Step1 Computation of BETA

2015-16
BKT NIFTY 500
Week no. Date Adj Closing Rate Returns Adj Close Returns
Week 1 4/6/2015 1815.254395 7246.05
Week 2 4/13/2015 1789.321533 -1.4286% 7093.85 -2.1005%
Week 3 4/20/2015 1703.595337 -4.7910% 6826.55 -3.7681%
Week 4 4/27/2015 1644.876831 -3.4467% 6749.65 -1.1265%
Week 5 5/4/2015 1531.695068 -6.8809% 6728.9 -0.3074%
Week 6 5/11/2015 1596.280762 4.2166% 6827.05 1.4586%
Week 7 5/18/2015 1647.877686 3.2323% 6964.45 2.0126%
Week 8 5/25/2015 1620.825195 -1.6417% 6959.85 -0.0661%
Week 9 6/1/2015 1516.33252 -6.4469% 6700.7 -3.7235%
Week 10 6/8/2015 1531.515869 1.0013% 6577.4 -1.8401%
Week 11 6/15/2015 1683.753784 9.9403% 6785.1 3.1578%
Week 12 6/22/2015 2057.6521 22.2062% 6908.85 1.8238%
Week 13 6/29/2015 2018.775757 -1.8894% 7003.95 1.3765%
Week 14 7/6/2015 1985.049316 -1.6706% 6935.55 -0.9766%
Week 15 7/13/2015 2016.536255 1.5862% 7148.05 3.0639%
Week 16 7/20/2015 2157.263428 6.9787% 7074.95 -1.0227%
Week 17 7/27/2015 2338.345459 8.3941% 7106.2 0.4417%
Week 18 8/3/2015 2588.223633 10.6861% 7183.85 1.0927%
Week 19 8/10/2015 2599.017334 0.4170% 7112.5 -0.9932%
Week 20 8/17/2015 2673.546387 2.8676% 6961 -2.1301%
Week 21 8/24/2015 2292.750488 -14.2431% 6694.45 -3.8292%
Week 22 8/31/2015 2165.593994 -5.5460% 6421.05 -4.0840%
Week 23 9/7/2015 2375.654541 9.6999% 6511.55 1.4094%
Week 24 9/14/2015 2429.062012 2.2481% 6636.95 1.9258%
Week 25 9/21/2015 2415.803955 -0.5458% 6573.9 -0.9500%
Week 26 9/28/2015 2341.794678 -3.0635% 6654.5 1.2261%
Week 27 10/5/2015 2512.107666 7.2728% 6829.4 2.6283%
Week 28 10/12/2015 2768.780762 10.2174% 6870.85 0.6069%
Week 29 10/19/2015 2652.544434 -4.1981% 6913.05 0.6142%
Week 30 10/26/2015 2658.311279 0.2174% 6750.95 -2.3448%
Week 31 11/2/2015 2541.666016 -4.3879% 6650.1 -1.4939%
Week 32 11/9/2015 2493.309814 -1.9025% 6526.6 -1.8571%
Week 33 11/16/2015 2495.080811 0.0710% 6615.65 1.3644%
Week 34 11/23/2015 2671.932129 7.0880% 6686.9 1.0770%
Week 35 11/30/2015 2567.773438 -3.8983% 6584.9 -1.5254%
Week 36 12/7/2015 2477.236572 -3.5259% 6425.45 -2.4214%
Week 37 12/14/2015 2577.036377 4.0287% 6570.8 2.2621%
Week 38 12/21/2015 2531.676758 -1.7601% 6656.75 1.3081%
Week 39 12/28/2015 2615.358154 3.3054% 6753.65 1.4557%
Week 40 1/4/2016 2485.227783 -4.9756% 6490.85 -3.8912%
Week 41 1/11/2016 2253.800049 -9.3121% 6262.4 -3.5196%
Week 42 1/18/2016 2302.700928 2.1697% 6216.7 -0.7297%
Week 43 1/25/2016 2319.137695 0.7138% 6339.45 1.9745%
Week 44 2/1/2016 2364.133301 1.9402% 6270.5 -1.0876%
Week 45 2/8/2016 2025.459717 -14.3255% 5833.4 -6.9707%
Week 46 2/15/2016 2008.523682 -0.8362% 6000.4 2.8628%
Week 47 2/22/2016 1896.492554 -5.5778% 5852.9 -2.4582%
Week 48 2/29/2016 2060.249023 8.6347% 6239.35 6.6027%
Week 49 3/7/2016 2107.030029 2.2706% 6258.45 0.3061%
Week 50 3/14/2016 2163.976563 2.7027% 6322.65 1.0258%
Week 51 3/21/2016 2213.273926 2.2781% 6423.7 1.5982%
Week 52 3/28/2016 2169.477295 -1.9788% 6452.15 0.4429%

2016-17
BKT NIFTY 500
Week no. Date Adj Closing Rate Returns Adj Close Returns
Week 1 4/4/2016 2326.446777 6346.65
Week 2 4/11/2016 2353.423584 1.1596% 6430.6 1.3227%
Week 3 4/18/2016 2295.555908 -2.4589% 6627.95 3.0689%
Week 4 4/25/2016 2137.794189 -6.8725% 6588.55 -0.5945%
Week 5 5/2/2016 2189.60498 2.4236% 6504.55 -1.2749%
Week 6 5/9/2016 2340.051514 6.8709% 6582.3 1.1953%
Week 7 5/16/2016 2175.720703 -7.0225% 6513.1 -1.0513%
Week 8 5/23/2016 2198.970215 1.0686% 6797 4.3589%
Week 9 5/30/2016 2161.743164 -1.6929% 6844.75 0.7025%
Week 10 6/6/2016 2166.4021 0.2155% 6832.05 -0.1855%
Week 11 6/13/2016 2193.658936 1.2582% 6842.35 0.1508%
Week 12 6/20/2016 2159.972168 -1.5356% 6775.55 -0.9763%
Week 13 6/27/2016 2199.995117 1.8529% 7027.85 3.7237%
Week 14 7/4/2016 2227.484863 1.2495% 7039.4 0.1643%
Week 15 7/11/2016 2211.643066 -0.7112% 7194.4 2.2019%
Week 16 7/18/2016 2229.44165 0.8048% 7227.45 0.4594%
Week 17 7/25/2016 2187.275635 -1.8913% 7330 1.4189%
Week 18 8/1/2016 2256.511719 3.1654% 7364.05 0.4645%
Week 19 8/8/2016 2225.807617 -1.3607% 7347.45 -0.2254%
Week 20 8/15/2016 2364.093506 6.2128% 7397.8 0.6853%
Week 21 8/22/2016 2339.912109 -1.0229% 7334.8 -0.8516%
Week 22 8/29/2016 2467.248779 5.4419% 7504.6 2.3150%
Week 23 9/5/2016 2517.38208 2.0320% 7575.55 0.9454%
Week 24 9/12/2016 2554.5625 1.4769% 7487.2 -1.1662%
Week 25 9/19/2016 2753.977539 7.8062% 7554.9 0.9042%
Week 26 9/26/2016 3747.745117 36.0848% 7394.85 -2.1185%
Week 27 10/3/2016 3606.43042 -3.7707% 7527.2 1.7898%
Week 28 10/10/2016 3611.974854 0.1537% 7439.85 -1.1605%
Week 29 10/17/2016 3513.152832 -2.7360% 7541.7 1.3690%
Week 30 10/24/2016 3433.153809 -2.2771% 7494.1 -0.6312%
Week 31 10/31/2016 3472.151367 1.1359% 7274.1 -2.9356%
Week 32 11/7/2016 3306.003418 -4.7852% 7126.5 -2.0291%
Week 33 11/14/2016 3009.210205 -8.9774% 6908.5 -3.0590%
Week 34 11/21/2016 3158.492188 4.9608% 6960.75 0.7563%
Week 35 11/28/2016 3131.282471 -0.8615% 6947.3 -0.1932%
Week 36 12/5/2016 3292.910889 5.1617% 7101.15 2.2145%
Week 37 12/12/2016 2984.562988 -9.3640% 6976.5 -1.7553%
Week 38 12/19/2016 3003.479492 0.6338% 6814.9 -2.3163%
Week 39 12/26/2016 2984.935547 -0.6174% 6982.8 2.4637%
Week 40 1/2/2017 3024.073242 1.3112% 7083.1 1.4364%
Week 41 1/9/2017 3022.349121 -0.0570% 7228.3 2.0499%
Week 42 1/16/2017 2982.046875 -1.3335% 7202.75 -0.3535%
Week 43 1/23/2017 2987.638184 0.1875% 7455.15 3.5042%
Week 44 1/30/2017 3080.449951 3.1065% 7569.9 1.5392%
Week 45 2/6/2017 2995.325684 -2.7634% 7631.25 0.8104%
Week 46 2/13/2017 2888.862549 -3.5543% 7638 0.0885%
Week 47 2/20/2017 2816.923584 -2.4902% 7729.65 1.1999%
Week 48 2/27/2017 2755.748291 -2.1717% 7696.2 -0.4327%
Week 49 3/6/2017 2803.878174 1.7465% 7710.9 0.1910%
Week 50 3/13/2017 3025.098389 7.8898% 7933.1 2.8816%
Week 51 3/20/2017 3539.617188 17.0083% 7905.3 -0.3504%
Week 52 3/27/2017 3257.687012 -7.9650% 7995.05 1.1353%

2017-18
BKT NIFTY 500
Week no. Date Adj Closing Rate Returns Adj Close Returns
Week 1 4/3/2017 3388.378662 8045.35
Week 2 4/10/2017 3428.168213 1.1743% 8044.9 -0.0056%
Week 3 4/17/2017 3555.365234 3.7103% 8057.7 0.1591%
Week 4 4/24/2017 3756.177979 5.6482% 8214.3 1.9435%
Week 5 5/1/2017 3742.060547 -0.3758% 8193.25 -0.2563%
Week 6 5/8/2017 3751.751709 0.2590% 8299.2 1.2931%
Week 7 5/15/2017 3705.113037 -1.2431% 8258.2 -0.4940%
Week 8 5/22/2017 3679.859863 -0.6816% 8331.85 0.8918%
Week 9 5/29/2017 3780.685791 2.7399% 8406.55 0.8966%
Week 10 6/5/2017 3846.380859 1.7376% 8452.75 0.5496%
Week 11 6/12/2017 3653.115967 -5.0246% 8411.45 -0.4886%
Week 12 6/19/2017 3635.131592 -0.4923% 8355.1 -0.6699%
Week 13 6/26/2017 3526.524658 -2.9877% 8331.6 -0.2813%
Week 14 7/3/2017 3652.556885 3.5738% 8479.45 1.7746%
Week 15 7/10/2017 3516.227783 -3.7324% 8640.7 1.9017%
Week 16 7/17/2017 3480.165283 -1.0256% 8669.75 0.3362%
Week 17 7/24/2017 3430.171631 -1.4365% 8747.45 0.8962%
Week 18 7/31/2017 3356.695801 -2.1420% 8776.2 0.3287%
Week 19 8/7/2017 3075.930664 -8.3643% 8427.7 -3.9710%
Week 20 8/14/2017 3161.334229 2.7765% 8594.25 1.9762%
Week 21 8/21/2017 3143.312988 -0.5701% 8605.75 0.1338%
Week 22 8/28/2017 3105.126709 -1.2148% 8755.25 1.7372%
Week 23 9/4/2017 3047.728271 -1.8485% 8749.95 -0.0605%
Week 24 9/11/2017 2929.194092 -3.8893% 8887.6 1.5731%
Week 25 9/18/2017 3011.907959 2.8238% 8738 -1.6832%
Week 26 9/25/2017 2904.020264 -3.5820% 8600 -1.5793%
Week 27 10/2/2017 2843.215332 -2.0938% 8787.4 2.1791%
Week 28 10/9/2017 2935.629395 3.2503% 8937.2 1.7047%
Week 29 10/16/2017 2939.698975 0.1386% 8937.65 0.0050%
Week 30 10/23/2017 2908.752197 -1.0527% 9104.45 1.8663%
Week 31 10/30/2017 3025.015381 3.9970% 9260.65 1.7156%
Week 32 11/6/2017 2899.856201 -4.1375% 9154.95 -1.1414%
Week 33 11/13/2017 3123.581055 7.7150% 9137.1 -0.1950%
Week 34 11/20/2017 3132.098389 0.2727% 9246.05 1.1924%
Week 35 11/27/2017 3165.269287 1.0591% 9060.4 -2.0079%
Week 36 12/4/2017 3129.779785 -1.1212% 9190.55 1.4365%
Week 37 12/11/2017 3184.338379 1.7432% 9216.75 0.2851%
Week 38 12/18/2017 3368.125732 5.7716% 9431.5 2.3300%
Week 39 12/25/2017 3712.324951 10.2193% 9490.65 0.6272%
Week 40 1/1/2018 3619.816406 -2.4919% 9573.45 0.8724%
Week 41 1/8/2018 3521.534668 -2.7151% 9665.2 0.9584%
Week 42 1/15/2018 3426.848877 -2.6888% 9723.1 0.5991%
Week 43 1/22/2018 3319.292725 -3.1386% 9810 0.8938%
Week 44 1/29/2018 3279.970459 -1.1847% 9409.8 -4.0795%
Week 45 2/5/2018 3432.62207 4.6541% 9251.1 -1.6865%
Week 46 2/12/2018 3498.300781 1.9134% 9235.6 -0.1675%
Week 47 2/19/2018 3469.1521 -0.8332% 9251.35 0.1705%
Week 48 2/26/2018 3507.717529 1.1117% 9225.35 -0.2810%
Week 49 3/5/2018 3307.60498 -5.7049% 8986.4 -2.5901%
Week 50 3/12/2018 3154.527588 -4.6280% 9004.45 0.2009%
Week 51 3/19/2018 3013.563965 -4.4686% 8800.8 -2.2617%
Week 52 3/26/2018 3045.125732 1.0473% 8912.1 1.2647%

2018-19
BKT NIFTY 500
Week no. Date Adj Closing Rate Returns Adj Close Returns
Week 1 4/2/2018 3397.700195 9172.05
Week 2 4/9/2018 3437.164551 1.1615% 9267.65 1.0423%
Week 3 4/16/2018 3413.646973 -0.6842% 9347.65 0.8632%
Week 4 4/23/2018 3449.751221 1.0576% 9443.65 1.0270%
Week 5 4/30/2018 3329.561035 -3.4840% 9339.75 -1.1002%
Week 6 5/7/2018 3164.133301 -4.9685% 9416.35 0.8201%
Week 7 5/14/2018 3092.539551 -2.2627% 9209.2 -2.1999%
Week 8 5/21/2018 2945.945313 -4.7403% 9215.55 0.0689%
Week 9 5/28/2018 2861.196533 -2.8768% 9255.1 0.4292%
Week 10 6/4/2018 2867.206055 0.2100% 9316.25 0.6607%
Week 11 6/11/2018 2839.997559 -0.9490% 9343.7 0.2946%
Week 12 6/18/2018 2971.686523 4.6369% 9296.65 -0.5035%
Week 13 6/25/2018 2811.79541 -5.3805% 9162.45 -1.4435%
Week 14 7/2/2018 2808.908936 -0.1027% 9194.5 0.3498%
Week 15 7/9/2018 2786.479736 -0.7985% 9349.05 1.6809%
Week 16 7/16/2018 2883.105225 3.4677% 9286.1 -0.6733%
Week 17 7/23/2018 2860.39209 -0.7878% 9579.05 3.1547%
Week 18 7/30/2018 2786.006592 -2.6005% 9685.7 1.1134%
Week 19 8/6/2018 2760.927246 -0.9002% 9724.45 0.4001%
Week 20 8/13/2018 2740.012451 -0.7575% 9770.2 0.4705%
Week 21 8/20/2018 2711.194824 -1.0517% 9850.8 0.8250%
Week 22 8/27/2018 2770.674805 2.1939% 9992 1.4334%
Week 23 9/3/2018 2718.197998 -1.8940% 9875.2 -1.1689%
Week 24 9/10/2018 2674.522705 -1.6068% 9792.75 -0.8349%
Week 25 9/17/2018 2580.263184 -3.5243% 9425.55 -3.7497%
Week 26 9/24/2018 2599.192871 0.7336% 9116 -3.2842%
Week 27 10/1/2018 2353.495361 -9.4528% 8624.95 -5.3867%
Week 28 10/8/2018 2268.156494 -3.6260% 8767.1 1.6481%
Week 29 10/15/2018 2295.178711 1.1914% 8640.65 -1.4423%
Week 30 10/22/2018 2205.183838 -3.9210% 8417.25 -2.5855%
Week 31 10/29/2018 2479.488281 12.4391% 8899.4 5.7281%
Week 32 11/5/2018 2487.455811 0.3213% 8946.35 0.5276%
Week 33 11/12/2018 2509.390381 0.8818% 8993.25 0.5242%
Week 34 11/19/2018 2482.8479 -1.0577% 8879 -1.2704%
Week 35 11/26/2018 2403.220459 -3.2071% 9109.15 2.5921%
Week 36 12/3/2018 2314.185547 -3.7048% 8940.65 -1.8498%
Week 37 12/10/2018 2392.853027 3.3994% 9091.3 1.6850%
Week 38 12/17/2018 2495.183105 4.2765% 9082.55 -0.0962%
Week 39 12/24/2018 2386.421387 -4.3589% 9152.55 0.7707%
Week 40 12/31/2018 2363.958984 -0.9413% 9054.9 -1.0669%
Week 41 1/7/2019 2324.361084 -1.6751% 9098.2 0.4782%
Week 42 1/14/2019 2323.881104 -0.0206% 9140.1 0.4605%
Week 43 1/21/2019 2266.860352 -2.4537% 8994.35 -1.5946%
Week 44 1/28/2019 2258.413086 -0.3726% 9056.3 0.6888%
Week 45 2/4/2019 2230.142578 -1.2518% 9036.9 -0.2142%
Week 46 2/11/2019 2152.963135 -3.4607% 8827.05 -2.3222%
Week 47 2/18/2019 2159.682861 0.3121% 8919.75 1.0502%
Week 48 2/25/2019 2155.50708 -0.1934% 9037.5 1.3201%
Week 49 3/4/2019 2185.169434 1.3761% 9211.05 1.9203%
Week 50 3/11/2019 2165.250488 -0.9116% 9499.4 3.1305%
Week 51 3/18/2019 2111.30127 -2.4916% 9500.05 0.0068%
Week 52 3/25/2019 2104.677734 -0.3137% 9663.7 1.7226%
 Step 2 Computation of Expected Return of the Stock (Ke)

Risk free rate

Market risk premium
Beta

Expected Return (Ke)

Covariance 0.00103417674
Variance 0.00058195724

BETA 1.7770665612
Covariance 2.5764776E-05
Variance 0.0002792251

BETA 0.09227242059
Covariance 0.0002
Variance 0.00021419536

BETA 0.7989
Covariance 0.00031557663
Variance 0.00034302354

BETA 0.91998536546
BETA for 4 years 0.897066
ted Return of the Stock (Ke) Step 3 Computation of Cost of Debt, Kd

7.26% 2015-16
2.7400% Interest Expenses 17.33
0.897065810120721 Total Debt 145.3
Cost of Debt
9.7180% Effective Tax Rate (t)
Cost of Debt *(1-t), Kd

Now that Kd is smaller than 7, we will consider risk free rate

Average Debt
MV of Equity

WACC
 Step 4

2016-17 2017-18 2018-19 Average

21.73 31.25 35.96 26.5675
314.65 311.94 412.69 296.145
8.97%
30%
6.2798%

an 7, we will consider risk free rate + risk premium of 3% as Kd

Kd 10.2600%

296.145
7.66
303.805

10.2463%
Value per share through DCF

2018-19 2017-18 2016-17 2015-16 2014-15

EBIT 272.09 268.71 294.11 346.64 211.16
Tax 30% 30% 30% 30% 30%
EBIT*(1-t) 190.463 188.097 205.877 242.648 147.812
Add : Depreciation & Amortization 82.83 68.21 55.67 42.32 39.88
Net Working Capital 413.98 309.4 304.41 141.32 137.14 207.46
Change in Net Working Capital 104.58 4.99 163.09 4.18 -70.32
FCF 168.713 251.317 98.457 280.788 258.012
Growth Rate -32.8684% 155.2556% -64.9355% 8.8275%
CAGR

2019-20 21 22 23 24
PV of next 5 years 196.66839565 229.2559426 267.2431788 311.524822 363.1438
WACC 10.2463%
PV of Cashflows with Perpetuity 178.38996531 188.6219777 199.4408733 210.880314 222.9759

Growth in Perpetuity Method

Long Term Growth Rate 4%
WACC 10.2463%
Free Cash Flow 1040.3213852
Terminal Value 16654.913242
Present Value of Terminal Value 10226.3724

Value of Equity
Present Value of Cashflow 11226.6815
Average Debt 296.145
Cash 16.46
Equity Value 10914.076451
Outstanding Shares 7.66
Value per share 1424.8141582
 Step 5 Value per share through revaluation

PE Ratio
2018-19 16.3
2017-18 20.94
2016-17 17.21
2015-16 9.7
2014-15 11.95
Average 15.22

16.5698%
EPS for the year 2018-19 82.68
Expected Growth in EPS 16.5698%
Expected EPS 96.379905239
Expected Price 1466.9021577
1000.309