year
2014-15
2015-16
2016-17
2017-18
2018-19
EPS growth rate 1
EPS growth rate 2
EPS growth rate 3
EPS growth rate 4
Average Growth rate
Expected Eps

Stock Price = PE * EPS

Market Price

Comparig Market Price with

Stock Price
Present Value per Share
 2018-19 2016-19
4.4557835686 1.3209154053671

2018-19 2016-19
8.6054465425 4.5702648841

2018-19 2016-19
0.5177864445 0.29

turn for the Stock

10% (Given)
6.45% (RBI WEBSITE)

Rf )

Calculation of WAC

Equity Share Capital

Debt
 Free Cash Flow Calculation
2014-15 2015-16
5601.12 6360.06
1395.2 1579.3
283 1943.1

6713.32 5996.26

-11%
18.3453%

FUTURE CASH FLOWS PRESENT VALUE OF FUTURE CASH FLOWS

12,375.96 11318.7569635516
14646.3574016374 12250.9451780969
17333.2701092461 13259.9063872506
20513.1040054026 14351.9634479307
24276.2867759156 15533.9599538038
169228.59952453 108286.341824746

175001.873755379

175,001,873,755.38

850,000,000

205.8845573593

P/E
21.14
27.65
19.01
28.17
28.28
24.85

EPS
5.72
6.43
7.34
7.95
7.85
 12%
14%
8%
-1.26%
8%
8.5097486

236.3172527093
222.85

222.85

236.3172527093 Under Priced

205.8845573593 Over Priced
 `

Calculation of WACC

Value Weightage Cost

850 1 9.34% 9.340238%
0 0 1% 0.00000%
850 1 9.340%
2016-17 2017-18
6858.04 7079.8
2063.2 2459.4
1826.4 -918.3

7094.84 10,457.50

18% 47%

Growth Rate of Perpetuity 4%

 2018-19 2017-18
Profit before Taxes 10061.6 9757.3
Intrest 52.4 39.9
EBIT 10,114.00 9,797.20
EBIT(1-T) 7079.8 6858.04

CURRENT ASSETS 32616.7 31583.8

CURRENT LIABILITIES 15807.8 13856.6
WORKING CAPITAL 16808.9 17727.2
CHANGES -918.3 1826.4

Depreciation 2459.4 2063.2

Amortization 0 0

Total 2459.4 2063.2

Current Liabilities Current Assets

Mar-14 8825.3 22500
Mar-15 9343.4 23301.1
Mar-16 12608.5 28509.3
Mar-17 13856.6 31583.8
Mar-18 15807.8 32616.7
2016-17 2015-16 2014-15
9081.8 7984.9 7230.8
4 16.7 11.9
9,085.80 8,001.60 7,242.70
6360.06 5601.12 5069.89

28509.3 23301.1 22500

12608.5 9343.4 8825.3
15900.8 13957.7 13674.7
1943.1 283

1579.3 1395.2 1256

 0 0 0

1579.3 1395.2 1256

 Bharat Electronics Limited
Weely Returns Growth Rate
3/29/2015 211.551346
4/5/2015 210.87146 -0.3213810797
4/12/2015 208.200348 -1.2667015252
4/19/2015 207.131912 -0.513176856
4/26/2015 204.65506 -1.1957848388
5/3/2015 197.467361 -3.5121042206
5/10/2015 198.438675 0.4918858464
5/17/2015 197.564484 -0.4405345883
5/24/2015 197.564484 0
5/31/2015 192.805069 -2.4090438239
6/7/2015 191.785187 -0.5289705324
6/14/2015 195.52475 1.9498706123
6/21/2015 198.632935 1.5896632012
6/28/2015 202.858139 2.1271417049
7/5/2015 206.791931 1.939183717
7/12/2015 208.29747 0.7280453317
7/19/2015 207.180466 -0.5362542329
7/26/2015 207.617538 0.2109619736
8/2/2015 204.800751 -1.3567191997
8/9/2015 203.975128 -0.4031347522
8/16/2015 203.975128 0
8/23/2015 203.53804 -0.2142849495
8/30/2015 201.3526 -1.0737255797
9/6/2015 198.730072 -1.3024554935
9/13/2015 196.738876 -1.0019600858
9/20/2015 191.833771 -2.4932057658
9/27/2015 192.902206 0.5569587641

10/4/2015 192.805069 -0.0503555672

10/11/2015 190.279663 -1.3098234466
10/18/2015 184.500366 -3.0372646813
10/25/2015 183.966141 -0.2895522711
11/1/2015 176.389938 -4.1182594573
11/8/2015 166.871094 -5.3964778875
11/15/2015 172.31041 3.2595915024
11/22/2015 170.853455 -0.8455409049
11/29/2015 171.824768 0.5685065017
 12/6/2015 176.389938 2.6568754046
12/13/2015 182.169235 3.2764323552

12/20/2015 180.129471 -1.1197082757

12/27/2015 176.098541 -2.2377959462

1/3/2016 176.389938 0.1654738298
1/10/2016 180.275177 2.2026420804
1/17/2016 173.281738 -3.8793133455
1/24/2016 170.076431 -1.8497661883
1/31/2016 169.542206 -0.3141087785
2/7/2016 173.23317 2.1770177982
2/14/2016 173.281738 0.0280362012
2/21/2016 172.747528 -0.3082898441
2/28/2016 172.990341 0.1405594643
3/6/2016 164.685654 -4.8006651423
3/13/2016 163.422928 -0.7667492397
3/20/2016 167.55101 2.5260115276
3/27/2016 163.422928 -2.4637762554

4/3/2016 160.703262 -1.6641887606

4/10/2016 163.180115 1.5412586958
4/17/2016 162.548767 -0.386902534
4/24/2016 162.354492 -0.1195179783
5/1/2016 161.091812 -0.7777302521
5/8/2016 157.352264 -2.3213768307
5/15/2016 155.118225 -1.4197692129
5/22/2016 152.689957 -1.5654304966
5/29/2016 153.418442 0.4771007958
6/5/2016 160.120483 4.3684715557
6/12/2016 163.520065 2.1231399858
6/19/2016 168.133789 2.8215032816
6/26/2016 168.668015 0.3177386313
7/3/2016 171.339111 1.5836410952
7/10/2016 180.906509 5.5838961368
7/17/2016 182.460617 0.8590669338
7/24/2016 182.800583 0.1863229477
7/31/2016 185.520248 1.4877769837
8/7/2016 187.462875 1.0471239775
8/14/2016 181.732132 -3.057001553
 8/21/2016 184.443817 1.4921329377
8/28/2016 190.951859 3.5284685092
9/4/2016 195.044037 2.1430417182
9/11/2016 194.550995 -0.2527849647
9/18/2016 193.762146 -0.4054715834
9/25/2016 189.916489 -1.984730805
10/2/2016 188.7332 -0.6230575377
10/9/2016 189.226227 0.2612296088
10/16/2016 187.352707 -0.9900953106
10/23/2016 196.03009 4.6315759932
10/30/2016 204.066544 4.09960226
11/6/2016 204.608887 0.2657677194
11/13/2016 211.708557 3.4698737206
11/20/2016 215.061203 1.5836138357
11/27/2016 211.116928 -1.8340244289
12/4/2016 209.637833 -0.7006046431
12/11/2016 214.223038 2.1872030131
12/18/2016 213.089066 -0.5293417602
12/25/2016 220.139435 3.3086488821
1/1/2017 216.39238 -1.7021280172
1/8/2017 216.638901 0.1139231428
1/15/2017 216.984039 0.1593148776
1/22/2017 218.117996 0.5225992682
1/29/2017 216.836105 -0.5877052896
2/5/2017 228.767517 5.5025024546
2/12/2017 222.801804 -2.6077622725
2/19/2017 225.710709 1.3056020857
2/26/2017 228.126572 1.0703360114
3/5/2017 226.055847 -0.9077088135
3/12/2017 224.823257 -0.545259066
3/19/2017 223.04834 -0.7894721497
3/26/2017 230.246613 3.2272255422
4/2/2017 230.887558 0.2783732589
4/9/2017 228.6689 -0.9609257507
4/16/2017 229.211243 0.2371739226
4/23/2017 228.6689 -0.2366127389
4/30/2017 228.619614 -0.0215534338
5/7/2017 226.598175 -0.8841931646
5/14/2017 234.683914 3.568316029
5/21/2017 231.922943 -1.1764636753
5/28/2017 226.746094 -2.2321418196
6/4/2017 222.900421 -1.6960261287
6/11/2017 232.859695 4.4680373215
6/18/2017 236.951874 1.7573582238
6/25/2017 237.592819 0.270495856
7/2/2017 242.523163 2.0751233226
 7/9/2017 250.362381 3.2323584696
7/16/2017 233.007614 -6.9318589042
7/23/2017 232.120148 -0.380874249
7/30/2017 224.872559 -3.1223437786
8/6/2017 222.703217 -0.9646984095
8/13/2017 218.956161 -1.682533396
8/20/2017 217.03334 -0.8781762483
8/27/2017 215.603531 -0.6587969388
9/3/2017 222.456696 3.1785959016
9/10/2017 225.76001 1.4849245086
9/17/2017 226.844696 0.480459759
9/24/2017 224.823257 -0.8911114236
10/1/2017 226.006531 0.5263129873
10/8/2017 227.288422 0.5671920162
10/15/2017 226.943298 -0.1518440741
10/22/2017 226.450256 -0.2172533864
10/29/2017 224.971161 -0.6531655235
11/5/2017 221.81575 -1.4025846628
11/12/2017 219.646408 -0.977992771
11/19/2017 217.181244 -1.1223329452
11/26/2017 219.301285 0.9761621036
12/3/2017 220.336639 0.4721148807
12/10/2017 218.808243 -0.6936640256
12/17/2017 227.140518 3.8080260989
12/24/2017 234.289505 3.1473851794
12/31/2017 242.720367 3.5984804356
1/7/2018 242.079422 -0.2640672507
1/14/2018 242.572464 0.2036695213
1/21/2018 244.150177 0.6504089434
1/28/2018 243.755737 -0.1615563031
2/4/2018 241.832916 -0.7888310748
2/11/2018 237.790024 -1.6717707692
2/18/2018 236.261627 -0.6427506816
2/25/2018 237.592819 0.5634397836
3/4/2018 233.747162 -1.6185914272
3/11/2018 235.176956 0.6116840041
3/18/2018 228.964737 -2.6415083798
3/25/2018 233.845764 2.1317811048
472.850006
 BAJAJ Electronics Limited
CNX 500
Price Growth rate
28-Mar-15 6846.6
4-Apr-15 7060.2 3.1197966874
11-Apr-15 7246.05 2.6323616895
18-Apr-15 7093.85 -2.1004547305
25-Apr-15 6826.55 -3.768052609
2-May-15 6749.65 -1.1264840952
9-May-15 6728.9 -0.3074233479
16-May-15 6827.05 1.4586336548
23-May-15 6964.45 2.0125823013
30-May-15 6959.85 -0.066049724
6-Jun-15 6700.7 -3.7234997881
13-Jun-15 6577.4 -1.8401062576
20-Jun-15 6785.1 3.1577827105
27-Jun-15 6908.85 1.8238493169
4-Jul-15 7003.95 1.3764953646
11-Jul-15 6935.55 -0.9765917804
18-Jul-15 7148.05 3.0639242742
25-Jul-15 7074.95 -1.0226565287
1-Aug-15 7106.2 0.4416992346
8-Aug-15 7183.85 1.0927077763
15-Aug-15 7112.5 -0.9932000251
22-Aug-15 6961 -2.1300527241
29-Aug-15 6694.45 -3.8291912082
5-Sep-15 6421.05 -4.0839800133
12-Sep-15 6511.55 1.4094268071
19-Sep-15 6636.95 1.9258087552
26-Sep-15 6573.9 -0.9499845562

3-Oct-15 6654.5 1.2260606337

10-Oct-15 6829.4 2.6282966414
17-Oct-15 6870.85 0.6069347234
24-Oct-15 6913.05 0.6141889286
31-Oct-15 6750.95 -2.3448405552
7-Nov-15 6650.1 -1.4938638266
14-Nov-15 6526.6 -1.8571149306
21-Nov-15 6615.65 1.3644163883
28-Nov-15 6686.9 1.0769916788
 5-Dec-15 6584.9 -1.5253705005
12-Dec-15 6425.45 -2.4214490729

19-Dec-15 6570.8 2.2620983744

26-Dec-15 6656.75 1.3080599014

2-Jan-16 6753.65 1.4556653021
9-Jan-16 6490.85 -3.8912291872
16-Jan-16 6262.4 -3.519569856
23-Jan-16 6216.7 -0.7297521717
30-Jan-16 6339.45 1.9745202439
6-Feb-16 6270.5 -1.0876337853
13-Feb-16 5833.4 -6.970735986
20-Feb-16 6000.4 2.8628244249
27-Feb-16 5852.9 -2.4581694554
5-Mar-16 6239.35 6.6027097678
12-Mar-16 6258.45 0.3061216313
19-Mar-16 6322.65 1.0258131007
26-Mar-16 6423.7 1.5982222644

2-Apr-16 6445.5 0.3393682768

9-Apr-16 6346.65 -1.5336281126
16-Apr-16 6575.35 3.6034758495
23-Apr-16 6627.95 0.7999574167
30-Apr-16 6588.55 -0.5944522816
7-May-16 6504.55 -1.2749390989
14-May-16 6582.3 1.1953171242
21-May-16 6513.1 -1.0513042554
28-May-16 6797 4.3589074327
4-Jun-16 6844.75 0.7025158158
11-Jun-16 6832.05 -0.1855436649
18-Jun-16 6842.35 0.1507600208
25-Jun-16 6775.55 -0.9762727718
2-Jul-16 7027.85 3.7236829482
9-Jul-16 7039.4 0.1643461372
16-Jul-16 7194.4 2.2018922067
23-Jul-16 7227.45 0.4593850773
30-Jul-16 7330 1.4188960145
6-Aug-16 7364.05 0.4645293315
13-Aug-16 7347.45 -0.2254194363
20-Aug-16 7397.8 0.685271761
27-Aug-16 7334.8 -0.8516045311
3-Sep-16 7504.6 2.3149915471
10-Sep-16 7575.55 0.9454201423
17-Sep-16 7487.2 -1.1662519553
24-Sep-16 7554.9 0.9042098515
1-Oct-16 7394.85 -2.1184926339
8-Oct-16 7527.2 1.7897590891
15-Oct-16 7439.85 -1.1604580721
22-Oct-16 7541.7 1.3689792133
29-Oct-16 7494.1 -0.6311574313
5-Nov-16 7274.1 -2.9356427056
12-Nov-16 7126.5 -2.0291170042
19-Nov-16 6908.5 -3.0590051217
26-Nov-16 6960.75 0.7563146848
3-Dec-16 6947.3 -0.1932263046
10-Dec-16 7101.15 2.2145293855
17-Dec-16 6976.5 -1.7553494856
24-Dec-16 6814.9 -2.3163477388
31-Dec-16 6982.8 2.4637192035
7-Jan-17 7083.1 1.4363865498
14-Jan-17 7228.3 2.0499498807
21-Jan-17 7202.75 -0.3534717707
28-Jan-17 7455.15 3.5042171393
4-Feb-17 7569.9 1.5392044426
11-Feb-17 7631.25 0.8104466373
18-Feb-17 7638 0.0884520885
25-Feb-17 7729.65 1.1999214454
4-Mar-17 7696.2 -0.4327492189
11-Mar-17 7710.9 0.1910033523
18-Mar-17 7933.1 2.881635088
25-Mar-17 7905.3 -0.3504304748
1-Apr-17 7995.05 1.1353142828
8-Apr-17 8045.35 0.6291392799
15-Apr-17 8044.9 -0.005593293
22-Apr-17 8057.7 0.1591070119
29-Apr-17 8214.3 1.9434826315
6-May-17 8193.25 -0.2562604239
13-May-17 8299.2 1.2931376438
20-May-17 8258.2 -0.4940235203
27-May-17 8331.85 0.891840837
3-Jun-17 8406.55 0.8965595876
10-Jun-17 8452.75 0.5495714651
17-Jun-17 8411.45 -0.4885983851
24-Jun-17 8355.1 -0.6699201683
1-Jul-17 8331.6 -0.2812653349
 8-Jul-17 8479.45 1.7745691104
15-Jul-17 8640.7 1.9016563574
22-Jul-17 8669.75 0.3361996135
29-Jul-17 8747.45 0.8962196142
5-Aug-17 8776.2 0.3286672116
12-Aug-17 8427.7 -3.9709669333
19-Aug-17 8594.25 1.9762212703
26-Aug-17 8605.75 0.1338103965
2-Sep-17 8755.25 1.7372105859
9-Sep-17 8749.95 -0.0605351075
16-Sep-17 8887.6 1.5731518466
23-Sep-17 8738 -1.6832440704
30-Sep-17 8600 -1.5793087663
7-Oct-17 8787.4 2.1790697674
14-Oct-17 8937.2 1.7047135672
21-Oct-17 8937.65 0.005035134
28-Oct-17 9104.45 1.8662623844
4-Nov-17 9260.65 1.7156445474
11-Nov-17 9154.95 -1.1413885634
18-Nov-17 9137.1 -0.1949764881
25-Nov-17 9246.05 1.192391459
2-Dec-17 9060.4 -2.007884448
9-Dec-17 9190.55 1.436470796
16-Dec-17 9216.75 0.2850754307
23-Dec-17 9431.5 2.3299970163
30-Dec-17 9490.65 0.6271536871
6-Jan-18 9573.45 0.8724376096
13-Jan-18 9665.2 0.9583796855
20-Jan-18 9723.1 0.5990564086
27-Jan-18 9810 0.8937478788
3-Feb-18 9409.8 -4.0795107034
10-Feb-18 9251.1 -1.6865395651
17-Feb-18 9235.6 -0.167547643
24-Feb-18 9251.35 0.170535753
3-Mar-18 9225.35 -0.2810400644
10-Mar-18 8986.4 -2.5901456313
17-Mar-18 9004.45 0.2008590759
24-Mar-18 8800.8 -2.2616595128
31-Mar-18 8912.1 1.2646577584
ed
CO-VARIANCE
2015-16 2016-17
-0.5979374731 -0.1501578407

VARIANCE
2015-16 2016-17
6.054287579 2.8514888248

BETA
2015-16 2016-17
-0.098762648 -0.0526594526

Expected Return for the Stock

Market Risk Premium (Rm-Rf)

Risk Free Rate Rf

Expected Return = Rf+β(Rm-Rf)

Expected Return 6.96%

Cost of Debt In Millions

Total Debt 67.59
Intrest 10.2
Kd 15%
Kd after Tax 11%
1% Addition to Cost of Debt 11.56%

Free Cash Flow

1 EBIT*(1-T)
2 Add: Dep & Amortization
3 Less: Changes in NWC

Free Cash Flow

GROWTH RATE

AVERAGE GROWTH

YEAR
2018-19
2019-20
2020-21
2021-22
2022-23
2023-PERPETUITY

Total present value of cash flows

Value of equity

Number of shares

Present Value of the share

Year
2013 - 2014
2014 - 2015
2015 - 2016
2016 - 2017
2017 - 2018
Average PE

Year
2013 - 14
2014 - 2015
2015 - 2016
2016 - 2017
2017 - 2018

EPS growth rate 1

EPS growth rate 2
EPS growth rate 3
EPS growth rate 4
Average Growth rate
Expected Eps

Stock Price = PE * EPS

Market Price

Comparing Market Price with

Stock Price
Present Value per Share
 2017-18 2015-18
0.2190985343 -0.0792397034195

2017-18 2015-18
2.0991679886 3.7117211226

2017-18 2015-18
0.1043739879 -0.0213485067

rn for the Stock

10% (Given)
7.17% (RBI WEBSITE)

Calculation of WA
 Equity Share Capital

Debt

Free Cash Flow Calculation

2014-15 2015-16
-6.594 137.326
29.03 27.24
-2.36 -9.01

24.796 173.576

600%

174.5587%

FUTURE CASH FLOWS PRESENT VALUE OF FUTURE CASH FLOWS

-184.26 -166.7551370066
-505.891719222 -414.3536837742
-1388.9695871962 -1029.5873239004
-3813.5364562265 -2558.3217889623
-10470.3950590633 -6356.9259488207
-161203.489307787 -97872.0132755711

ash flows -108397.957158035

-108,465,547,158.04

102,316,926

-1060.093880831

P/E
 8.2
10.63
9.47
-1.38
-0.53
5.278

EPS
8.23

10.65
9.48
-1.39
-0.53

29%
-11%
-115%
-61.87%
-40%
-0.9251609628

0.3950004384
233.845764

233.845764

0.3950004384 Under Priced

-1060.093880831 Under Priced
 `

Calculation of WACC
Value Weightage Cost
20.41 0.2319318182 6.96% 1.613437%

67.59 0.7680681818 12% 8.88170%

88 1 10.495%

2016-17 2017-18
198.338 122.43
29.87 33.94
-31.32 223.48

259.528 -67.11

50% -126%

Growth Rate of Perpetuity 4%

 2017-18 2016-17
Profit before Taxes 164.70 168.04
Intrest 10.2 115.3
EBIT 174.90 283.34
EBIT(1-T) 122.43 198.338

2,125.19
CURRENT ASSETS 2,676.41
CURRENT LIABILITIES 2,437.59 2,109.85
WORKING CAPITAL 238.82 15.34
CHANGES 223.48 -31.32

33.94 29.87
Depreciation
Amortization 0 0

Total 33.94 29.87

2015-16 2014-15 2013-14
153.58 -20.82 -5.96
42.6 11.4 31.5
196.18 -9.42 25.54
137.326 -6.594 17.878

2,019.33 1,972.41 1,882.53

1,972.67 1,916.74 1,824.50

46.66 55.67 58.03
-9.01 -2.36

27.24 29.03 24.75

0 0 0

27.24 29.03 24.75

B1 2.3924042321
B2 1.0065001248
B3 2.9123280561
Bavg 2.1037441377

Cost of Equity
Risk free rate 6.45%
Beta 2.103744
Risk premium 10%
Expected rate of return (Ke) 27.487%

Cost of Debt
Intrest paid 14.09
Total Debt 48.21
Kd after tax 20.458%

Free Cash Flows

2016 2017 2018 2019
PBT 3.46 -33.19 -19.23 23.49
Interest 32.92 28.79 20.55 14.09
EBIT 36.38 -4.4 1.32 37.58
EBIT*(1-t) 25.466 -3.08 0.924 26.306
Dep and Amor 14.15 11.63 10.46 9.47
Change in WC -19.21 -26.51 -14.62 109.23
Free cash flow 58.826 35.06 26.004 -73.454
growth -112.09% -130.00% 2746.97%
average gowtrh rate 834.96%

Future Cash Flows

2019 2020 2021 2022
Future cash flows -686.7643283278 -6420.960637 -60033.31 -561286.458297

Total Value of the firm 285.61

weighted value of equity 0.8312033892
weighted value of debt 0.1687966108
WACC 0.2630096489

Year EPS growth

2014 -4.23
2015 0.04 -1.009456265
2016 -1.38 -35.5
2017 -0.91 -0.34057971
2018 1.11 -2.21978022
Average -9.767454049

Total Value of the firm 0.06

weighted value of equity 1
weighted value of debt 0
WACC 35.06
 MIRC ELECTRONICS
Date Adj Close Returns
11/27/2016 13
12/4/2016 13.9 0.0692308
12/11/2016 13.55 -0.02518
12/18/2016 12.9 -0.04797
12/25/2016 13.1 0.0155039
1/1/2017 13.6 0.0381679
1/8/2017 14.6 0.0735294
1/15/2017 14.1 -0.034247
1/22/2017 14.15 0.0035461
1/29/2017 13.8 -0.024735
2/5/2017 14.05 0.0181159
2/12/2017 13 -0.074733
2/19/2017 13.15 0.0115385
2/26/2017 13 -0.011407
3/5/2017 12.55 -0.034615
3/12/2017 13.05 0.0398406
3/19/2017 12.85 -0.015326
3/26/2017 13.95 0.0856031
4/2/2017 15.55 0.1146953
4/9/2017 14.05 -0.096463
4/16/2017 13.7 -0.024911
4/23/2017 13.9 0.0145985
4/30/2017 13.75 -0.010791
5/7/2017 14 0.0181818
5/14/2017 13.25 -0.053571
5/21/2017 14.5 0.0943396
5/28/2017 14.2 -0.02069
6/4/2017 13.85 -0.024648
6/11/2017 14 0.0108303
6/18/2017 13.8 -0.014286
2023 till perpetuity 6/25/2017 13.35 -0.032609
-5247795 -62850994.871753900% 7/2/2017 15.35 0.1498127
7/9/2017 15.1 -0.016287
7/16/2017 16.549999 0.0960264
7/23/2017 16.75 0.0120847
7/30/2017 15.65 -0.065672
8/6/2017 13.6 -0.13099
8/13/2017 14.15 0.0404412
8/20/2017 14 -0.010601
8/27/2017 14.45 0.0321429
9/3/2017 16.200001 0.1211073
 9/10/2017 24.299999 0.4999998
9/17/2017 26.25 0.080247
9/24/2017 27.25 0.0380952
10/1/2017 30 0.1009174
10/8/2017 34.099998 0.1366666
10/15/2017 32.599998 -0.043988
10/22/2017 32.450001 -0.004601
10/29/2017 32.25 -0.006163
11/5/2017 29.5 -0.085271
11/12/2017 36.950001 0.2525424
11/19/2017 41 0.1096075
11/26/2017 51.849998 0.2646341
12/3/2017 50.650002 -0.023144
12/10/2017 50.650002 0
12/17/2017 60.799999 0.2003948
12/24/2017 57.400002 -0.055921
12/31/2017 55.849998 -0.027004
1/7/2018 53.75 -0.037601
1/14/2018 48.5 -0.097674
1/21/2018 57.849998 0.1927835
1/28/2018 51.099998 -0.116681
2/4/2018 55.900002 0.0939335
2/11/2018 51.349998 -0.081395
2/18/2018 49.299999 -0.039922
2/25/2018 50.299999 0.020284
3/4/2018 47.799999 -0.049702
3/11/2018 48.799999 0.0209205
3/18/2018 43.150002 -0.115779
3/25/2018 46.299999 0.0730011
4/1/2018 51.900002 0.1209504
4/8/2018 52.349998 0.0086704
4/15/2018 48.5 -0.073543
4/22/2018 47.849998 -0.013402
4/29/2018 44 -0.08046
5/6/2018 43.349998 -0.014773
5/13/2018 39.900002 -0.079585
5/20/2018 39 -0.022556
5/27/2018 36.700001 -0.058974
6/3/2018 34.849998 -0.050409
6/10/2018 34.299999 -0.015782
6/17/2018 28.75 -0.161808
6/24/2018 27.75 -0.034783
7/1/2018 28.950001 0.0432433
 7/8/2018 34.5 0.1917098
7/15/2018 29.950001 -0.131884
7/22/2018 34.849998 0.1636059
7/29/2018 33.599998 -0.035868
8/5/2018 31.5 -0.0625
8/12/2018 28.85 -0.084127
8/19/2018 28.299999 -0.019064
8/26/2018 29.299999 0.0353357
9/2/2018 29.299999 0
9/9/2018 28.299999 -0.03413
9/16/2018 27.4 -0.031802
9/23/2018 23.75 -0.133212
9/30/2018 25.15 0.0589474
10/7/2018 24.799999 -0.013917
10/14/2018 24.049999 -0.030242
10/21/2018 23.799999 -0.010395
10/28/2018 26.65 0.1197479
11/4/2018 28 0.0506567
11/11/2018 23.35 -0.166071
11/18/2018 24.950001 0.0685225
11/25/2018 25.450001 0.0200401
12/3/2018 22.799999 -0.104126
12/10/2018 23.35 0.0241229
12/17/2018 29.549999 0.2655246
12/24/2018 27.75 -0.060914
12/31/2018 25.950001 -0.064865
1/7/2019 25.25 -0.026975
1/14/2019 25.75 0.019802

1/21/2019 24.4 -0.052427

1/28/2019 24.200001 -0.008197
2/4/2019 22.65 -0.06405
2/11/2019 21.200001 -0.064018
2/18/2019 22.450001 0.0589623
2/25/2019 23.049999 0.026726
3/4/2019 22.75 -0.013015
3/11/2019 22 -0.032967
3/18/2019 22.25 0.0113636
3/25/2019 22.1 -0.006742
4/1/2019 22.25 0.0067873
4/8/2019 21.25 -0.044944
4/15/2019 20.5 -0.035294
4/22/2019 18.549999 -0.095122
 4/29/2019 20.799999 0.1212938
5/6/2019 18 -0.134615
5/13/2019 16.1 -0.105556
5/20/2019 19.25 0.1956522
5/27/2019 20.35 0.0571429
6/3/2019 19.65 -0.034398
6/10/2019 17.049999 -0.132316
6/17/2019 16.950001 -0.005865
6/24/2019 17.1 0.0088495
7/1/2019 17.4 0.0175439
7/8/2019 16.15 -0.071839
7/15/2019 13.8 -0.145511
7/22/2019 12.75 -0.076087
7/29/2019 12.35 -0.031373
8/5/2019 12.55 0.0161943
8/12/2019 12.7 0.0119522
8/19/2019 10.55 -0.169291
8/26/2019 12.1 0.1469194
9/2/2019 12.1 0
9/9/2019 11.8 -0.024793
9/16/2019 11.35 -0.038136
9/23/2019 8.95 -0.211454
9/30/2019 6.9 -0.22905
10/7/2019 6.9 0
10/14/2019 8.15 0.1811594
10/21/2019 7.35 -0.09816
10/28/2019 7.6 0.0340136
11/4/2019 8.2 0.0789474
11/11/2019 7.4 -0.097561
11/18/2019 7.35 -0.006757
11/25/2019 7.45 0.0136054
12/2/2019 6.65 -0.107383
12/9/2019 6.85 0.0300752
 NIFTY 50
Date Adj Close Returns
11/27/2016 8086.7998
12/4/2016 8261.75 0.0216340455
12/11/2016 8139.4502 -0.014803136
12/18/2016 7985.75 -0.018883363
12/25/2016 8185.7998 0.0250508474
1/1/2017 8243.7998 0.0070854408
1/8/2017 8400.3496 0.0189900055
1/15/2017 8349.3496 -0.006071176
1/22/2017 8641.25 0.0349608538
1/29/2017 8740.9502 0.0115377052
2/5/2017 8793.5498 0.0060176078
2/12/2017 8821.7002 0.0032012544
2/19/2017 8939.5 0.0133534129
2/26/2017 8897.5498 -0.004692678
3/5/2017 8934.5498 0.0041584482
3/12/2017 9160.0498 0.0252391004
3/19/2017 9108 -0.005682262
3/26/2017 9173.75 0.0072189284
4/2/2017 9198.2998 0.0026760927
4/9/2017 9150.7998 -0.005163998
4/16/2017 9119.4004 -0.00343133
4/23/2017 9304.0498 0.0202479775
4/30/2017 9285.2998 -0.002015251
5/7/2017 9400.9004 0.0124498496
5/14/2017 9427.9004 0.0028720653
5/21/2017 9595.0996 0.0177345126
5/28/2017 9653.5 0.006086481
6/4/2017 9668.25 0.0015279432
6/11/2017 9588.0498 -0.008295213
6/18/2017 9574.9502 -0.001366243
6/25/2017 9520.9004 -0.005644918
7/2/2017 9665.7998 0.0152190873
7/9/2017 9886.3496 0.0228175431
7/16/2017 9915.25 0.0029232621
7/23/2017 10014.5 0.0100098333
7/30/2017 10066.4 0.0051825244
8/6/2017 9710.7998 -0.035325496
8/13/2017 9837.4004 0.0130370915
8/20/2017 9857.0498 0.0019974194
8/27/2017 9974.4004 0.0119052443
9/3/2017 9934.7998 -0.003970222
 9/10/2017 10085.4 0.0151588949
9/17/2017 9964.4004 -0.011997541
9/24/2017 9788.5996 -0.017642886
10/1/2017 9979.7002 0.0195227707
10/8/2017 10167.45 0.0188131904
10/15/2017 10146.55 -0.002055618
10/22/2017 10323.05 0.0173950755
10/29/2017 10452.5 0.0125399177
11/5/2017 10321.75 -0.012508969
11/12/2017 10283.6 -0.003696117
11/19/2017 10389.7 0.010317456
11/26/2017 10121.8 -0.02578519
12/3/2017 10265.65 0.0142119572
12/10/2017 10333.25 0.0065850293
12/17/2017 10493 0.0154598021
12/24/2017 10530.7 0.00359289
12/31/2017 10558.85 0.0026730809
1/7/2018 10681.25 0.011592209
1/14/2018 10894.7 0.0199836344
1/21/2018 11069.65 0.0160582846
1/28/2018 10760.6 -0.027918748
2/4/2018 10454.95 -0.028404497
2/11/2018 10452.3 -0.000253506
2/18/2018 10491.05 0.0037073181
2/25/2018 10458.35 -0.003116961
3/4/2018 10226.85 -0.022135424
3/11/2018 10195.15 -0.003099607
3/18/2018 9998.0498 -0.019332779
3/25/2018 10113.7 0.0115672948
4/1/2018 10331.6 0.0215449746
4/8/2018 10480.6 0.0144217745
4/15/2018 10564.05 0.0079623494
4/22/2018 10692.3 0.0121402305
4/29/2018 10618.25 -0.006925526
5/6/2018 10806.5 0.0177289101
5/13/2018 10596.4 -0.019441966
5/20/2018 10605.15 0.0008257521
5/27/2018 10696.2 0.0085854326
6/3/2018 10767.65 0.0066799606
6/10/2018 10817.7 0.0046481639
6/17/2018 10821.85 0.0003835764
6/24/2018 10714.3 -0.009938209
7/1/2018 10772.65 0.0054460475
 7/8/2018 11018.9 0.0228588129
7/15/2018 11010.2 -0.00078957
7/22/2018 11278.35 0.0243546356
7/29/2018 11360.8 0.0073104841
8/5/2018 11429.5 0.0060471266
8/12/2018 11470.75 0.0036090818
8/19/2018 11557.1 0.0075278085
8/26/2018 11680.5 0.0106774533
9/2/2018 11589.1 -0.007825041
9/9/2018 11515.2 -0.006376631
9/16/2018 11143.1 -0.032313862
9/23/2018 10930.45 -0.019083507
9/30/2018 10316.45 -0.05617335
10/7/2018 10472.5 0.0151263082
10/14/2018 10303.55 -0.016132747
10/21/2018 10030 -0.026549084
10/28/2018 10553 0.0521435693
11/4/2018 10585.2 0.0030512835
11/11/2018 10682.2 0.0091637379
11/18/2018 10526.75 -0.014552264
11/25/2018 10876.75 0.0332486285
12/3/2018 10693.7 -0.016829458
12/10/2018 10805.45 0.0104500779
12/17/2018 10754 -0.004761504
12/24/2018 10859.9 0.009847535
12/31/2018 10727.35 -0.012205525
1/7/2019 10794.95 0.0063017044
1/14/2019 10906.95 0.0103752216

1/21/2019 10780.55 -0.011588977

1/28/2019 10893.65 0.0104911705
2/4/2019 10943.6 0.0045851681
2/11/2019 10724.4 -0.020029901
2/18/2019 10791.65 0.0062707469
2/25/2019 10863.5 0.0066578889
3/4/2019 11035.4 0.0158236656
3/11/2019 11426.85 0.0354721355
3/18/2019 11456.9 0.0026298396
3/25/2019 11623.9 0.0145763683
4/1/2019 11665.95 0.0036175296
4/8/2019 11643.45 -0.00192869
4/15/2019 11752.8 0.0093915127
4/22/2019 11754.65 0.0001574592
 4/29/2019 11712.25 -0.003607116
5/6/2019 11278.9 -0.036999689
5/13/2019 11407.15 0.0113707893
5/20/2019 11844.1 0.0383048529
5/27/2019 11922.8 0.0066446753
6/3/2019 11870.65 -0.004373923
6/10/2019 11823.3 -0.003988879
6/17/2019 11724.1 -0.008390229
6/24/2019 11788.85 0.0055228122
7/1/2019 11811.15 0.0018916843
7/8/2019 11552.5 -0.021898831
7/15/2019 11419.25 -0.0115343
7/22/2019 11284.3 -0.011817781
7/29/2019 10997.35 -0.025429154
8/5/2019 11109.65 0.0102116224
8/12/2019 11047.8 -0.005567285
8/19/2019 10829.35 -0.019773186
8/26/2019 11023.25 0.0179050818
9/2/2019 10946.2 -0.006989754
9/9/2019 11075.9 0.0118488785
9/16/2019 11274.2 0.0179037186
9/23/2019 11512.4 0.0211279019
9/30/2019 11174.75 -0.029329278
10/7/2019 11305.05 0.0116601987
10/14/2019 11661.85 0.0315610997
10/21/2019 11583.9 -0.006684121
10/28/2019 11890.6 0.0264763342
11/4/2019 11908.15 0.0014760216
11/11/2019 11895.45 -0.001066513
11/18/2019 11914.4 0.0015930625
11/25/2019 12056.05 0.0118889251
12/2/2019 11921.5 -0.011160356
12/9/2019 11971.8 0.0042192514
 Mar-19 Mar-18

12 mths 12 mths

INCOME
Revenue From Operations [Gross] 735.20 765.69
Less: Excise/Sevice Tax/Other Levies 8.25 38.12
Revenue From Operations [Net] 726.95 727.57
Other Operating Revenues 1.17 1.22
Total Operating Revenues 728.12 728.78
Other Income 4.72 1.99
Total Revenue 732.84 730.78
EXPENSES
Cost Of Materials Consumed 279.24 209.08

Purchase Of Stock-In Trade 269.92 282.18

Changes In Inventories Of FG,WIP And Stock-In Trade -27.93 42.66

Employee Benefit Expenses 70.27 71.81

Finance Costs 14.09 20.55

Depreciation And Amortisation Expenses 9.47 10.46

Other Expenses 94.28 89.55

Total Expenses 709.35 726.29

Mar-19 Apr-18

12 mths 12 mths

Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 23.49 4.49

Profit/Loss Before Tax 23.49 -19.24

Tax Expenses-Continued Operations

Current Tax 0 0
Deferred Tax 0 0
Tax For Earlier Years 0 0
Total Tax Expenses 0 0
Profit/Loss After Tax And Before ExtraOrdinary Items 23.49 -19.24
Profit/Loss From Continuing Operations 23.49 -19.24

Profit/Loss For The Period 23.49 -19.24

Mar-19 Mar-18

12 mths 12 mths

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE
Basic EPS (Rs.) 1.08 -0.96
Diluted EPS (Rs.) 1.08 -0.96

VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS

Imported Raw Materials 0 0
Indigenous Raw Materials 0 0
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 21.83 0
Tax On Dividend 4.44 0
Equity Dividend Rate (%) 100 0

Mar-19 Mar-18

12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 23.11 21.19
Total Share Capital 23.11 21.19
Reserves and Surplus 196.27 103.05
Total Reserves and Surplus 196.27 103.05
Money Received Against Share Warrants 18.01 0.00
Total Shareholders Funds 237.40 124.25
NON-CURRENT LIABILITIES
Long Term Borrowings 2.88 5.37
Long Term Provisions 5.67 4.19
Total Non-Current Liabilities 8.54 9.56
CURRENT LIABILITIES
Short Term Borrowings 45.33 159.79
Trade Payables 216.19 172.85
Other Current Liabilities 27.88 44.48
Short Term Provisions 7.22 6.42
Total Current Liabilities 296.61 383.53
Total Capital And Liabilities 542.56 517.34
ASSETS
NON-CURRENT ASSETS
Tangible Assets 105.80 113.62
Intangible Assets 0.05 0.06
Capital Work-In-Progress 0.61 0.00
Intangible Assets Under Development 0.26 0.26
Fixed Assets 106.72 113.94
Non-Current Investments 2.61 2.21
Long Term Loans And Advances 0.00 0.00
Other Non-Current Assets 27.38 32.27
Total Non-Current Assets 136.71 148.43
CURRENT ASSETS
Current Investments 0.00 0.00
Inventories 224.74 205.73
Trade Receivables 134.10 125.04
Cash And Cash Equivalents 24.14 19.01
Short Term Loans And Advances 0.00 0.00
OtherCurrentAssets 22.86 19.13
Total Current Assets 405.84 368.91

Total Assets 542.56 517.34

OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 214.47 209.76
CIF VALUE OF IMPORTS
Raw Materials 0.00 0.00
Trade/Other Goods 0.00 0.00
Capital Goods 0.00 0.00
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 8.08 7.97
REMITTANCES IN FOREIGN CURRENCIES FOR
DIVIDENDS
Dividend Remittance In Foreign Currency - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods 13.59 19.67
Other Earnings - -
BONUS DETAILS

Bonus Equity Share Capital 9.37 9.37

NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market
Value
Non-Current Investments Unquoted Book 2.61 2.21

- -
 Mar-17 Mar-16

12 mths 12 mths

811.00 1,120.56
44.38 53.44
766.62 1,067
5.36 3.5
771.98 1,070.62
3.26 10.38
775.24 1,080.99

279.06 371.28
284.42 449.89
13.60 -31.18
71.04 73.28
28.79 32.92
11.63 14.15
124.60 167.21
813.13 1,077.55

May-17 Jun-16

12 mths 12 mths

-37.89 3.44
-33.19 3.44

-6.18 0.45
0 2.19
0.00 0.00

-6.18 2.64
-27.01 0.81
-27.01 0.81

-27.01 0.81
Mar-17 Mar-16

12 mths 12 mths

-1.38 0.05
 -1.38 0.05

224.14 292.49
54.92 78.79

0 0
0 0
0 0

Mar-17 Mar-16

12 mths 12 mths

19.64 19.64
19.64 19.64
120.22 147.24
120.22 147.24
5.69 0.00
145.55 166.88

7.59 0.00
2.60 1.60
10.19 1.60

189.63 211.61
203.96 252.18
39.64 38.68
2.89 3.07
436.12 505.55
591.87 674.03

114.69 126.49
0.08 0.10
0.00 0.00
0.00 0.00
114.77 126.59
26.26 26.25
40.67 34.74
0.56 0.11
 182.26 187.69

0.00 0.00
240.91 282.76
132.09 125.42
15.48 18.79
15.66 31.76
5.47 27.61
409.61 486.34

591.87 674.03

132.46 162.57

196.37 288.36
208.79 329.51
0.00 0.00

8.25 7.55

- -

17.40 9.11
- -

9.37 9.37

27.67 27.66

-
B1 0.3225050361
B2 -0.028528831
B3 -0.609509529
Bavg -0.105177775

Cost of Equity
Risk free rate 7.17%
Beta -0.105178
Risk premium 10%
Expected rate of return (Ke) 6.118%

Cost of Debt
Intrest paid 2831.00
Total Debt 24,503.95
Kd after tax 8.087%

Free Cash Flows

2015 2016 2017 2018
PBT -60.7 -1658.07 -2253.18 -5840.16
Interest 3518.9 2368.46 3097.73 2831
EBIT 3458.2 710.39 844.55 -3009.16
EBIT*(1-t) 2420.74 497.273 591.185 -2106.412
Dep and Amor 985.81 701.71 731.52 814.84
Change in WC 10547.98 0.00 6753.27 -21893.92
Free cash flow -7141.43 1198.983 -5430.565 20602.348
growth -79.46% 18.89% -456.30%
average gowtrh rate -172.29%

Future Cash Flows

2019 2020 2021 2022 2023
Future cash flows -14893.83336 10767.038 -7783.699 5626.9856 -4067.856068

Total Value of the firm 28,681.09

weighted value of equity 0.1456409083
weighted value of debt 0.8543590917
WACC 0.0780049402

Year EPS Growth

2014 -2.33
2015 0.08 -1.034335
2016 -1.67 -21.875
2017 -57.28 33.299401
2018 -157.39 1.7477304
Average 3.0344492
 Videocon Industries
Date Adj Close Returns
2/8/2015 157.3853
2/15/2015 160.6909 0.021003
2/22/2015 158.0267 -0.01658
3/1/2015 156.2999 -0.010927
3/8/2015 152.0569 -0.027146
3/15/2015 149.7381 -0.01525
3/22/2015 145.6431 -0.027348
3/29/2015 153.093 0.051152
4/5/2015 155.2145 0.013858
4/12/2015 155.6585 0.002861
4/19/2015 149.146 -0.041838
4/26/2015 146.6298 -0.016871
5/3/2015 146.5805 -0.000337
5/10/2015 147.1232 0.003702
5/17/2015 145.2484 -0.012743
5/24/2015 146.7778 0.01053
5/31/2015 150.0834 0.022521
6/7/2015 138.1438 -0.079553
6/14/2015 142.5 0.031533
6/21/2015 154.3 0.082807
6/28/2015 150.45 -0.024951
7/5/2015 154.7 0.028249
7/12/2015 159 0.027796
7/19/2015 156.7 -0.014465
7/26/2015 154.45 -0.014359
8/2/2015 152.6 -0.011978
8/9/2015 146.65 -0.038991
8/16/2015 138.95 -0.052506
8/23/2015 143 0.029147
8/30/2015 141.75 -0.008741
Till perpetuity 9/6/2015 143.5 0.012346
236094.454207536% 9/13/2015 137.45 -0.04216
9/20/2015 138.25 0.00582
9/27/2015 136.8 -0.010488
10/4/2015 137 0.001462
10/11/2015 135.75 -0.009124
10/18/2015 135.35 -0.002947
10/25/2015 134.2 -0.008497
11/1/2015 132.75 -0.010805
11/8/2015 130.8 -0.014689
11/15/2015 133.75 0.022553
11/22/2015 130.85 -0.021682
11/29/2015 129.95 -0.006878
12/6/2015 123.9 -0.046556
12/13/2015 121.9 -0.016142
12/20/2015 122.45 0.004512
12/27/2015 122.95 0.004083
1/3/2016 119.1 -0.031314
1/10/2016 118 -0.009236
1/17/2016 112.75 -0.044492
1/24/2016 113 0.002217
1/31/2016 112.35 -0.005752
2/7/2016 108.95 -0.030263
2/14/2016 109.35 0.003671
2/21/2016 108.85 -0.004572
2/28/2016 109.65 0.00735
3/6/2016 109.25 -0.003648
3/13/2016 109.7 0.004119
3/20/2016 107.65 -0.018687
3/27/2016 107.9 0.002322
4/3/2016 107.5 -0.003707
4/10/2016 107.5 0
4/17/2016 107.25 -0.002326
4/24/2016 106.8 -0.004196
5/1/2016 106 -0.007491
5/8/2016 103.95 -0.01934
5/15/2016 103.95 0
5/22/2016 104.3 0.003367
5/29/2016 103.45 -0.00815
6/5/2016 104.35 0.0087
6/12/2016 103.3 -0.010062
6/19/2016 104.15 0.008228
6/26/2016 104.9 0.007201
7/3/2016 104.6 -0.00286
7/10/2016 104.35 -0.00239
7/17/2016 105 0.006229
7/24/2016 105.25 0.002381
7/31/2016 104.7 -0.005226
8/7/2016 104.2 -0.004776
8/14/2016 104.6 0.003839
8/21/2016 104.3 -0.002868
8/28/2016 104.25 -0.000479
9/4/2016 104.2 -0.00048
9/11/2016 104.05 -0.001439
 9/18/2016 104.15 0.000961
9/25/2016 104.15 0
10/2/2016 104.25 0.00096
10/9/2016 104.1 -0.001439
10/16/2016 104.1 0
10/23/2016 104.15 0.00048
10/30/2016 104.1 -0.00048
11/6/2016 104.15 0.00048
11/13/2016 104.05 -0.00096
11/20/2016 104.05 0
11/27/2016 103.95 -0.000961
12/4/2016 103.95 0
12/11/2016 104.05 0.000962
12/18/2016 103.75 -0.002883
12/25/2016 104.3 0.005301
1/1/2017 104.1 -0.001918
1/8/2017 104.35 0.002402
1/15/2017 103.7 -0.006229
1/22/2017 104.1 0.003857
1/29/2017 104.2 0.000961
2/5/2017 103.85 -0.003359
2/12/2017 103.8 -0.000481
2/19/2017 103.9 0.000963
2/26/2017 103.8 -0.000962
3/5/2017 103.25 -0.005299
3/12/2017 103.5 0.002421
3/19/2017 103.55 0.000483
3/26/2017 103.55 0
4/2/2017 103.75 0.001931
4/9/2017 103.75 0
4/16/2017 103.95 0.001928
4/23/2017 103.9 -0.000481
4/30/2017 103.5 -0.00385
5/7/2017 99.9 -0.034783
5/14/2017 100.6 0.007007
5/21/2017 47.85 -0.524354
5/28/2017 37.1 -0.22466
6/4/2017 28.8 -0.22372
6/11/2017 22.4 -0.222222
6/18/2017 17.4 -0.223214
6/25/2017 21.1 0.212644
7/2/2017 26.85 0.272512
7/9/2017 30.95 0.1527
 7/16/2017 26.55 -0.142165
7/23/2017 24.95 -0.060264
7/30/2017 23.05 -0.076152
8/6/2017 18.55 -0.195228
8/13/2017 19.65 0.059299
8/20/2017 18.7 -0.048346
8/27/2017 18.75 0.002674
9/3/2017 18.9 0.008
9/10/2017 18.2 -0.037037
9/17/2017 17.3 -0.049451
9/24/2017 16.35 -0.054913
10/1/2017 15.9 -0.027523
10/8/2017 16.35 0.028302
10/15/2017 15.95 -0.024465
10/22/2017 15.75 -0.012539
10/29/2017 16.4 0.04127
11/5/2017 14.15 -0.137195
11/12/2017 14.25 0.007067
11/19/2017 12.8 -0.101754
11/26/2017 16.1 0.257813
12/3/2017 20.4 0.267081
12/10/2017 16.05 -0.213235
12/17/2017 17.45 0.087228
12/24/2017 19.7 0.12894
12/31/2017 24.85 0.261421
1/7/2018 25.2 0.014085
1/14/2018 21.75 -0.136905
1/21/2018 19 -0.126437
1/28/2018 17.3 -0.089474
2/4/2018 19 0.098266
 NIFTY 50
Date Adj Close Returns
11/29/2015 7781.9
12/6/2015 7610.45 -0.022032 INCOME
12/13/2015 7761.95 0.019907 Revenue From Operations [Gross]
12/20/2015 7861.05 0.012767 Less: Excise/Sevice Tax/Other Levies
12/27/2015 7946.35 0.010851 Revenue From Operations [Net]
1/3/2016 7601.35 -0.043416 Other Operating Revenues
1/10/2016 7437.8 -0.021516 Total Operating Revenues
1/17/2016 7422.45 -0.002064 Other Income
1/24/2016 7563.55 0.01901 Total Revenue
1/31/2016 7489.1 -0.009843 EXPENSES
2/7/2016 6980.95 -0.067852 Cost Of Materials Consumed
2/14/2016 7210.75 0.032918 Purchase Of Stock-In Trade
2/21/2016 7029.75 -0.025101 Operating And Direct Expenses
2/28/2016 7485.35 0.06481 Changes In Inventories Of FG,WIP And
3/6/2016 7510.2 0.00332 Stock-In Trade
3/13/2016 7604.35 0.012536 Employee Benefit Expenses
3/20/2016 7716.5 0.014748 Finance Costs
3/27/2016 7713.05 -0.000447 Depreciation And Amortisation Expenses
4/3/2016 7555.2 -0.020465 Other Expenses
4/10/2016 7850.45 0.039079 Total Expenses
4/17/2016 7899.3 0.006223
4/24/2016 7849.8 -0.006266
5/1/2016 7733.45 -0.014822 Profit/Loss Before Exceptional,
5/8/2016 7814.9 0.010532 ExtraOrdinary Items And Tax
5/15/2016 7749.7 -0.008343 Exceptional Items
5/22/2016 8156.65 0.052512 Profit/Loss Before Tax
5/29/2016 8220.8 0.007865 Tax Expenses-Continued Operations
6/5/2016 8170.05 -0.006173 Current Tax
6/12/2016 8170.2 1.84E-05 Less: MAT Credit Entitlement
6/19/2016 8088.6 -0.009988 Deferred Tax
6/26/2016 8328.35 0.02964 Total Tax Expenses
7/3/2016 8323.2 -0.000618 Profit/Loss After Tax And Before
7/10/2016 8541.4 0.026216 ExtraOrdinary Items
7/17/2016 8541.2 -2.34E-05 Profit/Loss From Continuing
7/24/2016 8638.5 0.011392 Operations
7/31/2016 8683.15 0.005169 Profit/Loss For The Period
8/7/2016 8592.15 -0.01048
8/14/2016 8666.9 0.0087
8/21/2016 8572.55 -0.010886 OTHER ADDITIONAL INFORMATION
8/28/2016 8809.65 0.027658 EARNINGS PER SHARE
9/4/2016 8866.7 0.006476
 9/11/2016 8779.85 -0.009795
9/18/2016 8831.55 0.005889
9/25/2016 8611.15 -0.024956 Basic EPS (Rs.)
10/2/2016 8697.6 0.010039 Diluted EPS (Rs.)
10/9/2016 8583.4 -0.01313 VALUE OF IMPORTED AND INDIGENIOUS RAW
10/16/2016 8693.05 0.012775 MATERIALS
10/23/2016 8638 -0.006333 Imported Raw Materials
10/30/2016 8433.75 -0.023646 Indigenous Raw Materials
11/6/2016 8296.3 -0.016298 STORES, SPARES AND LOOSE TOOLS
11/13/2016 8074.1 -0.026783 DIVIDEND AND DIVIDEND PERCENTAGE
11/20/2016 8114.3 0.004979 Equity Share Dividend
11/27/2016 8086.8 -0.003389 Preference Share Dividend
12/4/2016 8261.75 0.021634 Tax On Dividend
12/11/2016 8139.45 -0.014803 Equity Dividend Rate (%)
12/18/2016 7985.75 -0.018883
12/25/2016 8185.8 0.025051
1/1/2017 8243.8 0.007085 Balance Sheet
1/8/2017 8400.35 0.01899
1/15/2017 8349.35 -0.006071
1/22/2017 8641.25 0.034961 EQUITIES AND LIABILITIES
1/29/2017 8740.95 0.011538 SHAREHOLDER'S FUNDS
2/5/2017 8793.55 0.006018 Equity Share Capital
2/12/2017 8821.7 0.003201 Total Share Capital
2/19/2017 8939.5 0.013353 Reserves and Surplus
2/26/2017 8897.55 -0.004693 Total Reserves and Surplus
3/5/2017 8934.55 0.004158 Total Shareholders Funds
3/12/2017 9160.05 0.025239 Government/Other Grants
3/19/2017 9108 -0.005682 NON-CURRENT LIABILITIES
3/26/2017 9173.75 0.007219 Long Term Borrowings
4/2/2017 9198.3 0.002676 Deferred Tax Liabilities [Net]
4/9/2017 9150.8 -0.005164 Other Long Term Liabilities
4/16/2017 9119.4 -0.003431 Long Term Provisions
4/23/2017 9304.05 0.020248 Total Non-Current Liabilities
4/30/2017 9285.3 -0.002015 CURRENT LIABILITIES
5/7/2017 9400.9 0.01245 Short Term Borrowings
5/14/2017 9427.9 0.002872 Trade Payables
5/21/2017 9595.1 0.017735 Other Current Liabilities
5/28/2017 9653.5 0.006086 Short Term Provisions
6/4/2017 9668.25 0.001528 Total Current Liabilities
6/11/2017 9588.05 -0.008295 Total Capital And Liabilities
6/18/2017 9574.95 -0.001366 ASSETS
6/25/2017 9520.9 -0.005645 NON-CURRENT ASSETS
7/2/2017 9665.8 0.015219 Tangible Assets
 7/9/2017 9886.35 0.022818 Intangible Assets
7/16/2017 9915.25 0.002923 Capital Work-In-Progress
7/23/2017 10014.5 0.01001 Fixed Assets
7/30/2017 10066.4 0.005183 Non-Current Investments
8/6/2017 9710.8 -0.035325 Long Term Loans And Advances
8/13/2017 9837.4 0.013037 Other Non-Current Assets
8/20/2017 9857.05 0.001997 Total Non-Current Assets
8/27/2017 9974.4 0.011905 CURRENT ASSETS
9/3/2017 9934.8 -0.00397 Current Investments
9/10/2017 10085.4 0.015159 Inventories
9/17/2017 9964.4 -0.011998 Trade Receivables
9/24/2017 9788.6 -0.017643 Cash And Cash Equivalents
10/1/2017 9979.7 0.019523 Short Term Loans And Advances
10/8/2017 10167.45 0.018813 OtherCurrentAssets
10/15/2017 10146.55 -0.002056
10/22/2017 10323.05 0.017395
10/29/2017 10452.5 0.01254
11/5/2017 10321.75 -0.012509 Total Current Assets
11/12/2017 10283.6 -0.003696 Total Assets
11/19/2017 10389.7 0.010317 OTHER ADDITIONAL INFORMATION
11/26/2017 10121.8 -0.025785 CONTINGENT LIABILITIES, COMMITMENTS
12/3/2017 10265.65 0.014212 Contingent Liabilities
12/10/2017 10333.25 0.006585 CIF VALUE OF IMPORTS
12/17/2017 10493 0.01546 Raw Materials
12/24/2017 10530.7 0.003593 Capital Goods
12/31/2017 10558.85 0.002673 EXPENDITURE IN FOREIGN EXCHANGE
1/7/2018 10681.25 0.011592 Expenditure In Foreign Currency
1/14/2018 10894.7 0.019984 REMITTANCES IN FOREIGN CURRENCIES FOR
1/21/2018 11069.65 0.016058 DIVIDENDS
1/28/2018 10760.6 -0.027919 Dividend Remittance In Foreign Currency
2/4/2018 10454.95 -0.028404 EARNINGS IN FOREIGN EXCHANGE
2/11/2018 10452.3 -0.000254 FOB Value Of Goods
2/18/2018 10491.05 0.003707 Other Earnings
2/25/2018 10458.35 -0.003117 BONUS DETAILS
3/4/2018 10226.85 -0.022135 Bonus Equity Share Capital
3/11/2018 10195.15 -0.0031 NON-CURRENT INVESTMENTS
3/18/2018 9998.05 -0.019333 Non-Current Investments Quoted Market
3/25/2018 10113.7 0.011567
4/1/2018 10331.6 0.021545
4/8/2018 10480.6 0.014422
4/15/2018 10564.05 0.007962
4/22/2018 10692.3 0.01214
4/29/2018 10618.25 -0.006926
 5/6/2018 10806.5 0.017729
5/13/2018 10596.4 -0.019442
5/20/2018 10605.15 0.000826
5/27/2018 10696.2 0.008585
6/3/2018 10767.65 0.00668
6/10/2018 10817.7 0.004648
6/17/2018 10821.85 0.000384
6/24/2018 10714.3 -0.009938
7/1/2018 10772.65 0.005446
7/8/2018 11018.9 0.022859
7/15/2018 11010.2 -0.00079
7/22/2018 11278.35 0.024355
7/29/2018 11360.8 0.00731
8/5/2018 11429.5 0.006047
8/12/2018 11470.75 0.003609
8/19/2018 11557.1 0.007528
8/26/2018 11680.5 0.010677
9/2/2018 11589.1 -0.007825
9/9/2018 11515.2 -0.006377
9/16/2018 11143.1 -0.032314
9/23/2018 10930.45 -0.019084
9/30/2018 10316.45 -0.056173
10/7/2018 10472.5 0.015126
10/14/2018 10303.55 -0.016133
10/21/2018 10030 -0.026549
10/28/2018 10553 0.052144
11/4/2018 10585.2 0.003051
11/11/2018 10682.2 0.009164
11/18/2018 10526.75 -0.014552
11/25/2018 10876.75 0.033249
Mar 18 Mar 17 Dec 16 Dec 15
12 mths 15 mths 12 mths 12 mths

2,766.07 12,935.58 10,311.28 12,877.87

0.00 645.92 0.00 490.84
2,766.07 12,289.66 10,311.28 12,387.04
0.00 39.74 32.27 31.18
2,766.07 12,329.40 10,343.55 12,418.21
584.05 499.20 413.77 844.33
3,350.12 12,828.60 10,757.32 13,262.55

2,522.27 4,428.47 3,748.58 4,073.30

900.58 4,305.53 3,642.06 3,991.93
0.00 407.29 0.00 499.10
106.36 21.17 11.04 20.90

217.08 375.71 306.29 283.43

2,831.00 3,097.73 2,426.71 2,368.46
814.84 731.52 591.06 701.71
1,178.14 1,714.36 1,689.65 1,384.41
8,570.27 15,081.78 12,415.39 13,323.25
Mar 18 Mar 17 Dec 16 Dec 15
12 mths 15 mths 12 mths 12 mths
-5,220.15 -2,253.18 -1,658.07 -60.70

-620.01 0.00 0.00 0.00

-5,840.16 -2,253.18 -1,658.07 -60.70

-576.12 0.00 -290.13 0.00

0.00 0.00 0.00 0.00
0.00 -337.51 0.00 -4.90
-576.12 -337.51 -290.13 -4.90

-5,264.04 -1,915.68 -1,367.94 -55.81

-5,264.04 -1,915.68 -1,367.94 -55.81

-5,264.04 -1,915.68 -1,367.94 -55.81
Mar 18 Mar 17 Dec 16 Dec 15
12 mths 15 mths 12 mths 12 mths
 -157.39 -57.28 -40.90 -1.67
-157.39 -57.28 -40.90 -1.67

0.00 1,982.63 0.00 1,194.28

0.00 2,445.84 0.00 2,879.03

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

Mar 18 Mar 17 Dec 16 Dec 15

12 mths 15 mths 12 mths 12 mths

334.46 334.46 0.00 334.46

334.46 334.46 0.00 334.46
3,842.68 8,056.61 0.00 9,972.29
3,842.68 8,056.61 0.00 9,972.29
4,177.14 8,391.07 0.00 10,306.75
0.00 5.63 0.00 6.14

0.00 17,194.19 0.00 18,588.43

288.96 366.85 0.00 704.35
5.22 0.00 0.00 0.00
167.42 164.71 0.00 209.89
461.60 17,725.74 0.00 19,502.67

24,503.95 2,311.73 0.00 4,312.21

1,273.68 1,904.88 0.00 1,164.87
2,970.51 5,331.56 0.00 2,516.73
54.89 67.86 0.00 67.02
28,803.03 9,616.04 0.00 8,060.82
33,441.77 35,738.49 0.00 37,876.37

6,108.51 4,972.63 0.00 5,515.27

 0.00 21.27 0.00 30.15
0.00 490.38 0.00 714.36
6,108.51 5,484.29 0.00 6,259.78
9,698.62 10,239.47 0.00 8,994.71
10,606.14 3,645.43 0.00 4,013.08
119.39 0.00 0.00 0.00
26,532.66 19,369.18 0.00 19,267.57

0.00 0.00 0.00 5.20

1,407.71 2,863.52 0.00 2,359.20
741.01 2,400.32 0.00 2,858.52
428.72 553.29 0.00 2,676.10
4,194.71 10,488.46 0.00 10,532.68
136.96 63.73 0.00 177.10

6,909.11 16,369.31 0.00 18,608.80

33,441.77 35,738.49 0.00 37,876.37

0.00 5,390.35 0.00 15,217.51

0.00 3,065.62 0.00 1,957.32

0.00 19.02 0.00 12.70

0.00 128.11 0.00 191.69

- - - 10.37

- 562.57 - 376.89
- 483.70 - 616.94

- - - -

- 8.46 - 11.98
Date Closing price Return Nifty Return Q1.
1-Apr-15 25,570.70 7060.2
10-Apr-15 26,069.10 1.95% 7246.05 2.63%
17-Apr-15 25,574.55 -1.90% 7093.85 -2.10%
24-Apr-15 21,958.40 -14.14% 6826.55 -3.77%
30-Apr-15 22,503.80 2.48% 6749.65 -1.13% Q2.
8-May-15 21,608.75 -3.98% 6728.9 -0.31% Rf
15-May-15 22,868.65 5.83% 6827.05 1.46% RP
22-May-15 23,146.05 1.21% 6964.45 2.01% RM
29-May-15 23,668.85 2.26% 6959.85 -0.07% Beta
5-Jun-15 21,977.35 -7.15% 6700.7 -3.72%
12-Jun-15 20,283.90 -7.71% 6577.4 -1.84% CAPM
19-Jun-15 21,108.25 4.06% 6785.1 3.16% CAPM%
26-Jun-15 21,805.00 3.30% 6908.85 1.82%
3-Jul-15 22,988.30 5.43% 7003.95 1.38% Interest Paid
10-Jul-15 23,072.55 0.37% 6935.55 -0.98% Tax Rate
17-Jul-15 23,758.30 2.97% 7148.05 3.06% Interest post tax
24-Jul-15 23,255.10 -2.12% 7074.95 -1.02% Total debt
31-Jul-15 24,669.70 6.08% 7106.2 0.44% Cost of debt
7-Aug-15 26,036.40 5.54% 7183.85 1.09%
14-Aug-15 25,387.35 -2.49% 7112.5 -0.99%
21-Aug-15 24,122.15 -4.98% 6961 -2.13%
28-Aug-15 23,670.30 -1.87% 6694.45 -3.83% EBIT
4-Sep-15 21,819.70 -7.82% 6421.05 -4.08% EBIT(1-tax rate)
11-Sep-15 21,931.60 0.51% 6511.55 1.41% ADD: Dep. & amorti
18-Sep-15 21,879.45 -0.24% 6636.95 1.93% Less : Changes in
24-Sep-15 20,306.75 -7.19% 6573.9 -0.95% Cash Flows
1-Oct-15 19,306.40 -4.93% 6654.5 1.23% Growth Rate
9-Oct-15 21,271.40 10.18% 6829.4 2.63% Average Rate
16-Oct-15 21,067.55 -0.96% 6870.85 0.61%
23-Oct-15 21,743.45 3.21% 6913.05 0.61%
30-Oct-15 20,457.50 -5.91% 6750.95 -2.34% Particulars
6-Nov-15 19,365.25 -5.34% 6650.1 -1.49% Future Cashflows
13-Nov-15 18,986.80 -1.95% 6526.6 -1.86% Present Value
20-Nov-15 19,049.70 0.33% 6615.65 1.36% Value of Firm
27-Nov-15 18,863.10 -0.98% 6686.9 1.08% Value of Debt
4-Dec-15 18,376.35 -2.58% 6584.9 -1.53% Value of Equity
11-Dec-15 18,221.95 -0.84% 6425.45 -2.42% Value per share
18-Dec-15 18,215.55 -0.04% 6570.8 2.26%
24-Dec-15 18,205.25 -0.06% 6656.75 1.31%
31-Dec-15 18,647.95 2.43% 6724.75 1.02% WACC
1-Jan-16 19,199.10 2.96% 6753.65 0.43% Equity Funds
8-Jan-16 18,223.60 -5.08% 6490.85 -3.89% Debt
15-Jan-16 17,867.50 -1.95% 6262.4 -3.52% Total Value of Fund
22-Jan-16 17,303.90 -3.15% 6216.7 -0.73% Equity Weight
29-Jan-16 17,495.95 1.11% 6339.45 1.97% Debt Weight
5-Feb-16 16,089.10 -8.04% 6270.5 -1.09% WACC
12-Feb-16 15,948.30 -0.88% 5833.4 -6.97%
19-Feb-16 16,804.00 5.37% 6000.4 2.86%
26-Feb-16 16,711.15 -0.55% 5852.9 -2.46%
4-Mar-16 17,258.15 3.27% 6239.35 6.60% Year
11-Mar-16 18,016.30 4.39% 6258.45 0.31% 2014
18-Mar-16 18,774.10 4.21% 6322.65 1.03% 2015
23-Mar-16 20,217.50 7.69% 6423.7 1.60% 2016
1-Apr-16 19,888.55 -1.63% 6445.5 0.34% 2017
8-Apr-16 18,993.35 -4.50% 6346.65 -1.53% 2018
13-Apr-16 20,029.05 5.45% 6575.35 3.60% AVERAGE
22-Apr-16 19,788.00 -1.20% 6627.95 0.80%
29-Apr-16 19,664.00 -0.63% 6588.55 -0.59% Future EPS 2019
6-May-16 19,127.95 -2.73% 6504.55 -1.27% Value of Share
13-May-16 20,676.15 8.09% 6582.3 1.20%
20-May-16 21,049.55 1.81% 6513.1 -1.05% Stock is Under Valued as 366.52>331.85
27-May-16 21,947.00 4.26% 6797 4.36%
3-Jun-16 22,269.35 1.47% 6844.75 0.70%
10-Jun-16 21,492.45 -3.49% 6832.05 -0.19%
17-Jun-16 22,075.60 2.71% 6842.35 0.15%
24-Jun-16 21,159.75 -4.15% 6775.55 -0.98%
1-Jul-16 22,684.30 7.20% 7027.85 3.72%
8-Jul-16 22,789.15 0.46% 7039.4 0.16%
15-Jul-16 23,907.60 4.91% 7194.4 2.20%
22-Jul-16 24,315.70 1.71% 7227.45 0.46%
29-Jul-16 24,976.55 2.72% 7330 1.42%
5-Aug-16 25,035.10 0.23% 7364.05 0.46%
12-Aug-16 24,548.30 -1.94% 7347.45 -0.23%
19-Aug-16 23,980.05 -2.31% 7397.8 0.69%
26-Aug-16 23,695.35 -1.19% 7334.8 -0.85%
2-Sep-16 24,010.85 1.33% 7504.6 2.31%
9-Sep-16 24,164.05 0.64% 7575.55 0.95%
16-Sep-16 23,438.10 -3.00% 7487.2 -1.17%
23-Sep-16 23,340.10 -0.42% 7554.9 0.90%
30-Sep-16 22,797.85 -2.32% 7394.85 -2.12%
7-Oct-16 23,135.55 1.48% 7527.2 1.79%
14-Oct-16 22,803.85 -1.43% 7439.85 -1.16%
21-Oct-16 22,633.60 -0.75% 7541.7 1.37%
28-Oct-16 21,891.05 -3.28% 7494.1 -0.63%
4-Nov-16 21,511.00 -1.74% 7274.1 -2.94%
11-Nov-16 20,023.00 -6.92% 7126.5 -2.03%
18-Nov-16 19,226.85 -3.98% 6908.5 -3.06%
25-Nov-16 18,840.90 -2.01% 6960.75 0.76%
2-Dec-16 20,361.65 8.07% 6947.3 -0.19%
9-Dec-16 20,739.05 1.85% 7101.15 2.21%
16-Dec-16 20,123.45 -2.97% 6976.5 -1.76%
23-Dec-16 19,715.95 -2.03% 6814.9 -2.32%
30-Dec-16 21,049.95 6.77% 6982.8 2.46%
6-Jan-17 21,111.30 0.29% 7083.1 1.44%
13-Jan-17 21,270.00 0.75% 7228.3 2.05%
20-Jan-17 21,301.90 0.15% 7202.75 -0.35%
27-Jan-17 22,459.70 5.44% 7455.15 3.50%
3-Feb-17 22,419.35 -0.18% 7569.9 1.54%
10-Feb-17 22,680.40 1.16% 7631.25 0.81%
17-Feb-17 21,919.10 -3.36% 7638 0.09%
23-Feb-17 21,990.90 0.33% 7729.65 1.20%
3-Mar-17 21,158.95 -3.78% 7696.2 -0.43%
10-Mar-17 22,761.15 7.57% 7710.9 0.19%
17-Mar-17 22,798.80 0.17% 7933.1 2.88%
24-Mar-17 22,972.90 0.76% 7905.3 -0.35%
31-Mar-17 22,751.25 -0.96% 7995.05 1.14%
7-Apr-17 22,826.80 0.33% 8045.35 0.63%
13-Apr-17 23,272.75 1.95% 8044.9 -0.01%
21-Apr-17 22,406.25 -3.72% 8057.7 0.16%
28-Apr-17 22,991.60 2.61% 8214.3 1.94%
5-May-17 23,453.40 2.01% 8193.25 -0.26%
12-May-17 23,485.80 0.14% 8299.2 1.29%
19-May-17 22,997.45 -2.08% 8258.2 -0.49%
26-May-17 23,606.30 2.65% 8331.85 0.89%
2-Jun-17 23,811.35 0.87% 8406.55 0.90%
9-Jun-17 23,863.45 0.22% 8452.75 0.55%
16-Jun-17 24,467.30 2.53% 8411.45 -0.49%
23-Jun-17 23,795.50 -2.75% 8355.1 -0.67%
30-Jun-17 23,327.25 -1.97% 8331.6 -0.28%
7-Jul-17 23,585.30 1.11% 8479.45 1.77%
14-Jul-17 24,363.05 3.30% 8640.7 1.90%
21-Jul-17 23,971.45 -1.61% 8669.75 0.34%
28-Jul-17 23,804.40 -0.70% 8747.45 0.90%
4-Aug-17 24,560.20 3.18% 8776.2 0.33%
11-Aug-17 22,623.20 -7.89% 8427.7 -3.97%
18-Aug-17 22,034.00 -2.60% 8594.25 1.98%
24-Aug-17 21,676.25 -1.62% 8605.75 0.13%
1-Sep-17 22,167.95 2.27% 8755.25 1.74%
8-Sep-17 21,976.45 -0.86% 8749.95 -0.06%
15-Sep-17 21,819.00 -0.72% 8887.6 1.57%
22-Sep-17 21,495.05 -1.48% 8738 -1.68%
29-Sep-17 20,545.10 -4.42% 8600 -1.58%
6-Oct-17 21,073.60 2.57% 8787.4 2.18%
13-Oct-17 21,571.60 2.36% 8937.2 1.70%
19-Oct-17 21,538.70 -0.15% 8937.65 0.01%
27-Oct-17 21,303.50 -1.09% 9104.45 1.87%
3-Nov-17 21,047.90 -1.20% 9260.65 1.72%
10-Nov-17 20,457.05 -2.81% 9154.95 -1.14%
17-Nov-17 18,965.90 -7.29% 9137.1 -0.19%
24-Nov-17 18,957.35 -0.05% 9246.05 1.19%
1-Dec-17 19,988.15 5.44% 9060.4 -2.01%
8-Dec-17 19,550.25 -2.19% 9190.55 1.44%
15-Dec-17 19,730.30 0.92% 9216.75 0.29%
22-Dec-17 19,926.50 0.99% 9431.5 2.33%
29-Dec-17 20,165.55 1.20% 9490.65 0.63%
5-Jan-18 19,693.15 -2.34% 9573.45 0.87%
12-Jan-18 19,771.60 0.40% 9665.2 0.96%
19-Jan-18 19,976.15 1.03% 9723.1 0.60%
25-Jan-18 19,642.50 -1.67% 9810 0.89%
2-Feb-18 19,474.40 -0.86% 9409.8 -4.08%
9-Feb-18 19,482.60 0.04% 9251.1 -1.69%
16-Feb-18 19,553.60 0.36% 9235.6 -0.17%
23-Feb-18 18,920.60 -3.24% 9251.35 0.17%
1-Mar-18 18,707.50 -1.13% 9225.35 -0.28%
9-Mar-18 18,203.55 -2.69% 8986.4 -2.59%
16-Mar-18 17,921.70 -1.55% 9004.45 0.20%
23-Mar-18 17,361.80 -3.12% 8800.8 -2.26%
28-Mar-18 18,017.55 3.78% 8912.1 1.26%
 Beta(for 3 years) 2015-16 2016-17 2017-18

1.09 1.23 1.33 0.73

7.17%
10%
17.17%
1.09

0.154
15.40%

345.8
30%
242.06
2224.4
0.1088203561

Computation of Free Cash Flow

14-15 15-16 16-17 17-18
4336 4876 5211 5919
3035.2 3413.2 3647.7 4143.3
440 482 553 633
418.00 953.00 148.00 2,435.00
3057.2 2942.2 4052.7 2,341.30
-4% 38% -42.23%
-2.75%

Future Cashflows
18-19 19-20 20-21 21-22 22-23
2,276.94 2214.3539897508 2153.4859417192 2094.2910314463 2036.723
1979.78 1674.0785897424 1415.582648452 1197.0012918609 1012.171

WACC
20,072
0
20,072
1
0
 34580.00%

EPS MPS EPS Growth Rate PE Ratio

12.7 161.1 12.6850393701
10.87 312.35 -0.1440944882 28.735050598
13.05 271.15 0.2005519779 20.7777777778
13.89 214.95 0.0643678161 15.475161987
16.79 387 0.2087832973 23.049434187
13.46 269.31 0.0824021508 20.144492784

18.1735321118
366.0965864848

Under Valued as 366.52>331.85

Results
Value By NPV EPS&PE
0 366.0965864848
Market 0 0
Over valued Under Valued
PV of 2023
2036.164
63.63011
7342.24
2224.4
5117.84
0.254974