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  • Pevc Q1

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    Ankit Johari
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    PEVC

    Original Title

    PEVC Q1

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    PEVC

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    4 views8 pages

    Pevc Q1

    Uploaded by

    Ankit Johari
    PEVC

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 8

    Hospital valuation

    all figures in million INR

    Data
    Comparable
    debt
    equity + reserves
    EBITDA
    TIC
    TIC/EBITDA for comparable

    Noida Medicare
    249.1
    449.1
    159.9
    698.2
    4.37

    market cap of private company


    discount factor for private company
    adjusted TIC/EBITDA

    238.5
    0.34
    2.87

    TIC/EBITDA for private company


    EBITDA for private company (2012)

    2.30
    103.7

    Comparable valuation
    PRE 1

    298.13

    ratio of the firm values


    as per 31/3/12

    Income statement
    all figures in million INR
    percentage of revenue
    sales growth
    direct costs
    contributions
    fixed costs
    depreciation
    interest
    tax rate

    15.00%
    34.67%
    65.33%
    41.90%
    8.43%
    4.87%
    30.00%

    Balance sheet
    PE investment

    equity investment
    loans

    in million INR

    500.00
    500.00

    2010
    revenue
    direct costs
    contributions
    fixed costs
    EBITDA
    depreciation
    interest
    PBT
    tax
    PAT

    2011

    2012E
    374.70
    118.80
    255.90
    152.20
    103.70
    19.40
    10.60
    73.70
    22.10
    51.60

    2013P
    430.91
    149.38
    281.52
    180.55
    100.98
    36.34
    20.97
    43.67
    13.10
    30.57

    2014P
    495.54
    171.79
    323.75
    207.63
    116.12
    41.79
    24.12
    50.21
    15.06
    35.15

    165.2
    73.3
    238.5

    665.20
    573.30
    1238.5

    665.20
    573.30
    1238.5

    174.4
    64.1
    238.5

    1238.5

    1238.5

    liabilities and equity


    equity
    loan funds
    total

    assets
    net fixed assets
    net current assets
    total

    2015P
    569.87
    197.56
    372.32
    238.78
    133.54
    48.06
    27.73
    57.75
    17.32
    40.42

    2016P
    655.35
    227.19
    428.16
    274.59
    153.57
    55.27
    31.89
    66.41
    19.92
    46.49

    2017P
    753.66
    261.27
    492.39
    315.78
    176.61
    63.56
    36.68
    76.37
    22.91
    53.46

    665.20
    573.30
    1238.5

    665.20
    573.30
    1238.5

    665.20
    573.30
    1238.5

    1238.5

    1238.5

    1238.5

    FCFF

    year

    parameter
    interest(1-tax)
    unlevered PAT
    depreciation
    operating CF
    FCinv
    FCFF
    terminal value

    cost of equity
    cost of debt
    wd
    we
    WACC

    0.00%

    2012

    2013

    2014

    2015

    7.42
    59.02
    19.40
    85.84
    1000.00
    -914.16

    14.68
    45.25
    36.34
    96.26

    16.88
    52.03
    41.79
    110.70

    19.41
    59.84
    48.06
    127.31

    96.26

    110.70

    127.31

    2016

    2017

    22.33
    68.81
    55.27
    146.41

    25.67
    79.13
    63.56
    168.37

    146.41

    168.37

    venture capital valuation method


    IRR 2
    IRR 1

    all values in million INR


    45%
    60%

    Round 1
    PRE 1
    INV 1
    POST 1

    165.20
    250.00
    415.20

    Round 2
    PRE 2
    INV 2
    POST 2

    664.32
    250.00
    914.32

    exit value

    2787.42

    firm value
    debt

    238.50
    73.3

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