Discounted Cash Flow Analysis(DCF)

2009-10
Current assets:
Current Liabilities
Working Capital

Amt. In Rs.Crores
2010-11
2011-12
2012-13
7,395.02
9,790.38
12,672.65
19,733.75
4,093.79
4,698.09
5670.07
7529.33
3,301.23
5,092.29
7,002.58
12,204.42

Change in Working Capital

Note:

1,791.06
Net Debt=
Enterprise Value=

1,910.29

5,201.84

Debt -Cash
Equity Value +Net Debt

Assumptions:

Total revenues
Total expenditure
Other income, (net)
Profit before interest,
depreciation and
Taxes(PBITDA)
Depreciation and
amortisation
PBIT

1 Discount Rate
12%
2 Terminal Value
12xPBITDA
3 Unlevered Net Income Contains Interest of investers
Amt. in Rs Crores
Years
2010-11
2011-12
2012-13
37,324.51
48,893.83
62,989.48
26,146.15
34,458.52
44,949.57
604
428.17
1,178.23

Provision for taxes

Unlevered Net Income
Profit before interest,
depreciation and
Taxes(PBITDA)
Capex( Gross Block)
Change in Working Capital
Free Cash Flow/FCF
Terminal Value
Total Cash Flow
NPV/Enterprise value
Net Debt
Equity Value
Number of outstanding shares
Price Per Share

Nos.
Rs.

11,782.36

14,863.48

19,218.14

735.26
11,047.10

917.94
13,945.54

1,079.92
18,138.22

1,830.83
9,216.27

3,399.86
10,545.68

4,014.04
14,124.18

11,782.36
7,792.24
1,791.06
2,199.06

14,863.48
9,447.83
1,910.29
3,505.36

2,199.06

3,505.36

19,218.14
11,622.99
5,201.84
2,393.31
230617.68
233,010.99

170610.52 Crore
0
170610.52 Crore
2957220996
577 Per Share