Beruflich Dokumente
Kultur Dokumente
GROSS TURNOVER
Less: Value Added Tax
NET TURNOVER
Less: COST OF GOODS SOLD
GROSS PROFIT
Less: Operating Expenses:
Dividend paid
Particulars
2010
13,279,141,757
1,816,563,347
11,462,578,410
6,561,288,485
4,901,289,925
2011
15,576,487,536
2,105,063,067
13,471,424,469
7,703,661,010
5,767,763,459
211,670,939
1,687,210,447
524,460,492
308,861,107
2,380,757,879
585,564,825
2,747,308,991
2,121,163,004
626,145,987
268,849,071
2,751,605,397
833,884,528
141,253,462
2,825,069,243
688,499,602
48,697,850
2,087,871,791
170,737,615
3,414,752,310
805,575,198
77,122,562
2,532,054,550
71,664,526
2,159,536,317
92,483,089
2,624,537,639
106.43
19,617,390
980869500
129.07
19,617,390
980869500
2010
2011
0.173004086
0.136798249
0.13514363
0.49410486
0.494569844
Average proportion
Operating expense in proportion to sales
0.015940107
0.176375385
0.127057191
0.136177235
0.039495059
0.04019815
0.023259117
0.017259929
Average proportion
Selling and distributin expense in proportion to sales
Average proportion
Administrative expense in proportion to sales
Average proportion
Financial expense in proportion to sales
Average proportion
0.424068681
0.010637243
0.01096124
0.2437107
0.235910287
0.017237754
0.022585112
0.454203753
0.373730399
Average
Tax rate on EBT
Average
2012
18,592,856,236
2,538,430,993
16,054,425,243
9,167,253,620
6,887,171,623
2013
20742746372
2017
2014
2015
2016
2017
16%
16%
16%
16%
14%
14%
14%
14%
10,223,478,073
7,736,011,423
198,946,954
3,978,939,088
958,906,349
122,322,098
2,897,710,641
224,052,372
4,481,047,443
1067770353
139,986,324
3,037,696,965
101,475,954
3,239,948,829
7.82
9.01
370,768,664
1275130300
1721425940
2012
0.193648837
2013
0.115629902
0.493052466
2016
17,959,489,496
3,883,200,849
2,820,582,797
737,337,036
325,281,016
3,852,810,574
852,289,241
0.136527221
2015
2,783,256,876
3,132,443,874
2,430,466,795
701,977,079
433,581,036
3,754,727,749
856,739,329
370,768,66
2014
71,852,307
3341424783
0.134179767
0.492870032
0.168475668
0.130720464
0.037755204
0.023319765
0.027407633
0.010700182
0.240995483
0.03074239
0.419768764
49%
49%
49%
49%
18%
18%
18%
18%
13%
13%
13%
13%
4%
4%
4%
4%
2%
2%
2%
2%
40%
40%
23%
1%
1%
1%
1%
24%
24%
24%
24%
2%
2%
2%
2%
0.187207652
0.135979236
0.035546741
0.015681675
-0.005194215
0.010801481
0.238285884
0.016034712
0.531312694
0.4447539 0.444754 0.444754 0.444754
2010
2011
10,643,410,336
5,630,791,822
634,347,093
3,990,050,169
388,221,252
12,422,195,814
6,981,559,781
887,584,197
4,031,751,281
521,300,555
Current Assets:
Inventories
Trade Debtors
Advances,Deposits and Prepayments
4,553,041,968
2,207,078,082
508,249,174
358,250,076
7,022,213,840
2,541,688,329
772,421,345
523,991,079
1,220,736,941
258,727,695
2,813,811,332
370,301,755
15,196,452,304
19,444,409,654
11,721,331,851
1,509,030,000
2,035,465,000
105,878,200
1,1O1,935,237
259,435,115
6,802,071,388
13,817,708,990
1,961,739,000
2,035,465,000
105,878,200
1,101,935,237
166,952,026
8,353,256,438
Non-Current Liabilities:
Long Term Loans - Secured
Deferred Tax Liability
1,258,376,052
1,032,633,110
225,742,942
958,511,238
655,645,734
302,865,504
Current Liabilities:
Short Term Bank Loans
Long Term Loans - Current Portion
Trade Creditors
Liabilities for Expenses
Liabilities for Other Finance
2,216,744,401
736,443,848
462,090,211
394,715,915
56,463,570
567,030,857
4,668,189,426
2,627,483,864
478,199,933
733,369,218
79,499,584
749,636,827
15,029,500,278
19,444,409,654
BALANCE SHEET
ASSETS:
Non-Current Assets
Property, Plant and Equipment-Carrying Value
Capital Work-in-Progress
Investment - Long Term (at Cost)
Investment in Marketable Securities (Fair Value)
TOTAL ASSETS
Particulars
2010
2011
0.239889522
0.399209056
Normalized average
Growth rate of investment (long term)
Normalized average
0.010451275
0.342792421
Non-Current Assets
Rate of return on investment
Average
Normalized average
Current Assets:
0.16620638
0.163174677
0.09
0.180644791
0.038274249
0.04958893
0.026978406
0.033639874
2,231,167,169
3,761,329,531
2,996,248,350
Non-Current Liabilities:
Total loan
Average loan
Interest rate
Average interest rate
0.174882392
0.341638863
Current Liabilities:
Trade Creditors in proportion to sales (current asset)
Normalized proportion
Average proportion
0.029724505
0.047081809
0.055458693
0.168682693
0.00425205
0.00510382
0.042700866
0.048126179
0.037085474
0.059037004
Others
Property, Plant and Equipment-Carrying Value
CAPEX
Depreciation as % of PPE
9,322,186,497.00
15.00%
11059130817.87
1,736,944,320.87
1,658,869,622.68
2012
2013
2014
14,708,277,754 17,450,947,962
8,767,827,062 9,322,186,497
1,274,390,572 3,718,326,254
3,971,022,723 3,821,121,331
695,037,397
589,313,880
6,745,507,008 5,996,697,544
2,687,818,472 2,503,683,240
808,311,714
800,974,912
577,156,445
650,380,369
2,085,300,110 1,109,251,152
586,920,267
932,407,871
21,453,784,762 23,447,645,506
16,266,884,255
2,648,347,600
2,035,465,000
105,878,200
0
399,421,439
11,077,772,016
18,844,746,184
933,965,662
508,778,060
425,187,602
810,461,067
313,421,158
3,707,686,640
2,035,465,000
105,878,200
297,945,485
12,697,770,859
497,039,909
4,252,934,845 3,792,438,255
2,016,551,125 1,112,694,131
477,141,480
511,504,034
875,431,555 1,086,097,881
95,361,435
109,604,834
788,449,250
972,537,375
21,453,784,762 23,447,645,506
280,938,516
2015
2016
2017
2012
2013
2014
2015
2016
2017
0.255855043
0.063226548
0.186323704
0.186323704
0.186323704
0.186323704
0.186323704
0.41750294
0.41750294
0.41750294
0.41750294
0.435796825
-0.015062575
1.917728941
-0.037748812
-0.014120038 -0.014120038 -0.014120038 -0.014120038
0.333275766
0.144561892
0.112155985
-0.152111983
0.338034094
0.338034094
0.338034094
0.338034094
0.148661144
0.148661144
0.148661144
0.148661144
0.120701627
0.053476581
0.11
0.043474316
0.031041839
0.038614699
0.11
0.11
0.042488048
0.042488048
0.042488048
0.042488048
0.042488048
0.030753678
0.030753678
0.030753678
0.030753678
0.202949964
0.202949964
0.202949964
0.202949964
0.372760716
0.372760716
0.372760716
0.372760716
0.031354593
3,002,470,665
3,381,900,098
1,937,619,323
2,470,044,994
0.170660406
0.263307094
0.40388257
0.11
0.168989657
0.047084296
0.05236037
0.044062745
0.044062745
0.044062745
0.044062745
0.096560584
0.096560584
0.096560584
0.096560584
0.004942201
0.004942201
0.004942201
0.004942201
0.045029684
0.045029684
0.045029684
0.045029684
0.054469828
0.054469828
0.054469828
0.054469828
0.04129687
0.108458383
0.005128929
0.042406032
0.059519651
0.053642566
0.005284008
0.046885661
0.062237185
13119709038.87
2,060,578,221.00
15564221827
18464205293.47
2444512788 2,899,983,466.47
1,967,956,355.83
2334633274 2,769,630,794.02
Particulars
2010
2011
2012
0.173004086 0.193648837
0.13679825
0.03949506
0.13514363 0.136527221
0.04019815 0.037755204
0.424068681 0.027407633
0.01063724
0.01096124 0.010700182
0.01723775 0.022585112
0.03074239
0.239889522 0.255855043
0.399209056 0.435796825
0.010451275
0.342792421 0.333275766
-0.01506258
0.03827425
0.04958893 0.043474316
Non-Current Liabilities:
Total loan
Average loan
2231167169
3761329531
2996248350
3002470665
3381900098
Interest rate
Average interest rate
0.174882392 0.170660406
0.341638863
0.40388257
Current Liabilities:
Trade Creditors in proportion to sales (current asset)
Normalized proportion
Average proportion
0.00425205
0.00510382 0.005128929
Others
Property, Plant and Equipment-Carrying Value
CAPEX
Depreciation as % of PPE
1658869623
1967956356
2013
2014
2015
2016
2017
0.160760942
0.16
0.16
0.16
0.135283539 0.135284
0.14
0.14
0.493497447 0.493497
0.492961249
0.492870032
0.177352902 0.177842
0.177597281
0.177597281
0.134292312 0.134292
0.13334985
0.13
0.037833365 0.037833
0.036650973
0.035546741
0.01875379 0.018754
0.01950072
0.015681675
0.4
0.4
0.23
0.010820968 0.010821
0.010820968
0.010820968
0.238397218 0.238397
0.238397218
0.238397218
0.023388551 0.023389
0.023388551
0.023388551
0.444753903 0.444754
0.444753903
0.444753903
0.063226548
0.186323704 0.186323704 0.186324
0.186323704
0.186323704
0.41750294
0.41750294
-0.014120038
-0.014120038
0.115629902
0.134179767
0.492870032
0.187207652
0.135979236
0.035546741
0.015681675
-0.00519421
0.010801481
0.238285884
0.016034712
0.531312694
1.917728941
0.41750294 0.417503
-0.03774881
-0.01412004
-0.15211198
-0.01412
0.338034094 0.338034
0.338034094
0.338034094
0.148661144 0.148661
0.148661144
0.148661144
0.109551565 0.109552
0.109551565
0.109551565
0.038614699 0.042488048
0.042488048 0.042488
0.042488048
0.042488048
0.030753678 0.030754
0.030753678
0.030753678
0.202949964
0.20295
0.202949964
0.202949964
0.372760716 0.372761
0.372760716
0.372760716
0.044062745 0.044063
0.044062745
0.044062745
0.096560584 0.096561
0.096560584
0.096560584
0.004942201 0.004942
0.004942201
0.004942201
0.045029684
0.04503
0.045029684
0.045029684
0.054469828
0.05447
0.054469828
0.054469828
0.120701627
0.053476581
0.031354593
1937619323
2470044994
0.263307094
0.168989657
0.05236037
0.053642566
0.005284008
0.046885661
0.062237185
15564221827 18464205293
2444512788 2899983466
2334633274
2769630794
Assumption
Risk free rate
8%
15%
3%
1) C
le securities in 2010 as current asset , but in the year 2012 and 2013 it was shown as non-current asset. So I project it as non- cur
Particulars
INCOME STATEMENT
GROSS TURNOVER
Less: Value Added Tax
NET TURNOVER
Less: COST OF GOODS SOLD
GROSS PROFIT
Less: Operating Expenses:
2013
20742746372
2,783,256,876.00
17,959,489,496.00
10,223,478,073.00
7,736,011,423.00
3,883,200,849.00
2,820,582,797.00
737,337,036.00
325,281,016.00
3,852,810,574.00
852,289,241.00
4,379,818,799.00
224,052,372.00
4,481,047,443.00
1,067,770,353.00
71,852,307.00
3,341,424,783.00
101,475,954.00
3,239,948,829.00
9.01
370,768,664.00
2014
2015
2016
2017
24077369808
3,370,831,773.17
20,706,538,035.18
11,797,911,206.09
8,908,626,829.09
27929748978
3,910,164,856.88
24,019,584,120.81
13,685,576,999.07
10,334,007,121.74
32398508814
4,535,791,233.98
27,862,717,580.14
15,875,269,318.92
11,987,448,261.22
37582270224
5,261,517,831.41
32,320,752,392.96
18,415,312,409.94
13,905,439,983.02
4,605,509,751.54
3,130,058,075.09
963,094,792.33
512,356,884.12
4,303,117,077.55
1,193,204,937.40
5,496,322,014.95
240,773,698.08
5,255,548,316.87
1,261,331,596.05
105,110,966.34
3,889,105,754.48
5,342,391,311.78
3,630,867,367.10
1,117,189,959.11
594,333,985.58
4,991,615,809.96
1,670,486,912.36
6,662,102,722.32
279,297,489.78
6,382,805,232.54
1,531,873,255.81
127,656,104.65
4,723,275,872.08
6,197,173,921.67
4,211,806,145.84
1,295,940,352.56
689,427,423.27
5,790,274,339.55
2,338,681,677.30
8,128,956,016.86
323,985,088.14
7,804,970,928.72
1,873,193,022.89
156,099,418.57
5,775,678,487.25
7,188,721,749.14
4,885,695,129.17
1,503,290,808.97
799,735,810.99
6,716,718,233.88
3,274,154,348.23
9,990,872,582.11
375,822,702.24
9,615,049,879.86
2,307,611,971.17
192,300,997.60
7,115,136,911.10
10.49
12.74
15.58
19.19
2013
2014
17,450,947,962
9,322,186,497
3,718,326,254
3,821,121,331
589,313,880
20,885,558,234
11059130818
5270738398
3767166954
788522063.4
5,996,697,544
2,503,683,240
800,974,912
650,380,369
1,109,251,152
932,407,871
7,980,551,020.61
3,579,369,343.49
1,023,000,455.78
740,467,675.87
2637713545
1736944321
23,447,645,506
28,552,189,650
Shareholders' Equity:
Share Capital
Share Premium
General Reserve
Gain on Marketable Securities (Unrealized)
Retained Earnings
18,844,746,184
3,707,686,640
2,035,465,000
105,878,200
297,945,485
12,697,770,859
3,707,686,640
2,035,465,000
105,878,200
280,938,516
16,586,876,613
Total Equity
18,844,746,184
22,716,844,970
810,461,067
313,421,158
497,039,909
917,382,730
235,065,869
682316861.5
3,792,438,255
1,112,694,131
511,504,034
1,086,097,881
109,604,834
972,537,375
4,917,961,950
2,324,924,882.11
78,355,290
1,311,490,199.96
118,995,212.72
1,084,196,365.85
23,447,645,506
28,552,189,650
BALANCE SHEET
ASSETS:
Non-Current Assets
Property, Plant and Equipment-Carrying Value
Capital Work-in-Progress
Investment - Long Term (at Cost)
Investment in Marketable Securities (Fair Value)
Current Assets:
Inventories
Trade Debtors
Advances,Deposits and Prepayments
Short Term Loan
Cash and Cash Equivalents
TOTAL ASSETS
Non-Current Liabilities:
Long Term Loans - Secured
Deferred Tax Liability
Current Liabilities:
Short Term Bank Loans
Long Term Loans - Current Portion
Trade Creditors
Liabilities for Expenses
Liabilities for Other Finance
2015
2016
2017
25,360,040,036
13119709039
7471287178
3713974415
1055069405
31,228,045,161
15564221827
10590571543
3661532957
1411718835
38,975,131,501
18464205293
15012166302
3609831974
1888927932
4,152,068,438.45
1,186,680,528.71
858,942,504.01
3059747713
2060578221
4,816,399,388.60
1,376,549,413.30
996,373,304.65
3549307347
2444512788
5,587,023,290.78
1,596,797,319.43
1,155,793,033.40
4117196522
2899983466
34,225,788,220
41,170,491,640
49,728,519,559
3,707,686,640
2,035,465,000
105,878,200
280,938,516
21,310,152,486
3,707,686,640
2,035,465,000
105,878,200
280,938,516
27,085,830,973
3,707,686,640
2,035,465,000
105,878,200
280,938,516
34,200,967,884
27,440,120,842
33,215,799,329
40,330,936,240
1,093,368,362
156,710,579
936657783.4
1,364,162,299
78,355,290
1285807010
1,765,105,352
0
1765105352
5,692,299,016
2,696,912,863.25
78,355,290
1,521,328,631.95
138,034,446.75
1,257,667,784.39
6,590,530,012
3,128,418,921.37
78,355,290
1,764,741,213.06
160,119,958.24
1,458,894,629.89
7,632,477,968
3,628,965,948.79
78,355,290
2,047,099,807.15
185,739,151.55
1,692,317,770.67
34,225,788,220
41,170,491,640
49,728,519,559
Date
127.04
4,210.58
10/31/2012
135.27
4,493.92
9/30/2012
134.42
4,544.41
8/30/2012
140.27
4,446.87
7/30/2012
135.68
4,159.17
6/28/2012
140.35
4,572.88
5/31/2012
139.09
4,734.33
4/30/2012
145.14
5,098.90
3/29/2012
125.96
4,990.32
2/29/2012
114.97
4,695.41
1/31/2012
102.99
4,153.96
12/29/2011
125.85
5,257.61
11/30/2011
130.25
5,268.55
10/31/2011
126.4
5,036.50
9/29/2011
140.33
5,910.20
8/25/2011
143.95
6,212.00
7/31/2011
139.57
6,459.62
6/30/2011
139.58
6,117.23
5/31/2011
131.42
5,758.26
4/28/2011
129.15
6,050.85
3/31/2011
128.59
6,352.10
2/28/2011
112.38
5,203.08
2/27/2011
116.39
7,484.23
1/31/2011
136.76
6,877.66
12/30/2010
138.76
7,135.16
11/30/2010
148.96
6,612.14
10/31/2010
147.58
5,930.90
9/30/2010
137.26
5,555.49
8/31/2010
120.29
5,278.89
7/29/2010
6/30/2010
5/31/2010
113.94
118.25
116.12
5,111.63
5,030.05
4,641.54
4/29/2010
3/31/2010
2/28/2010
107.45
107.37
109.21
4,573.81
4,549.60
4,422.81
1/31/2010
107.74
4,535.53
12/30/2009
102.32
4,380.95
11/30/2009
10/31/2009
9/30/2009
8/31/2009
7/31/2009
6/30/2009
5/31/2009
84.32
3364.26
3083.89
2941.28
2914.53
3010.26
2572.18
2554.36
86.92
88.83
86.44
89.43
82.07
81.11
4/30/2009
80.07
2446.92
Square Returns
DGEN Returns
0.12%
0.21%
-6.08%
-6.30%
0.63%
-1.11%
-4.17%
2.19%
3.38%
6.92%
-3.33%
-9.05%
0.91%
-3.41%
-4.17%
-7.15%
15.23%
2.18%
9.56%
6.28%
11.63%
13.03%
-18.16%
-20.99%
-3.38%
-0.21%
3.05%
4.61%
-9.93%
-14.78%
-2.51%
-4.86%
3.14%
-3.83%
-0.01%
5.60%
6.21%
6.23%
1.76%
-4.84%
0.44%
-4.74%
14.42%
22.08%
-3.45%
-30.48%
-14.89%
8.82%
-1.44%
-3.61%
-6.85%
7.91%
0.94%
11.49%
7.52%
6.76%
14.11%
5.24%
5.57%
3.27%
-3.64%
1.83%
8.07%
1.62%
8.37%
1.48%
0.07%
-1.68%
1.36%
0.53%
2.87%
-2.49%
5.30%
3.53%
21.35%
30.22%
-2.99%
9.09%
-2.15%
4.85%
2.76%
0.92%
-3.34%
-3.18%
8.97%
17.03%
1.18%
0.70%
1.30%
4.39%
CV
0.004516821
VAR
0.009959425
BETA
0.453522308
Market monthly return
1.72%
Yearly rate
21.60%
Risk-free rate
Market return
Beta
Cost of equity
Cost of debt
After tax cost of debt
Total market value of equity
Book value of debt
Total
Weight of equity
Weight of debt
WACC
8.00%
21.60%
0.46
17.94%
20%
15.46%
47,158,066,374
1,937,619,323
49,095,685,697
0.960533817
0.04108776
17.86%
Tax Rate
24%
2013
2,503,683,240
800,974,912
650,380,369
3,955,038,521
2014
3,579,369,343.49
1,023,000,455.78
740,467,675.87
5,342,837,475
1,086,097,881
109,604,834
972,537,375
2,168,240,090
1,311,490,199.96
118,995,212.72
1,084,196,365.85
2,514,681,779
Working capital
1,786,798,431
2,828,155,697
1,041,357,266
Particulars
Inventories
Trade Debtors
Advances,Deposits and Prepayments
Non-cash current asset
Trade Creditors
Liabilities for Expenses
Liabilities for Other Finance
Change in WC
2015
4,152,068,438.45
1,186,680,528.71
858,942,504.01
6,197,691,471
2016
4,816,399,388.60
1,376,549,413.30
996,373,304.65
7,189,322,107
2017
5,587,023,290.78
1,596,797,319.43
1,155,793,033.40
8,339,613,644
1,521,328,631.95
138,034,446.75
1,257,667,784.39
2,917,030,863
1,764,741,213.06
160,119,958.24
1,458,894,629.89
3,383,755,801
2,047,099,807.15
185,739,151.55
1,692,317,770.67
3,925,156,729
3,280,660,608
452,504,911
3,805,566,305
524,905,697
4,414,456,914
608,890,609
Particulars
EBIT
EBIT (1-tax rate)
Depreciation
Capital expenditure
Change in NWC
Free cashflow
Present value discount factor
Present value of free cashflow
3%
24%
17.86%
2014
5,255,548,316.87
3,994,216,720.82
1,658,869,622.68
1,736,944,320.87
1,041,357,265.62
2,874,784,757.02
0.848441123
2439085607.51
Terminal value
Enterprise value
Cash
Interest-bearing debt
Equity value
Number of Shares
Value per share
$51,178,701,922
$932,407,871
$313,421,158
$51,797,688,635
370,768,664
139.70
2015
6,382,805,232.54
4,850,931,976.73
1,967,956,355.83
2,060,578,221.00
452,504,911.46
4,305,805,200.10
0.719852339
3099543945.14
2016
7,804,970,928.72
5,931,777,905.82
2,334,633,274.05
2,444,512,788.13
524,905,697.29
5,296,992,694.45
0.610180865
3232123584.20
2017
9,615,049,879.86
7,307,437,908.70
2,769,630,794.02
2,899,983,466.47
608,890,608.86
6,568,194,627.39
6,765,240,466.21
0.517541022
3399310160.15
39008638624.81
4.643
Year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Assumed growth
dividend K
1.16 5.38588
1.16 6.247621
1.16 7.24724
1.12 8.116909
1.12 9.090938
1.12 10.18185
1.08 10.9964
1.08 11.87611
1.08 12.8262
1.03 13.21099
1.18
1.18
1.18
1.18
1.18
1.18
1.18
1.18
1.18
1.18
Share Value
value
4.569602
4.497364
4.426269
4.20608
3.996844
3.798018
3.480186
3.188951
2.922089
88.07324
123.1586
1.18
133.4863