Date Bombay Dying Adj Close Nifty Adj Close Return Nifty Return

11/29/2015 62.176704 7781.899902 1.048599673 1.022528195

12/6/2015 59.294987 7610.450195 0.953652786 0.980481709
12/13/2015 62.176704 7761.950195 0.979230812 0.987393591
12/20/2015 63.495453 7861.049805 1.009316724 0.989265475
12/27/2015 62.909344 7946.350098 1.034538164 1.045386674
1/3/2016 60.809109 7601.350098 1.100795816 1.021989069
1/10/2016 55.241043 7437.799805 1.082296601 1.002067998
1/17/2016 51.040577 7422.450195 0.978464384 0.98134479
1/24/2016 52.16396 7563.549805 1.092024464 1.009941075
1/31/2016 47.768124 7489.100098 1.197062613 1.072790937
2/7/2016 39.904449 6980.950195 0.986714859 0.968130943
2/14/2016 40.441723 7210.75 1.026022412 1.025747715
2/21/2016 39.416023 7029.75 0.907761462 0.93913443
2/28/2016 43.421124 7485.350098 0.955914 0.996691154
3/6/2016 45.423672 7510.200195 1.015283906 0.987618942
3/13/2016 44.739872 7604.350098 0.986006426 0.985466221
3/20/2016 45.374828 7716.5 0.956745615 1.000447319
3/27/2016 47.42622 7713.049805 1.027513226 1.020892843
4/3/2016 46.156311 7555.200195 0.984375018 0.962390692
4/10/2016 46.88895 7850.450195 0.962888652 0.993815957
4/17/2016 48.696129 7899.299805 1.013211434 1.006305893
4/24/2016 48.061172 7849.799805 1.020746864 1.015044981
5/1/2016 47.08432 7733.450195 1.020105788 0.989577639
5/8/2016 46.156311 7814.899902 1.016129013 1.008413191
5/15/2016 45.423672 7749.700195 1.027624299 0.950108229
5/22/2016 44.202606 8156.649902 1.042626719 0.992196635
5/29/2016 42.395428 8220.799805 0.965517251 1.006211712
6/5/2016 43.90955 8170.049805 1.008978646 0.999981593
6/12/2016 43.51881 8170.200195 0.998878985 1.010088284
6/19/2016 43.56765 8088.600098 0.962243755 0.971212843
6/26/2016 45.277145 8328.349609 0.970680679 1.000618682
7/3/2016 46.644737 8323.200195 0.994791673 0.974453815
7/10/2016 46.88895 8541.400391 1.00313484 1.000023439
7/17/2016 46.74242 8541.200195 1.025723434 0.988736493
7/24/2016 45.570198 8638.5 1.05018941 0.994857812
7/31/2016 43.392361 8683.150391 0.99209935 1.010591062
8/7/2016 43.737919 8592.150391 0.988839196 0.991375233
8/14/2016 44.231579 8666.900391 1.026345961 1.011006129
8/21/2016 43.096169 8572.549805 0.977603584 0.973086266
8/28/2016 44.083481 8809.650391 0.846445501 0.993565836
9/4/2016 52.080708 8866.700195 0.945340495 1.009892036
9/11/2016 55.09201 8779.849609 1.020109704 0.994145966
9/18/2016 54.005966 8831.549805 1.076771658 1.025594654
9/25/2016 50.155449 8611.150391 0.856661059 0.990060566
 10/2/2016 58.5476 8697.599609 0.974527584 1.013304659
10/9/2016 60.07793 8583.400391 1.007450257 0.987386543
10/16/2016 59.633644 8693.049805 1.044079615 1.00637298
10/23/2016 57.115993 8638 1.063418978 1.024218171
10/30/2016 53.709774 8433.75 1.168635917 1.01656765
11/6/2016 45.959373 8296.299805 1.068886339 1.027520058
11/13/2016 42.997437 8074.100098 0.963495635 0.995045819
11/20/2016 44.626499 8114.299805 1.003329661 1.003400604
11/27/2016 44.478401 8086.799805 0.953439096 0.978824075
12/4/2016 46.65049 8261.75 1.028291609 1.015025561
12/11/2016 45.366985 8139.450195 0.942564113 1.019246808
12/18/2016 48.131458 7985.75 1.029567038 0.975561361
12/25/2016 46.749222 8185.799805 0.887535176 0.992964409
1/1/2017 52.673092 8243.799805 1.002819496 0.981363894
1/8/2017 52.524998 8400.349609 1.006622571 1.00610826

1/15/2017 52.179436 8349.349609 0.974193489 0.96622012

1/22/2017 53.561676 8641.25 0.921052644 0.988593895
1/29/2017 58.152676 8740.950195 0.975165563 0.994018387
2/5/2017 59.633644 8793.549805 1.067137799 0.996808961
2/12/2017 55.881859 8821.700195 0.976704076 0.986822551
2/19/2017 57.214729 8939.5 0.996560591 1.004714803
2/26/2017 57.412193 8897.549805 0.988105444 0.995858773
3/5/2017 58.103306 8934.549805 0.828873165 0.97538223
3/12/2017 70.099152 9160.049805 0.867440463 1.005714735
3/19/2017 80.811485 9108 0.9861446 0.992832811
3/26/2017 81.946892 9173.75 1.011578264 0.99733105
4/2/2017 81.008949 9198.299805 0.992140336 1.005190803
4/9/2017 81.650696 9150.799805 0.939772686 1.003443145
4/16/2017 86.883453 9119.400391 1.017929444 0.980153867
4/23/2017 85.353119 9304.049805 1.026722178 1.002019321
4/30/2017 83.13166 9285.299805 1.014457754 0.987703243
5/7/2017 81.946892 9400.900391 1.075826271 0.99713616
5/14/2017 76.17112 9427.900391 1.056849304 0.98257452
5/21/2017 72.073776 9595.099609 1.043602655 0.99395034
5/28/2017 69.062469 9653.5 0.838728959 0.998474388
6/4/2017 82.34182 9668.25 1.01275051 1.008364599
6/11/2017 81.305138 9588.049805 0.989189102 1.001368113
6/18/2017 82.193726 9574.950195 1.030959816 1.005676963
6/25/2017 79.725441 9520.900391 0.901730788 0.985009061
7/2/2017 88.413795 9665.799805 1.03466214 0.977691482
7/9/2017 85.451851 9886.349609 0.988013648 0.997085258
7/16/2017 86.488533 9915.25 1.051620691 0.99008937
7/23/2017 82.243088 10014.5 1.013800307 0.994844196
7/30/2017 81.123558 10066.40039 1.154390955 1.036619083
8/6/2017 70.273903 9710.799805 0.906872175 0.987130687
 8/13/2017 77.490417 9837.400391 0.915343859 0.998006562
8/20/2017 84.657166 9857.049805 0.694002469 0.988234823
8/27/2017 121.983955 9974.400391 0.783818349 1.003986048
9/3/2017 155.627838 9934.799805 0.89139121 0.985067466
9/10/2017 174.589828 10085.40039 0.86340141 1.012143229
9/17/2017 202.211655 9964.400391 1.152624064 1.017959748
9/24/2017 175.435913 9788.599609 0.822829161 0.980851069
10/1/2017 213.210617 9979.700195 1.031046873 0.98153421
10/8/2017 206.790421 10167.4502 0.983431994 1.002059852
10/15/2017 210.274246 10146.54981 1.069078908 0.98290234
10/22/2017 196.687302 10323.04981 1.013853347 0.987615384
10/29/2017 193.999756 10452.5 0.948187685 1.012667426
11/5/2017 204.600586 10321.75 1.10008031 1.003709829
11/12/2017 185.986954 10283.59961 0.934951204 0.989787907
11/19/2017 198.92691 10389.7002 0.943356117 1.026467663
11/26/2017 210.87149 10121.79981 0.921087038 0.985987192
12/3/2017 228.937637 10265.65039 0.862230575 0.99345805
12/10/2017 265.517883 10333.25 0.911342569 0.984775565
12/17/2017 291.348053 10493 1.053256637 0.996419973
12/24/2017 276.616394 10530.7002 1 0.997334045
12/31/2017 276.616394 10558.84961 0.986860753 0.98854063
1/7/2018 280.299316 10681.25 1.106483346 0.980407887
1/14/2018 253.324478 10894.7002 1.089003033 0.984195508
1/21/2018 232.620544 11069.65039 1.21877439 1.028720591
1/28/2018 190.864319 10760.59961 0.782333702 1.029234899
2/4/2018 243.967911 10454.9502 0.89452561 1.00025357
2/11/2018 272.734406 10452.29981 0.978571415 0.996306375
2/18/2018 278.706696 10491.04981 1.095461638 1.003126707
2/25/2018 254.419403 10458.34961 1.052718275 1.022636492
3/4/2018 241.678528 10226.84961 0.934025719 1.003109245
3/11/2018 258.749329 10195.15039 1.085612961 1.019713903
3/18/2018 238.343994 9998.049805 1.001673267 0.988564977
3/25/2018 237.945847 10113.7002 0.955435667 0.978909421
4/1/2018 249.044342 10331.59961 1.003610108 0.985783256
4/8/2018 248.148499 10480.59961 0.889880475 0.992100549
4/15/2018 278.855988 10564.04981 0.962549333 0.988005387
4/22/2018 289.705658 10692.29981 0.968391296 1.006973824
4/29/2018 299.161774 10618.25 1.005520296 0.982579929
5/6/2018 297.519379 10806.5 1.103562748 1.019827451
5/13/2018 269.598969 10596.40039 1.033384246 0.999174929
5/20/2018 260.889374 10605.15039 1.104741809 0.99148765
5/27/2018 236.15416 10696.2002 1.048850585 0.993364365
6/3/2018 225.155197 10767.65039 1.015032494 0.995373342
6/10/2018 221.820679 10817.7002 0.990224414 0.999616571
6/17/2018 224.010513 10821.84961 1.020634953 1.010037969
 6/24/2018 219.481522 10714.29981 1.050250044 0.994583451
7/1/2018 208.980255 10772.65039 0.943807607 0.977652035
7/8/2018 221.422516 11018.90039 1.020881177 1.000790194
7/15/2018 216.893524 11010.2002 0.89662476 0.97622441
7/22/2018 241.899994 11278.34961 0.865938746 0.992742571
7/29/2018 279.350006 11360.79981 1.051373705 0.993989221
8/5/2018 265.700012 11429.5 1.044213068 0.996403897
8/12/2018 254.449997 11470.75 0.962367635 0.992528436
8/19/2018 264.399994 11557.09961 0.977268548 0.98943535
8/26/2018 270.549988 11680.5 1.034607985 1.007886755
9/2/2018 261.5 11589.09961 1.044537622 1.006417554
9/9/2018 250.350006 11515.2002 1.15581717 1.033392916
9/16/2018 216.600006 11143.09961 1.291207189 1.019454772
9/23/2018 167.75 10930.4502 1.226691042 1.059516596
9/30/2018 136.75 10316.4502 1.168304114 0.985099088
10/7/2018 117.050003 10472.5 1.100611238 1.01639728
10/14/2018 106.349998 10303.54981 1.291438987 1.027273161
10/21/2018 82.349998 10030 0.681987561 0.950440633
10/28/2018 120.75 10553 1.035147861 0.996957998
11/4/2018 116.650002 10585.2002 1.005603466 0.990919474
11/11/2018 116 10682.2002 1.073577018 1.014767159
11/18/2018 108.050003 10526.75 1.090312868 0.96782127
11/25/2018 99.099998 10876.75 1 1
11/30/2018 99.099998 10876.75
 BETA
Year 1 1.570816282
Year 2 1.257854179
Year 3 3.213422911

SINGLE BETA 2.014031126

CAPM
Risk free return rf 7.73%
Return from market rm 17.73%
Risk Premium rp 10%
Beta β 2.014031
Expcted Return rf+β(rm-rf) 27.87%

COST OF DEBT:
Finance Cost(Interest) 288.757
Debt 2,230.32
Cost of Debt 0.129468865

WACC:
Cost of Debt 12.95%
Cost of Equity 27.87%
Total Euity 41.31
Total Debt 2,230.32
WACC 0.1164268

EBIT: 2014-2015 2015-2016 2016-2017 2017-2018

EBIT 262.16 197.4 249.78 449.7
EBIT(I-0.30) 183.512 138.18 174.846 314.79
ADD: DEP AND AMORTIZATION 46.82 33.91 31.66 29.88
LESS: CHANGE IN NWC 137.05 105.27 155.93 284.91
FREE CASH FLOW 93.282 66.82 50.576 59.76
Growth in Free Cash Flow -0.283677451 -0.243100868 0.181588105
Average growth in Free Cash Flow -0.115063405
Present Value Of Future Cash Flows
Sum of Present Value Of Future Cash Flows

Computation of Value per share:

Value of firm by future Cash Flows 401.633421342
Debt 2,230.32
Equity (Value) -1,828.69
 Number of Shares 206861755
Value per Share 88.4013856818

Year EPS EPS Growth P/E

2014 1 56.5
2015 1 0 59.8
2016 -4 -5 -15.1
2017 -6 0.5 -10.8
2018 2 -1.333333333 108.7
Average Growth(EPS)-1.458333333 39.82
2019 -0.916666667

Value by EPS and P/E 36.502

Market Price 99.1
Value by NPV 88.4014
"Shares are Overpriced"
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 Perpituity

52.88381 46.79881959 41.41398807 36.6487536 32.43182324

47.36881 37.5469265 29.7616013 23.59055706 18.6990739 244.6664508

401.6334213425
 Date Adj Close Nifty Adj Close Return Nifty Return
11/29/2015 67.8 7781.899902 1.0447 1.022528195
12/6/2015 64.9 7610.450195 1.031 0.980481709
12/13/2015 62.95 7761.950195 0.9984 0.987393591
12/20/2015 63.05 7861.049805 0.9813 0.989265475
12/27/2015 64.25 7946.350098 1.0047 1.045386674
1/3/2016 63.95 7601.350098 1.1533 1.021989069
1/10/2016 55.45 7437.799805 1.1123 1.002067998
1/17/2016 49.85 7422.450195 1.0561 0.98134479
1/24/2016 47.2 7563.549805 1.0595 1.009941075
1/31/2016 44.55 7489.100098 1.1724 1.072790937
2/7/2016 38 6980.950195 1.1014 0.968130943
2/14/2016 34.5 7210.75 0.9829 1.025747715
2/21/2016 35.1 7029.75 0.9873 0.93913443
2/28/2016 35.55 7485.350098 0.943 0.996691154
3/6/2016 37.7 7510.200195 1.1442 0.987618942
3/13/2016 32.95 7604.350098 0.997 0.985466221
3/20/2016 33.05 7716.5 1.0492 1.000447319
3/27/2016 31.5 7713.049805 0.9091 1.020892843
4/3/2016 34.65 7555.200195 0.8673 0.962390692
4/10/2016 39.95 7850.450195 0.9864 0.993815957
4/17/2016 40.5 7899.299805 1.0561 1.006305893
4/24/2016 38.35 7849.799805 0.9833 1.015044981
5/1/2016 39 7733.450195 0.9308 0.989577639
5/8/2016 41.9 7814.899902 1.0997 1.008413191
5/15/2016 38.1 7749.700195 0.8533 0.950108229
5/22/2016 44.65 8156.649902 1.1971 0.992196635
5/29/2016 37.3 8220.799805 1.0954 1.006211712
6/5/2016 34.05 8170.049805 0.9485 0.999981593
6/12/2016 35.9 8170.200195 0.9485 1.010088284
6/19/2016 37.85 8088.600098 1.0384 0.971212843
6/26/2016 36.45 8328.349609 0.9851 1.000618682
7/3/2016 37 8323.200195 0.9273 0.974453815
7/10/2016 39.9 8541.400391 0.8712 1.000023439
7/17/2016 45.8 8541.200195 1.0905 0.988736493
7/24/2016 42 8638.5 1.0995 0.994857812
7/31/2016 38.2 8683.150391 0.8313 1.010591062
8/7/2016 45.95 8592.150391 1.0479 0.991375233
8/14/2016 43.85 8666.900391 0.939 1.011006129
8/21/2016 46.7 8572.549805 1.0494 0.973086266
8/28/2016 44.5 8809.650391 0.89 0.993565836
9/4/2016 50 8866.700195 1.0101 1.009892036
9/11/2016 49.5 8779.849609 0.964 0.994145966
9/18/2016 51.35 8831.549805 0.9981 1.025594654
9/25/2016 51.45 8611.150391 0.9188 0.990060566
 10/2/2016 56 8697.599609 0.9605 1.013304659
10/9/2016 58.3 8583.400391 1.0383 0.987386543
10/16/2016 56.15 8693.049805 0.8173 1.00637298 BETA
10/23/2016 68.7 8638 1.0497 1.024218171 Year 1
10/30/2016 65.45 8433.75 0.9769 1.01656765 Year 2
11/6/2016 67 8296.299805 1.0859 1.027520058 Year 3
11/13/2016 61.7 8074.100098 0.9936 0.995045819
11/20/2016 62.1 8114.299805 0.9944 1.003400604 SINGLE BETA
11/27/2016 62.45 8086.799805 1.0767 0.978824075
12/4/2016 58 8261.75 1.0284 1.015025561 CAPM
12/11/2016 56.4 8139.450195 1.0171 1.019246808 Risk free return
12/18/2016 55.45 7985.75 0.9728 0.975561361 Return from market
12/25/2016 57 8185.799805 0.9819 0.992964409 Risk Premium
1/1/2017 58.05 8243.799805 0.9085 0.981363894 Beta
1/8/2017 63.9 8400.349609 0.958 1.00610826 Expcted Return
1/15/2017 66.7 8349.349609 0.978 0.96622012
1/22/2017 68.2 8641.25 1.0492 0.988593895 COST OF DEBT:
1/29/2017 65 8740.950195 0.942 0.994018387 Finance Cost(Interest)
2/5/2017 69 8793.549805 1.0681 0.996808961 Debt
2/12/2017 64.6 8821.700195 1.0102 0.986822551 Cost of Debt
2/19/2017 63.95 8939.5 0.9884 1.004714803
2/26/2017 64.7 8897.549805 0.984 0.995858773 WACC:
3/5/2017 65.75 8934.549805 1.0437 0.97538223 Cost of Debt
3/12/2017 63 9160.049805 0.9783 1.005714735 Cost of Equity
3/19/2017 64.4 9108 0.9612 0.992832811 Total Euity
3/26/2017 67 9173.75 0.8226 0.99733105 Total Debt
4/2/2017 81.45 9198.299805 1.0018 1.005190803 WACC
4/9/2017 81.3 9150.799805 1.0163 1.003443145
4/16/2017 80 9119.400391 0.9864 0.980153867 EBIT:
4/23/2017 81.1 9304.049805 0.7951 1.002019321 EBIT
4/30/2017 102 9285.299805 0.9506 0.987703243 EBIT(I-0.30)
5/7/2017 107.3 9400.900391 1.0971 0.99713616 ADD: DEP AND AMORTIZATION
5/14/2017 97.8 9427.900391 1.0539 0.98257452 LESS: CHANGE IN NWC
5/21/2017 92.8 9595.099609 1.1061 0.99395034 FREE CASH FLOW
5/28/2017 83.9 9653.5 1.0176 0.998474388 Growth in Free Cash Flow
6/4/2017 82.45 9668.25 0.8785 1.008364599 Average growth in Free Ca
6/11/2017 93.85 9588.049805 1.1466 1.001368113 Present Value O
6/18/2017 81.85 9574.950195 1.0006 1.005676963 Sum of Present Valu
6/25/2017 81.8 9520.900391 1.0212 0.985009061
7/2/2017 80.1 9665.799805 1.0256 0.977691482
7/9/2017 78.1 9886.349609 0.9738 0.997085258
7/16/2017 80.2 9915.25 1.0679 0.99008937
7/23/2017 75.1 10014.5 0.969 0.994844196
7/30/2017 77.5 10066.40039 1.1347 1.036619083
8/6/2017 68.3 9710.799805 1.0928 0.987130687
 8/13/2017 62.5 9837.400391 0.9266 0.998006562
8/20/2017 67.45 9857.049805 1.0457 0.988234823
8/27/2017 64.5 9974.400391 0.8872 1.003986048
9/3/2017 72.7 9934.799805 1.1167 0.985067466
9/10/2017 65.1 10085.40039 1.0309 1.012143229
9/17/2017 63.15 9964.400391 0.9883 1.017959748
9/24/2017 63.9 9788.599609 1.0365 0.980851069
10/1/2017 61.65 9979.700195 1.0082 0.98153421
10/8/2017 61.15 10167.4502 0.9706 1.002059852
10/15/2017 63 10146.54981 0.8394 0.98290234
10/22/2017 75.05 10323.04981 1.1252 0.987615385
10/29/2017 66.7 10452.5 1.0038 1.012667426
11/5/2017 66.45 10321.75 0.9651 1.003709828
11/12/2017 68.85 10283.59961 1.0307 0.989787906
11/19/2017 66.8 10389.7002 1.0167 1.026467663
11/26/2017 65.7 10121.79981 1.0683 0.985987193
12/3/2017 61.5 10265.65039 0.984 0.99345805
12/10/2017 62.5 10333.25 0.9897 0.984775565
12/17/2017 63.15 10493 0.9503 0.996419972
12/24/2017 66.45 10530.7002 0.9204 0.997334046
12/31/2017 72.2 10558.84961 1.0351 0.988540631
1/7/2018 69.75 10681.25 1.0649 0.980407887
1/14/2018 65.5 10894.7002 0.9954 0.984195509
1/21/2018 65.8 11069.65039 1.0387 1.028720591
1/28/2018 63.35 10760.59961 1.082 1.029234899
2/4/2018 58.55 10454.9502 1.0465 1.00025357
2/11/2018 55.95 10452.29981 1.0647 0.996306375
2/18/2018 52.55 10491.04981 1.0204 1.003126707
2/25/2018 51.5 10458.34961 1.2262 1.022636492
3/4/2018 42 10226.84961 0.9032 1.003109245
3/11/2018 46.5 10195.15039 1.1232 1.019713903
3/18/2018 41.4 9998.049805 1.0098 0.988564977
3/25/2018 41 10113.7002 0.8836 0.978909422
4/1/2018 46.4 10331.59961 1.0828 0.985783256
4/8/2018 42.85 10480.59961 0.9586 0.992100548
4/15/2018 44.7 10564.04981 0.9654 0.988005387
4/22/2018 46.3 10692.29981 1.0335 1.006973824
4/29/2018 44.8 10618.25 0.9739 0.982579929
5/6/2018 46 10806.5 1.0698 1.019827451
5/13/2018 43 10596.40039 1.0872 0.999174929
5/20/2018 39.55 10605.15039 1.0836 0.991487649
5/27/2018 36.5 10696.2002 1.0384 0.993364366
6/3/2018 35.15 10767.65039 1.0101 0.995373341
6/10/2018 34.8 10817.7002 1.0561 0.999616571
6/17/2018 32.95 10821.84961 0.9204 1.010037968
 6/24/2018 35.8 10714.29981 1.0392 0.994583452
7/1/2018 34.45 10772.65039 0.9843 0.977652035
7/8/2018 35 11018.90039 0.9722 1.000790194
7/15/2018 36 11010.2002 0.9562 0.976224411
7/22/2018 37.65 11278.34961 1.0561 0.992742571
7/29/2018 35.65 11360.79981 0.9345 0.993989222
8/5/2018 38.15 11429.5 1.1702 0.996403897
8/12/2018 32.6 11470.75 0.9879 0.992528436
8/19/2018 33 11557.09961 1.0427 0.98943535
8/26/2018 31.65 11680.5 0.9649 1.007886755
9/2/2018 32.8 11589.09961 1.0077 1.006417553
9/9/2018 32.55 11515.2002 1.0031 1.033392916
9/16/2018 32.45 11143.09961 1.1248 1.019454771
9/23/2018 28.85 10930.4502 1.0359 1.059516596
9/30/2018 27.85 10316.4502 0.9268 0.985099088
10/7/2018 30.05 10472.5 0.9725 1.01639728
10/14/2018 30.9 10303.54981 1 1.027273162
10/21/2018 30.9 10030 1.0637 0.950440633
10/28/2018 29.05 10553 0.8685 0.996957998
11/4/2018 33.45 10585.2002 1.0808 0.990919474
11/11/2018 30.95 10682.2002 0.9422 1.01476716
11/18/2018 32.85 10526.75 1.0282 0.96782127
11/25/2018 31.95 10876.75 1 1
11/30/2018 31.95 10876.75
 BETA
-0.01946
1.130518
-1.98307

-0.29067

CAPM
rf 7.73%
rm 17.73%
rp 10%
β 2.014031
rf+β(rm-rf) 2.90%

COST OF DEBT:
nce Cost(Interest) 3688
Debt 27,973.00
Cost of Debt 0.131841

WACC:
Cost of Debt 13.18%
Cost of Equity 2.90%
Total Euity ###
Total Debt 27,973.00
WACC 3.29%

EBIT: 2014-20152015-20162016-20172017-2018 2018-20192019-20202020-20212021-2022

EBIT 944614 251566 181244 213,391.0
EBIT(I-0.30) 661229.8 176096.2 126870.8 149373.7
P AND AMORTIZATION
CHANGE IN NWC
EE CASH FLOW
Growth in Free Cash Flow
Average growth in Free Cash Flow
Present Value Of Future Cash Flows
Sum of Present Value Of Future Cash Flows
2022-2023Perpituity
Balance sheet
All numbers in thousands

Period ending 3/31/2018 3/31/2017 3/31/2016 3/31/2015

Current assets
Cash and cash equivalents 1,333,800 1,623,000 1,214,900 685,400
Short-term investments - - - -
Net receivables ### 4,860,100 6,652,100 8,256,800
Inventory 4,090,000 4,208,200 6,803,100 7,111,400
Other current assets 1,059,000 2,975,500 4,017,800 2,550,100
Total current assets 24,270,100 13,729,700 18,708,100 18,639,400
Long-term investments 9,524,700 7,727,900 543,800 544,000
Property plant and equipment 6,262,100 6,424,300 7,014,400 9,502,100
Goodwill - - - -
Intangible assets 1,100 6,100 18,700 33,100
Accumulated amortisation - - - -
Other assets 503,900 8,483,500 18,304,400 12,130,500
Deferred long-term asset charges - - - -

Total assets 40,561,900 36,371,500 44,589,400 40,849,100

Current liabilities
Accounts payable 3,511,100 3,577,400 2,965,900 4,808,400
Short/current long-term debt 758,100 3,838,600 3,923,500 3,892,900
Other current liabilities 2,732,800 3,306,900 869,100 1,057,000
Total current liabilities 11,576,100 23,308,500 18,629,100 15,913,900
Long-term debt ### 9,408,900 12,816,900 9,182,900
Other liabilities 313,800 310,700 253,500 204,500
Deferred long-term liability charges - - 80,100 69,800
Minority interest - - 27,900 26,900
Negative goodwill - - - -
Total liabilities 34,193,100 33,028,100 31,699,500 25,301,300
Stockholders' equity
Misc. Stock options warrants - - - -
Redeemable preferred stock - - - -
Preferred stock - - - -
Common stock 413,100 413,100 413,100 413,100
Retained earnings -4,882,400 -6,048,500 836,500 1,869,900
Treasury stock 9,502,400 7,643,100 10,146,400 11,771,900
Capital surplus 1,335,700 1,335,700 1,466,000 1,466,000
Other stockholder equity 9,502,400 7,643,100 10,146,400 11,771,900
Total stockholder equity 6,368,800 3,343,400 12,862,000 15,520,900
Net tangible assets 6,367,700 3,337,300 12,843,300 15,487,800
Income statement
All numbers in thousands

Revenue 3/31/2018 3/31/2017 3/31/2016 3/31/2015

Total revenue ### 19,237,100 18,494,600 23,864,200
Cost of revenue 11,553,500 10,412,600 9,725,000 10,729,300
Gross profit 15,069,700 8,824,500 8,769,600 13,134,900
Operating expenses
Research development - - - -
Selling general and administrative 1,188,000 1,343,900 1,486,200 1,358,500
Non-recurring - - - -
Others 8,027,300 4,353,500 5,368,000 8,650,100
Total operating expenses ### 16,426,500 16,922,800 21,210,600
Operating income or loss 5,555,700 2,810,600 1,571,800 2,653,600
Income from continuing operations
Total other income/expenses net -5,176,100 -3,780,100 -2,476,400 -2,343,500
Earnings before interest and taxes 5,555,700 2,810,600 1,571,800 2,653,600
Interest expense -3,520,700 -3,188,800 -2,403,200 -1,738,600
Income before tax 379,600 -969,500 -904,600 310,100
Income tax expense 27,800 295,700 5,300 106,800
Minority interest - - 27,900 26,900

Net income from continuing ops 351,800 -1,265,200 -909,900 203,300

Non-recurring events
Discontinued operations - - - -
Extraordinary items - - - -
Effect of accounting changes - - - -
Other items - - - -
Net income
Net income 351,800 -1,265,200 -910,900 203,500
Preferred stock and other
- - - -
adjustments
Net income applicable to
351,800 -1,265,200 -910,900 203,500
common shares