Balaji Telefilms Limited

Historical
Income Statement 2014 2015
Revenues 425.44 357.52
Cost of Goods Sold (excluding depreciation and amortization cost) 374.49 311.76
Gross Profit 50.95 45.76
Other expenses 27.75 28.66
Depreciation and Amortization cost 6.03 8.27
EBIT 17.17 8.83
Interest expense (net of interest income) 1.37 0.34
Exceptional items 0 0
EBT 15.8 8.49
Tax Expense 5.99 2.86
Consolidated net income 9.81 5.63
Minority interest share of profits 0 0
Share Of Profit/Loss Of Associates -0.02 -0.01
Consolidated net income attributable 9.79 5.62

Balance Sheet - Liabilities and equity 2014 2015

Shareholders Funds
Equity Share Capital 13.04 13.04
Reserves & surplus 369.62 368.73
Total Shareholders Funds 382.66 381.77
Non-Current Liabilities
Long Term Borrowings 0 0
Deferred Tax Liabilities [Net] 0 0
Long Term Provisions 0 0
Total Non-Current Liabilities 0 0
Current Liabilities
Short Term Borrowings 0 0
Trade Payables 30.2 37.17
Other Current Liabilities 18.52 2.72
Short Term Provisions 3.32 7.95
Total Current Liabilities 52.04 47.84
Total Capital And Liabilities 434.7 429.61
Assets 2014 2015
Non-Current Assets
Property, Plant and Equipment 22.35 26.98
Intangible Assets 0 0
Goodwill on consolidation 0 1.47
Capital WIP 0.88 0.22
Non-Current Investments 36.7 32.05
Deferred tax asset 2.53 5.69
Long Term Loans And Advances 65.43 63.94
Other Non-Current Assets 0.11 0.42
Total Non-Current Assets 125.47 130.77
Current Assets
Current investments 159.98 145.11
Inventories 70.02 30.25
Trade Receivables 38.54 67
Cash And Cash Equivalents 7.76 10.97
Short Term Loans And Advances 21.43 33.41
OtherCurrentAssets 8.89 12.1
Total Current Assets 306.62 298.84
Total Assets 432.09 429.61
d
Historical
2016 2017 2018 2019
306.02 438.94 432.34 459.48
247.15 400.5 410.07 468.67
58.87 38.44 22.27 -9.19
40.41 38.74 55.03 64.16
9.41 12.54 17.71 18.06
9.05 -12.84 -50.47 -91.41
0.01 0.04 0.05 0.02
0 0 9.05 0
9.04 -12.88 -59.57 -91.43
12.67 16.86 -13.23 6.33
-3.63 -29.74 -46.34 -97.76
0 1.59 1.18 0.4
0.03 0.01 0 0
-3.6 -28.14 -45.16 -97.36

2016 2017 2018 2019

15.19 15.19 20.23 20.23

519.87 491.59 832.64 741.56
535.06 506.78 852.87 761.79

0.5 0.06 0.08 0.11

0 7.21 0 0
0.04 0 0.18 0
0.54 7.27 0.26 0.11

0 0 0 0
57.69 71.9 74.39 90.62
17.7 51.96 24.9 28.17
0 0 0 0.16
75.39 123.86 99.29 118.95
610.99 637.91 952.42 880.85
2016 2017 2018 2019

32.5 34.74 32.34 31.62

0 0.1 7.95 4.55
2.99 4.11 4.74 1.47
2.28 10.61 2.27 0.52
40.4 40.37 31.67 15.05
1.69 9.12 19.64 19.82
0 8.67 9.13 9.4
78.26 67.88 84.26 67.31
158.12 175.6 192 149.74

177.36 157.21 442.06 285.26

119.31 98.31 127.8 196.21
81.32 97.61 93.47 98.83
17.29 15.93 21.97 19.3
0 0.25 3.99 0.71 `
57.59 93 71.13 130.8
452.87 462.31 760.42 731.11
610.99 637.91 952.42 880.85
 Balaji Tele

Income Statement ratios Unit

Year on year revenue growth %
Cost of goods sold as % of revenues %
Other expenses as % revenues %
Depreciation expenses as % of opening Property & Equipment %
Interest expenses as % of opening total debt %
Effective tax rate as % of pre-tax profit %
Minority share of profit as % of total consolidated profit %

Balance Sheet ratios Unit

Accounts Receivables as % of total revenues %
Inventory as % of total revenues %
Property & Equipment as % of total revenues %
Accounts payables as % of total cost of goods sold %

Key cash flow numbers Unit

Short term borrowings added INR (CR.)
Short term borrowings repaid INR (CR.)

Long term borrowings added INR (CR.)

Long term borrowings repaid INR (CR.)

Dividends paid to shareholders INR (CR.)

Share buyback from minority interest INR (CR.)
Common equity sharebuy back INR (CR.)
Dividend payout ratio as % of total profit %
 Balaji Telefilms Limited
Historical Forecaste
2014 2015 2016 2017 2018 2019 2020 2021
0 -15.96% -14.40% 43.44% -1.50% 6.28% 9.28% 12.28%
88.02% 87.20% 80.76% 91.24% 94.85% 102.00% 107.00% 112.00%
6.52% 8.02% 13.21% 8.83% 12.73% 13.96% 15.96% 17.96%
26.98% 30.65% 28.95% 36.10% 54.76% 57.12% 59.12% 61.12%
0 0.52% 0.02% #DIV/0! 0.58% 0.22% 1.22% 2.22%
37.91% 33.69% 140.15% -130.90% 22.21% -6.92% -7.92% -8.92%
0.00% 0.00% 0.00% -5.35% -2.55% -0.41% -1.41% -2.41%

2014 2015 2016 2017 2018 2019 2020 2021

9.06% 18.74% 26.57% 22.24% 21.62% 21.51% 23.51% 25.51%
16.46% 8.46% 38.99% 22.40% 29.56% 42.70% 47.70% 52.70%
5.25% 7.55% 10.62% 7.91% 7.48% 6.88% 8.88% 10.88%
8.06% 11.92% 23.34% 17.95% 18.14% 19.34% 20.34% 21.34%

2014 2015 2016 2017 2018 2019 2020 2021

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

2.61 3.93 13.82 0.00 4.88 4.88 4.88 4.88

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
26.61% 69.80% -380.72% 0.00% -10.53% -4.99% -4.99% -4.99%
Forecasted
2022 2023 2024
15.28% 18.28% 21.28%
117.00% 122.00% 127.00%
19.96% 21.96% 23.96%
63.12% 65.12% 67.12%
3.22% 4.22% 5.22%
-9.92% -10.92% -11.92%
-3.41% -4.41% -5.41%

2022 2023 2024

27.51% 29.51% 31.51%
57.70% 62.70% 67.70%
12.88% 14.88% 16.88%
22.34% 23.34% 24.34%

2022 2023 2024

0 0 0
0 0 0

0 0 0
0 0 0

4.88 4.88 4.88

0 0 0
0 0 0
-4.99% -4.99% -4.99%
 Balaji Telefilms Limited
Historical
Income Statement 2014 2015 2016 2017
Revenues 425.44 357.52 306.02 438.94
Cost of Goods Sold (excluding depreciation and amortiza 374.49 311.76 247.15 400.5
Gross Profit 50.95 45.76 58.87 38.44
Other expenses 27.75 28.66 40.41 38.74
Depreciation and Amortization cost 6.03 8.27 9.41 12.54
EBIT 17.17 8.83 9.05 -12.84
Interest expense (net of interest income) 1.37 0.34 0.01 0.04
Exceptional items 0 0 0
EBT 15.8 8.49 9.04 -12.88
Tax Expense 5.99 2.86 12.67 16.86
Consolidated net income 9.81 5.63 -3.63 -29.74
Minority interest share of profits 0 0 0 1.59
Share Of Profit/Loss Of Associates -0.02 -0.01 0.03 0.01
Consolidated net income attributable 9.79 5.62 -3.6 -28.14

Balance Sheet - Liabilities and equity 2014 2015 2016 2017

Shareholders Funds
Equity Share Capital 13.04 13.04 15.19 15.19
Reserves & surplus 369.62 368.73 519.87 491.59
Total Shareholders Funds 382.66 381.77 535.06 506.78
Non-Current Liabilities
Long Term Borrowings 0 0 0.5 0.06
Deferred Tax Liabilities [Net] 0 0 0 7.21
Long Term Provisions 0 0 0.04 0
Total Non-Current Liabilities 0 0 0.54 7.27
Current Liabilities
Short Term Borrowings 0 0 0 0
Trade Payables 30.2 37.17 57.69 71.9
Other Current Liabilities 18.52 2.72 17.7 51.96
Short Term Provisions 3.32 7.95 0 0
Total Current Liabilities 52.04 47.84 75.39 123.86
Total Capital And Liabilities 434.70 429.61 610.99 637.91
Assets 2014 2015 2016 2017
Non-Current Assets
Property, Plant and Equipment 22.35 26.98 32.5 34.74
Intangible Assets 0 0 0 0.1
Goodwill on consolidation 2.61 1.47 2.99 4.11
Capital WIP 0.88 0.22 2.28 10.61
Non-Current Investments 36.7 32.05 40.4 40.37
Deferred tax asset 2.53 5.69 1.69 9.12
Long Term Loans And Advances 65.43 63.94 0 8.67
Other Non-Current Assets 0.11 0.42 78.26 67.88
Total Non-Current Assets 128.08 130.77 158.12 175.6
Current Assets
Current investments 159.98 145.11 177.36 157.21
Inventories 70.02 30.25 119.31 98.31
Trade Receivables 38.54 67 81.32 97.61
Cash And Cash Equivalents 7.76 10.97 17.29 15.93
Short Term Loans And Advances 21.43 33.41 0 0.25
OtherCurrentAssets 8.89 12.1 57.59 93
Total Current Assets 306.62 298.84 452.87 462.31
Total Assets 434.70 429.61 610.99 637.91
efilms Limited
orical Forecasted
2018 2019 2020 2021 2022 2023 2024
432.34 459.48 502.11 563.75 649.88 768.66 932.22
410.07 468.67 970.15 2056.71 4463.07 9908.02 22491.21
22.27 -9.19 -468.04 -1492.96 -3813.19 -9139.35 -21558.99
55.03 64.16 74.40 87.77 105.29 128.41 159.19
17.71 18.06 28.74 46.30 75.52 124.70 208.39
-50.47 -91.41 -571.18 -1627.03 -3994.00 -9392.46 -21926.57
0.05 0.02 0.02 0.02 0.02 0.02 0.02
9.05 0 0 0 0 0 0
-59.57 -91.43 -571.20 -1627.05 -3994.02 -9392.49 -21926.59
-13.23 6.33 5.83 5.31 4.78 4.26 3.75
-46.34 -97.76 -577.03 -1632.35 -3998.80 -9396.75 -21930.34
1.18 0.4 0.39 0.38 0.37 0.36 0.34
0 0 0 0 0 0 0
-45.16 -97.36 -576.63 -1631.97 -3998.43 -9396.39 -21930.01

2018 2019 2020 2021 2022 2023 2024

20.23 20.23 16.15 16.67 17.28 17.63 18.03

832.64 741.56 554.00 584.73 620.73 637.54 661.87
852.87 761.79 570.16 601.40417 638.0099 655.16817 679.899533

0.08 0.11 0.13 0.15 0.17 0.12 0.12

0 0 0 0 0 0 0
0.18 0 0 0 0 0 0
0.26 0.11 0.13 0.15 0.17 0.12 0.12

0 0 0 0 0 0 0
74.39 90.62 109.05 132.31 161.87 199.64 248.22
24.9 28.17 24.00 24.91 28.61 30.42 26.83
0 0.16 0.00 0.00 0.00 0.00 0.00
99.29 118.95 133.04 157.22 190.47 230.06 275.06
952.42 880.85 890.40 1096.52 1420.12 1933.74 2798.75
2018 2019 2020 2021 2022 2023 2024

32.34 31.62 34.43 34.45 34.47 34.49 34.51

7.95 4.55 4.57 4.59 4.61 4.63 4.65
4.74 1.47 2.90 2.95 3.19 3.23 3.08
2.27 0.52 2.80 3.12 3.60 3.82 2.69
31.67 15.05 32.71 32.04 32.04 30.65 29.03
19.64 19.82 9.75 10.95 11.83 13.52 14.25
9.13 9.4 26.10 19.54 12.14 14.16 15.08
84.26 67.31 49.71 57.97 67.56 65.78 65.43
192 149.74 162.95 165.61 169.44 170.27 168.71

442.06 285.26 227.83 239.14 254.81 267.72 286.14

127.8 196.21 289.81 442.54 697.90 1135.51 1904.27
93.47 98.83 122.06 153.20 195.35 252.99 332.71
21.97 19.3 15.54 16.83 17.81 17.90 18.22
3.99 0.71 9.97 8.05 3.83 4.47 5.17
71.13 130.8 62.25 71.15 80.99 84.89 83.53
760.42 731.11 727.45 930.92 1250.68 1763.46 2630.04
952.42 880.85 890.40 1096.52 1420.12 1933.73 2798.75
`
 Balaji Telefilms Limited
Historical
Cash flow statement 2020 2021 2022
Cash flow from operations -572.32 -1750 -4196
Consolidated net income from continuing operations -577 -1632 -3999
Add: Depreciation and amortization 28.736 46.299 75.52
Add: Interest expense 5.8285 5.3084 4.7816
Add: Increase in accounts payable 18.428 23.266 29.553
Add: Increase in other short term liabilities 0 0 0
Less: Increase in inventory 93.597 152.74 255.36
Less: Increase in accounts receivables 23.234 31.137 42.144
Less: Increase in other short term assets -68.548 8.8936 9.8409

Cash flow from investment -35.857 -34.496 -34.714

Less: Capex in property & equipment 34.428 34.448 34.468
Less: Increase in goodwill 1.4283 0.0481 0.2461
Add: Decrease in other long term assets 0 0 0

Cash flow from financing -10.707 -10.187 -9.6603

Add: New short term debt to be raised 0 0 0
Add: New long term debt to be raised 0 0 0
Less: Interest expense 5.83 5.3084 4.7816
Less: Short term debt to be repaid 0 0 0
Less: Long term debt to be repaid 0 0 0
Less: Dividends to be paid to common shareholders+ Minori 4.88 4.88 4.88
Less: Share buyback from common shareholders+ Minority 0 0 0

Net cash flows -618.88 -1795 -4241

Opening cash balance 19.3 -599.58 -2395
Closing cash balance -599.58 -2395 -6635
Historical
2023 2024
-9729 -22517
-9397 -21930
124.7 208.39
4.2593 3.7514
37.773 48.583
0 0
437.6 768.77
57.645 79.715
3.8994 -1.3524

-34.522 -34.361
34.488 34.508
0.0337 -0.1473
0 0

-9.138 -8.6301
0 0
0 0
4.2593 3.7514
0 0
0 0
4.88 4.88
0 0

-9773 -22560
-6635 -16408
-16408 -38968
 Balaji Telefilms Lim
Free cash flow to firm calculation (FCFF)
Operating cash profit calculation
Revenues
Less: Operating expenses (COGS + other operating exp)
Less: Depreciation
Earnings before interest and tax (EBIT)
Less: Operating taxes
Post tax operating profit (NOPLAT)
Add: Depreciation
Post tax operating cash profit

Operating cash investments

Capital expenditures investments
Working Capital
Increase in working capital
Operating cash investments

Free cash flow to firm

FCFF

Cost of Capital calculation

Tax rate
Cost of debt
Cost of equity
Target capital structure (debt to capital)
WACC (Weighted average cost of capital)

Present value of future cash flows

Years from current
Discount factor
Present value of FCFF

Terminal value calculation

Terminal growth
Terminal value
Present value of terminal value

Share price calculation

Enterprise value (EV)
Less: Short term debt
Less: Long term debt
Less: Other long term liabilities
Add: Cash and cash equivalents
Add: Other long term assets
Consolidated equity value
Less: Value of minority interest
Balaji equity value
Total shares outstanding (CR)
Balaji equity value per share
Current market price
Gap

WACC\Growth
74.24 1.00% 1.20% 1.40% 1.60%
6.00% 74.24 74.24 74.24 74.24
7.00% 74.24 74.24 74.24 74.24
7.32% 74.24 74.24 74.24 74.24
8.00% 74.24 74.24 74.24 74.24
9.00% 74.24 74.24 74.24 74.24
Balaji Telefilms Limited

2019 2020 2021 2022 2023

502.11 563.75 649.88 768.66
1,044.55 2,144.48 4,568.36 10,036.43
28.74 46.30 75.52 124.70
-571.18 -1,627.03 -3,994.00 -9,392.46
45.26 145.18 396.34 1,025.97
-616.43 -1,772.21 -4,390.33 -10,418.43
28.74 46.30 75.52 124.70
-645.17 -1,818.51 -4,465.86 -10,543.13

2019 2020 2021 2022 2023

35.86 34.50 34.71 34.52
-593.02 -578.87 -756.86 -1,042.40 -1,515.50
14.15 -177.99 -285.54 -473.10
50.00 -143.49 -250.82 -438.58

2019 2020 2021 2022 2023

595.17 1,962.00 4,716.68 10,981.71

Percent
0.00%

7.32% As per NSE

2019 2020 2021 2022 2023

1 2 3 4
0.93 0.87 0.81 0.75
554.57 1,703.48 3,815.88 8,278.42

2019 2020 2021 2022 2023

TV=FCFF (2024)*(1+g)/(WACC-g)
 TV=FCFF (2024)*(1+g)/(WACC-g)

2019
774,141.99
0.00
0.11
0.00
19.30
67.31
774,228.49
23,456.00
750,772.49
10,113.04
74.24 Undervalued
59.05
-0.20

1.80% 2.00%
#DIV/0! 74.24
74.24 74.24
74.24 74.24
74.24 74.24
74.24 74.24
2024
932.22
22,650.40
208.39
-21,926.57
2,614.38
-24,540.94
208.39
-24,749.33

2024
34.36
-2,336.76
-821.26
-786.90

2024
25,536.23

2024
5
0.70
17,937.15

2024
5.50% As per GDP growth
1,039,763.28
730,350.21
 Comparative Key Ratio A
Income Statement ratios Unit
Year on year revenue growth %
Cost of goods sold as % of revenues %
Other expenses as % revenues %
Depreciation expenses as % of opening Property & Equi %
Interest expenses as % of opening total debt %
Effective tax rate as % of pre-tax profit %
Minority share of profit as % of total consolidated profit %

Balance Sheet ratios Unit

Accounts Receivables as % of total revenues %
Inventory as % of total revenues %
Property & Equipment as % of total revenues %
Accounts payables as % of total cost of goods sold %
Comparative Key Ratio Analysis( For 2019)
Balaji TeleFilms Limited Media Matrix Worldwide Shemaaro Limited
6.28% 118.11% 16.15%
102.00% 97.48% 65.42%
13.96% 1.57% 6.60%
57.12% 47.57% 17.36%
0.22% 3.79% 13.39%
-6.92% 1.90% 35.68%
-0.41% 0.00% 0.64%

Balaji TeleFilms Limited Media Matrix Worldwide Shemaaro Limited

21.51% 0.63% 27.00%
42.70% 0.78% 105.00%
6.88% 8.45% 9.00%
19.34% 15.07% 7.00%
UFO Movie Jump Limited
3.19% 3.57%
29.45% 99.04%
16.95% 0.96%
33.43% 0.00%
-7.87% 0.00%
13.56% 6.82%
0.69% 0.00%

UFO Movie Jump Limited

23.00% 43.00%
1.00% 3.00%
30.00% 0.00%
7.00% 56.00%