EPS

EPS Growth Rate

ROE
Dividend Payout Ratio

Sustainable Growth Rate

Average Growth Rate

ca
cl
cwc

2013-14
32.18
-30.78%
-4.99%

2012-13
46.49
10.48%

2011-12
42.08
-12.22%

2010-11
47.94
12.56%

2009-10
42.59

17.72%
32.30%

19.79%
42.60%

14.01%
42.53%

16.18%
36.40%

16.06%
39.79%

0.1199644 0.1135946 0.0805155 0.1029048 0.0966973

10.27%

2.64%

2014
13507
10973

2013
14830
11144

2534

3686

Net revenue
Revenue growth rate
Net operating Income
Cash tax rate
Income taxes
NOPAT
Depreciation
Change in working capital
Capital expenditures
Change in other assets net
Free cash flows
WACC
Discount factor
Present values

NOI
Depreciation
Change in working capital
Capital expenditures
Change in other assets net

2013
22320

2014
24179
8.33%
2791
2034
26.30%
534.94
1499.06
386
437.00
1152.00
1341
2067.00
-2623.94

2015
26192.83
8.33%
1277
26.30%
335.85
941.15
473.40
1247.95
1452.69
2239.16
-3525.25
7.53%
0.9299902526
-3278.45

8.41%
1.81%
4.76%
5.55%
8.55%

8.41%
1.81%
4.76%
5.55%
8.55%

2016
28374.40
8.33%
520
26.30%
136.76
383.24
512.83
1351.89
1573.68
2425.65
-4455.16
7.53%
0.8648818699
-3853.19

8.41%
1.81%
4.76%
5.55%
8.55%

2017
30737.66
8.33%
-237
26.30%
-62.33
-174.67
555.54
1464.48
1704.75
2627.68
-5416.05
7.53%
0.8043317087
-4356.30

2018
33297.75
8.33%
-994
26.30%
-261.42
-732.58
601.81
1586.46
1846.74
2846.54
-6410.51
7.53%
0.7480206489
-4795.19

Inputs for present value calculations

2019
2020
36071.07
39075.38
8.33%
8.33%
-1751
-2508
26.30%
26.30%
-460.51
-659.60
-1290.49
-1848.40
651.93
706.23
1718.59
1861.73
2000.55
2167.17
3083.62
3340.45
-7441.32
-8511.52
7.53%
7.53%
0.6956519122
0.6469494976
-5176.57
-5506.53

Operating Relationships ( as a % of revenues)

8.41%
8.41%
8.41%
1.81%
1.81%
1.81%
4.76%
4.76%
4.76%
5.55%
5.55%
5.55%
8.55%
8.55%
8.55%

8.41%
1.81%
4.76%
5.55%
8.55%

ue calculations
2021
42329.91
8.33%
-3265
26.30%
-858.70
-2406.31
765.05
2016.79
2347.67
3618.67
-9624.40
7.53%
0.6016567267
-5790.58

2022
45855.51
8.33%
-4022
26.30%
-1057.79
-2964.21
828.77
2184.77
2543.21
3920.07
-10783.49
7.53%
0.5595348912
-6033.74

2023
49674.74
8.33%
-4779
26.30%
-1256.88
-3522.12
897.80
2366.74
2755.03
4246.57
-11992.65
7.53%
0.5203619948
-6240.52

8.41%
1.81%
4.76%
5.55%
8.55%

8.41%
1.81%
4.76%
5.55%
8.55%

8.41%
1.81%
4.76%
5.55%
8.55%

2024 Year n+1

53812.08
58294.01
8.33%
8.33%
-5536
-6293
26.30%
26.30%
-1455.97
-1655.06
-4080.03
-4637.94
972.57
1053.58
2563.86
2777.40
2984.49
3233.06
4600.26
4983.40
-13256.06
-14578.23
7.53%
7.53%
0.483931583
-6415.03

8.41%
1.81%
4.76%
5.55%
8.55%

8.41%
1.81%
4.76%
5.55%
8.55%

Market Risk

8.50%

Cost of Capital Inputs

Risk Free Rate
Beta
Equity Risk Premium
Cost of Equity
Cost of Debt
Cost of Debt (after tax)
% Equity
% Debt
Base WACC

7.50%
0.5
0.50%
7.750%
10.0%
7.37%
41.58%
58.42%
7.53%

Terminal Value (TV)

TV

Free Cash Flow/(WACC-g)

1820357.32024464

Valuation calculation
PV of cash flows, Years 1-10
PV of terminal value
Marketable securities
Total value of the firm
Value of debt
Value of equity
Shares outstanding

-51446.09
1692914.564
5,786
1647254.47
962305.5582
684948.91
466.7

Intrinsic share price

1467.642843

Err:509