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Basic Company Details

Parameters
Company
Industry
Business (As you understand it, in simple words)
Current Stock Price (Rs)
Face Value (Rs)
No. of Shares (Crore)
Market Capitalization (Rs Crore)
Promoter Shareholding (Latest Quarter)
Promoter Pledged Shareholding (Latest Quarter)

Key Financials (Last 10-Years)


Parameters
Sales Growth (10-Year CAGR)
Gross Profit Growth (10-Year CAGR)
Net Profit Growth (10-Year CAGR)
Average Debt/Equity (x)
Average Return on Equity

Details
Asian Paints
Paints
XYZ
4,665
10
10
44,747
###
###

)
Details
20.4%
18.1%
24.4%
0.3
###

Asian Paints - Balance She


Year / Rs Crore
SOURCES OF FUNDS / EQUITY & LIABILITIES
Share Capital
Reserves & Surplus
Shareholder's Funds / Equity

L-9

L-8

64
413
478

96
434
529

75

70

Non-Current Liabilities
Long-Term Borrowings

197

160

Current Liabilities
Short-Term Borrowings
Trade Payables
Other Current Liabilities
Short-Term Provisions

514
232
177
105

581
9
272
163
136

35
20
5
5
5

34
22
6
1
6

737
322
256
68
55
35

772
12
318
265
70
76
31

Minority Interest

APPLICATION OF FUNDS / ASSETS


Non-Current Assets
Tangible Assets
Intangible Assets
Capital Work-in-Progress
Non-Current Investments
Current Assets
Current Investments
Inventories
Trade Receivables
Cash and Bank Balance
Short-Term Loans and Advances
Other Current Assets

Paints - Balance Sheet


L-7

L-6

L-5

L-4

L-3

L-2

L-1

96
471
567

96
550
646

96
682
778

96
886
982

96
1,107
1,203

96
1,614
1,710

96
2,092
2,187

96
2,653
2,749

64

60

60

57

76

94

110

137

240

261

180

179

152

104

147

148

618
295
206
117

705
330
249
126

979
126
449
339
66

1,248
96
572
414
166

2,517
157
554
461
1,345

3,315
125
718
661
1,810

2,081
1,087
703
290

2,771
1,297
1,107
367

37
24
6
1
6

41
27
7
1
7

45
29
7
1
7

49
32
8
1
8

54
35
9
1
9

59
39
10
1
10

65
43
11
1
11

72
47
12
1
12

950
27
455
296
61
80
32

1,120
75
489
348
73
74
61

1,406
114
598
421
105
98
69

1,692
198
714
460
111
153
56

2,966
769
572
210
1,365
50

3,871
532
956
543
106
1,670
65

3,068
367
1,305
573
626
106
90

3,560
285
1,599
781
624
186
84

Asian Paints - P&L Account


Year / Rs Crore
Net Sales

L-9
1,817

L-8
2,373

L-7
2,574

Expenditure
Increase/Decrease in Stock
Raw Material Consumed
Employee Cost
Other Manufacturing Expenses
General and Administration Expenses
Selling and Distribution Expenses
Miscellaneous Expenses
Total Expenditure
Gross Profit
Operating Profit / EBITDA
Other Income
Depreciation
Profit Before Interest & Tax (PBIT)
Interest
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Minority Interest
Share of Associate
Consolidated Profit After Tax (PAT)
Diluted EPS (Rs)
Interim Equity Dividend
Proposed Equity Dividend
Total Equity Dividend

(38)
975
120
66
60
301
56
1,540
815
278
11
49
240
14
226
86
140
(1)
139
14.5
29
42
70

2
1,290
183
74
84
358
85
2,076
1,007
297
27
71
253
15
238
94
144
(3)
4
145
15.1
34
48
82

(61)
1,563
199
86
87
297
68
2,239
985
335
32
69
298
11
287
106
181
(7)
0
174
18.1
38
53
91

nts - P&L Account


L-6
3,021

L-5
3,670

L-4
4,407

L-3
5,464

L-2
6,681

L-1
7,722

L
9,632

(10)
1,803
219
96
99
345
79
2,630
1,133
391
32
68
354
11
343
132
211
2
(1)
212
22.1
67
53
120

(70)
2,269
257
112
122
411
85
3,187
1,358
483
40
61
462
24
(8)
430
147
283
(2)
(0)
281
29.3
115
10
125

(36)
2,613
301
122
145
535
63
3,743
1,708
664
60
59
665
26
(7)
631
203
428
(19)
409
42.7
62
101
163

(27)
2,866
365
682
167
646
91
4,790
1,943
674
51
74
651
32
(1)
617
197
419
(22)
398
41.5
62
106
168

(102)
3,227
433
797
200
801
89
5,445
2,758
1,236
141
84
1,293
37
1
1,257
373
884
(48)
836
87.1
82
177
259

(151)
3,906
454
922
206
969
85
6,391
3,045
1,331
68
113
1,286
26
1,260
378
881
(38)
843
87.9
82
225
307

(173)
5,099
526
1,073
269
1,207
120
8,122
3,633
1,510
108
121
1,497
43
1,454
434
1,021
(32)
989
103.1
91
293
384

CAGR
20.4%

20.3%
18.1%
20.7%

22.6%

23.0%
24.7%

24.4%

20.8%

Asian Paints - Cash Flow Sta


Year / Rs Crore
Net cash (used in) / generated from operating activities
Payment for purchase of fixed assets
Free Cash Flow
Net cash (used in) / generated from investing activities
Net cash (used in) / generated from financing activities
Net increase in cash and cash equivalents

L-9
154
(40)
114
(70)
(59)
24

s - Cash Flow Statement


L-8
249
(44)
205
(113)
(134)
2

L-7
111
(97)
14
(74)
(42)
(5)

L-6
179
(87)
92
(125)
(42)
12

L-5
258
(82)
176
(109)
(111)
38

L-4
480
(308)
172
(335)
(134)
11

L-3
389
(310)
79
(270)
(230)
(111)

L-2
1,063
(395)
668
(299)
(332)
432

L-1
762
(156)
606
(440)
(334)
(12)

L
826
(673)
153
(512)
(327)
(12)

Asian Paints - Key Ratios


Operational & Financial Ratios
Diluted Earnings Per Share (Rs)
Diluted Book Value Per Share (Rs)
Tax Rate (%)
Dividend Per Share (Rs)
Dividend Pay Out Ratio (%)

L-9
14.5
49.8
38%
7.3
50%

L-8
15.1
55.2
40%
8.5
56%

L-7
18.1
59.1
37%
9.5
52%

L-6
22.1
67.4
39%
12.5
57%

Profitability Ratios
Gross Margin (%)
EBITDA Margin (%)
EBIT Margin (%)
Net Profit Margin (%)

L-9
45%
15%
13%
8%

L-8
42%
13%
11%
6%

L-7
38%
13%
12%
7%

L-6
38%
13%
12%
7%

Performance Ratios
Return on Equity (%)
Return on Capital Employed (%)
Return on Invested Capital (%)
Sales/Working Capital (x)

L-9
29%
60%
24%
8.2

L-8
27%
70%
25%
12.4

L-7
31%
52%
26%
7.8

L-6
33%
49%
29%
7.3

Efficiency Ratios
Receivable Days
Inventory Days
Payable Days

L-9
51
65
47

L-8
41
49
42

L-7
42
64
42

L-6
42
59
40

Growth Ratios
Net Sales Growth (%)
EBITDA Growth (%)
PBIT Growth (%)
PAT Growth (%)

L-9

L-8
31%
7%
6%
4%

L-7
8%
13%
18%
20%

L-6
17%
17%
19%
22%

L-9
0.4
1.7
1.4
0.8
17.5

L-8
0.3
0.8
1.3
0.8
16.6

L-7
0.4
16.7
1.5
0.8
27.5

L-6
0.4
2.8
1.6
0.9
31.0

Financial Stability Ratios


Total Debt/Equity (x)
Debt Burden (x)
Current Ratio (x)
Quick Ratio (x)
Interest Cover (x)

Key Ratios
L-5
29.3
81.1
34%
13.0
44%

L-4
42.7
102.4
32%
17.0
40%

L-3
41.5
125.4
32%
17.5
42%

L-2
87.1
178.3
30%
27.0
31%

L-1
87.9
228.0
30%
32.0
36%

L
103.1
286.5
30%
40.0
39%

L-5
37%
13%
13%
8%

L-4
39%
15%
15%
9%

L-3
36%
12%
12%
7%

L-2
41%
18%
19%
13%

L-1
39%
17%
17%
11%

L
38%
16%
16%
10%

L-5
36%
66%
35%
8.6

L-4
42%
93%
47%
9.9

L-3
33%
90%
34%
12.2

L-2
49%
150%
70%
12.0

L-1
39%
86%
67%
7.8

L
36%
124%
53%
12.2

L-5
42
59
45

L-4
38
59
47

L-3
38
51
37

L-2
30
52
39

L-1
27
62
51

L
30
61
49

L-5
21%
24%
30%
32%

L-4
20%
37%
44%
46%

L-3
24%
1%
-2%
-3%

L-2
22%
83%
99%
110%

L-1
16%
8%
-1%
1%

L
25%
13%
16%
17%

L-5
0.4
1.0
1.4
0.8
19.3

L-4
0.3
1.0
1.4
0.8
25.2

L-3
0.3
1.9
1.2
0.9
20.0

L-2
0.1
0.2
1.2
0.9
35.2

L-1
0.1
0.2
1.5
0.8
49.5

L
0.1
1.0
1.3
0.7
34.5

Asian Paints: 2-Stage DCF

Initial Cash Flow

476

Years
FCF Growth Rate
Discount Rate
Terminal Growth Rate
Shares Outstanding (Crore)
Net Debt Level
Year
1
2
3
4
5
6
7
8
9
10

1-5
15%
12%
2%
10
(762)
FCF
547
629
724
832
957
1,072
1,200
1,345
1,506
1,687

Final Calculations
Terminal Year
PV of Year 1-10 Cash Flows
Terminal Value
Total PV of Cash Flows
Number of Shares
DCF Value / Share (Rs)

6-10
12%

1,720
5,292
5,539
10,831
10
1,209

Growth
15%
15%
15%
15%
15%
12%
12%
12%
12%
12%

Initial cash flow


Years
FCF Growth Rate
Discount Rate
Terminal Growth Rate

Present Value
489
502
515
529
543
543
543
543
543
543

Shares Outstanding (Crore)


Net Debt Level
PAINT DIVISION
Year
1
2
3
4
5
6
7
8
9
10
Final Calculations
Terminal Year
PV of Year 1-10 Cash Flows
Terminal Value
Total PV of Cash Flows
Number of Shares
DCF Value / Share (Rs)

Paint

Housing
472.48
1-5
15%
12%
2%

3.33
6-10
12%

10
(762)
FCF
543
621
710
811
927
1,032
1,149
1,279
1,423
1,584

Growth
15%
15%
15%
15%
15%
12%
12%
12%
12%
12%

culations
1,616
5,110
5,202
10,311
10
1,075

Present Value
485
495
505
516
526
523
520
516
513
510

HOME DIVISION
Year
1
2
3
4
5
6
7
8
9
10

FCF
4
8
14
21
30
40
52
66
83
103

Growth
15%
15%
15%
15%
15%
12%
12%
12%
12%
12%

Final Calculations
Terminal Year
PV of Year 1-10 Cash Flows
Terminal Value
Total PV of Cash Flows
Number of Shares
DCF Value / Share (Rs)

103
183
331
513
10
54

Present Value
3
7
10
13
17
20
23
27
30
33