Company Data

Market cap (Rs mn ) 860,534

Market cap (US$ mn ) 12,749
Outstanding equity shares (mn) 289
Dividend yield (%) 1.3
Valuation Matrix
Enterprise Value (x) FY15 FY16 FY17E FY18E FY19E FY20E
CMP 2,974 P/E @ CMP 27.9 21.9 22.5 #DIV/0! #DIV/0! #DIV/0!
Market cap 860,534 P/E @ Target
Net debt (91,905) EV/EBITDA 18.4 16.1 17.4 5.8 5.5 4.9
Enterprise value 768,629
-20.2%
Income statement (Rs mn) 90.2% Balance sheet (Rs mn)
FYE March, Rs mn FY15 FY16 FY17E FY18E FY19E FY20E FYE March, Rs mn FY15 FY16 FY17E FY18E FY19E FY20E
Revenues 216,120 225,865 217,667 135,384 138,501 157,796 Cash and cash eq 5,751 8,595 5,567 - - -
Growth (%) 7.3 4.5 (3.6) (37.8) 2.3 13.9 Accounts receivable 7,170 7,179 6,560 - - -
EBITDA 41,668 47,819 44,224 133,321 138,501 157,796 Inventories 8,142 7,191 6,811 - - -
Growth (%) (1.9) 14.8 (7.5) 201.5 3.9 13.9 Others current assets 21,195 17,857 16,700 - - -
Depreciation & amortisation 2,674 3,072 3,073 - - - Investments 91,644 95,127 135,127 20,000 15,000 -
EBIT 38,994 44,748 41,151 133,321 138,501 157,796 Gross fixed assets 41,009 43,903 46,903 46,903 - -
Growth (%) (4.1) 14.8 (8.0) 224.0 3.9 13.9 Net fixed assets 19,172 20,257 20,184 20,184 - -
Interest 65 11 14 - - - CWIP 2,549 522 522 522 522 522
Other income 2,325 10,736 12,220 - - - Intangible assets - - - - - -
EBT 41,254 55,473 53,356 133,321 138,501 157,796 Deferred tax assets, net (1,416) (1,883) (1,883) - - -
Income taxes 12,711 16,177 15,081 - - - Other assets 0 - - - - -
Effective tax rate (%) 30.8 29.2 28.3 - - - Total assets 154,207 154,845 189,589 40,706 15,522 522
Extra-ordinary items (406) - - - - - Accounts payable 17,998 20,270 17,846 - - -
Min int / inc from assoc - - - - - - Other current liabilities 8,250 6,343 6,977 5,560 6,116 6,728
Reported net income 28,137 39,297 38,276 133,321 138,501 157,796 Provisions 19,920 3,690 23,955 - - -
Adjustments (3,809) - - - - - Debt funds 1,118 1,625 1,625 - - -
Adjusted net income 30,803 39,297 38,276 133,321 138,501 157,796 Other liabilities - - - - - -
Growth (%) (5.9) 27.6 (2.6) 248.3 3.9 13.9 Equity capital 2,894 2,894 2,894 - - -
Shares outstanding (mn) 289.4 289.4 289.4 - - - Reserves & surplus 104,028 120,023 136,292 - - -
EPS (Rs) 106.5 135.8 132.3 #DIV/0! #DIV/0! #DIV/0! Shareholder's funds 106,922 122,917 139,186 - - -
Growth (%) (5.9) 27.6 (2.6) #DIV/0! #DIV/0! #DIV/0! Total liabilities 154,207 154,845 189,589 5,560 6,116 6,728
DPS (Rs) 50.0 55.0 65.0 - - - BVPS (Rs) 369.5 424.8 481.0 - - -

CPS 297.49 317.61 445.38 #DIV/0! #DIV/0! #DIV/0! Cash CHECK - - - Error Error Error
CEPS 99.8 109.3 100.7 #DIV/0! #DIV/0! #DIV/0! Balance CHECK - - - Error Error Error

Cash flow statement(Rs mn) Ratio analysis

FYE March, Rs mn FY15 FY16 FY17E FY18E FY19E FY20E FYE March FY15 FY16 FY17E FY18E FY19E FY20E
Net income + Depreciation (Ex-O 28,892 31,632 29,129 133,321 138,501 157,796 Profitability & Return ratios
Non-cash adjustments 65 11 14 - - - EBITDA margin (%) 19.3 21.2 20.3 - - -
Changes in working capital (4,217) (11,117) 20,630 (15,030) 556 612 EBIT margin (%) 18.0 19.8 18.9 - - -
Cashflow from operations 24,740 20,525 49,773 118,291 139,057 158,407 Net profit margin (%) 14.3 17.4 17.6 - - -
Capital expenditure (2,895) (2,129) (3,000) 0 20,184 - ROE (%) 30.3 34.2 29.2 - - -
Change in investments (6,056) (3,483) (40,000) 115,127 5,000 15,000 ROCE (%) 30.1 33.8 28.9 - - -
Other investing cashflow 5,728 10,736 12,220 - - - Working capital & Liquidity ratios
Cashflow from investing (3,223) 5,124 (30,780) 115,127 25,184 15,000 Receivables (days) 13 12 12 - - -
Issue of equity 0 (0) - (2,894) - - Inventory (days) 18 19 17 - - -
Issue/repay debt 541 507 - (1,625) - - Payables (days) 48 46 48 - - -
Dividends paid (16,928) (18,621) (22,006) - - - Current ratio (x) 1.6 1.5 1.4 - - -
Other financing cashflow (65) (11) (14) - - - Quick ratio (x) 0.3 0.3 0.3 - - -
Change in cash & cash eq 888 2,425 (3,028) 235,644 190,960 173,407 Turnover & Leverage ratios
Closing cash & cash eq 5,750 8,595 5,567 241,211 432,171 605,579 Gross asset turnover (x) 5.3 5.3 4.8 - - -
Total asset turnover (x) 1.4 1.5 1.3 - - -
Economic Value Added (EVA) Analysis Interest coverage ratio (x) 601 4,262 2,939 - - -
FYE March FY15E FY16E FY17E FY18E FY19E FY20E Adjusted debt/equity (x) 0.0 0.0 0.0 - - -
WACC (%) Valuation ratios
ROIC (%) EV/Sales (x) 3.6 3.4 3.5 5.7 5.5 4.9
Invested capital (Rs mn) EV/EBITDA (x) 18.4 16.1 17.4 5.8 5.5 4.9
EVA (Rs mn) P/E (x) 27.9 21.9 22.5 #DIV/0! #DIV/0! #DIV/0!
EVA spread (%) P/BV (x) 8.0 7.0 6.2 - - -

Financial Highlights Profitability and Return Ratios

(Rs mn) FY15E FY16E FY17E FY18E FY19E FY20E (%) FY15E FY16E FY17E FY18E FY19E FY20E
Revenue 216,120 225,865 217,667 135,384 138,501 157,796 EBITDA margin 19.3 21.2 20.3 - - -
Growth (%) 7.3 4.5 (3.6) (37.8) 2.3 13.9 EBIT margin 18.0 19.8 18.9 - - -
Adj. Net Income 30,803 39,297 38,276 133,321 138,501 157,796 Adj PAT margin 14.3 17.4 17.6 - - -
Growth (%) (5.9) 27.6 (2.6) 248.3 3.9 13.9 ROE 30.3 34.2 29.2 - - -
EPS (Rs) 106.5 135.8 132.3 #DIV/0! #DIV/0! #DIV/0! ROIC 70.2 84.0 85.6 - - -
Growth (%) (5.9) 27.6 (2.6) #DIV/0! #DIV/0! #DIV/0! ROCE 30.1 33.8 28.9 - - -

Du Pont Analysis
(%) FY15E FY16E FY17E FY18E FY19E FY20E
Tax burden (Net income/PBT) 74.7 70.8 71.7 - - -
Interest burden (PBT/EBIT) 105.8 124.0 129.7 - - -
EBIT margin (EBIT/Revenues) 18.0 19.8 18.9 - - -
Asset Turnover (Revenues/Avg TA 144.0 146.2 126.4 - - -
Leverage (Avg TA/Avg equtiy) 147.9 134.5 131.4 - - -
Return on equity (%) 30.3 34.2 29.2 - - -
Discounted cash flow analysis, FY 2018- FY
2025
(All figures in Rs mn, unless specified) FY18E FY19E FY20E FY21E
Key financial data
Volumes ('000) 4,094
% YoY 12.5
Avg. realisation 33,068
% YoY (44.7)
Revenues 135,384 - - -
EBITDA 133,321
EBITDA margin 98.5%
Gross Block -
Capex -
Depreciation and amortization -
EBIT 133,321
Tax Rate 33%
Free cash flow (FCF) analysis
NOPLAT 89,325
Depreciation and amortization - - - -
Change in working capital (677)
Capex - - - -
FCF 88,648 - - -
Discount factor 1.00
PV of FCF 88,648 - - -
Terminal Growth Rate
WACC

Valuation date 2018 2019 2020 2021

Year fraction 1.00 2.00 3.00 4.00
Valuation year
ROIC in FY16

Assumptio
Terminal cash flow calculation
ns
Terminal Growth Rate Assumption here Debt Premium
Continuing Value - Last FCF - Debt in FY 2012
FCF - Next Year Formula here share price - Rs
Terminal Value Formula here No. Shares (mn)
Discounted Terminal Value Formula here Market cap - Rs mn
Total Equity Rs mn

DCF valuation WACC

Risk free rate
Sum of Present Value of UFCF Market Return
Present Value of Terminal Value Beta
Enterprise value - Cost of Equity
less: debt
less: retirement liabilities Marginal cost of Debt
less : minority interest and other provisions Marginal Tax rate
add: cash equivalents and investments Tax adj cost of Debt
add: non-core investments
Net equity value - WACC
No. of share (Cr)
12-month fair value (Rs/share) #DIV/0!
Terminal Growth Rate
Current market price (US$) 2,040 WACC
Upside/(Downside) #DIV/0!

DCF sensitivity analysis of share price (INR)

Terminal Growth Rate
#DIV/0! 3.0% 3.5% 4.0%
1.0% 1,623 1,659 1,699
0.5% 1,708 1,750 1,797
WACC
0.0% 1,803 1,852 1,908
-0.5% 1,910 1,969 2,035
-1.0% 2,032 2,102 2,183
 FY22E FY23E FY24E FY25E
7 year CAGR
Calculation here -100.0
Assumptions here
Calculation here
Assumptions here
- - - -
Calculation here
Assumptions here
Calculation here
Assumptions here
Assumption with Calculation here
Calculation here
Calculation here

Calculation here
- - - - From above
Assumption with Calculation here
- - - - From above
- - - -
Calculation here
- - - -
4.0%
0.0% Coming from below

2022 2023 2024 2025

5.00 6.00 7.00 8.00

75%

Debt Premium 0.0%

ebt in FY 2012 975
hare price - Rs 2,197
o. Shares (mn) 289
rket cap - Rs mn 635,739
al Equity Rs mn 60,411
Expected market return = 12%
WACC
Risk free rate From NSE Website
Market Return From tab “Market Return and Beta”
Beta From tab “Market Return and Beta”
Cost of Equity Using CAPM

Marginal cost of Debt Data here

Marginal Tax rate Data here
Tax adj cost of Debt Calculate here

WACC Calculate herFlowing above to Cell P35

 Terminal Growth Rate 4.0%
WACC 0.0%

rowth Rate
4.5% 5.0%
1,744 1,795
1,850 1,910
1,971 2,044
2,112 2,201
2,276 2,386
Bajaj Auto
Financial Ratios Analysis
FYE Mar, in Rs millions

FY17E FY18E FY19E

Common-sized P&L

% Net revenues 100.0%

% Cost of revenues 67.2%
% Other operating costs 12.5%
% Depreciation 1.4%
% Amortisation --
% Interest expenses 0.0%
% Other income 5.6%
% Income taxes 6.9%

Common-sized Balance Sheet

% Assets 100.0%
% Current assets 18.8%
% Current assets - Cash 15.9%
% Net fixed assets 10.9%
% Net intangible assets --
% Investments 71.3%
% Other assets (1.0%)

% Liabilities & equity 100.0%

% Current liabilities 13.1%
% Provisions 12.6%
% Long-term debt 0.9%
% Short-term debt --
% Other liabilities --
% Shareholder's equity 73.4%

Growth Ratios

% Net revenues (3.6%)

% Gross profit (5.1%)
% EBITDA (7.5%)
% EBIT (8.0%)
% PBT (3.8%)
% Adjusted PAT (2.6%)
% Reported PAT (2.6%)
 Book Value per Share

Rs Nominal BVPS 481

Rs Tangible BVPS 481

Profit Margins

% Gross profit 32.8%

% EBITDA 20.3%
% EBIT 18.9%
% PBT 24.5%
% Adjusted PAT 17.6%
% Reported PAT 17.6%

Return Ratios

% Return on assets 22.2%

% Return on capital employed 28.9%
% Return on equity 29.2%

On adjusted net profit

% Return on assets 22.2%
% Return on capital employed 28.9%
% Return on equity 29.2%

Rs mn NOPAT [EBIT*(1-T)] 29,520

Rs mn Invested capital 34,264
% Return on invested capital 85.6%

Deferred tax adjustments

% Return on equity 29.6%

Leverage Ratios

x Debt/Assets 0.0x
x Long-term debt/Assets 0.0x

x Debt/Capital 0.0x
x Long-term debt/Long-term funds 0.0x

x Debt/Equity 0.0x
x Debt/Tangible equity 0.0x
x Gross financial leverage 1.3x
 x Adjusted Debt/Equity 0.0x
x Adjusted Debt/Tangible equity 0.0x

x Interest coverage ratio 2,939.3x

x Debt service coverage ratio 2,939.3x

Liquidity Ratios

x Current ratio 1.4x

x Quick ratio 0.3x
x Cash ratio --

Turnover Ratios

x Fixed asset turnover, gross 4.8x

x Fixed asset turnover, net 10.5x
x Total asset turnover 1.3x
x Sales/ROIC 6.3x

Days Days of inventory on hand 17

Days Days of sales outstanding 12
Days Number of days payable 48
Days Cash credit cycle (19)

% Working capital/Sales 2.4%

% Short-term debt/Working capital --

Earnings Quality

% Other income/PBT 22.9%

% Other income/Reported PAT 31.9%
% Operating cashflow/Sales 22.9%
% Excess cash margin 3.9%
% Impairmnt/(fixed+intangible assets) --
% Deferred taxes/Reported PAT --

Du Pont Analysis

% Tax burden (Net income/PBT) 71.7%

% Interest burden (PBT/EBIT) 129.7%
% EBIT margin (EBIT/Revenues) 18.9%
% Asset Turnover (Revenues/Avg TA) 126.4%
% Leverage (Avg TA/Avg equtiy) 131.4%

% Du Pont RoE 29.2%

 Growth & Efficiency Analysis

% EBITDA margin 20.3%

% Receivables/Sales 3.0%
% Inventory/Sales 3.1%
% Payables/Sales 8.2%

Rs mn Sales 217,667

Effect on Cash
Rs mn Of growth (1,950)
Rs mn Of profitability and effeciency (3,072)
Rs mn Total (5,022)
FY20E
FY19E scenario analysis Base Bull Bear
Net sales 138,501 Calculation here
Sales growth (%) 2.3 Assumption here
Volume growth (%) (0.7) Assumption here
ASP (%) 3.0 Assumption here
EBITDA 138,501 Calculation here
EBITDA % 100.0 Assumption here
APAT 138,501 Calculation here
EPS 0.0 Calculation here

Multiple (x) 16.0 Assumption here

Target Price 2,750 Calculation here
Upside/(downside) (%) Calculation here
To Dashboard 58,333 59,802 33,068 33,070 33,500
2.9 2.5 (44.7) 0.0 1.3

Historical & Projected

Income Statement
FYE Mar, in Rs millions IndAS IndAS IndAS IndAS
21.2% 20.3% 98.5% 100.0% 100.0%
FY16 FY17 FY18E FY19E FY20E

+ Net revenues 225,865 217,667 135,384 138,501 157,796 Flowing From below (Row No. 75)
- Cost of revenues 150,569 146,242 -- -- -- Flowing From below (Row No. 84)
Gross profit 75,297 71,425 135,384 138,501 157,796

Operating expenses
- Employee expenses 9,171 9,971 -- -- -- Flowing From below (Row No. 90)
- SG&A expenses 18,306 17,231 2,063 -- -- Flowing From below (Row No. 109)
EBITDA 47,819 44,224 133,321 138,501 157,796
21.2% 20.3% 98.5% 100.0% 100.0%
- Depreciation 3,072 3,073 -- -- -- Flowing From below (Row No. 159)
- Amortisation
EBIT 44,748 41,151 133,321 138,501 157,796

- Interest expenses 11 14 -- -- -- Flowing From below (Row No. 131)

+ Other income 10,736 12,220 -- -- -- Flowing From below (Row No. 143)
+ Exceptional items -- -- -- -- --
PBT 55,473.2 53,356.3 133,321 138,501 157,796

- Income taxes 16,177 15,081 -- -- -- Flowing From below (Row No. 173)
+ Extraordinary items
Reported net profit 39,296.7 38,275.6 133,321 138,501 157,796

- Adjustments -- -- -- -- --
- Non-recurring items, if any
Adjusted net profit 39,297 38,276 133,321 138,501 157,796
1.28 0.97 3.48 1.04 1.14

Number of shares (in mn)

Basic
At end of year 289 289 Put details of No.of shares here
Weighted avg during yea 289 289 Put details of No.of shares here
75)
84)

90)
109)

159)

131)
143)

173)
 Diluted -- --
At end of year 289 289 Put details of No.of shares here
Weighted avg during yea 289 289 Put details of No.of shares here

Reported EPS (in Rs) 40% -3% -100% #DIV/0!

Basic 135.80 132.27 Formula here
Diluted 135.80 132.27 Formula here
Adjusted EPS (in Rs)
Basic 135.80 132.27 #DIV/0! #DIV/0! #DIV/0! Formula here
Diluted 135.80 132.27 #DIV/0! #DIV/0! #DIV/0! Formula here

Dividend Details
Dividend on preference shar
Dividend on equity shares 15,915 18,809 -- -- -- Formula here
Dividend per share 55 65 Assumptions here
Tax on dividend 2,706 3,198 Formula here
18,621 22,006 -- -- --
% Payout 47 57 -- -- --

Net Revenues
+ Sale of manufactured goods 235,462 218,513 131,048 133,865 152,826 Flowing from model wise Sales Tab
- Excise duty 12,935
+ Export Incentive
+ Sale from scraps
+ Income from services
+ Other operating revenues 4,348 4,063 4,336 4,637 4,970 Flowing from model wise Sales Tab
% of exports 4.4% 5.0% #DIV/0! #DIV/0! #DIV/0!
Net revenues 226,876 222,576 135,384 138,501 157,796 Flowing to the Main Inc Sheet (Row No.
5.0 (1.9) (39.2) 2.3 13.9
To TOP
Cost of Revenues

+ Raw material consumed 150,569 146,242 Formula here

+ (Inc)/dec in stock
+ Cost of traded goods
+ Cost of services/Excise du
Cost of revenues 150,569 146,242 -- -- -- Flowing to the Main Inc Sheet (Row No.

To TOP RM as a % of Net Sales 66.7 67.2 Assumptions here

33.3 32.8 100.0 100.0 100.0
Employee Cost
 Tab

Tab

(Row No. 9)

(Row No. 10)

+ Employee Cost (Rs m 9,171 9,971 Formula here Flowing to the Main Inc Sh

% of Sales 4.0 4.5 -- -- --

% YoY 2.2 8.7 16.0 16.0 16.0 Assumptions here

SG&A Expenses

+ Sales/Discounts/Incentives/ 1,407 1,088 -- Formula here

+ Advertising 4,342 3,265 Formula here
+ Packing/forwarding 3,485 3,047 Formula here
+ Stores & Tools 1,318 1,350 Formula here
+ Power & Fuel 1,207 1,088 Formula here
+ Repairs 1,965 2,063 2,063 Formula here
+ Vehicle service charge 1,049 1,101 Formula here
+ Other administrative expen 4,555 4,783 Formula here
SG&A expenses 19,327 17,786 2,063 -- -- Flowing to the Main Inc Sheet (Row No.
To TOP SGA As a % of Net Sales 8.6 8.2 1.5 -- --

% of net sales
Sales/Discounts/Incentives/ 0.6 0.5 Assumptions here
Advertising 1.8 1.5 Assumptions here
Packing/forwarding 1.8 1.4 Assumptions here
Stores & Tools 0.6 0.6 Assumptions here
Power & Fuel 0.5 0.5 0.5 0.5 0.5 Assumptions here

% YoY
Repairs -1.6% 5.0% Assumptions here
Vehicle service charge 16.8% 5.0% Assumptions here
Other administrative expen 24.0% 5.0% Assumptions here

Interest expenses

+ Interest on term loans 5 5 Calcultion with assumption directly here

Interest expenses 5 5 -- -- -- Flowing to the Main Inc Sheet (Row No.

Int. exp/Loan Book (%)

To TOP
Other Income

+ Interest on deposits 2,449 9,467 -- Calculation here

+ Dividend from investments 892 760 Calcultion with assumption directly here
ain Inc Sheet (Row No. 14)

(Row No. 15)

(Row No. 27)

 + Miscellaneous income 2,194 1,789 Calcultion with assumption directly here
Other income 9,133 12,015 -- -- -- Flowing to the Main Inc Sheet (Row No.

To TOP % of investment 13.0 9.2 Assumptions here

Depreciation

Depreciation 3,072 3,133 -- Calculation here Flowing to the Main Inc Sh

% of gross block 7.2 6.9 Assumptions here

To TOP
Income Taxes

+ Current taxes 16,177 15,081 Calculation here Flowing to the Main Inc Sh
Income taxes 16,177 15,081 -- -- --

% Effective tax rate 29.2% 28.3% Assumptions here

To TOP
(Row No. 28)

ain Inc Sheet (Row No. 23)

ain Inc Sheet (Row No. 32)

Standalone Rs mn FY17 FY18E FY19E FY20E

Modelwise Schedule
Vehicle units 3,665,871 4,094,089 4,188,176 4,710,304
Platina/CT100 836,257 894,795 957,431 1,005,302 Formula here

Discover/Boxer/XCD/V 334,066 374,154

Pulsar/KTM/Avenger/Ninja 831,068 955,728 1,108,645 1,286,028 Formula here
Domestic motorcycles 2,001,391 2,224,677 2,066,075 2,291,330
Domestic 3 Wheelers 253,147 278,462 306,308 330,812 Formula here
Domestic Quadricycles 0 12,000 Formula here
Domestic sales 2,254,538 2,515,139 2,372,383 2,622,143
Exports - 2 wheelers 1,218,541 1,364,766 1,569,481 1,804,903 Formula here
Exports - three wheelers 191,236 214,184 246,312 283,259 Formula here
Exports - Quadricycles 1,556 Formula here
Total exports 1,411,333 1,578,950 1,815,793 2,088,162
Total Volumes 3,665,871 4,094,089 4,188,176 4,710,304

% YoY
Platina/CT100 -3.4% 7.0% 7.0% 5.0% Assumptions he
Discover/Boxer/XCD/V 40.3% 12.0% 12.0% 10.0% Assumptions he
Pulsar/KTM/Avenger/Ninja 4.5% 15.0% 16.0% 16.0% Assumptions he
Dom two wheelers 5.4% 11.2% -7.1% 10.9%
Domestic 3 Wheelers -0.7% 10.0% 10.0% 8.0% Assumptions he
Domestic Quadricycles #DIV/0!
Total Domestic 4.7% 11.6% -5.7% 10.5%
Exports - 2 wheelers -16.5% 12.0% 15.0% 15.0% Assumptions he
Exports - three wheelers -31.7% 10.0% 15.0% 15.0% Assumptions he
Exports - Quadricycles 365.9%
Total exports -18.9% 11.9% 15.0% 15.0%
Total Volumes -5.8% 11.7% 2.3% 12.5%

Average realizations
Platina/CT100 29,455 30,044 30,645 31,258 Formula here
Discover/Boxer/XCD/V 35,938 36,657 37,390 38,138 Formula here
Pulsar/KTM/Avenger/Ninja 69,808 71,204 72,628 74,081 Formula here
Avg Dom two wheelers 47,294 - #DIV/0! #DIV/0! Formula here
Three wheelers 99,774 101,769 103,805 105,881 Formula here
Quadricycles 137,714 140,468 143,277 146,143 Formula here
Domestic realisation 53,186 55,136 59,710 61,675
Avg. realisation - Exports (INR) 58,116 Formula here for conversion to IN
Avg. realisation - Exports (USD) 864 Formula here
Total exports (USD)% YoY 1.0% 3.0% 3.0% 3.0% Assumptions here
Total 55,084 33,872 33,823 34,333
% YoY
Platina/CT100 2.0% 2.0% 2.0% 2.0% Assumptions here
Discover/Boxer/XCD/V 2.0% 2.0% 2.0% 2.0% Assumptions here
Pulsar/KTM/Avenger/Ninja 2.0% 2.0% 2.0% 2.0% Assumptions here
Avg Dom two wheelers 2.3% -100.0% #DIV/0! #DIV/0!
Three wheelers 3.0% 2.0% 2.0% 2.0% Assumptions here
Quadricycles 1.0% 2.0% 2.0% 2.0% Assumptions here
Avg Domestic 1.8% 3.7% 8.3% 3.3%
Exports 3.5% -100.0% #DIV/0! #DIV/0!
Total 2.0% -38.5% -0.1% 1.5%

Revenue mix (Vehicle sales modelwise) 201,932 138,675 141,656 161,720

Platina/CT100 24,632 26,883 29,340 31,424 Total Vehicle R
Discover/Boxer/XCD/V 12,006 13,715 - - Total Vehicle R
Pulsar/KTM/Avenger/Ninja 58,015 68,052 80,519 95,270 Total Vehicle R
Three wheelers 25,257 28,339 31,796 35,027 Total Vehicle R
Domestic Quadricycles - 1,686 - - Total Vehicle R
Exports 82,021 Formula here fo

Sales Schedule
Gross Sales 231,160 138,675 141,656 161,720
Vehicles 201,932 138,675 141,656 161,720
YoY -3.9% -31.3% 2.1% 14.2%
Spares 29,228 Formula here
YoY 15.0% 15.0% 10.0% 15.0% Assumptions here
Excise (Adj for PantNagar Benefit) 12,647 7,627 7,791 8,895 Formula here
excise rate
% of gross Sale 5.5% 5.5% 5.5% 5.5% Assumptions here
Net Sales ### ### ### 152,826 Flowing to the Inc Sh
YoY -1.8% -40.0% 2.1% 14.2%

Royalty 662 755 860 981 Formula here

YoY 14.0% 14.0% 14.0% 14.0% Assumptions here
Scrap sales 530 610 701 806 Formula here
YoY 15.0% 15.0% 15.0% 15.0% Assumptions here
Export Incentive 2,871 2,971 3,075 3,183 Formula here
% of Export 3.5% 3.5% 3.5% 3.5% Assumptions here
YoY -13.2% 3.5% 3.5% 3.5%
Gross Sales of Vehicles Rs. Mn 201,932 138,675 141,656 161,720
Domestic 119,910 138,675 141,656 161,720 73,562
Exports 82,021 - - - 58,116
41 0 0 0
Exports
Revenues (in USD) 1,219 - - -
ormula here for conversion to INR - Exchange rate in Row No.1

ssumptions here
ssumptions here
ssumptions here
ssumptions here

ssumptions here
ssumptions here

ssumptions here

ssumptions here
Flowing to the Inc Sheet (Row No. 68)

Flowing to the Inc Sheet (Row No. 73)

ssumptions here
Flowing to the Inc Sheet (Row No. 73)
ssumptions here
Flowing to the Inc Sheet (Row No. 73)
ssumptions here
 To Dashboard
Bajaj Auto
Historical & Projected Balance Sheet
FYE Mar, in Rs millions

FY16 FY17E FY18E

+ Inventories 7,191 6,811 --

+ Sundry debtors 7,179 6,560 --
+ Loans & advances 15,537 14,148 --
+ Other current assets 2,320 2,552 --
+ Cash & cash equivalents 8,595 5,567 --
+ Current assets 40,822 35,638 --
+ Net fixed assets 20,779 20,706 20,706
+ Net intangible assets -- -- --
+ Investments 95,127 135,127 20,000
+ Deferred tax asset, net (1,883) (1,883) --
+ Miscellaneous expenditure -- -- --
+ Other assets -- --
Total assets 154,845 189,589 40,706

+ Current liabilities 26,614 24,823 5,560

+ Provisions 3,690 23,955 --
+ Long-term debt 1,625 1,625 --
+ Short-term debt -- -- --
+ Other liabilities
+ Minority interests
+ Shareholder's equity 122,917 139,186 --
Total liabilities & equity 154,845 189,589 5,560

CHECK (0) (0) 35,146

Net Cash 91,905 128,877 20,000

Inventories

+ Raw materials 7,191 6,811

+ Finished goods
+ Work-in-progress
+ Other inventory
Inventories 7,191 6,811 --

To TOP Inventory Days 17 17

Sundry Debtors

+ Outstanding over six months 7,179 6,560

+ Other debts
- Provision for doubtful debts
 Sundry debtors 7,179 6,560 --

To TOP 12 11
Loans and Advances

+ To subs/JV companies 15,537 14,148

+ Recoverable in cash or kind
+ Advance tax
+ Other loans & advances
- Provision for doubtful advances
Loans and advances 15,537 14,148 --

To TOP as a % of Net Sales 6.9 6.5

Other Current Assets

+ Export Incentives receivables 2,320 2,552

+ Interest accrued but not due
+ Prepaid expenses
+ Other current assets
Other current assets 2,320 2,552 --

To TOP
Cash & Cash Equivalents

+ Cash & cheques in hand

+ In current account
+ In deposit account
+ As margin money
+ Liquid investments
+ Other cash items 8,595 5,567
Cash & cash equivalents 8,595 5,567 --

To TOP
Net Fixed Assets

+ Gross block 43,903 46,903 46,903

- Accumulated depreciation 23,646 26,719 26,719
Net block 20,257 20,184 20,184
+ CWIP 522 522 522
Net fixed assets 20,779 20,706 20,706

Impairment of fixed assets

To TOP
Net Intangible Assets

+ IPRs / Technical know-how -- -- --

+ Goodwill
+ Other intangible assets
- Accumulated amortisation
Net intangible assets -- -- --

Impairment of intangible assets

To TOP
Investments

+ Investment in subsidiaries & JVs 12,227 12,227 --

Quoted investments
+ Equity 604 604 --
+ Mutual fund 54,330 54,330 15,000
+ Debt [Assumed FMPs from FY15 onwards 30,000 70,000 5,000
+ Unquoted investments -- -- --
- Provision for dimunition in value 2,035 2,035 --
Investments 95,127 135,127 20,000

To TOP Cash Equivalents 82,899 122,899 20,000

Cash Equivalents Ex FMPs 52,899 52,899 15,000
Deferred Tax Assets, Net

+ Deferred tax asset -- -- --

- Deferred tax liability 1,883 1,883
Deferred tax asset, net (1,883) (1,883) --

To TOP
Miscellaneous Expenditure

+ Opening balance
+ Added during the year
- Amortised during the year
Closing balance -- -- --
Miscellaneous expenditure -- -- --
To TOP
Current Liabilities

+ Sundry creditors 20,270 17,846

+ Advances from customers 1,748 1,923
+ Unearned revenues
+ Current portion of debt
+ Other current liabilities 4,595 5,055 5,560
Current liabilities 26,614 24,823 5,560

To TOP Creditors 42 38
Provisions

+ For income taxes 344 344

+ For dividend 1,741 22,006
+ For warranties 253 253
+ Other provisions 1,352 1,352
Provisions 3,690 23,955 --

To TOP
Long Term Debt

+ Non-convertible debentures
 + Convertible debt
+ Term loans
+ Fixed deposits
+ Other debts 1,625 1,625
Long-term debt 1,625 1,625 --

To TOP
Short Term Debt

+ Cash credit -- -- --
+ Working capital loans
+ Term loans
+ Bank overdraft
Short term debt -- -- --

To TOP
Shareholder's Equity

+ Outstanding no. of shares (mn) 289 289

* Face value 10 10
+ Equity capital 2,894 2,894

+ Share premium account

+ General reserve 36,636 36,636
+ Debenture redemption reserve
+ Forex translation reserve/Hedge Reserve 365 365
+ Revaluation reserve
+ Profit and loss account -- -- --
+ Other reserves 83,022 99,291
Common equity 122,917 139,186 --

Shareholder's equity 122,917 139,186 --

To TOP
FY19E FY20E

-- -- Flowing From below (Row No. 43)

-- -- Flowing From below (Row No. 51)
-- -- Flowing From below (Row No. 61)
-- -- Flowing From below (Row No. 70)
-- -- Flowing From below (Row No. 81)
-- --
522 522 Flowing From below (Row No. 90)
-- --
15,000 -- Flowing From below (Row No. 114)
-- -- Flowing From below (Row No. 122)
-- --
-- --
15,522 522

6,116 6,728 Flowing From below (Row No. 140)

-- -- Flowing From below (Row No. 149)
-- -- Flowing From below (Row No. 159)
-- --

-- -- Flowing From below (Row No. 188)

6,116 6,728

9,406 (6,206)

15,000 --

Formula here

-- -- Flowing above in Main balance sheet

Assumptions here

Formula here
 -- --
Flowing above in Main balance sheet
Assumptions here

Formula here s

-- -- Flowing above in Main balance sheet

Assumptions here

Formula here

-- -- Flowing above in Main balance sheet

Figures here
-- -- Flowing above in Main balance sheet

-- -- Flowing from Fixed Assets Ta Flowing to Inc Statement (Row 1

-- -- Flowing from Fixed Assets Ta Flowing to Inc Statement (Row 1
-- -- Flowing from Fixed Assets Ta Flowing to Inc Statement (Row 1
522 522 Figures here
522 522 Flowing above in Main balance sheet

-- --

-- --
 -- -- Calculation with assumption here

-- -- Calculation with assumption here

15,000 -- Calculation with assumption here
-- -- Calculation with assumption here
--
-- Calculation with assumption here
15,000 -- Flowing above in Main balance sheet

15,000 -- Flowing to Inc Statement (Row 137 for Interest income Calcula
15,000 --

-- --
Figure here
-- -- Flowing above in Main balance sheet

-- --
-- --

Formula here
Calculation with assumption here

6,116 6,728 Calculation with assumption here

6,116 6,728 Flowing above in Main balance sheet

Assumptions here

Calculation with assumption here

Flowing from P&L
Calculation with assumption here
Calculation with assumption here
-- -- Flowing above in Main balance sheet
 Calculation with assumption here
-- -- Flowing above in Main balance sheet

-- --

-- --

Put figures here

Put figures here
Calulation here

Put figures here

Put figures here

-- --
Calulation here
-- -- Calulation here

-- --
#DIV/0!
Inc Statement (Row 159 for Depreciation Calculation)
Inc Statement (Row 159 for Depreciation Calculation)
Inc Statement (Row 159 for Depreciation Calculation)
nterest income Calculation)
To Dashboard
Bajaj Auto
Tangible Assets Schedule
FYE Mar, in Rs millions

Average FY16E FY17E

Gross block

+ Land
+ Building
+ Plant and Machinery
+ Factory equipment
+ Dies & Jigs
+ Furniture and fixtures
+ Wind Energy Generators
+ Vehicles
+ Other assets 43,903 46,903
Total gross block 43,903 46,903
CAPEX 2,893 3,000

Net Accumulated Depreciation

+ Land
+ Building
+ Plant and Machinery
+ Factory equipment
+ Dies & Jigs
+ Furniture and fixtures
+ Wind Energy Generators
+ Vehicles
+ Other assets 23,646 26,719
Net accumulated depreciation 23,646 26,719

Net Block

+ Land -- --
+ Building -- --
+ Plant and Machinery -- --
+ Factory equipment -- --
+ Dies & jigs -- --
+ Furniture and fixtures -- --
+ Wind Energy Generators
+ Vehicles -- --
+ Other assets 20,257 20,184
+ Net Block 20,257 20,184
+ CWIP 522 522
 Net Additions to Gross Block

+ Land -- --
+ Building -- --
+ Plant and Machinery -- --
+ Office equipment -- --
+ Computer / Software -- --
+ Furniture and fixtures -- --
+ Vehicles -- --
+ Other assets 2,893 3,000
Total net additions 2,893 3,000
FY18E FY19E FY20E

46,903 Calculation here Flowing to the Inc Sheet (Row No. 86)
46,903 -- --
Assumptions here

26,719 Calculation here

26,719 -- --

-- -- --
-- -- --
-- -- --
-- -- --
-- -- --
-- -- --

-- -- --
20,184 -- --
20,184 -- --
522 522 522
-- -- --
-- -- --
-- -- --
-- -- --
-- -- --
-- -- --
-- -- --
-- (46,903) --
-- (46,903) --
the Inc Sheet (Row No. 86)
 Bajaj Auto
Historical & Projected
Cashflow Statement
FYE Mar, in Rs millions
-- (0) (0)
FY15 FY16 FY17E

PL Profit before taxes 40,848 53,852 53,356

PL Depreciation 2,674 3,072 3,073
PL Amortization -- -- --
PL Interest expense 65 5 14
PL Interest income (3,770) (597) (9,467)
PL Dividend income -- (773) (760)
PL Profit on sale of fixed assets 116 (13) --
PL Profit on sale of investments -- (5,907) --
PL Provisions for doubtful debts/adv 38 8 --
PL Provisions written back (9) (1) --
PL Other non-cash adjustments (1)
BS Change in sundry debtors 764 (15) 619
BS Change in inventories (1,744) 951 379
BS Change in loans & advances (1,509) 4,256 1,389
BS Change in other current assets -- (232)
BS Change in current liabilities (3,336) 111 (1,790)
NS Change in provisions --
Change in working capital (5,825) 5,302 365
PL-BS Direct taxes paid (12,854) (17,825) (15,081)
PL-BS Other operating cashflow 190 (668)
Cashflow from operations 21,473 36,454 31,501

BS Purchase of fixed assets (3,114) (2,712) (3,000)

BS Proceeds from sale of fixed assets 162 57
BS Purchase of investments (4,185) 1,233 (40,000)
BS Proceeds from sale of investments
BS Purchase of business
BS Investment in subsidiary/JV -- -- --
BS Sale of business/subsidiary/JV
PL Interest income 3,770 597 9,467
PL Dividends income -- 892 760
Pl-BS Other investing cashflow (776) (256)
Cashflow from investing (4,143) (189) (32,773)

BS Issue of equity
BS Issue of preference capital
BS Proceeds from borrowings
BS Repayment of borrowings 532 501
PL Interest paid (65) (5) (14)
 PL Dividend paid, including taxes (16,909) (34,337) (1,741)
PL-BS Any other financing cashflow
Cashflow from financing (16,442) (33,841) (1,755)

Net cash generated during year 888 2,425 (3,028)

Forex gain/(loss) impact 420
Cash at beginning of year 4,863 5,750 8,595
Cash at end of year 5,750 8,595 5,567

CHECK 0 -- --

Religare Cashflow Statement

+ Net profit (forcasts exclude other income 26,218 28,561 26,056

+ Depreciaiton 2,674 3,072 3,073
+ Amortisation -- -- --
+ Change in working capital (4,217) (11,117) 20,630
+ Other non-cash adjustments 65 11 14
+ Operating cashflow 24,740 20,525 49,773

+ Capital expenditure (2,895) (2,129) (3,000)

+ Change in investments (6,056) (3,483) (40,000)
+ Other investing cashflow 5,728 10,736 12,220
+ Investing cashflow (3,223) 5,124 (30,780)

Free cashflow to firm 27,573 29,132 58,993

+ Issue of equity 0 (0) --

+ Change in borrowings 541 507 --
+ Dividend paid (16,928) (18,621) (22,006)
+ Other financing cashflow (65) (11) (14)
+ Financing cashflow (16,452) (18,125) (22,020)

Net cash generated during year 888 2,425 (3,028)

Cash at beginning of year 4,863 5,750 8,595
Cash at end of year 5,750 8,595 5,567

CHECK 0 -- --

-- (142) 499
-- (967) (499)
-- 689 --
 35,146 9,406 (6,206)
FY18E FY19E FY20E

133,321 138,501 157,796

-- -- --
-- -- --
-- -- --
-- -- --
-- -- --
-- -- --
-- -- --
-- -- --
-- -- --

6,560 -- --
6,811 -- --
14,148 -- --
2,552 -- --
(19,263) 556 612
(1,605) -- --
9,203 556 612
-- -- --

142,524 139,057 158,407

-- 46,903 --

102,899 5,000 15,000

12,227 -- --

-- -- --
-- -- --

115,127 51,903 15,000

-- -- --
 (22,006) -- --

(22,006) -- --

235,644 190,960 173,407

5,567 241,211 432,171

241,211 432,171 605,579

(241,211) (432,171) (605,579)

133,321 138,501 157,796

-- -- --
-- -- --
(15,030) 556 612
-- -- --
118,291 139,057 158,407

0 20,184 --
115,127 5,000 15,000
-- -- --
115,127 25,184 15,000

118,291 159,241 158,407

(2,894) -- --
(1,625) -- --
-- -- --
-- -- --
(4,518) -- --

235,644 190,960 173,407

5,567 241,211 432,171
241,211 432,171 605,579

(241,211) (432,171) (605,579)

25,651 1,418 1,418

(23,424) 25,301 (1,418)
4,518 -- --
Nifty Return = Market Return Bajaj Auto Return
Nifty Variance = Market Variance Bajaj Auto Variance

Nifty Prices and return

Date Close Daily Returns Date
31-May-16 8160.1 31-May-16
1-Jun-16 8179.95 0.24% 1-Jun-16
2-Jun-16 8218.95 0.48% 2-Jun-16
3-Jun-16 8220.8 0.02% 3-Jun-16
6-Jun-16 8201.05 -0.24% 6-Jun-16
7-Jun-16 8266.45 0.79% 7-Jun-16
8-Jun-16 8273.05 0.08% 8-Jun-16
9-Jun-16 8203.6 -0.84% 9-Jun-16
10-Jun-16 8170.05 -0.41% 10-Jun-16
13-Jun-16 8110.6 -0.73% 13-Jun-16
14-Jun-16 8108.85 -0.02% 14-Jun-16
15-Jun-16 8206.6 1.20% 15-Jun-16
16-Jun-16 8140.75 -0.81% 16-Jun-16
17-Jun-16 8170.2 0.36% 17-Jun-16
20-Jun-16 8238.5 0.83% 20-Jun-16
21-Jun-16 8219.9 -0.23% 21-Jun-16
22-Jun-16 8203.7 -0.20% 22-Jun-16
23-Jun-16 8270.45 0.81% 23-Jun-16
24-Jun-16 8088.6 -2.22% 24-Jun-16
27-Jun-16 8094.7 0.08% 27-Jun-16
28-Jun-16 8127.85 0.41% 28-Jun-16
29-Jun-16 8204 0.93% 29-Jun-16
30-Jun-16 8287.75 1.02% 30-Jun-16
1-Jul-16 8328.35 0.49% 1-Jul-16
4-Jul-16 8370.7 0.51% 4-Jul-16
5-Jul-16 8335.95 -0.42% 5-Jul-16
7-Jul-16 8337.9 0.02% 7-Jul-16
8-Jul-16 8323.2 -0.18% 8-Jul-16
11-Jul-16 8467.9 1.72% 11-Jul-16
12-Jul-16 8521.05 0.63% 12-Jul-16
13-Jul-16 8519.5 -0.02% 13-Jul-16
14-Jul-16 8565 0.53% 14-Jul-16
15-Jul-16 8541.4 -0.28% 15-Jul-16
18-Jul-16 8508.7 -0.38% 18-Jul-16
19-Jul-16 8528.55 0.23% 19-Jul-16
20-Jul-16 8565.85 0.44% 20-Jul-16
21-Jul-16 8510.1 -0.65% 21-Jul-16
22-Jul-16 8541.2 0.36% 22-Jul-16
25-Jul-16 8635.65 1.10% 25-Jul-16
26-Jul-16 8590.65 -0.52% 26-Jul-16
27-Jul-16 8615.8 0.29% 27-Jul-16
28-Jul-16 8666.3 0.58% 28-Jul-16
29-Jul-16 8638.5 -0.32% 29-Jul-16
1-Aug-16 8636.55 -0.02% 1-Aug-16
 2-Aug-16 8622.9 -0.16% 2-Aug-16
3-Aug-16 8544.85 -0.91% 3-Aug-16
4-Aug-16 8551.1 0.07% 4-Aug-16
5-Aug-16 8683.15 1.53% 5-Aug-16
8-Aug-16 8711.35 0.32% 8-Aug-16
9-Aug-16 8678.25 -0.38% 9-Aug-16
10-Aug-16 8575.3 -1.19% 10-Aug-16
11-Aug-16 8592.15 0.20% 11-Aug-16
12-Aug-16 8672.15 0.93% 12-Aug-16
16-Aug-16 8642.55 -0.34% 16-Aug-16
17-Aug-16 8624.05 -0.21% 17-Aug-16
18-Aug-16 8673.25 0.57% 18-Aug-16
19-Aug-16 8666.9 -0.07% 19-Aug-16
22-Aug-16 8629.15 -0.44% 22-Aug-16
23-Aug-16 8632.6 0.04% 23-Aug-16
24-Aug-16 8650.3 0.20% 24-Aug-16
25-Aug-16 8592.2 -0.67% 25-Aug-16
26-Aug-16 8572.55 -0.23% 26-Aug-16
29-Aug-16 8607.45 0.41% 29-Aug-16
30-Aug-16 8744.35 1.58% 30-Aug-16
31-Aug-16 8786.2 0.48% 31-Aug-16
1-Sep-16 8774.65 -0.13% 1-Sep-16
2-Sep-16 8809.65 0.40% 2-Sep-16
6-Sep-16 8943 1.50% 6-Sep-16
7-Sep-16 8917.95 -0.28% 7-Sep-16
8-Sep-16 8952.5 0.39% 8-Sep-16
9-Sep-16 8866.7 -0.96% 9-Sep-16
12-Sep-16 8715.6 -1.72% 12-Sep-16
14-Sep-16 8726.6 0.13% 14-Sep-16
15-Sep-16 8742.55 0.18% 15-Sep-16
16-Sep-16 8779.85 0.43% 16-Sep-16
19-Sep-16 8808.4 0.32% 19-Sep-16
20-Sep-16 8775.9 -0.37% 20-Sep-16
21-Sep-16 8777.15 0.01% 21-Sep-16
22-Sep-16 8867.45 1.02% 22-Sep-16
23-Sep-16 8831.55 -0.41% 23-Sep-16
26-Sep-16 8723.05 -1.24% 26-Sep-16
27-Sep-16 8706.4 -0.19% 27-Sep-16
28-Sep-16 8745.15 0.44% 28-Sep-16
29-Sep-16 8591.25 -1.78% 29-Sep-16
30-Sep-16 8611.15 0.23% 30-Sep-16
3-Oct-16 8738.1 1.46% 3-Oct-16
4-Oct-16 8769.15 0.35% 4-Oct-16
5-Oct-16 8743.95 -0.29% 5-Oct-16
6-Oct-16 8709.55 -0.39% 6-Oct-16
7-Oct-16 8697.6 -0.14% 7-Oct-16
10-Oct-16 8708.8 0.13% 10-Oct-16
13-Oct-16 8573.35 -1.57% 13-Oct-16
14-Oct-16 8583.4 0.12% 14-Oct-16
17-Oct-16 8520.4 -0.74% 17-Oct-16
18-Oct-16 8677.9 1.83% 18-Oct-16
19-Oct-16 8659.1 -0.22% 19-Oct-16
20-Oct-16 8699.4 0.46% 20-Oct-16
21-Oct-16 8693.05 -0.07% 21-Oct-16
24-Oct-16 8708.95 0.18% 24-Oct-16
25-Oct-16 8691.3 -0.20% 25-Oct-16
26-Oct-16 8615.25 -0.88% 26-Oct-16
27-Oct-16 8615.25 0.00% 27-Oct-16
28-Oct-16 8638 0.26% 28-Oct-16
30-Oct-16 8625.7 -0.14% 30-Oct-16
1-Nov-16 8626.25 0.01% 1-Nov-16
2-Nov-16 8514 -1.31% 2-Nov-16
3-Nov-16 8484.95 -0.34% 3-Nov-16
4-Nov-16 8433.75 -0.61% 4-Nov-16
7-Nov-16 8497.05 0.75% 7-Nov-16
8-Nov-16 8543.55 0.55% 8-Nov-16
9-Nov-16 8432 -1.31% 9-Nov-16
10-Nov-16 8525.75 1.11% 10-Nov-16
11-Nov-16 8296.3 -2.73% 11-Nov-16
15-Nov-16 8108.45 -2.29% 15-Nov-16
16-Nov-16 8111.6 0.04% 16-Nov-16
17-Nov-16 8079.95 -0.39% 17-Nov-16
18-Nov-16 8074.1 -0.07% 18-Nov-16
21-Nov-16 7929.1 -1.81% 21-Nov-16
22-Nov-16 8002.3 0.92% 22-Nov-16
23-Nov-16 8033.3 0.39% 23-Nov-16
24-Nov-16 7965.5 -0.85% 24-Nov-16
25-Nov-16 8114.3 1.85% 25-Nov-16
28-Nov-16 8126.9 0.16% 28-Nov-16
29-Nov-16 8142.15 0.19% 29-Nov-16
30-Nov-16 8224.5 1.01% 30-Nov-16
1-Dec-16 8192.9 -0.38% 1-Dec-16
2-Dec-16 8086.8 -1.30% 2-Dec-16
5-Dec-16 8128.75 0.52% 5-Dec-16
6-Dec-16 8143.15 0.18% 6-Dec-16
7-Dec-16 8102.05 -0.51% 7-Dec-16
8-Dec-16 8246.85 1.77% 8-Dec-16
9-Dec-16 8261.75 0.18% 9-Dec-16
12-Dec-16 8170.8 -1.11% 12-Dec-16
13-Dec-16 8221.8 0.62% 13-Dec-16
14-Dec-16 8182.45 -0.48% 14-Dec-16
15-Dec-16 8153.6 -0.35% 15-Dec-16
16-Dec-16 8139.45 -0.17% 16-Dec-16
19-Dec-16 8104.35 -0.43% 19-Dec-16
20-Dec-16 8082.4 -0.27% 20-Dec-16
21-Dec-16 8061.3 -0.26% 21-Dec-16
22-Dec-16 7979.1 -1.02% 22-Dec-16
23-Dec-16 7985.75 0.08% 23-Dec-16
26-Dec-16 7908.25 -0.98% 26-Dec-16
27-Dec-16 8032.85 1.56% 27-Dec-16
28-Dec-16 8034.85 0.02% 28-Dec-16
29-Dec-16 8103.6 0.85% 29-Dec-16
30-Dec-16 8185.8 1.01% 30-Dec-16
2-Jan-17 8179.5 -0.08% 2-Jan-17
3-Jan-17 8192.25 0.16% 3-Jan-17
4-Jan-17 8190.5 -0.02% 4-Jan-17
5-Jan-17 8273.8 1.01% 5-Jan-17
6-Jan-17 8243.8 -0.36% 6-Jan-17
9-Jan-17 8236.05 -0.09% 9-Jan-17
10-Jan-17 8288.6 0.64% 10-Jan-17
11-Jan-17 8380.65 1.10% 11-Jan-17
12-Jan-17 8407.2 0.32% 12-Jan-17
13-Jan-17 8400.35 -0.08% 13-Jan-17
16-Jan-17 8412.8 0.15% 16-Jan-17
17-Jan-17 8398 -0.18% 17-Jan-17
18-Jan-17 8417 0.23% 18-Jan-17
19-Jan-17 8435.1 0.21% 19-Jan-17
20-Jan-17 8349.35 -1.02% 20-Jan-17
23-Jan-17 8391.5 0.50% 23-Jan-17
24-Jan-17 8475.8 1.00% 24-Jan-17
25-Jan-17 8602.75 1.49% 25-Jan-17
27-Jan-17 8641.25 0.45% 27-Jan-17
30-Jan-17 8632.75 -0.10% 30-Jan-17
31-Jan-17 8561.3 -0.83% 31-Jan-17
1-Feb-17 8716.4 1.80% 1-Feb-17
2-Feb-17 8734.25 0.20% 2-Feb-17
3-Feb-17 8740.95 0.08% 3-Feb-17
6-Feb-17 8801.05 0.69% 6-Feb-17
7-Feb-17 8768.3 -0.37% 7-Feb-17
8-Feb-17 8769.05 0.01% 8-Feb-17
9-Feb-17 8778.4 0.11% 9-Feb-17
10-Feb-17 8793.55 0.17% 10-Feb-17
13-Feb-17 8805.05 0.13% 13-Feb-17
14-Feb-17 8792.3 -0.14% 14-Feb-17
15-Feb-17 8724.7 -0.77% 15-Feb-17
16-Feb-17 8778 0.61% 16-Feb-17
17-Feb-17 8821.7 0.50% 17-Feb-17
20-Feb-17 8879.2 0.65% 20-Feb-17
21-Feb-17 8907.85 0.32% 21-Feb-17
22-Feb-17 8926.9 0.21% 22-Feb-17
23-Feb-17 8939.5 0.14% 23-Feb-17
27-Feb-17 8896.7 -0.48% 27-Feb-17
28-Feb-17 8879.6 -0.19% 28-Feb-17
1-Mar-17 8945.8 0.74% 1-Mar-17
2-Mar-17 8899.75 -0.52% 2-Mar-17
3-Mar-17 8897.55 -0.02% 3-Mar-17
6-Mar-17 8963.45 0.74% 6-Mar-17
7-Mar-17 8946.9 -0.18% 7-Mar-17
8-Mar-17 8924.3 -0.25% 8-Mar-17
9-Mar-17 8927 0.03% 9-Mar-17
10-Mar-17 8934.55 0.08% 10-Mar-17
14-Mar-17 9087 1.69% 14-Mar-17
15-Mar-17 9084.8 -0.02% 15-Mar-17
16-Mar-17 9153.7 0.76% 16-Mar-17
17-Mar-17 9160.05 0.07% 17-Mar-17
20-Mar-17 9126.85 -0.36% 20-Mar-17
21-Mar-17 9121.5 -0.06% 21-Mar-17
22-Mar-17 9030.45 -1.00% 22-Mar-17
23-Mar-17 9086.3 0.62% 23-Mar-17
24-Mar-17 9108 0.24% 24-Mar-17
27-Mar-17 9045.2 -0.69% 27-Mar-17
28-Mar-17 9100.8 0.61% 28-Mar-17
29-Mar-17 9143.8 0.47% 29-Mar-17
30-Mar-17 9173.75 0.33% 30-Mar-17
31-Mar-17 9173.75 0.00% 31-Mar-17
3-Apr-17 9237.85 0.70% 3-Apr-17
5-Apr-17 9265.15 0.30% 5-Apr-17
6-Apr-17 9261.95 -0.03% 6-Apr-17
7-Apr-17 9198.3 -0.69% 7-Apr-17
10-Apr-17 9181.45 -0.18% 10-Apr-17
11-Apr-17 9237 0.60% 11-Apr-17
12-Apr-17 9203.45 -0.36% 12-Apr-17
13-Apr-17 9150.8 -0.57% 13-Apr-17
17-Apr-17 9139.3 -0.13% 17-Apr-17
18-Apr-17 9105.15 -0.37% 18-Apr-17
19-Apr-17 9103.5 -0.02% 19-Apr-17
20-Apr-17 9136.4 0.36% 20-Apr-17
21-Apr-17 9119.4 -0.19% 21-Apr-17
24-Apr-17 9217.95 1.07% 24-Apr-17
25-Apr-17 9306.6 0.96% 25-Apr-17
26-Apr-17 9351.85 0.49% 26-Apr-17
27-Apr-17 9342.15 -0.10% 27-Apr-17
28-Apr-17 9304.05 -0.41% 28-Apr-17
2-May-17 9313.8 0.10% 2-May-17
3-May-17 9311.95 -0.02% 3-May-17
4-May-17 9359.9 0.51% 4-May-17
5-May-17 9285.3 -0.80% 5-May-17
8-May-17 9314.05 0.31% 8-May-17
9-May-17 9316.85 0.03% 9-May-17
10-May-17 9407.3 0.97% 10-May-17
11-May-17 9422.4 0.16% 11-May-17
12-May-17 9400.9 -0.23% 12-May-17
15-May-17 9445.4 0.47% 15-May-17
16-May-17 9512.25 0.71% 16-May-17
17-May-17 9525.75 0.14% 17-May-17
18-May-17 9429.45 -1.02% 18-May-17
19-May-17 9427.9 -0.02% 19-May-17
22-May-17 9438.25 0.11% 22-May-17
23-May-17 9386.15 -0.55% 23-May-17
 7% Covariance
0.02%
Beta

Close Daily Returns

2,617.15
2,612.00 -0.20%
2,595.00 -0.65%
2,625.15 1.16%
2,630.00 0.18%
2,640.00 0.38%
2,633.00 -0.27%
2,590.60 -1.62%
2,580.95 -0.37%
2,589.90 0.35%
2,557.10 -1.27%
2,605.00 1.86%
2,571.00 -1.31%
2,572.00 0.04%
2,612.05 1.55%
2,629.05 0.65%
2,626.95 -0.08%
2,652.00 0.95%
2,662.45 0.39%
2,646.70 -0.59%
2,630.00 -0.63%
2,647.00 0.64%
2,699.00 1.95%
2,667.00 -1.19%
2,655.00 -0.45%
2,611.05 -1.67%
2,608.10 -0.11%
2,601.00 -0.27%
2,652.00 1.94%
2,650.00 -0.08%
2,648.00 -0.08%
2,660.00 0.45%
2,694.80 1.30%
2,755.10 2.21%
2,761.90 0.25%
2,783.40 0.78%
2,767.20 -0.58%
2,720.00 -1.72%
2,697.00 -0.85%
2,667.25 -1.11%
2,665.00 -0.08%
2,657.90 -0.27%
2,702.00 1.65%
2,744.00 1.54%
2,745.00 0.04%
2,710.10 -1.28%
2,744.00 1.24%
2,879.00 4.80%
2,864.80 -0.49%
2,863.10 -0.06%
2,851.05 -0.42%
2,842.95 -0.28%
2,866.65 0.83%
2,890.00 0.81%
2,931.65 1.43%
2,942.30 0.36%
2,930.70 -0.40%
2,930.00 -0.02%
2,885.00 -1.55%
2,873.00 -0.42%
2,866.35 -0.23%
2,853.25 -0.46%
2,901.00 1.66%
2,975.00 2.52%
2,975.50 0.02%
2,990.00 0.49%
2,999.00 0.30%
3,010.00 0.37%
2,980.00 -1.00%
3,084.00 3.43%
3,023.10 -1.99%
2,953.00 -2.35%
2,965.00 0.41%
2,929.75 -1.20%
2,974.75 1.52%
2,945.00 -1.01%
2,888.30 -1.94%
2,899.65 0.39%
2,925.70 0.89%
2,928.00 0.08%
2,889.00 -1.34%
2,876.00 -0.45%
2,912.00 1.24%
2,858.00 -1.87%
2,840.00 -0.63%
2,876.10 1.26%
2,894.00 0.62%
2,854.00 -1.39%
2,820.95 -1.16%
2,888.00 2.35%
2,881.00 -0.24%
2,819.00 -2.18%
2,803.85 -0.54%
2,744.80 -2.13%
2,795.00 1.81%
2,797.00 0.07%
2,804.85 0.28%
2,803.00 -0.07%
2,792.75 -0.37%
2,801.00 0.29%
2,815.00 0.50%
2,776.00 -1.40%
2,854.00 2.77%
2,830.00 -0.84%
2,827.60 -0.08%
2,821.15 -0.23%
2,833.50 0.44%
2,812.25 -0.75%
2,832.00 0.70%
2,866.90 1.22%
2,783.80 -2.94%
2,715.70 -2.48%
2,635.25 -3.01%
2,577.55 -2.21%
2,615.35 1.46%
2,560.00 -2.14%
2,579.90 0.77%
2,522.15 -2.26%
2,611.00 3.46%
2,600.00 -0.42%
2,628.35 1.08%
2,610.00 -0.70%
2,627.00 0.65%
2,669.00 1.59%
2,690.00 0.78%
2,718.00 1.04%
2,714.30 -0.14%
2,752.00 1.38%
2,734.00 -0.66%
2,697.55 -1.34%
2,780.00 3.01%
2,720.00 -2.18%
2,655.00 -2.42%
2,660.00 0.19%
2,652.00 -0.30%
2,674.50 0.84%
2,656.00 -0.69%
2,643.60 -0.47%
2,599.80 -1.67%
2,586.00 -0.53%
2,576.00 -0.39%
2,620.00 1.69%
2,609.95 -0.38%
2,637.35 1.04%
2,630.00 -0.28%
2,643.55 0.51%
2,634.00 -0.36%
2,602.00 -1.22%
2,618.90 0.65%
2,694.00 2.83%
2,724.00 1.11%
2,710.10 -0.51%
2,722.30 0.45%
2,728.95 0.24%
2,710.25 -0.69%
2,734.90 0.91%
2,700.00 -1.28%
2,720.00 0.74%
2,733.85 0.51%
2,701.00 -1.21%
2,693.00 -0.30%
2,706.00 0.48%
2,708.95 0.11%
2,800.05 3.31%
2,834.00 1.21%
2,859.00 0.88%
2,827.60 -1.10%
2,838.30 0.38%
2,845.00 0.24%
2,805.00 -1.42%
2,802.30 -0.10%
2,805.00 0.10%
2,777.20 -1.00%
2,782.00 0.17%
2,796.00 0.50%
2,798.40 0.09%
2,810.50 0.43%
2,778.25 -1.15%
2,790.00 0.42%
2,783.00 -0.25%
2,784.40 0.05%
2,785.30 0.03%
2,794.90 0.34%
2,798.00 0.11%
2,811.00 0.46%
2,791.00 -0.71%
2,751.10 -1.44%
2,770.00 0.68%
2,835.00 2.32%
2,830.00 -0.18%
2,885.70 1.95%
2,875.05 -0.37%
2,870.00 -0.18%
2,866.00 -0.14%
2,863.00 -0.10%
2,867.10 0.14%
2,879.90 0.45%
2,940.00 2.07%
2,908.75 -1.07%
2,920.00 0.39%
2,910.00 -0.34%
2,850.00 -2.08%
2,861.00 0.39%
2,839.00 -0.77%
2,818.80 -0.71%
2,831.40 0.45%
2,824.00 -0.26%
2,820.00 -0.14%
2,806.00 -0.50%
2,791.00 -0.54%
2,763.75 -0.98%
2,807.00 1.55%
2,827.05 0.71%
2,835.00 0.28%
2,820.00 -0.53%
2,836.00 0.57%
2,841.00 0.18%
2,847.50 0.23%
2,810.20 -1.32%
2,817.65 0.26%
2,830.00 0.44%
2,825.95 -0.14%
2,869.95 1.55%
2,882.60 0.44%
2,877.60 -0.17%
2,858.70 -0.66%
2,871.00 0.43%
2,900.00 1.01%
2,928.10 0.96%
2,940.00 0.41%
2,882.00 -1.99%
2,853.05 -1.01%
2,874.95 0.76%
2,905.00 1.04%
2,993.70 3.01%
3,000.00 0.21%
2,998.25 -0.06%
3,015.50 0.57%
3,041.00 0.84%
2,965.00 -2.53%
2,970.10 0.17%
2,910.00 -2.04%
2,812.50 -3.41%