S No

1
2
3
4
5
6
7
8
9
10
11
12
13
14

Inputs for present value calculatio

2014
2015
2016
2017
2018
2019
Net revenu 6862.12 7998.417 9322.874 10866.65 12666.05 14763.42
Revenue gr 28.00%
16.56%
16.56%
16.56%
16.56%
16.56%
Net operat
407.32
474.77
553.38
645.02
751.83
876.32
Cash tax ra 25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
Income tax
101.83
118.69
138.35
161.25
187.96
219.08
NOPAT
305.49
356.08
415.04
483.76
563.87
657.24
Depreciati
225.21
262.50
305.97
356.64
415.69
484.53
Change in w 373.44
435.28
507.36
591.37
689.29
803.43
Capital exp
387.62
451.81
526.62
613.82
715.47
833.94
Change in o
26.64
31.05
36.19
42.19
49.17
57.31
Free cash f -257.00
-299.56
-349.16
-406.98
-474.37
-552.92
WACC
11.76%
11.76%
11.76%
11.76%
11.76%
Discount factor
0.894807 0.800679 0.716453 0.641087 0.573649
Present values
-268.05
-279.57
-291.58
-304.11
-317.18

NOI
Depreciati
Change in w
Capital exp
Change in o

5.94%
3.28%
5.44%
5.65%
0.39%

5.94%
3.28%
5.44%
5.65%
0.39%

Valuation Calculations
Terminal value
Terminal Free Cash Flow/(WACC-g)
TV
28868.49

Cost of capital inputs

Risk free
7.70%
Beta
1.64
Equity ri
8.30%
Tax rate
25.00%
Cost of eq 21.31%
Cost of de
8.75%
Cost of de 6.563%
Capital st
35.21%
Capital s
64.79%
Base WAC 11.76%

change in
2014
current lia 3318.75
current as 3642.49
difference
323.74

5.94%
3.28%
5.44%
5.65%
0.39%

Operating Relationships ( as a % of rev

5.94%
5.94%
5.94%
3.28%
3.28%
3.28%
5.44%
5.44%
5.44%
5.65%
5.65%
5.65%
0.39%
0.39%
0.39%

2013
2934.2
2884.5
-49.7
373.44

Growth rate calculation

Year Revenue (cr)
Growth rateAssets (cr)Growth rate
2010-11 4,126.61
5,003.94
2011-12 4,995.91 21.07% 5,409.35
8.10%
2012-13 5,365.33
7.39% 6,233.39 15.23%
2013-14 6,944.49 29.43% 7,363.23 18.13%
CAGR
19.30%
CAGR
13.82%
Growth rat
16.56%

ent value calculations

2020
2021
2022
2023
2024 Year n+1
17208.09 20057.58 23378.91 27250.22 31762.58 37022.14
16.56%
16.56%
16.56%
16.56%
16.56%
16.56%
1021.43 1190.57 1387.72 1617.51 1885.36 2197.55
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
255.36
297.64
346.93
404.38
471.34
549.39
766.08
892.93 1040.79 1213.13 1414.02 1648.16
564.76
658.28
767.28
894.33 1042.43 1215.04
936.47 1091.54 1272.29 1482.97 1728.54 2014.76
972.03 1132.99 1320.60 1539.28 1794.17 2091.27
66.80
77.87
90.76
105.79
123.31
143.73
-644.48
-751.20
-875.59 -1020.57 -1189.57 -1386.55
11.76%
11.76%
11.76%
11.76%
11.76%
11.76%
0.513305 0.459308 0.410992 0.367759 0.329073
-330.81
-345.03
-359.86
-375.33
-391.46

ships ( as a % of revenues)
5.94%
5.94%
3.28%
3.28%
5.44%
5.44%
5.65%
5.65%
0.39%
0.39%

ow/(WACC-g)

5.94%
3.28%
5.44%
5.65%
0.39%

Valuation calculation
PV of cash -3262.97
PV of term 9499.84
Marketable
5.26
Total valu 6242.13
Value of d 4044.20
Value of e 10286.33
Shares ou
###
Intrinsic
398.42
Market Sh
309.6

5.94%
3.28%
5.44%
5.65%
0.39%

5.94%
3.28%
5.44%
5.65%
0.39%

5.94%
3.28%
5.44%
5.65%
0.39%