Beruflich Dokumente
Kultur Dokumente
2007
2008
2009
2010
2011
608526.31
351131.74
98196.21
252935.53
589.62
252345.91
85329.44
167016.47
167606.09
2007
136642.13
647390.06
351132.84
98196.21
252936.63
589.62
252347.01
85330.54
167016.47
167606.09
2008
175924.76
688145.01
360538
119541.97
240996.03
1189.17
239806.86
78544.17
161262.69
162451.86
2009
221108.3
641729.63
396414.54
146431.88
249982.66
144.23
249838.43
82162.87
167675.56
167819.79
2010
258898.56
717457.67
435697.3
159256.53
276440.77
251.07
276189.7
86949.68
189240.02
189491.09
2011
326711.14
Total Assets
835557.36
Share Capital
Reserves and Surplus
Net Worth
Borrowings
Def Tax Liability
Total
7268.63
30337.58
27594.4
192807.94
0.35
185945.25
443954.15
136890.72
307063.43
5140.64
13254.8
34806.37
43603.66
224176.55
182467.09
22.93
498331.4
176082.67
322248.73
6739.02
40606.71
40838.04
190962.12
13548.86
260043.83
545999.56
211050.98
334948.58
6506.1
46785.72
30586.37
182310.35
6333.05
271697.74
537713.23
194999.65
342713.58
8413.16
41189.84
38458.98
224465.52
8755.18
273566.54
586436.06
237473.72
348962.34
7960.25
Est.
1st Year
Time 0
Business Income
5th Year
Net Revenues
EBIT
Tax
NOPAT
Add:Depn
Less Cha. in WC
Less :Cap. Exp.
Less:Cha. In
Other Assets
Free Cash Flows
WACC
Disc Factor
Present Values
Est.
Est.
2nd Year 3rd Year
Est.
4th Year
301472.13
328604.62
358179.03
390415.15
86949.68
96471.08
105153.48
114617.29
124932.85
189491.09
218968.08
238675.21
260155.98
283570.01
159256.53
5818.29
6341.94
6912.72
7534.86
6248.00
7820.29
8524.11
9291.28
10127.50
100474.00
70382.60
76717.03
83621.56
91147.50
242025.62
146583.49
159776.00
174155.84
189829.87
0.1453 1.14534078
1.31
1.50
1.72
0.87310259
0.8731
0.7623
0.6656
0.5811
211313.19
127982.42
121798.55
115913.46
110312.73
Rs in Crs
233137.11
Calculating Enterprise Value
Book Value
Rs
113.97
Market Value of Equity
EPS
26.43
Add:Net Debt
2.39
Total
Face Value
5
EBDITA Muliples
Industry PE
12.22
EBIT Multiples
Dividend Yield(%)
Divident Yield
6.42
Dividend(%)
350
280
Total No of Shares
8555.518
P/E Multiples
Part III
Valuation Calculations
Average
4.2028 660649.736
60.7279 378982.884
12.8498
124324.56
2.2464 254658.324
-19.2197
552.742
2.2828 254105.582
0.4714
83663.34
PV of Cash Flows
PV of Terminal Value
Add:Cash and M Securities
Total Value of the Firm
Value of Debt
Value of Equity
Shares Out standing in no
in of
Nomillions
of Crores
Intrinsic Share Price
3.1724 170442.242
3.1157 170994.984
Part II
Terminal Value
FCF
3008618.7
Discount Rate
5.00
Present Value
601723.73
Actual/
Average
Assumed
4.20
0.09
0.03
11.00
0.39
0.39
0.33
0.32
0.26
0.28
0.19
0.01
0.01
0.01
0.15
0.09
0.14534
0.15
NetWorth
Borrowings
Def Tax Liability
Tax Rate
Cost of Equity
Cost of Debt(before tax)
Cost of Debt(after tax)
Capital Structure(%) Equity
Capital Structure (% )Equity
Base WACC
Est.
5th Year
Est.
6th Year
Est.
7th Year
Est.
8th Year
Est.
9th Year
Est.
10th Year
Est.
11th Year
Terminal
1698483.226 1851346.7
425552.51
463852.23
505598.94
551102.84
600702.10
654765.28
713694.16
136176.80
148432.71
161791.66
176352.91
192224.67
209524.89
228382.13
309091.32
336909.53
367231.39
400282.22
436307.62
475575.30
518377.08
8213.00
8952.17
9757.86
10636.07
11593.32
12636.72
13774.02
11038.98
12032.48
13115.41
14295.79
15582.41
16984.83
18513.47
99350.78
108292.35
118038.66
128662.14
140241.73
152863.49
166621.20
206914.56
225536.87
245835.19
267960.35
292076.79
318363.70
347016.43
1.97
2.26
2.59
2.96
3.39
3.88
4.45
0.5074
0.4430
0.3868
0.3377
0.2948
0.2574
0.2248
104982.62
99910.05
95082.58
90488.37
86116.13
81955.16
676215.58
Rs in Crores
2395545.04
Rs in Crores
99503.94
224465.52
add:Prefernce Shares
-124961.58
2270583.46
Net Debt
5.21
8.21
0.059
0.080
0.044
10.59
-124961.58
Rs in Crs
Total Share Capital(Rs in Crs)
ONGC shares Rs 5 each
1034542.1 No of Shares
676216
277793.9
1988552
22755
1965797
8555.518
229.77
8555.518
-98.96751
Cost of Equity
Cost of Debt(before tax)
Cost of Debt(after tax)
Capital Structure(%) Equity
Capital Structure (% )Equity
Debt
Base WACC
42777.59
Computation of WACC
Tax Rate
975044.3
99503.94
175642.6
0.3285
0.16
0.002523
0.001694
0.907399
0.092601
0.14534
Equity
Debt
Total
975044.31 0.9073993
99503.94 0.0926007
1074548.3
0.3285
Cost
Total Cost
0.16
0.1451839
0.0016943
0.0001569
0.1453408