Consolidated Balance Sheet

Amount(million Rs.)
March 31, 2011
March 31, 2012

March 31, 2013

EQUITY AND LIABILITIES

Shareholders\ funds
(a) Share capital
(b) Reserves and surplus
Share application money pending allotment
Minority interest
Total ShareHolder's equity
Non-current liabilities
a)Long-term borrowings
b)Other long term liabilities
c)Long term provisions
d)Deferred tax liabilities (Net)

Total Non Current Liability

Current liabilities
a)Short-term borrowings
b)Trade payables
c)Other current liabilities
d)Short-term provisions

Total Current Liability

Total EQUITY AND LIABILITIES
ASSETS
Non-current assets
a)Fixed assets
i))Tangible fixed assets
II)Intangible fixed assets
iii)Capital work-in-progress
iv)Intangible assets under development

Total Fixed Assets

b)Goodwill (on consolidation)
c)Non-current investments
d)Deferred tax assets (net)
e)Long term loans and advances
f)Other non-current assets

Total Non Current Assets

Current assets
a)Current investments
b)Inventories
c)Trade receivables
(d) Cash and bank balances

175.73
5,853.57
6,029.30
2.61
8.74
6,031.91
0.00
115.07
106.99
51.23
56.81
330.10
0.00
815.79
942.45
758.62
199.60
2,716.46
9,087.21

355.89
6,768.48
7,124.36
1.05
326.01
7,125.42
0.00
822.20
263.98
103.23
7.74
1,197.15
0.00
1,400.05
1,756.54
1,063.08
494.48
4,714.14
13,362.72

385.63
9,975.38
10,361.01
1.41
270.24
10,362.42
0.00
1,459.21
0.82
142.25
0.00
1,602.29
0.00
1,753.35
1,199.18
1,948.89
695.17
5,596.60
17,831.54

0.00
0.00
0.00
890.81
372.51
280.58
35.90
1,579.80
1,299.91
0.00
1.84
755.05
26.63
3,663.22
0.00
476.50
0.00
2,288.48
2,079.99

0.00
0.00
0.00
1,338.83
328.81
92.43
92.62
1,852.69
3,622.54
217.46
35.03
617.20
34.35
6,379.27
0.00
364.70
0.00
4,380.24
1,472.98

0.00
0.00
0.00
1,384.94
377.29
58.78
183.60
2,004.61
4,423.43
117.55
69.17
1,138.12
36.82
7,789.70
0.00
2,036.46
0.00
4,672.80
1,920.95

(e) Short-term loans and advances

(f ) Other current assets

Total Current Assets

Total Assets

329.73
249.28
5,423.98
9,087.21

601.95
163.58
6,983.45
13,362.72

593.47
818.16
10,041.84
17,831.54

March 31, 2014

370.99
12,365.38
12,736.37
14.84
0.00
12,751.21
0.00
1,300.52
233.16
0.00
1,533.68
0.00
3,089.34
1,020.57
2,258.95
580.36
6,949.22
21,234.11
0.00
0.00
0.00
1,418.18
720.00
22.67
2,160.86
5,994.10
117.55
289.25
671.87
103.15
9,336.77
0.00
1,741.29
34.26
6,743.01
1,907.89

743.94
726.94
11,897.34
21,234.11

Consolidated Statement of Profit and Loss

Amount(million Rs.)
2011
Revenue from operations
Sale of services
Sale of products
Less: Excise duty

Sale of products&Services (net)

Other income
Total revenue
Expenses
Cost of materials consumed
Depreciation and amortization
Employee benefits expense
Interest Expense
Net gain/loss foreign currency translation
Finance costs
Other expenses
Total expenses
EBITDA
EBIT
Exceptional items
EBT and after exceptional item
Tax expenses:
Current tax
Excess provision in respect of earlier years
MAT credit entitlement
Deferred tax charge

Total TAX Expense

Profit after tax, but before Minority Interest and Share of Profit
in Associate
Less: Profit attributable to minority interests (Refer note 41(2))
Add : Share of profit/Loss in associate (Refer note 41(3))

Profit for the year

2013

2012

9870.48
0.00
0.00
0.00
9870.48
67.40
9937.88
0.00
0.00
411.25
5299.53
38.46
-0.67
37.79
3086.74
8835.31
1552.28
1141.04
0.00
1102.58
0.00
206.44
0.00
-55.43
3.84
154.86

15000.12
0.00
0.00
0.00
15000.12
138.24
15138.36
0.00
0.00
444.86
7717.84
62.95
10.28
73.23
5116.53
13352.45
2293.71
1848.86
100.45
1886.36
0.00
472.43
32.50
-25.70
-42.55
436.68

22386.28
0.00
0.00
0.00
22386.28
117.38
22503.66
0.00
0.00
471.51
11408.06
139.93
1.58
141.51
7622.30
19643.38
3471.72
3000.21
-13.05
2847.24
0.00
859.22
-7.87
-39.95
-45.79
765.60

947.72
1.91
0.00
945.82

1449.67
31.46
35.34
1453.54

2081.63
86.14
-5.43
1990.05

Earnings per equity share (face value per share `2 each)

Basic
Diluted

5.58
5.49

10.86

8.19
8.08

10.56

Note:

Total outstanding shares for common equity

Total outstanding shares for diluted equity
Effective tax rate
Average Effective tax rate

169.42
172.3

177.39
179.93

183.18
188.48

14%

23%

27%

Dividends paid

61.5

124.56

173.53

2014

26915.72
0.00
27.39
-2.72
26940.40
328.97
27269.36
0.00
25.72
539.53
13804.03
181.99
75.69
257.68
9334.48
23961.44
4029.45
3489.91
122.41
3430.33
0.00
1159.42
0.00
0.00
-218.59
940.82
2489.51
0.00
0.00
2489.50

13.3
12.95

187.19
192.25
27%
23%

213.47

Consolidated Cash Flow Statement

PARTICULARS

2011

2012

1102.58
Adjustments for
0.00
(Profit) / loss on sale of fixed assets (net)
2.06
Depreciation / Amortization / Diminution
411.25
Expense on Employee Stock Option Schemes
0.37
Interest paid
37.79
Interest income
-31.67
Dividend income
-33.94
Provision for diminution in value of investments
0.00
Exchange differences on translation of foreign currency cash
-30.71
and cash equivalents
0.00
Unrealised foreign exchange (Gain) / Loss
9.51
Profit on sale of Business Assets
0.00
Total adjustment
364.66
Operating Profit before working capital changes
1467.24
Adjustments for changes in working capital:
0.00
Increase / (Decrease) in Other Long Term Liabilities
41.10
Increase / (Decrease) in Long Term Provisions
9.53
Increase / (Decrease) in Trade Payables
350.82
Increase / (Decrease) in Other Current Liabilities
162.42
Increase / (Decrease) in Short Term Provisions
15.41
(Increase) / Decrease in Long term Loans and Advances
-4.70
(Increase) / Decrease in Other Non Current Asset
-3.24
(Increase) / Decrease in Inventories
0.00
(Increase) / Decrease in Trade Receivables
-816.21
(Increase) / Decrease in Short term Loans and Advances
-176.55
(Increase) / Decrease in Other Current Assets
-152.11
Total Working capital (Increase)/Devrease
-573.51
Cash generated from operations
893.73
Contribution to / (Utilisation from) Community Foundation Reserve and Employee Welfare Fund -1.32
Taxes Paid
-249.17
Net cash from operating activities
643.24

1886.35
0.00
0.55
444.86
3.56
73.24
-17.19
-37.04
0.00
20.30
0.00
-128.46
-100.45
259.37
2145.72
0.00
-38.95
-30.30
514.92
0.65
94.77
-45.07
-7.68
0.00
-1438.41
-10.89
91.21
-869.75
1275.96
-3.05
-268.38
1004.53

B] CASH FLOW FROM INVESTING ACTIVITIES

0.00
-608.98
6.04
-2088.03
-98.15
0.00
-278.13

`
A] CASH FLOW FROM OPERATING ACTIVITIES
Net profit / ( loss) before tax

Purchase of Fixed Assets

Proceeds from Sale of Fixed Assets
Investment in Equity Shares of Subsidiaries

Investment in Equity Shares of Assosiate

Purchase of shares from minority shareholders

Investment in Preference Shares of Subsidiary -

0.00
-422.11
2.63
-462.89
0.00
0.00
0.00

(Purchase)/Sale of Mutual Fund Investments

Proceeds from Sale of Business Assets
Loan (given to) / repaid by Employee Welfare trust
Interest received
Dividend received from Mutual Fund Investments
Fixed Deposit with banks (net) having maturity over three months
Net Cash from / (used in) investing activities
C] CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Long term loan from banks
Repayment of Long term loan from banks
Proceeds from Long term loan from other than banks
Repayment of Long term loan from other than banks
Proceeds from issue of Share Capital and application money
Share Issue expenses for Preferential Allotment
Proceeds from Working Capital loan (net)
Proceeds from KPIT shares issued by EWT

Proceeds/(Repayment) of Short-Term Borrowings

Dividend paid including corporate dividend tax
Interest and finance charges
Net cash from /(used in) financing activities
D] Exchange differences on translation of foreign currency
cash and cash equivalents
Net Increase / (Decrease ) in Cash and cash equivalents(A + B+ C+ D )
Cash & cash equivalents at close of the year
Cash & cash equivalents at beginning of the year
Add : Cash & cash equivalents on acquisition of subsidiaries
Cash Surplus / (deficit) for the year

270.48
0.00
-156.84
21.16
33.94
38.66
-674.98
0.00
0.00
-94.49
0.00
0.00
-131.01
1233.70
-30.38
128.16
0.00
39.36
-64.21
-38.14
1043.00
30.71
0.00
1041.97
2079.99
1000.86
37.16
1041.97

111.81
64.99
3.00
28.81
37.04
-6.37
-2827.98
0.00
0.00
825.99
0.00
0.00
-218.89
65.01
0.00
595.79
0.00
-42.97
-71.54
-69.33
1084.06
-20.30
0.00
-759.69
1466.61
2079.99
146.30
-759.69

2013

2014

2847.23
0.00
0.65
471.51
0.00
141.51
-17.91
-54.26
94.48
-4.48
0.00
-113.22
-81.43
436.84
3284.08
0.00
-2.15
39.03
147.50
21.23
30.68
-80.21
4.93
0.00
-440.23
-143.95
-659.66
-1082.84
2201.23
0.00
-997.77
1203.46

3430.33
0.00
-0.45
539.53
0.00
181.99
-30.02
-127.89
0.00
3.63
0.00
176.52
-122.41
620.91
4051.23
0.00
0.00
90.90
-178.75
417.23
-11.36
57.69
-69.83
-34.26
-2048.60
-142.74
189.66
-1730.05
2321.18
0.00
-1291.34
1029.84

0.00
-700.67
2.85
-1113.40
0.00
-141.91
0.00

0.00
-689.04
5.13
-1461.89
0.00
-270.24
0.00

-1671.77
81.43
-8.00
18.08
54.26
-23.96
-3503.08
0.00
0.00
1090.08
-111.94
106.75
-31.11
1705.98
-43.74
278.69
0.00
0.00
-144.83
-128.24
2721.62
4.48
0.00
426.49
1893.10
1466.61
0.00
426.49

295.13
122.41
0.00
27.37
127.89
-64.78
-1908.03
0.00
0.00
191.25
-181.17
-100.23
-38.38
75.02
0.00
1176.02
43.86
0.00
-196.76
-178.93
790.68
-3.63
0.00
-91.14
1812.79
1893.10
10.83
-91.14

2011

2012

15.73%
11.56%
11.17%
9.60%
5.58

15.29%
12.33%
12.58%
9.66%
8.19

26.51

18.06
46.78%

4%

6%

28861.00
30825.92
181.95
19.86
27.02

28861.00
29511.78
166.37
12.87
15.96

Return on Assets

19%
8%
10%

22%
9%
11%

Liquidity Ratios
Current ratio (x)
Quick Ratio (Ex. Inventories)
Acid Test Ratio (Ex. Inventories and AR)
Cash Ratio

2.00
2.00
1.15
0.94

1.48
1.48
0.55
0.39

Balance sheet and Leverage Ratio's

Debt ratio
Debt / Capital
Debt - to - Equity Ratio

0.04
0.05
0.05

0.09
0.14
0.17

Balance Sheet Structure

Fixed Assets
Investments
Cash
Net current assets (excluding cash)
Total

17%
5%
23%
37%
82%

14%
4%
11%
41%
70%

Profit Margin
EBITDA (%)
EBIT (%)
Pre - Tax Margins (%)
PAT (%)
EPS (Rs)

Valuation
P / E (x) (considering Current Market Price) Rs.
Earnings growth (%)
Yields
Earnings yield (%)
Enterprise Value Ratio's
Current Market Cap (Million Rupess)
Enterprise value (Rs m) (current)
Enterprise value / share (x)
EV / EBITDA (x)
EV / EBIT (x)
Performance Ratio's
RoE (%)
RoCE (%)

148
33.93%

2013

2014

15.51%
13.40%
12.72%
9.30%
10.86

14.96%
12.95%
12.73%
9.24%
13.30

13.62
32.58%

11.13
22.42%

7%

9%

28861.00
29322.73
160.08
8.45
9.77

28861.00
29468.37
157.42
7.31
8.44

23%
10%
11%

22%
12%
12%

1.79
1.79
0.96
0.71

1.71
1.71
0.74
0.53

0.09
0.13
0.15

0.07
0.11
0.12

11%
12%
11%
46%
80%

10%
9%
9%
47%
75%

DuPont Analysis
Sales
26,916
Cost of Sales
26

Earnings
Available
2,553

Income Statement

Operating
Expense

divided by

13,880
Interest Expense

Sales

182

26,916

Tax Expense
941
Others
9,334

Sales
26,916
Current Assets

Balance Sheet

11,897
+
Net Fixed Assets
(PPE)
9,337

divided by

Total Assets
21,234

Total Liabilities
8,483
Current Liabilities
6,949

+
Long Term Debt
1,534

Stockholder
Equity (SE)
12,751

Analysis

Net Profit Margin

9.5%

multiplied by

Return on Total Assets

(ROA)
12.0%

Total Asset
Turnover
1.27

multiplied by

Return on
Common Equity
(ROE)
20.0%

Total Liab + SE =
Total Assets
21,234

divided by

Financial Leverage
multiplier
1.67

Common stock
equity
12,751

Master Input Sheet

Do you want to capitalize R&D expenses?
Do you want to convert operating leases to debt?
Do you want to normalize operating income?

No
No
No

Inputs
From Current Financials
Current EBIT =
Current Interest Expense =
Current Capital Spending
Current Depreciation & Amort'n =
Tax rate (for computing after-tax operating income) =
Marginal tax rate =
Current Revenues =
Current Non-cash Working Capital =
Chg. Working Capital =
Book Value of Debt =
Book Value of Equity =

INR 3,489.91
INR 181.99
INR 156.24
INR 539.53
27.43%
33.99%
INR 27,269.36
INR 5,756.70
INR 2,283.08
INR 4,389.86
INR 12,751.21

Cash & Marketable Securities =

INR 3,649.19

Value of Non-operating Assets =

Minority Interests (this is a liability) =
Price to Book Ratio of sector with minority holdings =
Market Data for your firm
Is your stock currently traded?
If yes, enter the following:
Current Stock Price =
Number of shares outstanding =
Market Value of Debt =
If no, enter the following
Would you like to use the book value debt ratio?
If no, enter the debt ratio to use in valuation
General Market Data
Long Term Treasury bond rate=
Mature Market Equity Premium =
Country Equity Risk Premium =
Exchange Rate for fiscal year items (BR/$) =
Exchange Rate for currrent price conversions =
Ratings
Do you want to estimate the firm's synthetic rating =
If yes, choose the type of firm
If not, what is the current rating of the firm?
Enter the cost of debt associated with the rating =
Options
Do you have equity options (management options, warrants) outstanding?
If yes, enter the number of options
Average strike price
Average maturity
Standard Deviation in stock price
Do you want to use the stock price to value the option or your estimated value?

INR 0.00
$0.00

Yes
INR 148.00
187.19
INR 4,389.86
No
35%

8.60%
5.00%
8.30%
R$ 1.00
R$ 1.00
yes
2
AAA
9.10%

No
2.23
R$ 13.85
1.5
30%
P

Valuation Inputs
High Growth Period
Length of high growth period =
Beta to use for high growth period for your firm=
Lambda to use for your firm (for both high growth and stable growth) =
Do you want to keep the debt ratio computed from your inputs?
If yes, the debt ratio that will be used to compute the cost of capital is
If no, enter the debt ratio that you would like to use in the high growth period
Do you want to keep the existing ratio of working capital to revenue?
If yes, the working capital as a percent of revenues will be
If no, enter the ratio of working capital to revenues to use in analysis
Do you want to compute your growth rate from fundamentals?
If no, enter the expected growth rate in operating income for high growth period
If yes, the inputs to the fundamental growth calculation (based upon your inputs) are
Return on Capital =
Reinvestment Rate =
Do you want to change these inputs?
Return on Capital =
Reinvestment Rate =
Do you want me to gradually adjust your high growth inputs in the second half?

10
0.41
0
Yes
13.68%
14.00%
Yes
21.11%
12%
Yes
15%
18.62%
26.85%
No
18.62%
39.00%
Yes

Stable Growth Period

Growth rate during stable growth period =
5.00%
Beta to use in stable growth period =
0.80
Country Risk premium for equity in stable growth period =
8.30%
Debt Ratio to use in stable growth period =
13.68%
Pre-tax cost of debt in stable growth period =
6.50%
Tax Rate to use in stable growth period =
33.99%
To compute the reinvestment rate in stable growth, you have two options
Do you want to compute reinvestment needs in stable growth based on fundamentals?
Yes
If yes, enter the return on capital that the firm will have in stable growth
14.00%
If no, enter capital expenditure as % of depreciation in stable growth
29%

! Yes or No
! Yes or No

Go to R&D Converter
Go to Operating lease converter
Go to Earnings Normalizer

! If negative, go back and choose to normalize earnings.

no
no
Previous year-end
INR 22,503.66
Previous year-end
INR 3,212.57
INR 10,362.42
INR 3,957.41
INR 0.00

Average maturity of debt =

R$ 1.00

! If yes, use the rating estimator worksheet that is attached

(in percent)

0.145
0.131

Rupees
Normalized EBIT (before adjustments)
Adjusted EBIT =
Adjusted Interest Expense =
Adjusted Capital Spending
Adjusted Depreciation & Amort'n =
Tax Rate on Income =
Marginal tax rate =
Current Revenues =
Current Non-cash Working Capital =
Chg. Working Capital =
Adjusted Book Value of Debt =
Adjusted Book Value of Equity =
Invested Capital

Input Summary
Dollar

INR 3,489.91
INR 3,489.91
INR 539.53
INR 156.24
INR 539.53
27.43%
33.99%
INR 27,269.00
INR 3,041.00
INR 2,283.08
INR 7,198.00
INR 10,362.42
INR 13,603.00

INR 3,489.91
INR 3,489.91
INR 539.53
INR 156.24
INR 539.53
27.43%
33.99%
INR 27,269.00
INR 3,041.00
INR 2,283.08
INR 7,198.00
INR 10,362.42
INR 13,603.00

Length of High Growth Period =

Growth Rate =
Debt Ratio used in Cost of Capital Calculation=
Beta used for stock =
Lambda used for stock =
Riskfree rate =
Mature Market Equity Premium =
Country Risk Premium =
Cost of Debt =
Tax Rate for computing income=
Marginal tax rate =
Return on Capital =
Reinvestment Rate =

10
5.00%
13.68%
0.41
0.00
8.60%
5.00%
8.30%
9.10%
27.43%
33.99%
18.62%
26.85%

Forever
5.00%
13.68%
0.80
0.00
8.60%
5.00%
8.30%
6.50%
33.99%
33.99%
15.00%
35.71%

Cost of Equity =
Equity/(Debt+Equity ) =
After-tax Cost of debt =
Debt/(Debt +Equity) =
Cost of Capital =

10.65%
86.32%
6.01%
13.68%
10.01%

Output from the program

Intermediate Output
Expected Growth Rate
5.00%
Working Capital as percent of revenues =
21.11%
The FCFF for the high growth phase are shown below (upto 10 years)
Current
1
Expected Growth Rate
5.00%
Cumulated Growth
105.00%
Reinvestment Rate
26.85%
EBIT * (1 - tax rate)
INR 2,532.75
INR 2,659.39
- (CapEx-Depreciation)
-INR 383.29
INR 426.33
-Chg. Working Capital
INR 2,283.08
INR 287.83
Free Cashflow to Firm
INR 632.96
INR 1,945.23
Cost of Capital
10.01%
Cumulated Cost of Capital
1.1001
Present Value
$1,768
Growth Rate in Stable Phase =

5.00%

(in percent)
2
5.00%
110.25%
26.85%
INR 2,792.35
INR 447.64
INR 302.22
INR 2,042.49
10.01%
1.2103
$1,688

Reinvestment Rate in Stable Phase =

FCFF in Stable Phase =
Cost of Equity in Stable Phase =
Equity/ (Equity + Debt) =
AT Cost of Debt in Stable Phase =
Debt/ (Equity + Debt) =
Cost of Capital in Stable Phase =
Value at the end of growth phase =

33.33%
$2,626.73
12.60%
86.32%
4.29%
13.68%
11.46%
$40,639.82

Valuation
Present Value of FCFF in high growth phase =
Present Value of Terminal Value of Firm =
Value of operating assets of the firm =
Value of Cash, Marketable Securities & Non-operating assets =
Value of Firm =
Market Value of outstanding debt =
Minority Interest in consolidated holdings =
Market Value of Equity =
Value of Equity in Options =
Value of Equity in Common Stock =
Market Value of Equity/share =
Year 2014

Market Value of Equity/share in BR =

Year
EBIT (1-t)
- Reinvestment
FCFF

1
2659
714
1945

2
2792
750
2042

3
2932
787
2145

ut Summary

the program

3
5.00%
115.76%
26.85%
INR 2,931.97
INR 470.03
INR 317.33
INR 2,144.61
10.01%
1.3315
$1,611

4
5
6
7
8
9
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
121.55%
127.63%
134.01%
140.71%
147.75%
155.13%
26.85%
26.85%
28.15%
29.45%
30.74%
32.04%
INR 3,078.57 INR 3,232.50 INR 3,394.12 INR 3,563.83 INR 3,742.02 INR 3,929.12
INR 493.53
INR 518.20
INR 588.09
INR 663.68
INR 745.35
INR 833.54
INR 333.20
INR 349.86
INR 367.35
INR 385.72
INR 405.01
INR 425.26
INR 2,251.84 INR 2,364.44 INR 2,438.68 INR 2,514.43 INR 2,591.66 INR 2,670.33
10.01%
10.01%
10.30%
10.59%
10.88%
11.17%
1.4649
1.6116
1.7777
1.9660
2.1800
2.4236
$1,537
$1,467
$1,372
$1,279
$1,189
$1,102

Valuation
INR 14,030.25
INR 15,044.02
INR 29,074.27
INR 3,649.19
INR 32,723.46
INR 4,389.86
INR 0.00
INR 28,333.60
INR 0.00
INR 28,333.60
INR 151.36

INR 151.36
4
3079
827
2252

5
3232
868
2364

6
3394
955
2439

7
3564
1049
2514

8
3742
1150
2592

9
3929
1259
2670

10
4126
1375
2750

10
5.00%
162.89%
33.33%
INR 4,125.58
INR 928.67
INR 446.52
INR 2,750.39
11.46%
2.7014
$1,018

Terminal Year

INR 3,940.09
INR 844.52
INR 468.85
INR 2,626.73

Normalizing Earnings
Approach used to normalize earnings =

If historical average,
Average Earnings before interest and taxes =

970

If historical average ROC,

Historical average pre-tax return on capital =

22%

If sector margin
Pre-tax Operating Margin for Sector =

10.96%

Normalized Earnings before interest and taxes =

$970.00

! Look at industry average

Worksheet for normalization (Last 5 years of data)

-5
6571
1243
18.92%

-4
10231
1740
17.01%

-3
9133
794
8.69%

-2
8342
546
6.55%

-1
9983
527
5.28%

282
26.07

-112
305.82

-27
915.03

151.76
-222.74

196.02
1502.9

Inventory
Accounts Rec
Other Current assets
Accounts Payable
Other Current Liabilities

367.38
74.48
34.23
190.06
259.96

682.72
149.74
57.17
248.98
334.83

1281.06
537.37
174.73
358.23
719.9

Net Cap ex as % of EBIT (1-t)

Non-cash WC as % of Revenue

0.00%
5.71%

Normalized reinvestment =

$0.01

Revenues
EBIT
Operating Margin
Net Cap ex
Non-cash WC

1121.56
314.02
291.92
521.17
1429.07

2371.09
1386.19
474.46
615.72
2113.12

dustry average

Total
44260
4850
10.96%
490.78
2527.08

R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.
Inputs
Over how many years do you want to amortize R&D expenses
3
! If in doubt, use the lookup table below
Enter the current year's R&D expense =
$1,594.00 The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year
-1
-2
-3
0
0
0
0
0
0
0
Output
Year
Current
-1
-2
-3
0
0
0
0
0
0
0

R& D Expenses
1026.00 ! Year -1 is the year prior to the current year
698.00
! Year -2 is the two years prior to the current year
399.00
211.00
89.00

R&D Expense
1594.00
1026.00
698.00
399.00
211.00
89.00
0.00
0.00
0.00
0.00
0.00

Unamortized portion
1.00
1594.00
0.67
684.00
0.33
232.67
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Value of Research Asset =

Amortization of asset for current year =
Adjustment to Operating Income =
Tax Effect of R&D Expensing

$2,510.67

Amortization this year

$342.00
$232.67
$133.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$707.67

$707.67

$886.33 ! A positive number indicates an increase in operating income (add to reported EBIT
#########

Look Up Table for Amortization Periods

Industry Name Amortization Period

Advertising
2
Aerospace/Defense
10
Air Transport
10
Aluminum
5
Apparel
3
Auto & Truck
10
Auto Parts (OEM)
5
Auto Parts (Replacement) 5
Bank
2
Bank (Canadian)
2
Bank (Foreign)
2

Non-technological Service2 years

Retail, Tech Service
3 years
Light Manufacturing
5 years
Heavy Manufacturing 10 years
Research, with Patenting 10 years
Long Gestation Period 10 years

Bank (Midwest)
2
Beverage (Alcoholic)
3
Beverage (Soft Drink)
3
Building Materials
5
Cable TV
10
Canadian Energy
10
Cement & Aggregates
10
Chemical (Basic)
10
Chemical (Diversified)
10
Chemical (Specialty)
10
Coal/Alternate Energy
5
Computer & Peripherals
5
Computer Software & Svcs 3
Copper
5
Diversified Co.
5
Drug
10
Drugstore
3
Educational Services
3
Electric Util. (Central)
10
Electric Utility (East)
10
Electric Utility (West)
10
Electrical Equipment
10
Electronics
5
Entertainment
3
Environmental
5
Financial Services
2
Food Processing
3
Food Wholesalers
3
Foreign Electron/Entertn
5
Foreign Telecom.
10
Furn./Home Furnishings
3
Gold/Silver Mining
5
Grocery
2
Healthcare Info Systems
3
Home Appliance
5
Homebuilding
5
Hotel/Gaming
3
Household Products
3
Industrial Services
3
Insurance (Diversified)
3
Insurance (Life)
3
Insurance (Prop/Casualty) 3
Internet
3
Investment Co. (Domestic) 3
Investment Co. (Foreign) 3
Investment Co. (Income)
3
Machinery
10
Manuf. Housing/Rec Veh 5
Maritime
10
Medical Services
3
Medical Supplies
5
Metal Fabricating
10
Metals & Mining (Div.)
5
Natural Gas (Distrib.)
10
Natural Gas (Diversified) 10

Newspaper
Office Equip & Supplies
Oilfield Services/Equip.
Packaging & Container
Paper & Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Cap Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Textile
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking/Transp. Leasing
Utility (Foreign)
Water Utility

3
5
5
5
10
5
5
5
3
3
5
5
2
2
2
2
2
5
5
3
5
5
10
5
5
2
5
5
3
5
10
10

ments to operating income, net

up table below

e amortization period

ng income (add to reported EBIT)

Operating Lease Converter

Inputs
Operating lease expense in current year =
Operating Lease Commitments (From footnote to financials)
Year
Commitment ! Year 1 is next year, .
1
$ 156.00
2
$ 143.00
3
$ 122.00
4
$ 109.00
5
$ 97.00
6 and beyond $ 448.00

$121.00

Output
Pre-tax Cost of Debt =

5.50%

! If you do not have a cost of debt, use the ratings estimator

From the current financial statements, enter the following

Reported Operating Income (EBIT) =
Reported Debt =
Number of years embedded in yr 6 estimate =

$2,768.38 ! This is the EBIT reporte

$7,105.46 ! This is the interest-beari
3

Converting Operating Leases into debt

Year
CommitmentPresent Value
1 $ 156.00
$147.87
2 $ 143.00
$128.48
3 $ 122.00
$103.90
4 $ 109.00
$87.99
5 $ 97.00
$74.22
6 and beyond $ 149.33
$308.27 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =
$ 850.71
Restated Financials
Depreciation on Operating Lease Asset =
Adjustment to Operating Earnings =
Adjustment to Total Debt outstanding =

! I use the average lease e

to estimate the number of

verter

! This is the EBIT reported in the current income statement

! This is the interest-bearing debt reported on the balance sheet
! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6

$106.34 ! I use straight line depreciation

$46.79 ! PV of operating leases * Pre-tax cost of debt
$ 850.71

Inputs for synthetic rating estimation

Enter the type of firm =

2 (Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial serv
Enter current Earnings before interest and taxes (EBIT) =
$3,489.91
Enter current interest expenses =
$181.99
Enter current long term government bond rate =
8.60%
Output
Interest coverage ratio =
19.18
Estimated Bond Rating =
AAA
Estimated Default Spread =
0.50%
Estimated Cost of Debt =
9.10%
For large manufacturing firms
If interest coverage ratio is
>
to
-100000
0.199999
0.2
0.649999
0.65
0.799999
0.8
1.249999
1.25
1.499999
1.5
1.749999
1.75
1.999999
2
2.2499999
2.25
2.49999
2.5
2.999999
3
4.249999
4.25
5.499999
5.5
6.499999
6.5
8.499999
8.50
100000

Rating is
D
C
CC
CCC
BB
B+
BB
BB+
BBB
AA
A+
AA
AAA

Spread is
15.00%
12.00%
10.00%
8.50%
5.50%
5.25%
4.25%
4.00%
3.50%
2.00%
1.50%
1.25%
1.00%
0.75%
0.50%

For smaller and riskier firms

If interest coverage ratio is
greater than
to
-100000
0.499999
0.5
0.799999
0.8
1.249999
1.25
1.499999
1.5
1.999999
2
2.499999
2.5
2.999999
3
3.499999
3.5
3.9999999
4
4.499999
4.5
5.999999
6
7.499999
7.5
9.499999
9.5
12.499999
12.5
100000

Rating is
D
C
CC
CCC
BB
B+
BB
BB+
BBB
AA
A+
AA
AAA

Spread is
15.00%
12.00%
10.00%
8.50%
5.50%
5.25%
4.25%
4.00%
3.50%
2.00%
1.50%
1.25%
1.00%
0.75%
0.50%

For financial service firms

If long term interest coverage ratio is
greater than
-100000
0.05
0.1
0.2
0.3
0.4
0.5
0.6
0.75
0.9
1.2
1.5
2
2.5
3

maller or riskier firm, 3 if financial service firm)

(Add back only long term interest expense for financial firms)
(Use only long term interest expense for financial firms)

ial service firms

to
0.049999
0.099999
0.199999
0.299999
0.399999
0.499999
0.599999
0.749999
0.899999
1.199999
1.49999
1.99999
2.49999
2.99999
100000

Rating is
D
C
CC
CCC
BB
B+
BB
BB+
BBB
AA
A+
AA
AAA

Spread is
15.00%
12.00%
10.00%
8.50%
5.50%
5.25%
4.25%
4.00%
3.50%
2.00%
1.50%
1.25%
1.00%
0.75%
0.50%

Operating Income Decline

15.00%
10.00%
8.00%
6.00%
5.00%
4.50%
4.00%
3.00%
2.50%
1.50%
1.30%
1.20%
1.15%
0.90%
0.70%

EBIT (1 -t) =
Expected growth rate in perpetuity =
Cost of capital =
Return on capital =
Reinvestment Rate =
Terminal Value =

$3,940.09
5.00%
11.46%
18.62%
26.85%
$44,589.46

Growth Rate
0%
1%
2%
3%
4%
5%

Reinvestment Rate
0.00%
5.37%
10.74%
16.11%
21.48%
26.85%

FCFF
$3,940
$3,728
$3,517
$3,305
$3,094
$2,882

Terminal value
$34,371
$35,633
$37,163
$39,053
$41,450
$44,589

Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Canadian Energy
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Food Wholesalers
Foreign Electronics
Furn/Home Furnishings
Grocery
Healthcare Information
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime

Number of firms Levered Beta

30
1.43
66
1.27
44
1.15
53
1.14
20
1.49
54
1.56
477
0.71
8
0.86
39
0.91
41
0.95
108
1.25
52
1.39
25
1.56
12
1.22
19
1.26
33
1.21
88
1.18
18
1.98
322
1.22
125
1.29
113
1.25
342
1.16
54
1.50
34
0.84
24
0.82
26
0.74
16
0.79
83
1.37
173
1.31
84
1.66
33
1.45
79
1.11
296
1.27
109
0.80
18
0.73
10
1.18
34
1.29
14
0.84
29
1.05
14
1.48
32
1.36
68
1.70
26
1.08
31
1.44
167
1.20
34
1.22
35
1.17
78
0.91
208
1.41
17
0.83
16
1.31
124
1.39
18
1.32
56
1.30

Unlevered Beta Std Dev: Equity

Market D/E Market Debt/Capital
0.87
80.69%
126.31%
55.81%
1.20
47.75%
27.21%
21.39%
0.86
60.46%
78.21%
43.89%
0.93
68.33%
44.32%
30.71%
0.76
34.92%
183.75%
64.76%
1.10
52.04%
94.19%
48.50%
0.47
27.49%
91.52%
47.79%
0.83
17.85%
10.36%
9.39%
0.66
27.13%
68.98%
40.82%
0.85
54.53%
19.02%
15.98%
1.27
69.85%
9.98%
9.08%
0.80
61.96%
103.11%
50.76%
0.95
44.91%
88.77%
47.03%
0.99
33.84%
35.70%
26.31%
1.10
37.09%
29.11%
22.55%
1.10
39.47%
26.70%
21.07%
0.98
57.61%
35.74%
26.33%
1.43
49.41%
48.02%
32.44%
1.33
71.38%
7.77%
7.21%
1.39
82.96%
18.36%
15.51%
0.60
48.51%
160.98%
61.68%
1.14
96.99%
14.51%
12.67%
1.76
57.18%
11.43%
10.26%
0.89
52.81%
2.22%
2.18%
0.49
21.09%
107.83%
51.88%
0.50
22.24%
73.30%
42.30%
0.50
18.64%
90.70%
47.56%
1.26
57.31%
23.53%
19.05%
1.23
79.26%
45.62%
31.33%
1.09
50.24%
79.23%
44.21%
2.33
70.79%
11.54%
10.35%
0.80
87.19%
49.86%
33.27%
0.45
62.78%
261.38%
72.33%
0.65
40.11%
35.15%
26.01%
0.54
46.75%
59.50%
37.30%
1.40
25.56%
42.29%
29.72%
0.94
43.85%
65.75%
39.67%
0.78
27.93%
13.91%
12.21%
1.04
50.75%
19.87%
16.58%
1.74
42.91%
9.49%
8.67%
0.65
44.28%
162.15%
61.85%
0.84
64.47%
142.62%
58.78%
0.95
37.34%
23.21%
18.84%
1.61
43.81%
18.42%
15.55%
0.98
63.50%
43.98%
30.55%
1.24
37.26%
21.88%
17.95%
1.27
50.74%
21.71%
17.84%
0.92
26.47%
1.89%
1.85%
1.66
86.31%
4.07%
3.91%
0.90
18.96%
14.84%
12.92%
1.36
28.87%
5.16%
4.90%
1.08
48.66%
55.77%
35.80%
1.38
47.67%
50.13%
33.39%
0.52
37.08%
185.73%
65.00%

Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Property Management
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Special Lines)
Retail Automotive
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Public/Private Equity
Funeral Services
Market

160
252
35
78
34
25
16
26
19
112
33
38
25
188
19
66
75
90
17
27
144
15
64
11
68
155
16
8
38
32
122
16
19
20
14
110
140
234
12
23
33
5
16
57
10
6
6870

1.10
1.17
1.56
1.69
1.20
0.69
1.16
1.11
0.89
1.56
1.27
1.20
1.34
1.24
0.94
1.63
1.41
1.47
1.38
1.24
1.35
1.25
1.41
0.91
1.26
1.26
1.31
1.01
1.01
1.37
1.81
1.78
1.23
1.71
1.96
1.49
1.43
0.66
0.71
0.95
1.17
1.23
0.86
1.54
2.08
1.41
1.19

0.90
1.13
1.55
1.48
0.85
0.43
0.72
0.84
0.53
1.27
0.81
0.64
1.30
0.97
0.81
0.95
1.37
1.59
0.46
0.62
0.92
0.99
1.01
1.00
1.09
1.22
0.93
0.86
0.86
0.37
2.11
2.20
1.39
1.53
1.54
1.87
1.06
0.69
0.69
0.79
0.66
0.85
0.57
1.28
0.48
1.02
0.93

86.84%
72.38%
60.00%
97.21%
35.65%
25.71%
34.32%
42.36%
36.90%
46.34%
39.90%
48.42%
37.35%
78.27%
30.96%
71.09%
67.33%
53.96%
32.79%
39.28%
36.52%
30.42%
57.75%
22.33%
48.95%
57.15%
35.23%
24.82%
40.30%
51.25%
59.20%
43.35%
39.32%
44.25%
49.03%
75.07%
82.14%
31.62%
29.69%
51.70%
38.85%
28.01%
35.87%
58.41%
45.59%
29.93%
56.57%

54.66%
13.28%
25.44%
21.94%
58.57%
85.33%
86.43%
60.35%
81.95%
42.35%
84.83%
118.10%
14.67%
37.57%
23.50%
107.88%
11.77%
22.65%
282.91%
137.13%
53.19%
41.53%
62.58%
11.37%
24.97%
26.07%
66.88%
26.35%
30.29%
462.27%
13.32%
13.62%
3.66%
32.18%
64.96%
12.71%
51.32%
9.71%
8.84%
38.50%
126.80%
62.82%
82.79%
36.37%
391.15%
67.25%
48.81%

35.34%
11.72%
20.28%
17.99%
36.94%
46.04%
46.36%
37.64%
45.04%
29.75%
45.90%
54.15%
12.79%
27.31%
19.03%
51.90%
10.53%
18.47%
73.88%
57.83%
34.72%
29.34%
38.49%
10.21%
19.98%
20.68%
40.08%
20.85%
23.25%
82.22%
11.75%
11.98%
3.53%
24.34%
39.38%
11.28%
33.91%
8.85%
8.12%
27.80%
55.91%
38.58%
45.29%
26.67%
79.64%
40.21%
32.80%

ROE
21.54%
25.52%
31.77%
16.38%
85.35%
19.79%
14.58%
23.19%
17.19%
24.85%
22.16%
13.03%
7.00%
20.83%
25.33%
26.45%
18.88%
13.96%
47.49%
49.14%
29.12%
26.23%
10.10%
48.89%
11.46%
13.38%
10.89%
24.82%
10.63%
8.08%
-5.09%
14.34%
14.91%
20.98%
15.36%
12.30%
12.64%
17.58%
43.47%
21.05%
-63.59%
17.10%
21.67%
16.30%
19.74%
32.04%
20.91%
20.44%
25.60%
647.73%
10.46%
23.51%
8.90%
19.95%

ROC
13.01%
19.53%
22.00%
18.05%
18.80%
21.81%
NA
NA
NA
18.98%
14.78%
11.35%
10.91%
25.35%
21.96%
23.67%
17.93%
20.13%
36.64%
32.96%
10.79%
22.57%
12.54%
46.84%
10.28%
11.64%
11.52%
20.50%
13.01%
9.98%
4.51%
13.67%
12.33%
15.64%
14.62%
16.90%
13.85%
17.38%
24.69%
18.45%
-23.17%
10.83%
17.10%
17.34%
18.18%
21.20%
NA
NA
26.46%
NA
NA
17.21%
9.47%
12.18%

Effective Tax Rate

Pre-tax Operating
After-tax
Margin
Operating
Net Margin
MarginCap Ex/ Depreciation
Non-cash WC/
Payout
Revenues
Ratio
18.90%
17.93%
11.95%
2.26%
66.89%
-15.13%
7.17%
24.10%
12.31%
8.31%
3.57%
115.91%
-0.61%
12.42%
23.00%
13.57%
11.05%
0.17%
158.61%
-8.01%
9.33%
17.21%
12.98%
10.18%
2.69%
141.22%
19.55%
8.42%
24.36%
13.10%
7.96%
0.57%
90.69%
13.27%
8.71%
19.61%
7.65%
5.56%
0.90%
94.73%
6.44%
17.95%
25.91%
NA
NA
NA
NA
NA
36.07%
15.08%
NA
NA
NA
NA
NA
46.75%
26.81%
NA
NA
NA
NA
NA
54.64%
16.46%
20.00%
14.75%
5.77%
115.01%
5.16%
23.38%
3.59%
26.91%
16.90%
8.33%
128.27%
4.60%
0.49%
18.44%
14.04%
10.51%
2.23%
130.86%
6.64%
14.30%
22.97%
34.41%
19.49%
3.28%
102.79%
-10.57%
11.78%
27.82%
40.66%
28.84%
9.48%
211.40%
-5.37%
11.45%
19.29%
15.05%
11.97%
6.40%
109.34%
11.16%
16.37%
25.47%
19.87%
14.14%
5.55%
118.69%
13.88%
19.75%
18.99%
14.08%
9.75%
2.69%
109.81%
11.64%
17.73%
10.52%
18.05%
15.76%
4.53%
139.17%
4.69%
20.71%
12.65%
24.51%
17.24%
8.24%
89.63%
-6.37%
10.17%
9.90%
11.61%
8.78%
3.55%
95.27%
-0.69%
6.33%
20.23%
22.39%
17.93%
4.85%
146.86%
91.24%
20.12%
5.96%
30.15%
22.65%
8.38%
61.72%
10.48%
25.99%
13.09%
12.69%
8.76%
3.38%
146.25%
-14.07%
1.20%
20.80%
17.36%
11.69%
5.63%
106.44%
-11.48%
2.31%
33.02%
21.86%
14.67%
3.61%
218.97%
5.39%
31.65%
32.09%
25.85%
17.24%
4.49%
206.28%
5.64%
29.52%
30.47%
24.38%
16.51%
3.72%
218.34%
1.50%
24.77%
14.23%
15.75%
11.48%
4.96%
126.55%
12.14%
13.79%
11.87%
7.57%
5.61%
1.40%
122.53%
12.65%
7.35%
17.17%
23.75%
15.00%
3.66%
91.06%
-0.16%
11.91%
13.67%
3.93%
1.77%
-1.45%
66.84%
-6.03%
NA
15.45%
21.85%
13.42%
3.48%
99.42%
3.48%
22.11%
17.93%
85.68%
76.59%
-22.60%
258.58%
28.75%
22.83%
21.67%
11.98%
8.59%
2.98%
123.88%
6.15%
14.65%
27.39%
5.66%
3.75%
0.94%
122.12%
0.94%
11.15%
37.04%
13.50%
7.43%
1.67%
87.71%
8.53%
9.77%
23.99%
10.51%
7.04%
1.43%
84.73%
13.15%
13.14%
32.96%
5.87%
3.81%
1.06%
165.00%
-0.29%
6.47%
16.47%
20.66%
14.16%
7.79%
84.61%
4.58%
3.84%
34.26%
5.98%
3.85%
2.23%
142.75%
1.17%
3.83%
6.13%
-16.16%
-16.36%
-10.34%
72.88%
57.77%
NA
17.97%
22.98%
15.26%
3.26%
330.71%
-3.58%
10.47%
29.87%
21.24%
15.33%
5.90%
94.67%
5.69%
21.58%
29.77%
5.69%
3.31%
1.20%
81.85%
5.48%
7.33%
19.26%
11.76%
8.27%
2.03%
134.26%
6.88%
5.16%
20.44%
21.26%
14.72%
5.92%
98.29%
-1.64%
5.47%
25.86%
NA
NA
NA
192725.00%
NA
23.35%
20.26%
NA
NA
NA
38706.98%
NA
14.29%
7.50%
19.23%
13.94%
6.53%
133.62%
-6.83%
0.20%
0.00%
NA
NA
NA
20.00%
NA
NA
2.11%
NA
NA
NA
84.21%
NA
36.72%
22.71%
13.72%
9.49%
3.49%
134.95%
16.14%
10.21%
14.98%
3.83%
2.37%
-1.61%
81.33%
5.71%
9.05%
7.08%
30.66%
29.09%
13.32%
523.30%
7.18%
17.67%

24.56%
23.17%
22.01%
30.86%
14.31%
12.36%
13.96%
19.85%
15.81%
25.10%
15.41%
5.75%
26.14%
16.75%
11.99%
19.05%
3.32%
15.26%
9.58%
-66.38%
8.95%
15.12%
14.49%
17.04%
29.70%
23.03%
16.17%
21.07%
19.89%
-11.10%
22.18%
32.37%
28.40%
27.03%
20.96%
35.37%
16.18%
6.69%
70.43%
98.41%
12.03%
3.89%
0.63%
7.85%
17.72%
15.04%
20.64%

18.25%
20.34%
21.33%
27.62%
15.08%
12.02%
11.21%
15.81%
11.69%
20.50%
17.06%
11.21%
25.61%
23.41%
12.17%
11.71%
8.54%
16.76%
9.81%
20.12%
8.49%
13.91%
14.02%
NA
22.15%
22.65%
11.67%
17.82%
15.19%
15.35%
28.67%
29.91%
28.46%
21.54%
19.41%
26.58%
22.22%
NA
32.64%
23.11%
12.67%
9.93%
8.11%
10.21%
6.46%
11.67%
17.73%

18.36%
12.51%
20.43%
9.29%
24.19%
24.52%
23.53%
22.76%
9.48%
22.07%
24.65%
13.66%
33.79%
13.98%
21.13%
6.25%
5.94%
14.38%
19.27%
20.73%
1.21%
30.62%
19.12%
8.87%
20.10%
23.08%
34.23%
28.12%
25.68%
22.16%
10.48%
22.03%
30.35%
29.15%
29.90%
12.08%
15.90%
17.04%
20.25%
23.28%
33.19%
15.01%
35.46%
14.08%
6.70%
33.26%
16.67%

12.69%
11.53%
14.65%
36.00%
34.06%
14.77%
21.90%
9.94%
15.24%
26.36%
13.39%
12.24%
17.96%
38.57%
6.41%
18.09%
32.80%
16.31%
35.51%
17.26%
18.11%
31.92%
19.56%
NA
16.35%
9.37%
6.72%
11.59%
6.93%
33.95%
27.73%
23.75%
12.52%
12.53%
18.78%
13.97%
39.80%
NA
9.68%
12.03%
13.28%
15.29%
40.45%
18.28%
53.29%
20.82%
20.77%

8.16%
8.54%
10.22%
25.33%
23.75%
10.36%
16.06%
6.92%
12.24%
19.65%
10.04%
10.31%
10.45%
26.43%
4.13%
12.74%
23.79%
12.59%
27.99%
10.27%
16.08%
20.60%
15.62%
NA
13.16%
6.06%
4.31%
7.31%
4.47%
25.61%
21.97%
17.41%
8.44%
8.29%
14.41%
10.62%
28.38%
NA
6.66%
7.97%
8.54%
9.47%
25.93%
11.63%
47.57%
13.16%
14.61%

2.38%
3.60%
2.71%
5.94%
9.41%
2.30%
2.18%
1.74%
4.25%
8.24%
1.97%
0.80%
5.11%
6.99%
1.43%
2.50%
9.32%
4.11%
4.02%
1.30%
61.19%
7.24%
4.49%
NA
4.10%
1.82%
1.26%
2.26%
1.56%
-1.40%
4.69%
4.57%
1.68%
4.36%
5.67%
2.81%
3.45%
NA
3.00%
3.04%
0.95%
0.01%
3.63%
3.52%
22.90%
2.96%
3.44%

146.47%
98.75%
195.35%
251.65%
281.53%
146.56%
71.55%
83.36%
373.42%
268.73%
95.74%
90.62%
186.98%
291.48%
163.33%
197.18%
230.19%
51.15%
608.41%
89.69%
607.00%
190.87%
201.19%
NA
178.56%
139.68%
233.04%
242.53%
202.23%
166.76%
110.68%
95.15%
135.60%
187.15%
124.02%
71.60%
190.13%
NA
331.23%
117.56%
682.72%
143.73%
262.28%
82.96%
15.66%
116.53%
158.90%

-6.66%
6.59%
10.84%
5.81%
-3.94%
5.17%
3.05%
9.33%
-0.45%
12.70%
5.96%
11.37%
2.22%
2.89%
5.33%
6.96%
0.02%
10.13%
-17.86%
4.17%
-4.12%
-4.11%
-0.80%
NA
-5.11%
6.30%
12.86%
5.07%
1.53%
120.39%
8.97%
15.62%
16.15%
14.33%
15.49%
0.25%
-10.85%
NA
0.78%
8.54%
5.27%
4.62%
1.68%
6.91%
33.11%
0.96%
9.07%

0.86%
15.25%
10.49%
10.00%
13.80%
30.14%
9.12%
10.66%
39.70%
6.06%
12.39%
28.92%
14.04%
5.13%
6.20%
0.19%
19.95%
4.96%
23.90%
80.61%
115.46%
14.10%
21.67%
12.85%
21.18%
9.70%
1.96%
14.55%
11.18%
28.02%
21.82%
5.01%
11.89%
9.43%
6.35%
13.06%
21.11%
64.16%
32.09%
16.72%
8.06%
0.00%
274.15%
1.53%
23.46%
17.83%
16.22%

Reinvestment Rate Sales/CapitalEV/Sales

-1.16%
1.09
0.94
-0.05%
2.35
0.73
13.68%
1.99
0.65
-0.71%
1.77
0.64
6.48%
2.36
0.51
-4.20%
3.92
0.29
0.00%
NA
NA
0.00%
NA
NA
0.00%
NA
NA
5.26%
1.29
1.99
6.79%
0.87
5.71
9.21%
1.08
0.85
3.61%
0.56
2.20
28.10%
0.88
1.61
-6.47%
1.84
0.88
-9.92%
1.67
1.15
-2.32%
1.84
0.90
5.35%
1.28
1.26
-0.96%
2.12
1.93
-1.84%
3.75
0.70
-12.75%
0.60
1.96
-5.83%
1.00
2.63
8.42%
1.43
1.86
5.63%
4.01
2.75
31.79%
0.70
1.65
25.82%
0.68
1.93
34.95%
0.70
1.57
-2.87%
1.79
1.00
0.49%
2.32
0.32
-1.55%
0.67
1.27
51.10%
2.55
0.85
-4.43%
1.02
1.73
-612.73%
0.16
6.96
-7.14%
1.82
1.01
4.36%
3.90
0.36
-6.57%
2.27
0.32
-0.04%
1.97
0.45
18.50%
4.56
0.79
-6.78%
1.74
2.08
-4.58%
4.80
0.49
NA
1.42
0.58
52.78%
0.71
1.50
-2.39%
1.12
2.05
-7.15%
5.24
0.23
7.60%
2.20
0.71
0.90%
1.44
1.68
0.00%
NA
NA
-0.07%
NA
NA
6.25%
1.90
2.22
NA
NA
NA
-1.55%
NA
NA
-1.51%
1.81
0.70
9.17%
3.99
0.17
69.70%
0.42
2.23

5.72%
-3.33%
8.66%
10.91%
50.53%
8.35%
-4.55%
-5.75%
47.94%
18.86%
-3.29%
0.62%
12.52%
42.65%
2.63%
12.47%
51.75%
-14.88%
94.40%
-1.09%
242.89%
18.83%
20.73%
0.00%
14.97%
9.60%
24.14%
23.42%
22.28%
140.87%
1.50%
5.06%
1.42%
-13.36%
-8.04%
-7.29%
-1.41%
422.33%
24.30%
0.78%
170.96%
0.00%
18.42%
-32.77%
0.73%
1.70%
-30.90%

2.24
2.38
2.09
1.09
0.63
1.16
0.70
2.28
0.95
1.04
1.70
1.09
2.45
0.89
2.95
0.92
0.36
1.33
0.35
1.96
0.53
0.68
0.90
NA
1.68
3.74
2.70
2.44
3.40
0.60
1.30
1.72
3.37
2.60
1.35
2.50
0.78
NA
4.90
2.90
1.48
1.05
0.31
0.88
0.14
0.89
1.21

0.59
1.08
0.59
1.49
2.00
1.09
1.12
0.52
1.36
1.24
0.72
0.74
0.65
1.29
0.56
1.54
4.72
0.92
2.90
0.89
4.05
2.03
1.16
NA
1.57
0.40
0.47
0.72
0.54
1.82
1.31
0.81
0.84
0.55
0.59
0.90
1.69
NA
1.47
0.98
0.75
0.90
3.80
2.36
4.01
1.40
1.28

Peer Group Company

KPIT
TCS
WIPRO
MICROSOFT
Oracle
Mean
Median