Beruflich Dokumente
Kultur Dokumente
AGENDA
Assumptions
Balance Sheets
Profit & loss Account
Revenue Drivers
CAPM
WACC
FCFF
ASSUMPTIONS
The Red coded figures are the actual values from previous years and the projected values are in blue colour
All the figures are in lakhs
Balance Sheet
Increase in Gross block is projected based on increase in number of health clubs
Increase in Debt is taken as 80% of increase in gross block
Revenue Drivers
2012 income projected based on first 3 quarters
The ratio of Owned : subsidary : Franchise i.e 73: 9:18 remains constant
All HIFI Gym's are franchise woned
CAPM
Market Returns are found by taking 15 years annual returns from Sensex
Risk Free taken as 8.24%, 10 years Govt bonds coupon rate
Cost of equity is found by CAPM
Returns from HIFI Gym's was projected based on franchise fees of health clubs
FCFF
Terminal value is taken as 10%
re in blue colour
2008-09
Sources Of Funds
Share Capital
Reserves And Surplus
2009-10
196.69
1859.2
2055.89
0
1806.57
2398.89
4205.46
482.09
Loan Funds
Secured Loans
Unsecured Loans
Total Debt
5092.77
3033.39
8126.16
6285.56
3434.52
9720.08
19.61%
1593.92
14407.63
Increase in Debt
Total
Application Of Funds
Fixed Assets
Gross Block
Growth %
Growth in Rs
Less: Accumulated Depreciation/Amortisation
Depreciation as % of assets
Net Block
Capital Work In Progress
Investments
Current Assets, Loans And Advances
Sundry Debtors
Cash And Bank Balances
Loans And Advances
Less: Current Liabilities And Provisions
Current Liabilites
Provisions
Net Current Assets
Working Capital Required
Working Capital as % of sales
Miscellaneous Expenditure
Additional W.C Required
Total
10182.05
11088.62
1009.72
9.11%
10078.9
176.06
10254.96
409.75
13219.23
19.21%
2130.61
1608.16
12.17%
11611.07
1301.87
12912.94
494.02
59.65
75.94
884.34
1019.93
328.73
1248.71
1087.21
2664.65
1262.62
239.97
1502.59
-482.66
-558.6
-4.86%
0
1182.3
562.15
1744.45
920.2
-328.51
-2.23%
80.47
10182.05
14407.63
2010-11
AVERAGE
EXPECTED
2011-12
2012-13
2411.57
10066.43
12478
1048.42
10211.59
926.47
11138.06
14.59%
1417.98
24664.48
18904.01
43.00%
5684.78
2416.12
12.78%
16487.89
2742.54
19230.43
969.14
11.35%
11.35%
4.07%
10%
15510.94368
19009.28768
4372.88368
3498.344
24370.1146
28743.0446
5466.1046
2766.187681
4372.93
3262.547477
1148.856276
1470.450423
-520.9237245
321.5941472
1443.74
2795.13
2224.07
6462.94
881.68
1116.35
1998.03
4464.91
1669.78
19.30%
0
24664.48
2013-14
2014-15
2015-16
25131.3584
33177.5024
44377.5024
6122.07072
8046.144
11200
36395.633
46453.313
60453.313
7652.5884
4131.172681
10057.68
5272.793513
14000
6861.896731
1862.353311
2496.65299
3531.744172
391.9028881
634.2996787
1035.091183
Income
Income From Operations
Other Income
% increase in profit
Expenditure
Personal Cost
Administrative and Other expenses
Selling And Marketing Cost
Service Tax Collected And Paid
Total Expendiature
Expendiature as percent of income
Profit before Interest , Deprecistion , Extraordinary Items and Taxes
Finance Cost
Interest rate for Total Debt
Profit Before Depreciation, Extraordinary Items And Taxes
Depreciation/ Amortisation
Profit Before Extraordinary Items And Taxes
Profit/ Loss on sale of asset
Compensation for loss of Business Received
Profit Before Tax
Taxation
Defferd Tax Liability / Asset
Total Tax
Income tax %
Profit After Tax
Balance Brought Forward
Profit Available for Appropriation
Appropriations
Effects on Change in AS 11
Effect on Previous Year's DTL
Proposed Dividend on Equity Shares
Tax On Dividend
Debenture Redemption Reserve
Balance carried To Balance Sheet
2008-09
2009-10
2010-11
5951.85
22.41
5974.26
6611.55
38.29
6649.84
11.31%
8652.04
189.42
8841.46
32.96%
1601.84
1717.35
272.45
623.58
4215.22
70.82%
1759.04
799.96
9.84%
959.08
458.29
1568.32
1731.12
146.69
605.82
4051.95
61.29%
2597.89
808.76
5.61%
1789.13
608.9
1775.72
2169.96
271.95
786.31
5003.94
57.84%
3837.52
735.95
6.61%
3101.57
833.36
500.79
270.35
10
1180.23
-21.32
0
2268.21
-36.44
0
781.14
108.1
0
108.1
13.84%
673.04
852.12
1525.16
1158.91
212.31
152.9
365.21
31.51%
793.7
1522.86
2316.56
2231.77
447.2
261.88
709.08
31.77%
1522.69
1822.44
3345.13
0
0
1.97
0.33
23.86
329.19
120.58
20.49
1522.86
1822.44
0
0
241.16
40.03
22.6
3041.34
AVERAGE
63.31%
7.36%
25.71%
EXPECTED
2011-12
2012-13
2013-14
11488.56276
14704.50423 18623.53311
234.4604644
300.091923 380.0721043
11723.02322 15004.59615 19003.60521
7033.813932
9002.75769
11402.16313
2014-15
2015-16
24966.5299 35317.44172
509.5210183 720.7641168
25476.05091 36038.20584
15285.63055
21622.9235
60%
4689.209288
1140.839977
6001.83846
7601.442085 10190.42037 14415.28234
1398.145449 1848.427725 2440.226839
3263.99411
7.36%
3548.369311
350.0676813
4603.693011
496.3597954
5753.01436
868.6252039
7750.193526
1141.620833
11151.28823
1589.103218
3198.30163
4107.333216
4884.389156
6608.572694
9562.185007
3198.30163
4107.333216
4884.389156
6608.572694
9562.185007
1012.027766
1299.669556
1545.550739
2091.128303
3025.729856
2186.273864
3041.34
5227.613864
2807.66366
0
2807.66366
3338.838418
0
3338.838418
4517.444391
0
4517.444391
6536.455151
0
6536.455151
31.64%
Franchise fee
No Of Franchise
Round off values
No of HIFI Gym's
Gross income
Gross Fees
Franchise Fess
Franchise Fess for HIFI Gym
Input Credit
Total Income
Health Club's
Owned
Joint Venture
Franchise
HIFI Gym's
HEALTH CLUB
Gross income
No of health clubs
Round off values
2008-09
5724.86
40
Franchise fee
No Of Franchise
Round off values
2009-10
6356.26
52
2010-11
7779.17
77
129.8
6
641.18
19
HIFI GYM'S
No of HIFI Gym's
Gross income
Gross Fees
Franchise Fess
Franchise Fess for HIFI Gym
Input Credit
Total Income
2%
2011-12
10356.786
863.0655
38.94
229.7712551
11488.56276
2012-13
12566.17114
1084.951
759.292
294.0900845
14704.50423
es
2013-14
180
131.4
16.2
32.4
75
2014-15
225
164.25
20.25
40.5
150
2015-16
300
219
27
54
250
2011-12
10356.786
97.65
98
2012-13
12566.17114
116.25
116
2013-14
15512.018
139.5
140
2014-15
19685.301
174.375
174
2015-16
27049.91819
232.5
234
863.0655
22.68
23
1084.951
27
27
1362.307875
32.4
32
1861.55025
40.5
41
2582.678125
54
54
10
38.94
45
759.292
75
1376.736571
150
2920.348
250
4978.496571
2013-14
15512.018
1362.307875
1376.736571
372.4706622
18623.53311
2014-15
19685.30105
1861.55025
2920.348
499.3305979
24966.5299
2015-16
27049.91819
2582.678125
4978.496571
706.3488344
35317.44172
HEALTH CLUB
HIFI GYM'S
Regression Analysis
Health Clubs woned
S.No
1
2
Total
n
X
Y
b
a
122.743619
-1672.088667
Income (y)
7779.17
10356.786
18135.956
xy
598996.09
1014965.028
1613961.118
No of Franchises (x)
19
23
42
2
21
752.12275
Income (y)
641.18
863.0655
1504.2455
xy
12182.42
19850.5065
32032.9265
55.471375
-412.776125
HIFI Gym's Franchises
S.NO
1
2
Total
n
X
Y
No of Franchises (x)
10
45
55
2
27.5
399.116
b
a
20.58148571
-166.8748571
Income (y)
38.94
759.292
798.232
xy
389.4
34168.14
34557.54
x^2
5929
9604
15533
x^2
361
529
890
x^2
100
2025
2125
TALWALKARS
Month
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
OPEN
138
182.5
180
173.4
202
232.9
237
264.9
272.75
181
194
219.1
225.65
233.15
252
244.2
190.15
177.15
172.8
143
119
141.75
CLOSE
183.75
179.45
170.8
200.1
229.25
237.35
261.4
269.85
225.9
192.35
218.5
224.05
230.05
251.1
241.3
191.95
177.15
174
138.5
119.05
140.55
162.1
AVG Return
Standard Deviation
COVARIANCE
% (GAIN/LOSS)
-1.67%
-5.11%
15.40%
13.49%
1.91%
10.30%
1.87%
-17.18%
6.27%
12.63%
2.26%
1.95%
7.70%
-4.25%
-21.40%
-6.84%
-1.78%
-19.85%
-16.75%
18.11%
14.36%
0.54%
11.94%
0.53%
covariance/variance of market
8.24%
16.33%
Rf + (Rm-Rf)
18.62%
1.283298487
SENSEX
Month
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
OPEN
17,536.86
16,942.82
17,679.34
17,911.31
18,027.12
20,094.10
20,272.49
19,529.99
20,621.61
18,425.18
17,982.28
19,463.11
19,224.05
18,527.12
18,974.96
18,352.23
16,963.67
16,255.97
17,540.55
16,555.93
15,534.67
17,179.64
CLOSE
16,944.63
17,700.90
17,868.29
17,971.12
20,069.12
20,032.34
19,521.25
20,509.09
18,327.76
17,823.40
19,445.22
19,135.96
18,503.28
18,845.87
18,197.20
16,676.75
16,453.76
17,705.01
16,123.46
15,454.92
17,193.55
17,752.68
AVG Return
Standard Deviation
% (GAIN/LOSS)
4.47%
1.07%
0.33%
11.33%
-0.31%
-3.71%
5.01%
-11.12%
-3.27%
8.14%
-1.68%
-3.75%
1.72%
-4.10%
-9.13%
-3.01%
8.91%
-8.08%
-6.65%
10.68%
3.34%
0.01%
6.45%
MARKET RETURNS
Year
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
OPEN
3,114.08
3,096.65
3,658.34
3,064.95
5,209.54
3,990.65
3,262.01
3,383.85
5,872.48
6,626.49
9,422.49
13,827.77
20,325.27
9,720.55
17,473.45
20,621.61
15,534.67
AVG Return
CLOSE
3,085.20
3,658.98
3,055.41
5,005.82
3,972.12
3,262.33
3,377.28
5,838.96
6,602.69
9,397.93
13,786.91
20,286.99
9,647.31
17,464.81
20,509.09
15,454.92
17,503.24
% (GAIN/LOSS)
-0.93%
18.16%
-16.48%
63.32%
-23.75%
-18.25%
3.53%
72.55%
12.43%
41.82%
46.32%
46.71%
-52.54%
79.67%
17.37%
-25.05%
12.67%
16.33%
Market Capitalization
MPS
No of Shares
M Cap
M cap Rs in Lakhs
150
24115672
3617350800
36173.508
Debt
8126.16
9720.08
11138.06
Interest
799.96
808.76
735.95
Avg Kd
Kd(1-t)
18.62%
31.64%
Kd
9.84%
8.32%
6.61%
8.26%
5.64%
WACC
WACC=[(D/D+E)*Kd(1-t)]+[(E/D+E)*Ke]
C
15.56%
PAT
Interest
Interest (1-Taxrate)
NOPLAT
Depriciation
Additional capital through debt
CAPEX
W.C Requirement
FCFF
Terminal Value
Years
Discount Factor (WACC)
Present Value of FCFF
Out standing Debt
Equity Value
No of Shares
2012-13
2186.273864
1140.839977
779.8478421
2966.121706
350.0676813
4372.88368
5466.1046
-520.9237245
2743.892192
2013-14
2807.66366
1398.145449
955.7350141
3763.398674
496.3597954
3498.344
4372.93
321.5941472
3063.578322
2014-15
3338.838418
1848.427725
1263.535992
4602.37441
868.6252039
6122.07072
7652.5884
391.9028881
3548.579046
10%
15.56%
2374.336163
2293.925529
2299.217064
2015-16
4517.444391
2440.226839
1668.074115
6185.518506
1141.620833
8046.144
10057.68
634.2996787
4681.303659
2016-17
6536.455151
3263.99411
2231.179495
8767.634645
1589.103218
11200
14000
1035.091183
6521.646681
117198.7498
2624.626242 3163.975294
PERPETUITY
49201.00336
Fair Value
TOTAL
61957.08365
27568.71961
34388.36404
24115672
142.5975774