Revenue

2016
6280.47

EBITDA

2697.44 2398.3544813 2818.067 3311.228 3890.693 4571.564

D&A
EBIT
Interest
EBT
Taxes
PAT
Total Shares
EPS

193

2017
2018
2019
2020
2021
7379.55225 8670.974 10188.39 11971.36 14066.35

207.475 223.0356 239.7633 257.7455 277.0765

2504.44 2190.8794813 2595.031 3071.465 3632.948 4294.488

21.47

21.47

21.47

21.47

21.47

21.47

2482.97 2169.4094813 2573.561 3049.995 3611.478 4273.018

889.68 759.29331844 900.7463 1067.498 1264.017 1495.556
1593.29 1410.1161628 1672.815 1982.497
111.15

111.15

111.15

111.15

2347.46 2777.462
111.15

111.15

14.33459 12.686605154 15.05006 17.83623 21.11975 24.98841

Capex

500

NFA

545

594.05 647.5145 705.7908

292.525 321.9644 354.2867

389.769 428.7143

NWC

59.4

90.0504 136.5164 206.9589 313.7497 475.6445

NOA

-165.93

-226.262148 -308.5311 -420.713 -573.6842 -782.2758

FCFE

1253.8029108 1522.865 1841.964 2217.626 2655.379

Terminal Value
Excess Cash
Value
Intrinsic Value

31638.4
34293.78
2500
26,328.16
236.87

NWA
2012
2013
2014
2015
2016
86,506,451 68,836,315 99,477,656 188,655,823
CA
Cash
2375713 3,870,328
2,476,992 31,981,785
255300000
CA-Cash
84,130,738 64,965,987 97,000,664 156,674,038
CL
83,678,960 47,679,015 65,301,259 85,697,403
124900000
NWC
451,778 17,286,972 31,699,405 70,976,635 130,400,000
Delta(NWC)
16,835,194 14,412,433 39,277,230
59,423,365
37.2643068 0.833716454 1.239052594 0.8372243204
1.5161909786

NOA
OA
OL
OA-OL

2012
78.49
126.47
-47.98

2013
55.5
131.92
-76.42

2014
23
137.5
-114.5

2015
44.11
215.1
-170.99

2016
29.45
195.38
-165.93

1.363691606
2012
2013
2014
2015
2016
59
86
5
771
1593.29
2804
2584
2756
3498
5058
0.021041369 0.03328173 0.001814224 0.220411664 0.3150039541 Average

PAT
Assets
ROA

Reinvestment ROA
0.308709462 0.14262789

5year government bond rate

10 year government bond rate
30 year government bond rate
Beta
Source:ETIG
Risk Premium

0.04403058

0.07138
0.07282
0.07596
0.64

1.55
Morningstar

0.075

0.127075

R(terminal)

0.131655

The value of interest bearing debt is very small as compared to value of market value of equity
This structure is not expected to change in the future

0.142628

Morningstar

ue of equity

1 yr

3 yr
0.63
0.7426
capitaline

Confirm Or
Expected O

2700
2900

Lubricant Je

Total tenders worldwide in 2017

$27 billion

last year order book was 27 crores at this time

Female Health Company
Hindustan Latex
UNFPA 340 million pieces by 2020
Male condom Rs 3 a piece
Female condom Rs. 25 a piece

300