Mn

HISTORICAL DATA

F07Q1

F06

F05

F04

F03

F02

TOTAL ASSET

539

445

205

205

205

205

ASSET TURNOVER X

4.58

14.47

14.79

5.47

3.35

1.33

NET SALES

2468

Growth rate sales

Net profit
Net Profit margin

6438

3032

1121

687

272

112.3%

170.5%

63.2%

152.6%

11.5%

365

1069

656

184

114

21

14.8%

16.6%

21.6%

16.4%

16.6%

7.7%

Div Payment/share

2.0

2.0

1.5

Div Payment

296.0

16.5

12.4

0.0

0.0

Payour ratio

27.7%

2.5%

6.7%

0.0%

0.0%

148

8.243

8.243

1.374

1.374

PE

41.7

No of common shares

98.914

Latest
SUMMARY FORCAST STATISTICS
Gr. Rate Sales
Net sales

F07
2.9%

6438 N/A
16.6%

=Net afer tax earning

1069.0

divide by shares O/S

148

=EPS

7.22

=Div per share

Forecasted figures

5 yrs

112.3%

X NP

Xpayout ratio

Av. For

1.9%
71.1

F08

F09

50.0%

40.0%

40.0%

9657.0

13519.8

18927.7

17.0%

17.0%

17.0%

1641.7

2298.4

3217.7

184.6

184.6

184.6

8.89

12.45

17.43

27.7%

6.2%

30.0%

30.0%

30.0%

2.00

0.00

2.67

3.74

5.23

7.22

0.00

8.89

12.45

17.43

40

16.8

PE MODEL
EPS
XPE
=Sh price at year end

288.92

Required rate of return

Risk free rate
Beta
Expected market return
Risk premium

Ke=

40

40

40

355.73

498.02

697.23

15.00%

6.8%
1
15.0%
8.3%

DATA TABLE
F07
Lakahs

Q4

Total asset
Income
Other Income

Net sales
Net profit
No of Shares

PE
Loan
Sec
Unsec
Capex
Depre
Net WC
WC change
No of Shares
Div
PE

F07
Q3

F06
Q1

Q2

Q4

Q3

F05

F04

F03

Q1

Q2
200094

186695

163415

592705

491681

10638

13620

9278

40813

35345

17513

210732

200315

172693

633518

527026

448574

431061

F02

424254
27716
451970

CO NAME
No of shares
BV of Equity
Debt

Fin year
Net profit
Capital Expenditure
Depreciation
Revenue
Non Working Capital
Change in WC
net debt increase

7
Cr
Cr
Cr
Cr
Cr
Cr
Cr

Calculate cost of equity

Risk Free rate
Beta
Risk Premium

0.00
0.00
0.00

#DIV/0!

Cr

@ Rs
0.00

D/D+C ratio

#DIV/0!

Per share
EPS
CE
Depr
Rev
WC
Change WC
Debt incr

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

6.75%
1.00
10.00%

Ke =

net Cap Exp/share

16.75%

FCFE in the year 0 = NI-(Cap Exp-Depr)-Change in WC+Net Debt

=
Cr
#DIV/0!
Equity reinvestment rate =
=
ROE =

1-(FCFE/NI)
#DIV/0!

#DIV/0!

Expected Growth in FCFE =

ROExEq reinvestment rate

#DIV/0!

Here we assume that

a
Net Cap exp & WC grow at same rate
b
Firm raise reinvestment need from debt by Debt/capital ratio
Stable growth Period
Assume
Growth
Cost of equity unchanged
ROE
Equity reinvestment rate =
=

8.00%
15.00%
Growth/ROE
53.33%

VALUATION
First component : PV of expected FCFE in high growth period. Assuming that earning, net cap expenditure and WC rise @
Yr
0
1
2
3
4
5

EPS
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Net CapExp/Share
Change WC/Share
Reinvestment/ShareEquity Reinvest/Share
FCFE/Share
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

6
7
8
9
10

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

SUM od PV of FCFE

TO ESTIMATE TERMINAL VALUE

FCFE IN YEAR 11 =
EPS11-Equity Reinvestment11
EPS11 =
EPS10*(1+g)
#DIV/0!
Eqty Reinvestment 11

=
=

This gives FCFE 11

Terminal value of Equity/share

=
=

EPS11* Stable reinvestment rate

#DIV/0!
#DIV/0!
FCFE11/(Cost of eqty11-stable growth (g))
#DIV/0!

Value per share = PV of FCFE in high growth + Terminal price/(1+cost of equity)^10

=
#DIV/0!

1
Reserve and Surplus

Quartery results
Sep-06
Projected EPS =

Cr

Jun-06

Mar-06
Profit

Dec-05 Sept'05
0

Cr
#DIV/0!

#DIV/0!
PV of FCFE
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Growth Rate
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

and

#DIV/0!

reinvestment need from the debt

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

balance sheet
Share capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Net Worth
Deposits
Borrowings
Total Debt
Other Liabilities & Provisions
Total Liabilities

Mar-12
352.99
352.99
0
0
4,323.65
0
4,676.64
49,151.71
14,156.49
63,308.20
5,677.28
73,662.12

Mar-11
347.15
347.15
0
0
3,446.93
0
3,794.08
45,938.93
6,690.91
52,629.84
2,583.07
59,006.99

Mar-10
339.67
339.67
0
0
2,749.88
0
3,089.55
26,798.57
4,749.08
31,547.65
1,745.32
36,382.52

Mar-09
296.98
296.98
0
0
1,327.24
0
1,624.22
16,169.42
2,189.06
18,358.48
2,918.10
22,900.80

rise in share capital

2%

2%

14%

0%

rise in reserve
rise in net worth
rise in total liabilities

25%
23%
25%

25%
23%
62%

107%
90%
59%

30%
23%
35%

Mar-12

Mar-11

Mar-10

Mar-09

6,307.36
857.12
7,164.48

4,041.75
623.27
4,665.02

2,369.71
575.53
2,945.24

2,003.32
435.02
2,438.34

4,691.72
475.15
203.03
40.82
776.76
0
944.1
551.66
6,187.48

2,794.82
362.34
185.25
34.84
560.64
0
719.08
423.99
3,937.89

1,581.76
256.89
182.76
30.26
415.84
0
587.76
297.99
2,467.51

1,492.14
218.02
125.49
30.1
268.75
0
475.61
166.75
2,134.50

977
0.04
1,115.06
2,092.10
0
141.2
22.91

727.14
-0.04
672.95
1,400.05
0
86.79
14.41

477.74
0
405.78
883.52
0
50.95
8.66

303.84
0
245.08
548.92
0
0
0

27.68
40
132.49

20.95
25
109.29

14.06
15
90.96

10.23
0
54.69

269.61
-0.01
164.11
1,658.39
2,092.10

183.79
0
101.2
1,115.06
1,400.05

150.95
0
59.61
672.95
883.51

143.15
0
0
405.78
548.93

P&L Account
Income
Interest Earned
Other Income
Total Income
Expenditure
Interest expended
Employee Cost
Selling and Admin Expenses
Depreciation
Miscellaneous Expenses
Preoperative Exp Capitalised
Operating Expenses
Provisions & Contingencies
Total Expenses
Net Profit for the Year
Extraordionary Items
Profit brought forward
Total
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)
Appropriations
Transfer to Statutory Reserves
Transfer to Other Reserves
Proposed Dividend/Transfer to Govt
Balance c/f to Balance Sheet
Total

Mar-08 http://www.moneycontrol.com/financials/yesbank/balance-sheet/YB
295.79 Cr
295.79
0
0
1,023.13
0
1,318.92
13,273.16
986.21
14,259.37
1,404.13
16,982.42

Mar-08

Mar-12

Mar-11

Mar-10

Mar-09

1,310.83
360.67
1,671.50

54%

58%

21%

46%

974.11
202.41
60.27
19.23
215.45
0
356.92
140.44
1,471.47

57%

60%

16%

45%

200.02
0
105.3
305.32
0
0
0

34%

52%

57%

52%

49%

58%

61%

80%

6.76
0
44.59

32%

49%

37%

51%

60.24
0
0
245.08
305.32

Mar-08