Assumptions in FCFF

Initial revenue growth rate

Terminal growth rate
EBITDA margin initial
EBITDA margin terminal

20.00%
2.00%
38.00%
40.00%

Effective tax rate

Marginal tax rate
D&A/Gross block

20.00%
24.50%
4.00%

Recivable days
Inventory days
Payable days
Risk free rate
Equity risk premium
Beta used
Target D/V

No. Of shares

30
160
70
0.93%
6.47%
36 month beta
0

128,115,820.00

Summary
Firm value
Implied 1yr forward EBITDA multiple
Terminal value at end of 10 years
EBITDA at terminal year
Cost of debt
Cost of equity
Discount factor used
Equity value
Share price

4,099.85
8.13
4,703.85
1,047.29
-11.29%
8.98%
8.98%
4,099.85
32.00

Inputs
Imported values

Growth
Revenues
TOTAL REVENUES

FY2012

FY2013 FY2014
0.26
0.07
807.91 1020.36 1095.45
807.91 1,020.62 1,095.52

Cost Of Goods Sold

Cogs as a % of sales
GROSS PROFIT
Gross margin
Selling General & Admin Expenses, Total
SG&A as % of sales
EBITDA
EBITDA Margin
D&A
EBIT
Ebit Margin

569.94
0.71
237.97
0.29
122.47
0.15
115.50
0.14
26.97
88.53
0.11

Interest Expense
Other Non-Operating Income (Expenses)
EBT, INCLUDING UNUSUAL ITEMS
Income Tax Expense
Tax rate
Earnings From Continuing Operations
NET INCOME
PAT margin

2.48
3.56
23.82
21.97
101.13
125.38
27.81
38.62
0.27
0.31
100.3
119.7
87.02
104.41
0.11
0.10

695.84
0.68
324.78
0.32
174.34
0.17
150.44
0.15
32.94
117.50
0.12

725.61
0.66
369.91
0.34
232.07
0.21
137.84
0.13
34.56
103.28
0.09
3.48
13.71
101.90
38.79
0.38
97.67
81.68
0.07

FY2015
0.01
1105.3
1,105.31
801.73
0.73
303.58
0.27
161.54
0.15
142.04
0.13
30.27
111.77
0.10
3.33
19.50
115.95
39.21
0.34
107.01
95.39
0.09

CY2011
176.00
900.00
1609.00
580.00
4325.00
4905.00

CY2012
341.00
940.00
1318.00
702.00
4257.00
4959.00

Accounts Payable

288.00

219.00

Current Portion Of Long-Term

Debt/Capital Lease
Current Income Taxes Payable
Long-Term Debt

10.00
344.00
375.00

7.00
283.00
151.00

Capital Expenditure

269.00

274.00

Cash And Equivalents

Accounts Receivable
Inventory
Gross Property Plant And Equipment
Intangible assets
Total depreciable assets

CY2013
686.00
895.00
1490.00
779.00
4617.00
5396.00

CY2014
1131.00
1110.00
1684.00
1106.00
4859.00
5965.00

539.00

804.00

49.00
546.00
0.00

10.00
643.00
0.00

446.00

455.00

CY2011
807.91
807.91

CY2012
26.30%
1020.36
1020.62

CY2013
7.36%
1095.45
1095.52

Cost Of Goods Sold

Cogs as a % of sales
GROSS PROFIT
Gross margin
Selling General & Admin Expenses, Total
SG&A as % of sales
EBITDA
EBITDA Margin
D&A
EBIT
Ebit Margin

569.94
70.54%
237.97
29.46%
122.47
15.16%
115.50
14.30%
26.97
88.53
10.96%

695.84
68.20%
324.78
31.83%
174.34
17.09%
150.44
14.74%
32.94
117.50
11.52%

725.61
66.24%
369.91
33.77%
232.07
21.18%
137.84
12.58%
34.56
103.28
9.43%

Interest Expense
Other Non-Operating Income (Expenses)
EBT, INCLUDING UNUSUAL ITEMS
Income Tax Expense
Tax rate
Earnings From Continuing Operations
NET INCOME
PAT margin

2.48
23.82
101.13
27.81
27.50%
100.30
87.02
10.77%

3.56
21.97
125.38
38.62
30.80%
119.70
104.41
10.23%

3.48
13.71
101.90
38.79
38.07%
97.67
81.68
7.46%

D&A projection
Total depreciable assets
D&A
D&A/gross depreciable assets

4905.00
26.97
0.55%

4959.00
32.94
0.66%

5396.00
34.56
0.64%

900.00

940.00
1.11
329.10

895.00
1.19
305.71

1609.00

1318.00
0.48
767.67

1490.00
0.52
706.25

288.00

219.00
2.74
132.97

539.00
1.91
190.65

2221.00

2039.00
-182.00

1846.00
-193.00

Growth
Revenues
TOTAL REVENUES

Change in net working capital calculation

Accounts Receivable
Receivable turnover ratio
Receivable days
Inventory
Inventory turnover ratio
Inventory days
Accounts Payable
Payable turnover
Payable days
Working capital
Change in net working capital

Capex
Capital Expenditure
D&A/Capex
FCFF calculation
EBIT*(1-T)
FCFF
Discount factor
Present value of FCFF
Value of firm

269.00
10.03%

274.00
12.02%

446.00
7.75%

64.18
-177.85

81.31
22.25

63.97
-154.47

CY2014
0.90%
1105.30
1105.31

1.00
CY2015E
20.00%
1326.36
1326.36

2.00
CY2016P
16.00%
1538.58
1538.58

3.00
CY2017P
12.80%
1735.52
1735.52

4.00
CY2018P
10.24%
1913.23
1913.23

801.73
72.54%
303.58
27.47%
161.54
14.62%
142.04
12.85%
30.27
111.77
10.11%

371.38
28.00%
954.98
72.00%
450.96
34.00%
504.02
38.00%
256.80
247.22
18.64%

426.96
27.75%
1111.62
72.25%
523.12
34.00%
588.51
38.25%
288.80
299.71
19.48%

494.62
28.50%
1240.89
71.50%
572.72
33.00%
668.17
38.50%
320.80
347.37
20.02%

540.49
28.25%
1372.74
71.75%
631.37
33.00%
741.38
38.75%
352.80
388.58
20.31%

3.33
19.50
115.95
39.21
33.82%
107.01
95.39
8.63%

3.33
19.75
270.30
54.06
20.00%
216.24
216.24
16.30%

3.33
19.75
322.79
64.56
20.00%
258.23
258.23
16.78%

3.33
19.75
370.45
74.09
20.00%
296.36
296.36
17.08%

3.33
19.75
411.66
82.33
20.00%
329.33
329.33
17.21%

5965.00
30.27
0.51%

6420.00
256.80
4.00%

7220.00
288.80
4.00%

8020.00
320.80
4.00%

8820.00
352.80
4.00%

1110.00
1.10
331.05

109.02

124.35

137.89

149.39

30.00

29.50

29.00

28.50

1684.00
0.51
722.51

162.80

186.57

215.47

234.71

160.00

159.50

159.00

158.50

804.00
1.19
305.71

71.22

82.47

96.21

105.88

70.00

70.50

71.00

71.50

1990.00
144.00

200.59
-1789.41

228.46
27.87

257.14
28.68

278.22
21.08

455.00
6.65%

800.00
32.10%

800.00
36.10%

800.00
40.10%

450.00
78.40%

73.97
-494.76

197.77
1443.98
0.92
1325.04

239.76
-299.30
0.84
-252.03

277.90
-229.99
0.77
-177.71

310.86
192.59
0.71
136.55

4099.85

5.00
CY2019P
8.19%
2069.96
2069.96

6.00
CY2020P
6.55%
2205.62
2205.62

7.00
CY2021P
5.24%
2321.26
2321.26

8.00
CY2022P
4.19%
2418.62
2418.62

9.00
CY2023P
3.36%
2499.78
2499.78

10.00
CY2024P
2.68%
2566.88
2566.88

589.94
28.50%
1480.02
71.50%
672.74
32.50%
807.29
39.00%
370.80
436.49
21.09%

623.09
28.25%
1582.53
71.75%
716.83
32.50%
865.71
39.25%
388.80
476.91
21.62%

649.95
28.00%
1671.31
72.00%
754.41
32.50%
916.90
39.50%
406.80
510.10
21.98%

671.17
27.75%
1747.45
72.25%
786.05
32.50%
961.40
39.75%
424.80
536.60
22.19%

687.44
27.50%
1812.34
72.50%
812.43
32.50%
999.91
40.00%
442.80
557.11
22.29%

705.89
27.50%
1860.99
72.50%
834.24
32.50%
1026.75
40.00%
0.00
1026.75
40.00%

3.33
19.75
459.57
91.91
20.00%
367.65
367.65
17.76%

3.33
19.75
499.99
100.00
20.00%
399.99
399.99
18.13%

3.33
19.75
533.18
106.64
20.00%
426.54
426.54
18.38%

3.33
19.75
559.68
111.94
20.00%
447.75
447.75
18.51%

3.33
19.75
580.19
116.04
20.00%
464.15
464.15
18.57%

3.33
19.75
1049.83
257.21
24.50%
792.62
792.62
30.88%

9270.00
370.80
4.00%

9720.00
388.80
4.00%

10170.00
406.80
4.00%

10620.00
424.80
4.00%

11070.00
442.80
4.00%

11520.00
0.00
4.00%

158.79

166.18

171.71

175.60

178.07

179.33

28.00

27.50

27.00

26.50

26.00

25.50

255.37

268.87

279.57

287.77

293.81

300.73

158.00

157.50

157.00

156.50

156.00

155.50

116.37

123.76

129.99

135.15

139.37

144.08

72.00

72.50

73.00

73.50

74.00

74.50

297.79
19.57

311.28
13.49

321.29
10.01

328.22
6.93

332.50
4.28

335.98
3.48

450.00
82.40%

450.00
86.40%

450.00
90.40%

450.00
94.40%

450.00
98.40%

450.00
0.00%

349.19
250.42
0.65
162.93

381.53
306.84
0.60
183.20

408.08
354.87
0.55
194.42

429.28
397.15
0.50
199.66

445.69
434.20
0.46
200.31

775.20
321.72
0.42
136.19

Terminal Value
2.00%

27.50%
72.50%
32.50%
40.00%

38.47%

24.50%

4.00%

95.00%

4703.85
0.42
1991.27

Assumption for projection

Short-term debt is assumed to be same in every year to maintain working capital requirements,
hence same interest payments
Taken as average of previous years

Effective tax rate used in projected years. Marginal tax rate used for terminal year

Date
Share price Market (sensex)
9/7/2015
765.50
936.44
9/4/2015
765.00
936.75
9/3/2015
778.00
956.90
9/2/2015
754.00
935.66
9/1/2015
752.00
922.59
8/31/2015
768.50
944.21
8/28/2015
752.00
944.02
8/27/2015
760.50
947.51
8/26/2015
740.00
916.17
8/25/2015
745.50
924.45
8/24/2015
704.00
893.25
8/21/2015
745.00
938.59
8/20/2015
761.00
967.89
8/19/2015
792.50
997.23
8/18/2015
799.00
1013.06
8/17/2015
802.00
1002.23
8/14/2015
802.00
997.56
8/13/2015
803.50
989.01
8/12/2015
786.50
973.51
8/11/2015
815.00
997.74
8/10/2015
778.00
1002.81
8/7/2015
783.50
997.28
8/6/2015
799.00
1016.02
8/5/2015
794.50
1039.70
8/4/2015
788.00
1030.59
8/3/2015
799.00
1032.60
7/31/2015
764.00
1010.58
7/30/2015
764.00
1006.36
7/29/2015
771.00
1013.24
7/28/2015
760.00
1002.53
7/27/2015
758.00
997.49
7/24/2015
779.50
1019.44
7/23/2015
783.00
1020.72
7/22/2015
789.00
1024.39
7/21/2015
786.50
1021.75
7/20/2015
788.00
1035.31
7/17/2015
777.00
1025.61
7/16/2015
773.50
1026.38
7/15/2015
776.50
1014.60
7/14/2015
763.00
1003.42
7/13/2015
766.50
1003.95
7/10/2015
755.00
984.01
7/9/2015
735.00
941.20
7/8/2015
718.00
951.87

Beta (36 months)

Beta (12 months)

1.24
1.09

7/7/2015
7/6/2015
7/3/2015
7/2/2015
7/1/2015
6/30/2015
6/29/2015
6/26/2015
6/25/2015
6/24/2015
6/23/2015
6/22/2015
6/19/2015
6/18/2015
6/17/2015
6/16/2015
6/15/2015
6/12/2015
6/11/2015
6/10/2015
6/9/2015
6/8/2015
6/5/2015
6/4/2015
6/3/2015
6/2/2015
6/1/2015
5/29/2015
5/28/2015
5/27/2015
5/26/2015
5/25/2015
5/22/2015
5/21/2015
5/20/2015
5/19/2015
5/18/2015
5/15/2015
5/14/2015
5/13/2015
5/12/2015
5/11/2015
5/8/2015
5/7/2015
5/6/2015

726.00
740.00
750.50
739.00
743.50
719.00
709.00
726.50
725.00
724.00
726.00
721.00
697.00
687.50
686.50
692.00
685.00
696.50
698.50
681.00
669.00
667.50
670.00
670.00
679.00
681.00
679.00
683.00
692.50
695.50
697.50
694.00
694.00
692.50
700.50
698.50
685.00
681.00
681.00
681.00
682.00
705.00
693.50
683.00
678.00

954.66
960.33
944.82
948.59
951.01
977.94
984.54
983.15
989.39
981.80
993.71
1000.66
991.05
991.46
985.64
984.76
982.46
965.22
957.84
961.26
973.21
963.71
953.79
947.92
958.19
974.99
963.77
961.57
982.12
1003.35
995.01
985.03
998.22
1001.67
981.67
967.92
983.59
994.78
990.51
998.93
1002.67
985.73
979.44
976.59
965.33

5/5/2015
5/4/2015
5/1/2015
4/30/2015
4/29/2015
4/28/2015
4/27/2015
4/24/2015
4/23/2015
4/22/2015
4/21/2015
4/20/2015
4/17/2015
4/16/2015
4/15/2015
4/14/2015
4/13/2015
4/10/2015
4/9/2015
4/8/2015
4/7/2015
4/6/2015
4/3/2015
4/2/2015
4/1/2015
3/31/2015
3/30/2015
3/27/2015
3/26/2015
3/25/2015
3/24/2015
3/23/2015
3/20/2015
3/19/2015
3/18/2015
3/17/2015
3/16/2015
3/13/2015
3/12/2015
3/11/2015
3/10/2015
3/9/2015
3/6/2015
3/5/2015
3/4/2015

691.50
698.50
689.50
689.50
694.50
712.00
727.00
724.00
695.50
702.00
696.00
689.50
662.50
660.00
665.50
675.00
672.00
670.00
671.50
649.00
652.00
637.00
637.00
637.00
637.00
633.50
629.00
605.50
607.50
611.50
619.00
611.00
619.50
617.00
605.50
608.46
623.73
615.85
618.31
619.79
614.86
608.46
607.47
602.54
603.04

954.34
962.64
945.62
900.62
915.05
923.92
915.34
917.55
913.13
909.78
906.97
920.59
907.10
893.60
893.50
888.81
885.48
886.28
882.65
873.97
873.13
879.19
883.51
876.59
867.08
859.79
863.05
853.69
835.95
830.03
815.61
803.36
803.63
796.55
790.23
796.80
787.96
793.48
799.68
801.43
808.11
806.44
810.94
815.32
815.19

3/3/2015
3/2/2015
2/27/2015
2/26/2015
2/25/2015
2/24/2015
2/23/2015
2/20/2015
2/19/2015
2/18/2015
2/17/2015
2/16/2015
2/13/2015
2/12/2015
2/11/2015
2/10/2015
2/9/2015
2/6/2015
2/5/2015
2/4/2015
2/3/2015
2/2/2015
1/30/2015
1/29/2015
1/28/2015
1/27/2015
1/26/2015
1/23/2015
1/22/2015
1/21/2015
1/20/2015
1/19/2015
1/16/2015
1/15/2015
1/14/2015
1/13/2015
1/12/2015
1/9/2015
1/8/2015
1/7/2015
1/6/2015
1/5/2015
1/2/2015
1/1/2015
12/31/2014

597.62
593.68
599.59
592.69
592.20
583.33
585.30
567.56
552.29
548.84
525.19
449.22
451.10
447.84
437.50
439.47
426.26
421.73
424.98
434.84
421.73
453.16
465.78
469.72
456.91
453.66
458.49
461.74
453.66
448.34
447.94
452.28
443.70
454.74
460.06
466.57
460.26
476.02
465.58
485.98
493.17
499.08
502.04
497.11
497.11

808.35
815.20
802.48
792.96
790.82
789.07
787.30
769.14
772.44
761.29
769.25
758.12
752.65
752.01
740.83
744.45
748.86
752.69
744.44
750.14
746.45
753.38
748.27
744.48
725.67
718.50
729.91
743.23
755.98
759.34
760.03
769.95
773.54
762.68
767.79
766.30
757.73
760.72
762.28
760.67
759.41
757.04
751.72
743.99
745.90

12/30/2014
12/29/2014
12/26/2014
12/25/2014
12/24/2014
12/23/2014
12/22/2014
12/19/2014
12/18/2014
12/17/2014
12/16/2014
12/15/2014
12/12/2014
12/11/2014
12/10/2014
12/9/2014
12/8/2014
12/5/2014
12/4/2014
12/3/2014
12/2/2014
12/1/2014
11/28/2014
11/27/2014
11/26/2014
11/25/2014
11/24/2014
11/21/2014
11/20/2014
11/19/2014
11/18/2014
11/17/2014
11/14/2014
11/13/2014
11/12/2014
11/11/2014
11/10/2014
11/7/2014
11/6/2014
11/5/2014
11/4/2014
11/3/2014
10/31/2014
10/30/2014
10/29/2014

497.11
488.74
492.38
492.38
492.38
492.38
494.16
492.68
484.70
475.53
471.49
496.62
506.96
513.37
509.43
511.40
522.24
522.24
514.85
505.98
516.33
517.80
523.22
517.80
508.94
507.95
492.68
488.44
486.67
481.94
484.79
486.47
482.33
485.48
477.11
467.45
501.05
486.47
486.67
487.75
485.58
489.03
492.68
479.67
477.01

741.86
736.20
735.86
738.72
739.51
744.59
741.98
741.42
742.38
741.65
740.84
746.07
754.43
751.11
731.01
724.19
735.99
733.98
738.64
732.42
718.96
704.63
700.72
673.84
687.45
703.45
700.24
703.44
717.51
721.30
736.85
751.45
756.48
748.24
763.38
762.65
763.68
766.28
760.91
760.19
762.45
771.99
773.00
770.13
763.59

10/28/2014
10/27/2014
10/24/2014
10/23/2014
10/22/2014
10/21/2014
10/20/2014
10/17/2014
10/16/2014
10/15/2014
10/14/2014
10/13/2014
10/10/2014
10/9/2014
10/8/2014
10/7/2014
10/6/2014
10/3/2014
10/2/2014
10/1/2014
9/30/2014
9/29/2014
9/26/2014
9/25/2014
9/24/2014
9/23/2014
9/22/2014
9/19/2014
9/18/2014
9/17/2014
9/16/2014
9/15/2014
9/12/2014
9/11/2014
9/10/2014
9/9/2014
9/8/2014
9/5/2014
9/4/2014
9/3/2014
9/2/2014
9/1/2014
8/29/2014
8/28/2014
8/27/2014

469.92
471.98
465.48
466.37
462.13
454.54
440.26
435.82
422.22
426.56
433.85
437.99
427.64
436.12
435.23
453.26
458.68
457.20
453.16
462.82
455.33
451.98
450.50
449.32
449.52
443.41
457.80
452.77
451.39
446.27
436.12
438.38
432.57
427.55
420.15
421.24
421.44
422.72
424.00
424.79
419.76
424.79
417.59
421.53
427.64

752.34
759.06
759.04
751.22
749.55
748.81
744.95
739.78
744.40
743.03
738.21
737.73
737.12
738.86
743.91
740.96
739.05
732.49
736.00
736.06
735.68
727.40
718.58
721.31
722.94
719.38
717.45
704.74
715.35
723.62
733.30
724.10
723.57
737.23
743.88
743.09
739.53
741.99
739.89
741.49
741.16
727.43
732.28
739.81
741.10

8/26/2014
8/25/2014
8/22/2014
8/21/2014
8/20/2014
8/19/2014
8/18/2014
8/15/2014
8/14/2014
8/13/2014
8/12/2014
8/11/2014
8/8/2014
8/7/2014
8/6/2014
8/5/2014
8/4/2014
8/1/2014
7/31/2014
7/30/2014
7/29/2014
7/28/2014
7/25/2014
7/24/2014
7/23/2014
7/22/2014
7/21/2014
7/18/2014
7/17/2014
7/16/2014
7/15/2014
7/14/2014
7/11/2014
7/10/2014
7/9/2014
7/8/2014
7/7/2014
7/4/2014
7/3/2014
7/2/2014
7/1/2014
6/30/2014
6/27/2014
6/26/2014
6/25/2014

423.60
424.88
422.03
423.51
423.70
426.56
422.52
417.79
420.35
413.85
406.95
375.91
358.87
369.21
370.00
381.92
380.25
371.38
376.80
388.72
391.58
392.17
397.79
395.62
391.68
423.21
407.84
408.23
405.08
409.91
411.58
416.11
409.22
407.74
406.95
413.75
415.33
419.17
421.73
420.94
422.62
411.39
410.79
405.97
402.52

732.92
736.21
729.43
726.13
729.81
734.65
743.53
747.84
750.64
748.79
743.36
740.82
739.17
737.26
732.85
738.89
742.79
743.86
745.49
744.69
741.47
742.28
740.78
745.16
738.57
743.20
733.40
727.63
720.75
721.87
720.60
723.53
722.31
715.46
719.20
715.90
707.30
701.36
704.36
710.21
710.47
711.59
702.75
697.03
696.12

6/24/2014
6/23/2014
6/20/2014
6/19/2014
6/18/2014
6/17/2014
6/16/2014
6/13/2014
6/12/2014
6/11/2014
6/10/2014
6/9/2014
6/6/2014
6/5/2014
6/4/2014
6/3/2014
6/2/2014
5/30/2014
5/29/2014
5/28/2014
5/27/2014
5/26/2014
5/23/2014
5/22/2014
5/21/2014
5/20/2014
5/19/2014
5/16/2014
5/15/2014
5/14/2014
5/13/2014
5/12/2014
5/9/2014
5/8/2014
5/7/2014
5/6/2014
5/5/2014
5/2/2014
5/1/2014
4/30/2014
4/29/2014
4/28/2014
4/25/2014
4/24/2014
4/23/2014

401.53
402.22
400.45
404.49
397.20
395.03
388.03
396.31
398.08
398.38
404.78
407.44
407.44
401.43
401.43
400.45
405.97
398.28
398.28
398.28
396.21
397.79
390.20
407.15
403.31
396.01
384.39
386.06
386.06
394.63
386.36
357.39
346.45
347.34
354.23
357.49
358.37
358.37
355.71
356.60
343.30
340.24
342.61
347.73
348.72

700.28
700.91
702.30
701.80
704.05
703.47
697.07
693.86
698.35
700.79
702.30
681.95
669.13
673.35
679.26
688.04
694.50
686.28
695.87
707.29
706.24
707.53
702.86
702.40
696.39
687.11
682.43
677.22
675.34
679.74
686.72
690.40
693.48
686.12
681.01
693.11
694.62
705.52
704.82
712.19
718.43
720.09
719.49
702.16
719.51

4/22/2014
4/21/2014
4/18/2014
4/17/2014
4/16/2014
4/15/2014
4/14/2014
4/11/2014
4/10/2014
4/9/2014
4/8/2014
4/7/2014
4/4/2014
4/3/2014
4/2/2014
4/1/2014
3/31/2014
3/28/2014
3/27/2014
3/26/2014
3/25/2014
3/24/2014
3/21/2014
3/20/2014
3/19/2014
3/18/2014
3/17/2014
3/14/2014
3/13/2014
3/12/2014
3/11/2014
3/10/2014
3/7/2014
3/6/2014
3/5/2014
3/4/2014
3/3/2014
2/28/2014
2/27/2014
2/26/2014
2/25/2014
2/24/2014
2/21/2014
2/20/2014
2/19/2014

350.29
335.51
335.51
335.51
335.51
328.42
332.26
343.69
350.49
336.60
336.40
352.86
362.91
362.51
360.64
359.75
353.25
352.26
344.87
341.62
339.95
338.47
340.83
341.33
344.38
344.86
341.00
337.42
347.57
351.73
356.47
353.67
350.57
356.38
352.12
353.09
341.77
354.44
343.51
337.51
344.67
340.03
336.26
330.84
327.26

713.87
718.33
724.61
704.63
695.85
689.66
690.99
684.78
685.70
683.90
679.37
676.44
674.59
673.93
669.30
661.01
650.68
638.91
647.86
647.19
638.76
624.17
628.72
624.85
639.54
647.93
651.24
655.04
650.23
648.85
648.82
649.16
645.84
646.79
645.98
641.77
639.11
636.59
629.45
627.60
620.04
615.50
615.50
613.02
606.43

2/18/2014
2/17/2014
2/14/2014
2/13/2014
2/12/2014
2/11/2014
2/10/2014
2/7/2014
2/6/2014
2/5/2014
2/4/2014
2/3/2014
1/31/2014
1/30/2014
1/29/2014
1/28/2014
1/27/2014
1/24/2014
1/23/2014
1/22/2014
1/21/2014
1/20/2014
1/17/2014
1/16/2014
1/15/2014
1/14/2014
1/13/2014
1/10/2014
1/9/2014
1/8/2014
1/7/2014
1/6/2014
1/3/2014
1/2/2014
1/1/2014
12/31/2013
12/30/2013
12/27/2013
12/26/2013
12/25/2013
12/24/2013
12/23/2013
12/20/2013
12/19/2013
12/18/2013

314.30
308.01
312.55
317.49
317.10
316.81
311.49
314.39
310.81
302.59
303.37
303.07
306.36
305.98
297.85
300.46
294.27
298.04
311.20
315.94
313.43
310.52
307.14
298.72
301.24
293.40
298.82
304.53
297.75
304.24
305.69
305.88
298.53
292.14
284.40
284.40
284.40
291.37
294.08
294.08
294.08
294.08
290.50
286.44
283.53

605.52
599.04
588.18
583.61
587.25
584.52
585.84
592.54
592.00
593.26
591.87
592.55
591.66
598.47
601.47
601.63
599.46
589.79
586.73
588.60
585.51
588.33
587.53
590.70
595.35
590.76
589.53
585.36
583.92
587.83
585.78
587.78
587.47
577.31
581.16
580.37
578.31
593.28
594.32
591.11
593.07
595.46
591.13
592.53
584.91

12/17/2013
12/16/2013
12/13/2013
12/12/2013
12/11/2013
12/10/2013
12/9/2013
12/6/2013
12/5/2013
12/4/2013
12/3/2013
12/2/2013
11/29/2013
11/28/2013
11/27/2013
11/26/2013
11/25/2013
11/22/2013
11/21/2013
11/20/2013
11/19/2013
11/18/2013
11/15/2013
11/14/2013
11/13/2013
11/12/2013
11/11/2013
11/8/2013
11/7/2013
11/6/2013
11/5/2013
11/4/2013
11/1/2013
10/31/2013
10/30/2013
10/29/2013
10/28/2013
10/25/2013
10/24/2013
10/23/2013
10/22/2013
10/21/2013
10/18/2013
10/17/2013
10/16/2013

279.76
276.57
277.15
279.57
285.37
274.34
274.54
268.93
274.25
272.02
271.93
275.60
275.50
275.70
276.09
268.54
264.77
258.77
262.64
260.70
261.48
267.57
260.51
246.19
241.65
238.45
249.58
250.84
254.90
259.06
252.77
261.57
260.80
253.35
240.97
239.81
239.52
241.65
246.10
251.51
250.16
248.23
248.23
249.00
245.71

581.54
580.14
578.76
569.86
570.39
569.44
568.88
558.83
563.27
565.22
564.91
566.59
564.82
567.30
565.85
569.24
567.53
565.81
570.46
569.64
577.47
576.84
568.90
568.30
569.30
563.42
565.25
565.61
566.04
556.42
552.83
554.64
554.34
555.54
560.92
551.76
557.26
553.99
557.54
565.85
565.49
566.51
565.34
567.59
570.37

10/15/2013
10/14/2013
10/11/2013
10/10/2013
10/9/2013
10/8/2013
10/7/2013
10/4/2013
10/3/2013
10/2/2013
10/1/2013
9/30/2013
9/27/2013
9/26/2013
9/25/2013
9/24/2013
9/23/2013
9/20/2013
9/19/2013
9/18/2013
9/17/2013
9/16/2013
9/13/2013
9/12/2013
9/11/2013
9/10/2013
9/9/2013
9/6/2013
9/5/2013
9/4/2013
9/3/2013
9/2/2013
8/30/2013
8/29/2013
8/28/2013
8/27/2013
8/26/2013
8/23/2013
8/22/2013
8/21/2013
8/20/2013
8/19/2013
8/16/2013
8/15/2013
8/14/2013

245.42
241.65
239.62
235.26
228.30
231.20
228.01
226.07
227.33
223.46
222.30
220.27
221.82
222.49
222.98
222.69
216.69
219.78
222.49
220.75
218.62
217.75
215.53
214.27
215.14
215.04
204.98
197.92
196.08
195.70
200.63
201.60
196.57
200.15
193.96
199.28
205.66
207.31
206.34
204.50
202.18
199.08
199.95
202.18
210.59

570.25
563.44
566.70
568.07
562.73
560.43
557.15
554.36
557.78
563.99
560.58
560.72
546.92
547.16
545.09
542.87
543.88
546.81
541.48
537.53
538.70
540.90
540.10
534.06
539.11
540.62
539.95
537.47
531.69
533.01
526.64
525.76
516.23
519.71
518.97
512.03
518.67
510.80
503.10
493.90
504.57
506.66
515.64
521.25
522.11

8/13/2013
8/12/2013
8/9/2013
8/8/2013
8/7/2013
8/6/2013
8/5/2013
8/2/2013
8/1/2013
7/31/2013
7/30/2013
7/29/2013
7/26/2013
7/25/2013
7/24/2013
7/23/2013
7/22/2013
7/19/2013
7/18/2013
7/17/2013
7/16/2013
7/15/2013
7/12/2013
7/11/2013
7/10/2013
7/9/2013
7/8/2013
7/5/2013
7/4/2013
7/3/2013
7/2/2013
7/1/2013
6/28/2013
6/27/2013
6/26/2013
6/25/2013
6/24/2013
6/21/2013
6/20/2013
6/19/2013
6/18/2013
6/17/2013
6/14/2013
6/13/2013
6/12/2013

205.47
210.40
211.27
209.43
210.89
214.85
222.69
225.20
223.94
216.40
213.40
207.11
207.02
210.69
210.11
206.44
208.08
208.47
209.92
207.79
211.85
218.53
217.66
215.72
212.72
209.63
211.85
206.53
199.86
194.34
195.60
194.44
187.86
188.64
180.80
172.96
167.84
168.61
169.58
176.64
179.93
179.93
179.93
175.29
175.58

526.84
526.14
527.27
525.28
528.78
526.32
527.67
537.26
533.48
535.37
543.91
542.90
552.21
547.07
544.48
543.23
553.85
551.95
551.23
552.34
556.79
555.69
550.66
546.03
542.22
541.95
538.96
538.01
536.69
539.29
538.93
537.94
536.14
530.56
524.65
524.88
523.21
524.52
530.71
534.42
535.48
541.45
537.44
532.32
532.91

6/11/2013
6/10/2013
6/7/2013
6/6/2013
6/5/2013
6/4/2013
6/3/2013
5/31/2013
5/30/2013
5/29/2013
5/28/2013
5/27/2013
5/24/2013
5/23/2013
5/22/2013
5/21/2013
5/20/2013
5/17/2013
5/16/2013
5/15/2013
5/14/2013
5/13/2013
5/9/2013
5/8/2013
5/7/2013
5/6/2013
5/3/2013
5/2/2013
5/1/2013
4/30/2013
4/29/2013
4/26/2013
4/25/2013
4/24/2013
4/23/2013
4/22/2013
4/19/2013
4/18/2013
4/17/2013
4/16/2013
4/15/2013
4/12/2013
4/11/2013
4/10/2013
4/9/2013

176.54
182.35
181.86
182.83
189.41
189.41
188.54
193.47
190.18
193.09
196.66
195.41
193.57
188.15
193.47
217.37
207.98
207.98
202.18
202.95
200.73
179.06
181.86
181.86
181.57
179.93
173.35
177.22
171.71
167.16
168.32
167.84
167.84
169.19
171.03
171.03
168.13
162.13
170.26
169.29
172.96
168.32
164.16
158.84
156.71

527.08
535.60
543.50
540.63
534.47
538.77
536.21
534.24
537.06
541.85
544.66
543.70
554.75
554.81
555.82
554.46
554.94
552.76
552.03
557.76
562.55
556.56
549.11
546.55
543.04
544.78
543.41
539.49
536.13
540.30
534.17
528.85
531.89
531.54
527.35
522.44
520.37
556.88
553.46
551.71
552.40
547.74
547.66
535.73
541.05

4/8/2013
4/5/2013
4/4/2013
4/3/2013
4/2/2013
4/1/2013
3/29/2013
3/28/2013
3/27/2013
3/26/2013
3/25/2013
3/22/2013
3/21/2013
3/20/2013
3/19/2013
3/18/2013
3/15/2013
3/14/2013
3/13/2013
3/12/2013
3/11/2013
3/8/2013
3/7/2013
3/6/2013
3/5/2013
3/4/2013
3/1/2013
2/28/2013
2/27/2013
2/26/2013
2/25/2013
2/22/2013
2/21/2013
2/20/2013
2/19/2013
2/18/2013
2/15/2013
2/14/2013
2/13/2013
2/12/2013
2/11/2013
2/8/2013
2/7/2013
2/6/2013
2/5/2013

155.65
155.26
161.16
163.68
162.81
154.78
154.78
154.78
154.78
151.68
149.94
147.72
146.56
144.81
141.83
141.55
143.51
144.16
143.23
143.13
142.67
144.63
141.83
145.09
145.56
145.56
143.97
142.48
139.59
139.03
133.90
137.26
134.46
133.24
130.91
127.83
128.39
130.54
130.63
130.63
128.21
129.70
129.70
129.79
127.93

539.49
539.03
541.83
536.63
537.92
535.31
534.77
530.26
531.43
529.22
526.43
522.10
523.48
522.47
521.07
517.98
513.85
513.09
508.41
506.42
496.16
496.16
497.93
496.97
495.72
493.74
492.40
493.23
498.76
497.77
500.84
502.48
499.45
498.57
497.08
494.23
492.97
493.98
490.93
490.77
486.44
488.88
487.22
490.27
488.10

2/4/2013
2/1/2013
1/31/2013
1/30/2013
1/29/2013
1/28/2013
1/25/2013
1/24/2013
1/23/2013
1/22/2013
1/21/2013
1/18/2013
1/17/2013
1/16/2013
1/15/2013
1/14/2013
1/11/2013
1/10/2013
1/9/2013
1/8/2013
1/7/2013
1/4/2013
1/3/2013
1/2/2013
1/1/2013
12/31/2012
12/28/2012
12/27/2012
12/26/2012
12/25/2012
12/24/2012
12/21/2012
12/20/2012
12/19/2012
12/18/2012
12/17/2012
12/14/2012
12/13/2012
12/12/2012
12/11/2012
12/10/2012
12/7/2012
12/6/2012
12/5/2012
12/4/2012

128.77
129.70
126.90
122.70
120.46
120.46
125.78
125.69
125.87
127.46
126.43
126.25
128.02
126.62
128.21
129.42
129.51
130.63
129.05
126.43
120.37
120.27
120.74
120.83
116.17
116.17
116.17
117.29
116.64
116.64
116.64
116.64
116.64
116.17
111.97
113.37
118.59
117.75
119.43
121.49
118.69
122.05
120.37
118.59
117.29

483.11
482.16
478.52
475.70
477.23
484.61
485.54
487.12
489.76
473.69
476.61
473.80
488.36
489.13
484.83
485.28
488.47
493.16
491.78
499.41
496.96
497.71
503.28
504.66
501.53
500.55
501.82
496.66
491.42
495.21
496.10
499.97
504.23
505.34
502.39
499.69
500.44
499.78
493.22
494.10
494.04
500.90
498.97
498.93
494.50

12/3/2012
11/30/2012
11/29/2012
11/28/2012
11/27/2012
11/26/2012
11/23/2012
11/22/2012
11/21/2012
11/20/2012
11/19/2012
11/16/2012
11/15/2012
11/14/2012
11/13/2012
11/12/2012
11/9/2012
11/8/2012
11/7/2012
11/6/2012
11/5/2012
11/2/2012
11/1/2012
10/31/2012
10/30/2012
10/29/2012
10/26/2012
10/25/2012

116.08
115.05
115.14
112.44
110.85
109.26
112.16
112.90
110.57
109.17
106.37
104.97
105.34
108.24
108.52
108.24
105.44
104.51
99.84
103.11
85.84
87.80
86.31
85.28
86.31
84.44
86.08
85.70

488.72
486.82
486.27
488.49
485.06
489.70
495.37
494.79
496.63
499.82
492.97
489.88
494.23
490.16
488.04
489.53
487.29
489.87
487.55
491.09
490.54
494.14
494.50
493.87
496.85
500.37
497.59
489.03

WACC calculation

Cost of debt
Interest expense
Debt remaining
Cost

-11.29%

Cost of equity
Risk free rate
Risk premium
Beta

8.98%
0.93%
6.47%
1.24

Weight of debt
Weight of equity

0.00%
100.00%

WACC

8.98%

CY2011

CY2012

CY2013

CY2014

2.48
385.00
-0.01

3.56
271.50
-0.01

3.48
103.50
-0.03

3.33
29.50
-0.11

Assumptions
As in most years cost of debt is greater than cost of equity, minimum of different costs
of debt in the previous years is used

From Damodharan's site

As per management guidance target capital structure is assumed with 0 debt