Marico MARICO SQUARE PHARMA INDEXES

0.084811625977127 0.048099794794411 0.05495122

0 -0.094519353349507 -0.01772821
0 0.094519353349507 0.01292663
0 0 0
-0.042783589334542 -0.11436334654778 -0.11130744
-0.041498733839626 -0.024516038876694 0.00236205
0.015771701284196 0.042252549735402 0.0037478
-0.017123807542333 -0.09195527610644 -0.06066518
-0.0133055184226 -0.053374660207493 0.01030991
0.002263429189525 -0.004223727241137 -0.0549911
-0.067834026249122 -0.064793417268778 -0.02950211
0.081699978989481 0.003958209930519 -0.00840686
0.112033424601923 -0.052015878584592 -0.05357702
0.067816815841581 0.036612078602556 0.00812645
0.006438170032842 -0.019833092972275 0.03306166
-0.019609160488704 -0.02656856930134 -0.05406773
0.09231494838831 -0.025529259327969 -0.03926343
0.056525523732979 0.039131616337027 -0.01893607
0.031089736871233 0.035153731409978 0.07773763
-0.011350107348346 -0.035925571474295 0.01957334
0.01996904694265 0.053719861986764 -0.00054328
0.007169094087973 -0.020400648133862 -0.01592626
0.041831193845129 -0.017066681307515 -0.04224852
-0.010448314901761 0.035968752808461 0.05467795
-0.013102708170644 -0.091010841468686 -0.01920663
-0.020816312127026 0.03789659019115 0.01145944
-0.025507759547213 -0.083929981761938 -0.0713732
0.000329272311174 -0.010058915985311 0.02501396
0.047979526251792 -0.010580165554266 -0.03639993
-0.035802941758661 -0.039726565595673 -0.03965831
0.081397905062135 0.077143680557248 -0.03333669
0.019997927081971 0 -0.00993365
-0.046670932454859 0.086983787357812 0.04661878
0.015793070688552 -0.028516832309726 -0.01209516
0.0838132963574 0.067247680364705 0.01428375
0.000778285864755 0.011595837790343 0.02457175
0.005660760773012 -0.025479906430621 0.03553481
0.009539335749967 0.028312707784589 0.04574929
0.005847100549406 -0.006004717372335 -0.01331801
0 0.02068888168835 -0.04360789
-0.000993443356094 0.035523230246406 0.01887052
-0.033010809867324 0.03141863722068 0.02605501
0.119995106767588 0.042466967210036 0.08235305
-0.263646604163419 0.016992211916901 0.04774783
-0.010265840632675 0.005897343133229 0.04452154
-0.00885614644371 -0.002978220822788 -0.02218377
-0.005373730566953 0.023768140852534 0.03657197
-0.031964367301582 -0.018157673508639 0.00027177
-0.006584643999572 0.005234416728531 0.00393229
0.0028950374275 0.020539676594102 0.01975875
0.023386852083317 0.026883339393441 0.05194387
-0.010532292365655 0.010688969770904 -0.03784758
-0.066327736268605 -0.049771995234583 -0.03482627
0.002305262221858 0.017623428179601 -0.00639138
-0.061430099105252 0.020284885487309 -0.0140001
-0.04000670742261 -0.001599659080584 0.00520799
-0.094233318749932 0.044672169598108 0.00361053
-0.048921337515196 -0.026011199490039 -0.06110288
0.179736583125522 -0.013907830234653 0.01734214
0.010309731181893 0.042373429350301 -0.00494512
0.05432182619336 0.039298906659909 0.04463484
0.069897102819007 0.061325564485872 -0.00083969
0.084749916514656 0.002411651294079 0.12517026
-0.218231419644399 -0.067158599847558 -0.11278284
0.178042118716457 -0.002659422276195 -0.05009392
0.060462934003953 0.036692733359389 0.00825745
0.004175742374324 -0.016395757565179 -0.02939413
0.026158251641821 0.025843699064422 0.01983379
-0.028292724170454 -0.101125185269894 -0.08127255
0.015488917018572 0.067183325641448 0.01930867
-0.022482881165976 0.105945140053314 0.10916905
0.080050059560582 0.054341607333185 0.0272635
0.010858704687532 -0.100187995458604 -0.01198307
-0.07355571478776 0.044223274638093 0.01123344
-0.116145949303817 -0.042421752175397 -0.03031802
0.104277697740561 0.053576830501897 0.0165301
0.148430650078683 0.004866189651173 -0.05582156
0.165222239969822 0.151298236861934 -0.00069662
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.56359724
R Square 0.31764184
Adjusted R Square 0.30866345
Standard Error 0.04227353
Observations 78

ANOVA
df SS MS F Significance F
Regression 1 0.06322314 0.06322314 35.3784592 7.768856E-08
Residual 76 0.13581593 0.00178705
Total 77 0.19903907

CoefficientsStandard Error t Stat P-value Lower 95% Upper 95%

Intercept 0.00522176 0.00478959 1.09023032 0.27905634 -0.004317543 0.01476107
X Variable 1 0.66008885 0.11097699 5.94797942 7.7689E-08 0.4390590228 0.88111869

RESIDUAL OUTPUT

Observation Predicted Y Residuals

1 0.04149445 0.00660535
2 -0.00648043 -0.08803892
3 0.01375448 0.08076487
4 0.00522176 -0.00522176
5 -0.06825104 -0.04611231
6 0.00678092 -0.03129696
7 0.00769564 0.03455691
8 -0.03482265 -0.05713263
9 0.01202722 -0.06540188
10 -0.03107725 0.02685352
11 -0.01425225 -0.05054116
12 -0.00032751 0.00428572
13 -0.03014383 -0.02187205
14 0.01058594 0.02602614
15 0.02704539 -0.04687849
16 -0.03046774 0.00389917
17 -0.02069559 -0.00483367
18 -0.00727773 0.04640935
19 0.05653551 -0.02138178
20 0.0181419 -0.05406748
21 0.00486315 0.04885672
22 -0.00529099 -0.01510966
23 -0.02266601 0.00559933
24 0.04131407 -0.00534532
25 -0.00745632 -0.08355452
26 0.01278601 0.02511058
27 -0.04189089 -0.04203909
28 0.0217332 -0.03179211
29 -0.01880543 0.00822526
30 -0.02095625 -0.01877032
31 -0.01678342 0.0939271
32 -0.00133533 0.00133533
33 0.0359943 0.05098949
34 -0.00276212 -0.02575471
35 0.0146503 0.05259738
36 0.0214413 -0.00984546
37 0.02867789 -0.0541578
38 0.03542036 -0.00710765
39 -0.00356931 -0.00243541
40 -0.02356332 0.04425221
41 0.01767798 0.01784525
42 0.02242038 0.00899826
43 0.05958209 -0.01711513
44 0.03673957 -0.01974736
45 0.03460993 -0.02871259
46 -0.0094215 0.00644328
47 0.02936251 -0.00559437
48 0.00540115 -0.02355882
49 0.00781742 -0.002583
50 0.01826429 0.00227539
51 0.03950933 -0.01262599
52 -0.019761 0.03044997
53 -0.01776667 -0.03200533
54 0.00100288 0.01662055
55 -0.00401955 0.02430443
56 0.0086595 -0.01025916
57 0.00760503 0.03706713
58 -0.03511157 0.00910037
59 0.01666911 -0.03057694
60 0.00195754 0.04041589
61 0.03468472 0.00461419
62 0.00466749 0.05665807
63 0.08784526 -0.08543361
64 -0.06922494 0.00206634
65 -0.02784467 0.02518525
66 0.01067241 0.02602032
67 -0.01418098 -0.00221478
68 0.01831382 0.00752987
69 -0.04842534 -0.05269984
70 0.0179672 0.04921613
71 0.07728303 0.02866211
72 0.02321809 0.03112351
73 -0.00268813 -0.09749986
74 0.01263683 0.03158645
75 -0.01479082 -0.02763093
76 0.0161331 0.03744373
77 -0.03162543 0.03649162
78 0.00476193 0.14653631
Lower 95.0%Upper 95.0%
-0.00431754 0.01476107
0.43905902 0.88111869
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.1479964
R Square 0.02190293
Adjusted R Square 0.00903324
Standard Error 0.07143102
Observations 78

ANOVA
df SS MS F Significance F
Regression 1 0.00868376 0.00868376 1.70189955 0.19597647976
Residual 76 0.38778164 0.00510239
Total 77 0.39646539

CoefficientsStandard Error t Stat P-value Lower 95% Upper 95%

Intercept 0.00967122 0.00809314 1.19498997 0.23580674 -0.006447663308 0.0257901
X Variable 1 0.24463476 0.18752156 1.30456872 0.19597648 -0.128846791871 0.61811631

RESIDUAL OUTPUT

Observation Predicted Y Residuals

1 0.0231142 0.06169743
2 0.00533428 -0.00533428
3 0.01283352 -0.01283352
4 0.00967122 -0.00967122
5 -0.01755845 -0.02522514
6 0.01024906 -0.05174779
7 0.01058806 0.00518364
8 -0.00516959 -0.01195422
9 0.01219338 -0.0254989
10 -0.00378151 0.00604494
11 0.00245398 -0.070288
12 0.00761461 0.07408537
13 -0.00343558 0.11546901
14 0.01165923 0.05615758
15 0.01775925 -0.01132108
16 -0.00355563 -0.01605354
17 6.602E-05 0.09224893
18 0.0050388 0.05148673
19 0.02868855 0.00240119
20 0.01445954 -0.02580965
21 0.00953831 0.01043073
22 0.0057751 0.00139399
23 -0.00066424 0.04249543
24 0.02304735 -0.03349566
25 0.00497261 -0.01807532
26 0.0124746 -0.03329091
27 -0.00778915 -0.01771861
28 0.0157905 -0.01546123
29 0.00076653 0.04721299
30 -3.0581E-05 -0.03577236
31 0.00151591 0.079882
32 0.0072411 0.01275682
33 0.02107579 -0.06774673
34 0.00671232 0.00908075
35 0.01316552 0.07064777
36 0.01568232 -0.01490404
37 0.01836427 -0.01270351
38 0.02086309 -0.01132375
39 0.00641317 -0.00056607
40 -0.00099679 0.00099679
41 0.0142876 -0.01528105
42 0.01604518 -0.04905599
43 0.02981764 0.09017747
44 0.021352 -0.2849986
45 0.02056274 -0.03082858
46 0.0042443 -0.01310044
47 0.018618 -0.02399173
48 0.0097377 -0.04170207
49 0.01063319 -0.01721784
50 0.0145049 -0.01160986
51 0.0223785 0.00100836
52 0.00041239 -0.01094468
53 0.0011515 -0.06747924
54 0.00810767 -0.0058024
55 0.00624631 -0.06767641
56 0.01094528 -0.05095198
57 0.01055448 -0.1047878
58 -0.00527667 -0.04364467
59 0.01391371 0.16582287
60 0.00846147 0.00184826
61 0.02059045 0.03373137
62 0.0094658 0.0604313
63 0.04029222 0.0444577
64 -0.01791938 -0.20031204
65 -0.00258349 0.18062561
66 0.01169128 0.04877166
67 0.00248039 0.00169535
68 0.01452325 0.011635
69 -0.01021087 -0.01808185
70 0.01439479 0.00109413
71 0.03637776 -0.05886065
72 0.01634082 0.06370924
73 0.00673974 0.00411896
74 0.01241931 -0.08597502
75 0.00225438 -0.11840033
76 0.01371506 0.09056264
77 -0.00398467 0.15241532
78 0.0095008 0.15572144
Lower 95.0%Upper 95.0%
-0.00644766 0.0257901
-0.12884679 0.61811631
 Gordon Growth Model

GORDON GROWTH MODEL

This model is designed to value the equity in a stable firm paying

dividends, which are roughly equal to Free Cashflows to
Equity.

Assumptions in the model:

1. The firm is in steady state and will grow at a stable rate forever.
2. The firm pays out what it can afford to in dividends, i.e., Dividends = FCFE.

User defined inputs

The user has to define the following inputs to the model:
1. Current Earnings per share and Payout ratio (Dividends/Earnings)
2. Cost of Equity or Inputs to the CAPM (Beta, Riskfree rate, Risk Premium)
3. Expected Growth Rate in Earnings and dividends forever.

Page 11
 Gordon Growth Model

Please enter inputs to the model:

Current Earnings per share = $16.49 (in currency)
Current Payout Ratio = 24.13% (in percent)

Are you directly entering the cost of equity? (Yes or No) No

If yes, enter cost of equity = (in percent)
If no, enter the inputs for the CAPM
Beta of the stock = 0.66
Riskfree rate = 2.97% (in percent)
Risk Premium= 5.08% (in percent)

Expected Growth Rate = 3% (in percent) The expected growth rate for a stable firm
cannot be significantly higher than the nominal
growth rate in the economy in which the firm
operates. It can be lower.

Warnings:

Page 12
 Gordon Growth Model

This is the output from the Gordon Growth Model

Firm Details: from inputs on prior page
Current Dividends per share = $3.98

Cost of Equity = 6.32%

Expected Growth rate = 3.00%

Gordon Growth Model Value = 123.34200403

Value of Stock
Growth rate Value
5.00% $315.84 Value vs. Expected Growth
4.00% $178.16
3.00% $123.34
2.00% $93.89 $350.00
1.00% $75.50 $300.00
0.00% $62.93 $250.00
-1.00% $53.79 $200.00
-2.00% $46.85
$150.00
-3.00% $41.40
$100.00
$50.00
$0.00

Expected Growth Rate

Page 13
 Gordon Growth Model

GORDON GROWTH MODEL

This model is designed to value the equity in a stable firm paying

dividends, which are roughly equal to Free Cashflows to
Equity.

Assumptions in the model:

1. The firm is in steady state and will grow at a stable rate forever.
2. The firm pays out what it can afford to in dividends, i.e., Dividends = FCFE.

User defined inputs

The user has to define the following inputs to the model:
1. Current Earnings per share and Payout ratio (Dividends/Earnings)
2. Cost of Equity or Inputs to the CAPM (Beta, Riskfree rate, Risk Premium)
3. Expected Growth Rate in Earnings and dividends forever.

Page 14
 Gordon Growth Model

Please enter inputs to the model:

Current Earnings per share = $64.23 (in currency)
Current Payout Ratio = 59.52% (in percent)

Are you directly entering the cost of equity? (Yes or No) No

If yes, enter cost of equity = (in percent)
If no, enter the inputs for the CAPM
Beta of the stock = 0.244
Riskfree rate = 2.97% (in percent)
Risk Premium= 7.17% (in percent)

Expected Growth Rate = 3% (in percent) The expected growth rate for a stable firm
cannot be significantly higher than the nominal
growth rate in the economy in which the firm
operates. It can be lower.

Warnings:

Page 15
 Gordon Growth Model

This is the output from the Gordon Growth Model

Firm Details: from inputs on prior page
Current Dividends per share = $38.23

Cost of Equity = 4.72%

Expected Growth rate = 3.00%

Gordon Growth Model Value = 2290.0287808

Growth rate Value

Value of Stock Value vs. Expected Growth
5.00% ($14,309.56)
4.00% $5,526.06
3.00% $2,290.03 $10,000.00
2.00% $1,433.89 $5,000.00
1.00% $1,038.10
0.00% $810.04
$0.00
-1.00% $661.73 ($5,000.00)
-2.00% $557.56 ($10,000.00)
-3.00% $480.38
($15,000.00)
($20,000.00)

Expected Growth Rate

Page 16