Beruflich Dokumente
Kultur Dokumente
0%
5000
0
5000
10%
5000
500
4500
20%
5000
1000
4000
500
500
500
(-) Interest
Profit Before Tax
0
500
30
470
60
440
Tax @ 30%
150
141
132
350
329
308
7.00%
7.31%
7.70%
Return on Equity
85.00%
Levera
75.00%
65.00%
55.00%
45.00%
35.00%
25.00%
15.00%
5.00%
0%
5000
0
5000
10%
5000
500
4500
20%
5000
1000
4000
600
600
600
(-) Interest
Profit Before Tax
0
600
30
570
60
540
Tax @ 30%
180
171
162
420
399
378
Return on Equity
8.40%
8.87%
9.45%
Increase in ROE
1.40%
1.56%
1.75%
0%
5000
0
5000
10%
5000
500
4500
20%
5000
1000
4000
400
400
400
(-) Interest
Profit Before Tax
0
400
30
370
60
340
Tax @ 30%
120
111
102
280
259
238
Return on Equity
5.60%
5.76%
5.95%
Decrease in ROE
-1.40%
-1.56%
-1.75%
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
-30.00%
-40.00%
Share of Debt
Total Capital (Rs. Crore)
Debt
Equity
Interest Rate
0%
5000
0
5000
9.00%
10%
5000
500
4500
9.25%
20%
5000
1000
4000
9.50%
500
500
500
(-) Interest
Profit Before Tax
0
500
46
454
95
405
Tax @ 30%
150
136
122
350
318
284
7.00%
7.06%
7.09%
5.60%
8.40%
5.50%
8.61%
5.34%
8.84%
Cost of Equity
Cost of Debt
12.00%
9.00%
12.25%
9.25%
12.50%
9.50%
WACC
12.00%
###
11.90%
Return on Equity
ROE if PBIT drops to 400
ROE if PBIT increases to 600
20.00%
-40.00%
-60.00%
-80.00%
ROE if PBIT drops to 400
-100.00%
5000
40%
60%
5500
40%
60%
6000
40%
60%
60%
50%
40%
30%
20%
-20.00%
10%
0%
0.00%
12.00%
9.00%
12.25%
9.25%
12.50%
9.50%
10.20%
10.45%
10.70%
14.00%
13.50%
13.00%
12.50%
12.00%
11.50%
11.00%
10.50%
10.00%
5000
5500
6000
6500
7000
30%
5000
1500
3500
40%
5000
2000
3000
50%
5000
2500
2500
60%
5000
3000
2000
70%
5000
3500
1500
80%
5000
4000
1000
90%
5000
4500
500
500
500
500
500
500
500
500
90
410
120
380
150
350
180
320
210
290
240
260
270
230
123
114
105
96
87
78
69
287
266
245
224
203
182
161
8.20%
8.87%
9.80%
11.20%
13.53%
18.20%
32.20%
Leverage Effect
30%
5000
1500
3500
40%
5000
2000
3000
50%
5000
2500
2500
60%
5000
3000
2000
70%
5000
3500
1500
80%
5000
4000
1000
90%
5000
4500
500
600
600
600
600
600
600
600
90
510
120
480
150
450
180
420
210
390
240
360
270
330
153
144
135
126
117
108
99
357
336
315
294
273
252
231
10.20%
11.20%
12.60%
14.70%
18.20%
25.20%
46.20%
2.00%
2.33%
2.80%
3.50%
4.67%
7.00%
14.00%
30%
5000
1500
3500
40%
5000
2000
3000
50%
5000
2500
2500
60%
5000
3000
2000
70%
5000
3500
1500
80%
5000
4000
1000
90%
5000
4500
500
400
400
400
400
400
400
400
90
310
120
280
150
250
180
220
210
190
240
160
270
130
93
84
75
66
57
48
39
217
196
175
154
133
112
91
6.20%
6.53%
7.00%
7.70%
8.87%
11.20%
18.20%
-2.00%
-2.33%
-2.80%
-3.50%
-4.67%
-7.00%
-14.00%
Decrease in
ROE
30%
5000
1500
3500
9.75%
40%
5000
2000
3000
10.00%
50%
5000
2500
2500
10.25%
60%
5000
3000
2000
10.50%
70%
5000
3500
1500
11.00%
80%
5000
4000
1000
11.50%
90%
5000
4500
500
12.00%
500
500
500
500
500
500
500
146
354
200
300
256
244
315
185
385
115
460
40
540
-40
106
90
73
56
35
12
-12
248
210
171
130
81
28
-28
7.08%
7.00%
6.83%
6.48%
5.37%
2.80%
-5.60%
5.08%
9.08%
4.67%
9.33%
4.03%
9.63%
2.98%
9.98%
0.70%
10.03%
-4.20%
9.80%
-19.60%
8.40%
12.75%
9.75%
13.00%
10.00%
13.25%
10.25%
13.50%
10.50%
13.75%
11.00%
14.00%
11.50%
14.25%
12.00%
11.85%
11.80%
11.75%
11.70%
11.83%
12.00%
12.23%
8500
40%
60%
9000
40%
60%
9500
40%
60%
96%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
%
ROE if PBIT drops to 400
6500
40%
60%
7000
40%
60%
7500
40%
60%
8000
40%
60%
12.75%
9.75%
13.00%
10.00%
13.25%
10.25%
13.50%
10.50%
13.75%
11.00%
14.00%
11.50%
14.25%
12.00%
10.95%
11.20%
11.45%
11.70%
12.10%
12.50%
12.90%
5500
6000
6500
7000
7500
8000
8500
9000
9500
10000
96.00%
5000
4800
200
500
288
212
64
148
74.20%
96.00%
5000
4800
200
600
288
312
94
218
109.20%
35.00%
96.00%
5000
4800
200
400
288
112
34
78
39.20%
-35.00%
ROE(inc)
ROE(dec)
8.40%
5.60%
8.87%
5.76%
9.45%
5.95%
96.00%
5000
4800
200
13.00%
500
624
-124
-37
13.50%
-87
-43.40%
-78.40%
-8.40%
14.50%
13.00%
13.06%
10000
40%
60%
13.00%
12.50%
12.00%
11.50%
WACC & C
14.50%
13.00%
13.60%
10.20%
6.20%
120.00%
11.20%
6.53%
12.60%
7.00%
14.70%
7.70%
18.20%
8.87%
25.20%
11.20%
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
ROE(inc)
ROE(dec)
46.20%
18.20%
109.20%
39.20%
13.50%
13.00%
12.50%
12.00%
11.50%
Par Value
Flotation Costs (% of Par)
Flotation Costs ($)
Issue Price
Net Proceeds Price
Coupon Interest (%)
Coupon Interest ($)
Time to maturity
(1,000.00)
2.00%
(20.00)
980.00
960.00
9.00%
(90.00)
20.00
Cost of debt
(Pre-Tax)
9.45%
Cost of debt
(Post-Tax= Pre-Tax *(1-Tax Rate))
6.62%