Assets

Non current assets

Property, plant and equipment (I)
Capital WIP
YOY growth rate (Capital WIP)
Right to use assets
Investment properties
Goodwill
YOY growth rate (Goodwill)
Other intangible assets
Investment accounted for using the equity method
YOY growth rate(Investment accounted for using the equity method)*
Financial assets
(1) Investments (II)
(2) Loans (III)
(3) Other financial assets
Deferred tax assets (net)
Non current tax assets (net) (IV)
Other non current assets (V)
Total non current assets

Current assets
Inventories (VI)
Financial assets
(1) Investments (VII)
(2) Trade receivables (VIII)
(3) Cash and cash equivalents
(4) Bank balances other than the 3 above
(4) Loans
(5) Other financial assets
Current tax assets (net)
Other current assets (IX)
Assets classified as held for sale
Total current assets

Total assets

Equity and laibilities

Equity
Equity share capital
Other equity
Reserves and surplus (X)
Other reserves
Equity attributable to owners
Non controlling interests (XI)
 Toal equity

Liabilities
Non current liabilities
Financial liabilities
(1) Borrowings
(2) Other financial liabilities
Provisions
Employee benefit obligations (XII)
Deferred tax liabilities (net) (XIII)
Total non current liabilities

Current liabilities
Financial liabilities
(1) Borrowings
(2) Trade payables (XIV)

(2a) Total outstanding dues of micro enterprises and small enterprises

(2b) Total outstanding dues of creditors other than micro enterprises and small
enterprises
(3) Other financial liabilities
Other current liabilities
YOY growth rate (Other current liabilites)
Provisions (XV)
Employee benefit obligations
Current tax liabilities (net)
Total current liabilities
Total liabilities
Total equity and liabilities

Check

(I) For Property Plant and equipment

Property, plant and equipment

Capex (Annual Capex projected to be 100-150 cr.)

* Ignored "0" value in 2021 for aveage calculation due to the fact that the company had growing non zer

(II) Investments
Investment in Joint venture:
Investment in equity instruments of joint ventures
 Other Invesments:
Tax free Bonds (at amortized cost)
Growth
Equity instruments
In Others
Debentures
Growth
Bonds (ETF)
Government securities
Mutual funds
Intercorporate deposits
Total

(III) Loans

Non current
Unsecured, considered good
Loans to employees
Security deposits with public bodies and others:
Considered good
Considered doubtful

Less: Provision for doubtful deposits

Total non current loans

Current
Unsecured, considered good
Loan to employees
Loan to related parties
Loan others
Total current loans

(IV)
Non current tax assets (net)
Growth

(V)
Other Non-Current Assets
Capital advances
Advances to vendors
Prepaid expenses
Fringe benefit tax payments
Deposits with statutory/government authorities
(VI) Inventories
Cost of materials consumed
Inventories
Inventory days

(VII)
Current Investments
Quoted:
Debentures
Bonds
Tax free Bonds
Mutual Funds
Unqoted:
Intercorporate deposits
Growth
Commercial papers
Certificate Deposits
Mutual Funds
Growth
Total

(VIII) Trade receivables

Trade receivables
Revenue
Receivable days

(IX)
Other Current Assets
Advances to vendors
Balances with government authorities
Input tax credit receivable
Prepaid expenses
Others
Total

(X)
Reserves and surplus
Securities premium
General reserve
Share based option outstanding account
Growth
Treasury shares
WEOMA reserve
Growth
Retained earnings*
 Adjustment pursuant to the Scheme of Capital Reduction of MCCL
Less Capex for projected years
Total

Retained earnings
Balance
Net profit attributable to owners
Other comprehensive income
Dividend
Total

Dividend payout ratio

(XI)
Non controlling interests
Opening balance
Total comprehensive income for the year attributable to non controlling interest
Less : Dividend distributed to minority shareholders
Dividend growth rate
Other adjustments
Closing Balance

(XII) Employee benefit obligations

Non current
Gratuity
Leave encashment/compensated absences
Share-appreciation rights
Others
Total

Current
Gratuity
Leave encashment/compensated absences
Share-appreciation rights
Incentives / bonus
Growth
Others
Total
Total current and non current

(XIII) Deferred tax liability

Deferred tax
Additional liability:
depreciation/amortisation on property plant and equipment, and
investment property for tax purposes due to higher tax depreciation rates
Intangible assets
 Financial assets at fair value through Profit and Loss
Outside basis tax
Other timing differences (hegde reserve)
Set off of deferred tax assets pursuant to set off provisions
Net deferred tax liabilities

(XIV) Trade payables

Trade payables
Sales
Payable days

(XV) Provisions
Non Current:
Others
Total non-current provisions

Current:
Interim dividend
Disputed indirect taxes
Others
Total current provisions
 2017 2018 2019 2020 2021 Average inc/dec in % 2022P 2023P 2024P

547.19 534 572 602 572 675.44 758.66 695.44

11.16 27 45 58 24 35.47 52.41 77.45
141.94% 66.67% 28.89% -58.62% 47.78%
198 180 200.00 300.00 400.00
29.98 30 17 17 17 22.20 22.20 22.20
479.45 486 503 538 613 652.48 694.51 739.24
1.37% 3.50% 6.96% 13.94% 6.44%
28.08 60 55 41 230 52.00 49.33 47.44
16.3 20 25 29 0 35.00 35.00 35.00
22.70% 25.00% 16.00%

58.41 37 34 76 226 426.00 826.00 826.00

3.73 4 4 20 18 4.00 4.00 4.00
15.71 15 25 11 27 27.50 27.50 27.50
9.54 9 188 159 186 187.00 186.50 186.50
25.47 33 39 45 55 66.74 80.98 98.26
18.22 32 35 27 26 19.00 19.00 19.00
1243.24 1287 1542 1821 2174 2,402.82 3,056.08 3,178.02

1253.44 1511 1411 1380 1126 1,171.01 1,031.14 740.35

533.5 486 391 628 628 3,491.74 614.03 537.84 582.56

246.99 340 517 539 388 388.07 400.20 410.87
42.65 51 48 93 109 332.67 777.25 1,233.70
193.31 150 504 186 835 611.00 514.00 640.00
6.12 4 5 5 6 5.53 5.53 5.53
3.17 2 4 3 5 5.00 5.00 5.00
0 1 0.00 0.00 0.00
97.88 250 308 307 224 217.00 209.67 216.22
12.45 0 12 8 14 11.33 11.11 12.15
2389.51 2794 3200 3149 3336 3,355.64 3,491.74 3,846.39

3632.75 4081 4742 4970 5510 5,758.46 6,547.82 7,024.41

129.05 129 129 129 129 129.00 129.00 129.00

2232.99 2448 2920 2900 3111 3,403.48 3,960.96 4,216.97

-36.66 -34 -50 -6 0 -40.22 -40.22 -40.22
2325.68 2543 2999 3023 3240 3,492.26 4,049.74 4,305.75
13.34 12 11 13 18 25.40 29.79 34.45
 2339.02 2555 3010 3036 3258 3,517.66 4,079.52 4,340.20

0 20 14 10 8 5.00 -3.00 -3.00

144 122 103.70 88.15 74.92
0 1
22.5 19 20 21 24 19.00 19.00 19.00
22.03 29 12 6 84 2.00 2.00 2.00
44.53 68 46 181 239 129.70 106.15 92.92

238.8 289 335 325 340 329.33 330.33 328.00

696.6 822 944 950 1134 1,144.91 1,259.41 1,385.35

4 13 10 18

818 931 940 1116

22.05 21 25 79 82 61.98 62.21 62.17
128.24 161 196 210 287 373.10 485.03 530.54
25.55% 21.74% 7.14% 36.67% 30.00%
56.41 57 57 61 20 20.00 20.00 20.00
49.98 56 68 54 78 113.00 133.40 194.60
57.12 52 61 74 72 69.00 71.67 70.89
1249.2 1458 1686 1753 2013 2,111.33 2,362.04 2,591.54
1293.73 1526 1732 1934 2252 2,241.03 2,468.19 2,684.47
3632.75 4081 4742 4970 5510 5,758.69 6,547.71 7,024.67

0 0 0 0 0 0 0 0

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

547.19 534 572 602 572 565.438 675.438 758.655 695.438
-2.41% 7.12% 5.24% -4.98%
90.3 89.1 96 194 142 110 120 130

company had growing non zero values in the years preceeding

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

20 25 29 0 30 30 30
 25 17 0 0 0

0.14 0 0 0 0 0 0 0
0 0 1 1 1 1 1
0 9 50 152 400 800 800
455.56% 204.00%
24.78 25 25 0 56 25 25 25
0.01 0 0 0 0 0 0 0
17.71 12 0 0 0 0
15.77
37 34 76 226 426 826 826

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

3.73 4 4 3 4 4 4 4

17 14 0 0 0
1 1 1 1 1

-1 -1 -1 -1 -1

3.73 4 4 20 18 4 4 4

4.23 4 5 5 6
1.89
0 0
6.12 4 5 5 6

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

25.47 33 39 45 55 66.73601673 80.97629 98.25518
29.56% 18.18% 15.38% 22.22% 21.34%

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

6.01 19 21 6 8 7 7 7
1 1 0 0 0
0.85 1 2 2 1 1 1 1
0.48 0 0 0 0 0 0 0
10.88 11 11 14 12 11 11 11
 2017 2018 2019 2020 2021 Average 2022P 2023P 2024P
2760.16 3372 3995 3424 3884 4274.17925 4704.593 4503.803
1253.44 1511 1411 1380 1126 1171.008014 1031.144 740.3512
165.7533 163.5572 128.9149 147.1086 105.8162 100 80 60

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

15.94 0 84 68 0 100 100 100

47 0 0 0 0
0 8 0 0 0
25 13 0 0 0

110.79 108 77 31 329 230.3 161.21 212.847

-30.00%
0 25 89 0 0 0 0
96 0 0 0 0
374.76 353 192 297 291 283.725 276.6319 269.7161
-2.50%
501.49 486 391 628 628 614.025 537.8419 582.5631

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

246.99 340 517 539 388 388.0679452 400.1951 410.8669
5935.92 6333 7334 7315 8048 8852.8 9738.08 10711.89
15.18743 19.59577 25.73016 26.89474 17.59692 16 15 14

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

52.23 125 88 77 81 82 80 81
20.94 37 75 77 47 40 35 40.66667
10.81 74 129 138 82 80 80 80
13.68 14 16 15 14 15 14.66667 14.55556
0.22
97.88 250 308 307 224 217 209.6667 216.2222

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

411.28 416 416 420 431 422.3333333 424.4444 425.9259
298.7 299 299 299 299 299 299 299
7.62 11 19 25 30 42.64973816 60.63334 86.19987
44.36% 72.73% 31.58% 20.00% 42.17%
-60.69 -42 -27 -27 -40 -40 -40 -40
44.82 55 70 73 78 82.34266145 86.9271 91.76678
22.71% 27.27% 4.29% 6.85% 5.57%
2254.98 2433.15 2867.15 2859.15 3062.15 3431.15409 3973.952 4208.078
-723.72 -724 -724 -724 -724 -724 -724 -724
-110 -120 -130
2232.99 2448.15 2920.15 2925.15 3136.15 3403.479823 3960.957 4216.971

1965.97 2254.98 2433.15 2867.15 2859.15 3062.15 3431.154 3973.952

798.59 814 1118 1021 1172 1,853.39 1,814.91 2,358.00
-0.96 0 -2 -2 -1 -1.674 -1.674 -1.674
-508.62 -635.83 -682 -1027 -968 -1482.71236 -1270.434 -2122.2
2254.98 2433.15 2867.15 2859.15 3062.15 3431.15409 3973.952 4208.078

-63.69% -78.11% -61.00% -100.59% -82.59% -80.00% -70.00% -90.00%

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

14.31 13.34 12.34 11.34 12.34 17.34 25.40174 29.78737
12.32 13 17 22 27 34.46174414 43.98562 56.14153
-13.45 -14 -18 -21 -22 -26.4 -39.6 -51.48
20.00% 50.00% 30.00%
0.16 0 0 0 0 0 0 0
13.34 12.34 11.34 12.34 17.34 25.40174414 29.78737 34.4489

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

5.28 5 6 9 4 5 5 4.666667
7.82 9 9 9 14 9 9 9
7.65 2 2 1 3 2 2 2.333333
1.75 3 3 2 3 3 3 3
22.5 19 20 21 24 19 19 19

3.68 4 6 6 6 6 6 6
2.95 3 3 3 2 3 3 3
7.88 12 3 0 2 2 2 2
34.97 37 56 45 68 102 122.4 183.6
50.00% 20.00% 50.00%
0.5
49.98 56 68 54 78 113 133.4 194.6
72.48 75 88 75 102 132 152.4 213.6

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

40.35 41 0 34 25 25 25 25
6 67 0 0 0
 7.96 14 0 0 17 0 0 0
11.85 11 12 2 4 12 12 12
1.01 0 0 0 -2 0 0 0
-39.14 -37 0 -36 -26 -35 -35 -35
22.03 29 12 6 85 2 2 2

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

696.6 822 944 950 1134 1144.914763 1259.406 1385.347
5935.92 6333 7334 7315 8048 8852.8 9738.08 10711.89
42.83397 47.37565 46.98118 47.4026 51.43017 47.20471361 47.20471361 47.20471 47.20471

2017 2018 2019 2020 2021 Average 2022P 2023P 2024P

0 1
0 1

0 0
56.41 57 57 58 16 16 16 16
3 4 4 4 4
56.41 57 57 61 20 20 20 20
2025P 2026P

705.44 715.44
114.46 169.14

500.00 600.00
22.20 22.20
786.85 837.53

49.59 48.79
35.00 35.00

826.00 826.00
4.00 4.00
27.50 27.50
186.67 186.56
119.22 144.66
19.00 19.00
3,395.92 3,635.81

543.10 390.24

511.97 460.69
419.67 426.13
1,939.59 2,316.40
646.00 741.00
5.53 5.53
5.00 5.00
0.00 0.00
214.30 213.40
11.53 11.60
4,296.68 4,569.99

7,692.60 8,205.80

129.00 129.00

4,701.40 4,947.30
-40.22 -40.22
4,790.18 5,036.08
44.33 55.48
 4,834.51 5,091.56

-3.00 -3.00
63.68 54.13

19.00 19.00
2.00 2.00
81.68 72.13

329.22 329.19
1,523.88 1,676.27

62.12 62.16
539.70 541.61

20.00 20.00
231.32 341.48
70.52 71.02
2,776.76 3,041.73
2,858.45 3,113.87
7,692.95 8,205.43

0 0

2025P 2026P
705.438 715.438

140 150

2025P 2026P

30 30
 0 0

0 0
1 1
800 800

25 25
0 0
0 0

826 826

2025P 2026P

4 4

0 0
1 1

-1 -1

4 4

2025P 2026P
119.2211 144.6607

2025P 2026P
7 7
0 0
1 1
0 0
11 11
2025P 2026P
4955.804 4747.902
543.1018 390.2385
40 30

2025P 2026P

100 100
0 0
0 0
0 0

148.9929 104.295

0 0
0 0
262.9732 256.3988

511.9661 460.6939

2025P 2026P
419.6712 426.1277
11783.08 12961.38
13 12

2025P 2026P
81 80.66667
38.55556 38.07407
80 80
14.74074 14.65432

214.2963 213.3951

2025P 2026P
424.2346 424.8683
299 299
122.5467 174.2195

-40 -40
96.87591 102.2695

4662.739 4860.945
 -724 -724
-140 -150
4701.397 4947.303

4208.078 4662.739
2,281.68 1,998.80
-1.674 -1.674
-1825.342 -1798.921
4662.739 4860.945

-80.00% -90.00%

2025P 2026P
34.4489 44.32975
71.65685 91.46
-61.776 -80.3088
20.00% 30.00%
0 0
44.32975 55.48095

2025P 2026P

4.888889 4.851852
9 9
2.111111 2.148148
3 3
19 19

6 6
3 3
2 2
220.32 330.48
20.00% 50.00%

231.32 341.48
250.32 360.48

2025P 2026P

25 25
0 0
 0 0
12 12
0 0
-35 -35
2 2

2025P 2026P
1523.882 1676.27
11783.08 12961.38
47.20471 47.20471

2025P 2026P

16 16
4 4
20 20
RATIOS Computational Formula 2017
Liquidity Ratio
Current Ratio Current Asset/Current Liablities 1.91
Quick Ratio (Current Asset-Inventories)/Current Liablities 0.91
Working Capital Current Asset-Current Liablities 1140.31
Profitability Ratio
Gross Profit Margin (Sales-COGS)/ Sales 56.96%
EBITDA Margin EBITDA/Sales 21.15%
Net Profit Margin PAT/ Sales 13.66%
Profit Before Tax Margin EBT/Sales 19.35%
Return on total Asset PAT/Total Asset 22.32%
Return on Equity PAT/ Total Equity 34.67%
Return on fixed asset PAT/Fixed Asset 148.21%
Return on Investment EBT/(Total Asset- Total Libilites) 49.11%
Efficiency Ratio
AR Days (Trade Recievables/Sales)*365 15
AP Days (Trade Payble/Sales)*365 43
Inventory Days (Inventories/COGS)*365 166
2018 2019 2020 2021 2022P

1.92 1.90 1.80 1.66 1.59

0.88 1.06 1.01 1.10 1.03
1336 1514 1396 1323 1,244.31

46.83% 42.19% 50.33% 44.41% 46.58%

19.30% 18.86% 21.78% 20.91% 30.42%
13.06% 15.48% 14.26% 14.90% 21.32%
17.64% 17.22% 18.78% 18.92% 28.29%
20.26% 23.94% 20.99% 21.76% 32.78%
32.37% 37.71% 34.35% 36.80% 53.67%
154.87% 198.43% 173.26% 209.62% 279.50%
43.72% 41.96% 45.26% 46.75% 71.19%

20 26 27 18 16
47 47 47 51 47
164 129 147 106 100
2023P 2024P 2025P 2026P

1.48 1.48 1.55 1.50

1.04 1.20 1.35 1.37
1,129.70 1,254.84 1,519.92 1,528.25

42.67% 45.07% 42.62% 43.88%

27.38% 31.13% 27.79% 28.71%
19.09% 22.54% 19.97% 16.13%
25.32% 29.11% 25.79% 20.81%
28.39% 34.37% 30.59% 25.47%
45.57% 55.62% 48.68% 41.05%
245.02% 347.14% 333.60% 292.17%
60.45% 71.85% 62.85% 52.98%

15 14 13 12
47 47 47 47
80 60 40 30
Working Capital Schedule 2017 2018 2019 2020 2021 2022 2023 2024 2025
Current assets
Debtors 246.99 340 517 539 388 388.07 400.20 410.87 419.67
Inventory 1253.44 1511 1411 1380 1126 1,171.01 1,031.14 740.35 543.10
Other current assets 97.88 250 308 307 224 217.00 209.67 216.22 214.30
Total current assets 1598.31 2101 2236 2226 1738 1,776.08 1,641.01 1,367.44 1,177.07

Current Liabilities
Creditors 696.6 822 944 950 1134 1144.91 1259.41 1385.35 1523.88
Accured income tax payable 57.12 52 61 74 72 69.00 71.67 70.89 70.52
Other accruals 128.24 161 196 210 287 373.10 485.03 530.54 539.70
Total current liabilities 881.96 1035 1201 1234 1493 1587.01 1816.10 1986.77 2134.10

Net Working capital 716.35 1066 1035 992 245 189.06 -175.10 -619.33 -957.03
Changes in working capital -349.65 31 43 747 55.94 364.16 444.24 337.70

Debtor days 14.94247 19.33624 25.37381 26.44643 17.39376 15.82405 14.84288 13.86032 12.87646
Inventory days 165.7533 163.5572 128.9149 147.1086 105.8162 100 80 60 40
Other current assets as % of revenue 0.016223 0.038953 0.041415 0.041269 0.027512 0.024242 0.021305 0.019984 0.018014
Creditor days 92.11749 88.97687 86.24781 101.2704 106.568 97.77173 97.70948 112.2721 112.2354
 2026

426.13
390.24
213.40
1,029.76

1676.27
71.02
541.61
2288.91

-1,259.14
302.11

11.89139
30
0.016315
128.865
(I)

(II)

(III)
(IV)

(V)

(VI)
(VII)

(VIII)
 2017
Revenue:
Revenue from operations 5935.92
Growth
Other income (I) 97.31

Total income 6033.23

Expenses:
Cost of materials consumed (II) 2760.16
Purchases of stock in trade (III) 122.39
Changes in inventories of finished goods, stock in trade and Work in Progress ) (IV) -56.67
Excise duty 18.13
Employee benefit expenses (V) 404.18
Finance costs (VI) 16.58
Depreciation and Amortization expense (VII) 90.3
Other expenses 1528.46
As % of revenue 25.75%
Total expenses 4883.53

Profit before share of net profits of investments accounted for using equity method and tax 1149.7
Share of net gain/(loss) of joint ventures accounted for using the equity method (VIII) -1
Profit before exceptional items and tax 1148.7
Exceptional items
Profit before tax 1148.7
EBIDTA 1,255.58
Income tax expense
Current tax 292.21
Deferred tax 45.52
Tax adjustment for earlier years
Total tax expense 337.73
Corporate tax rates
Profit for the year (A) 810.97
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of post employment benefit obligations -1.37
Income tax relating to items that will not be reclassified to profit or loss
Remeasurements of post employment benefit obligations 0.41
Total -0.96

Items that will be reclassified to profit or loss

Exchange differences on translation of foreign operations -33.77
Change in fair value of hedging instruments 25.52
Income tax relating to items that will be reclassified to profit or loss
Change in fair value of hedging instruments -8.83
Total -17.08
Other comprehensive income for the year (B) -18.04
Total comprehensive income for the year (A+B) 792.93
Net Profit attributable to:
Owners 798.59
Non-controlling interests 12.38
Growth
810.97
Other comprehensive income attributable to:
Owners -17.98
Non-controlling interests -0.06
-18.04
Total comprehensive income attributable to:
Owners 780.61
Non-controlling interests 12.32
792.93
Earnings per equity share for profit attributable to owners:
Basic earnings per share 6.21
Diluted earnings per share 6.2

Other income 2017

Other income 97.31
Yoy growth
Weights provided due to uneven increase

Cost of materials consumed 2017

Total raw materials consumed 2307.72
Toal packing materials consumed 452.44
COGS 2554.67
Gross Profit 3381.25
Most of Marico's raw materials come from agricultural products, following are its raw materials
2017
Domestic copra price inc/dec -12.00%
Rice bran oil inc/dec 17.00%
LLP inc/dec
Liquid paraffin
Safflower oil

Packing material
HDPE inc/dec 2.00%

Projected increase in raw materials cost

Projected increase in packing materials cost

Purchases of stock in trade 2017

Purchases of stock in trade 122.39
Purchases of stock in trade consist of increase in cost of raw materials, traded goods

Changes in inventories of finished goods, stock in trade and Work in Progress 2017
Opening inventories
Finished goods 322.83
Work-in-progress 137.21
By-products 3.79
Stock-in-trade 17.71

Closing inventories
Finished goods 362.23
Change through the year (Finished goods) 12.20%
Work-in-progress 159.35
Change through the year(WIP) 16.14%
By-products 3.51
Stock-in-trade 13.12
Change through the year(Stock-in-trade) -34.98%
Change -56.67

Employee benefit expenses 2017

Growth (The estimates of future salary increases, considered in actuarial valuation, take account of
Salaries, wages
inflation, andpromotion,
seniority, bonus and other relevant factors such as supply 342.36
and demand factors in the employment market.)
Contribution to provident fund 14.28
Yoy growth
Share based payment expense 4.02
Stock appreciation right expenses 13.89
Staff welfare expenses 29.63
Yoy growth
Total 404.18

Finance costs 2017

Interest and finance charges on financial liabilities not at fair value through profit or loss: 9.24
Bank and other financial charges 2.29
Growth rate (bank and other financial charges)
Fair value changes on interest rate swaps designated as cash flow hedges transfer from OCI -0.39
Exchange differences regarded as an adjustment to borrowing costs 4.89
Lease finance cost:
Interest expense on lease liabilities
Other borrowing costs 0.55

Debt schedule
Non current borrowings 0
Current borrowings 239.08

Non current borrowings

Unsecured:
Term loan:
From banks:
Loan in ZAR from Standard Bank of South Africa Limited 0
Total non-current borrowings 0
Less: Current maturities of long-term debt 0
Less: Interest accrued 0
Non-current borrowings 0

Other financial liabilities

Current
Current maturities of long term debt 0
Interest accrued and not due on borrowing 0.27
Creditors for capital goods 4.66
Salaries, bonus and other benefits payable to employees 12.04
Trade deposits from customers and other
Security deposits from customers and others 1.25
Unclaimed dividend 0.33
Forward exchange contracts 3.14
Others 0.36
Derivative designed as hedges
Lease liabilities (current and non current)
Interest rate
Total (current other financial liabilites) 22.05

Lease liabilities
Current
Non current
Total

Current borrowings
Export packing credit 20
Growth rate
Interest rate 6.90%
Interest 1.38
Working capital demand loan (secured) 54.19
Growth rate
Interest rate 9.30%
Interest 5.04
Working capital demand loan (unsecured) 76.88
Growth rate
Interest rate 2.60%
Interest 2.00
Cash credit 39.65
Interest rate 6.00%
Interest 2.38
190.72

Depreciation and amortization expense 2017

Depreciation on property, plant and equipment 85.34
Growth
Depreciation on investment properties 0.44
Amortisation of intangible assets 4.03
Depreciation on Lease assets
Impairment loss / (reversal of loss) of capitalised assets 0.49
Total depreciation and amortization expense 90.3
Net block 519.35
As % 17.39%

Share of net gain/(loss) of joint ventures accounted for using the equity method 2017
Interest in joint venture
Zed Lifestyle Private Limited 16.3
Revolutionary Fitness Private Limited
Hello Green Private Limited
Bellezimo Professionale Products Private Limited 0
Accounting for potential new joint venture
Sold stake in Revolutionary fitness and Hello Green, Bellezimio ceased to be a JV and Zed lifestyle is a subsidiary now
 2018 2019 2020 2021 Average 2022P

6333 7334 7315 8048 8852.8

10.00%
85 103 124 94 98.4377201

6418 7437 7439 8142 8951.23772

3372 3995 3424 3884 4,274.18

196 145 177 339 500.294322
-220 -123 140 47 -205.68
11 0 0
422 466 478 570 625.81233
16.00 24.00 50.00 34.00 47.5101662
89 96 140 139 141.64
1414 1570 1626 1617 1062.336
22.33% 21.41% 22.23% 20.09% 12%
5300 6173 6035 6630 6,446.09

1118 1264 1404 1512 2,505.15

0 -1 0 -2 -1
1117 1263 1403 1510 2,504.15
-29 13 0
1117 1263 1374 1523 2,504.15
1,222.00 1,383.00 1,593.00 1,683.00 2,693.30

284 331 347 335 630.293461

6 -15 -16 -11 -14
0 -188 0
290 128 331 324 616.293461
25.17%
827 1135 1043 1199 1,887.85

-1 -2 -3 -1 -1.674

1 0 1 0 0
0 -2 -2 -1 -1.674

4 -16 45 5 5
-2 0 -2 1 -1

1 0 1 0 0
3 -16 44 6 4
 3 -18 42 5 2.326
830 1117 1085 1204 1,890.18

814 1118 1021 1172 1,853.39

13 17 22 27 34.4617441
5.01% 30.77% 29.41% 22.73% 27.64%
827 1135 1199 1043 1,887.85

3 -18 42 5 2.326
0 0 0 0 0
3 -18 42 5 2.326

818 1100 1063 1177 1,855.72

13 17 22 27 34.4617441
831 1117 1085 1204 1,890.18

6.31 8.67 7.91 9.08 14.3673678

6.32 8.67 7.91 9.08

2018 2019 2020 2021 Weighted Average 2022P

85 103 124 94 98.4377201
-12.65% 21.18% 20.39% -24.19%
0.1 0.2 0.4 0.3 4.72%

2018 2019 2020 2021 Average 2022P

2899 3482 2896 3417 3,780.91
529 513 529 467 493.27
3367 4240 3633 4474 4,729.47
2966 3094 3682 3574 4,123.33

2018 2019 2020 2021 Average

75.00% -2.00% -9.00% 17.00% 13.80%
-4.00% 12.50% -4.00% 28.00% 9.90%
12.50% -8.00% 4.00% 8.25%
21.00%
18.00%

0.00% 12.50% -24.00% 8.00% 5.63%

10.65%
5.63%

2018 2019 2020 2021 Average 2022P

 196 145 177 339 500.294322
60.14% -26.02% 22.07% 91.53% 47.58%

2018 2019 2020 2021 Average 2022P

362 477 534 354 499

159 258 304 341 159
4 8 8 4 4
13 15 35 42 32

477 534 354 499 558.88

31.77% 11.95% -33.71% 40.96% 12.00%
258 304 341 159 300
62.26% 17.83% 12.17% -53.37%
8 8 4 4 4
15 35 42 32 36.8
13.33% 57.14% 16.67% -31.25% 15.00%
-220 -123 140 47 -205.68

2018 2019 2020 2021 Average 2022P

361 402 415 497 546.7

10.00%
18 19 22 24 27.3891815
26.05% 5.56% 15.79% 9.09% 14.12%
16 15 9 15 15

27 30 32 34 36.7231482
-8.88% 11.11% 6.67% 6.25% 8.01%
422 466 478 570 625.81233

2018 2019 2020 2021 Average 2022P

11 17 17 10 18.0066
4 5 15 8 11.9868996
74.67% 25.00% 49.84%

1 0
16 14 15.5166667
16 14 15.5166667
2 2 2 2 2
 20 14 10 8
289 336 326 339

23 17 13 11 8
23 17 13 11 8
3 3 3 3 3
0 0 0 0 0
20 14 10 8 5

3 3 3 3 3
0 1 1 0 0
4 3 8 6 3.88666667
13 14 22 25 13.0133333
1 1 0
1 2 1.41666667
0 2 3 3 2.66666667
0
0 0 0 4 0
2 2 0
189 183 160 177.333333
8.7431693989071 8.75 8.75%
21 63 79 82 61.9833333

38 39 38 38
151 144 122 103.7
189 183 160

Average 2022P
35 42 30 47 35.6666667
75.00% 20.00% -28.57% 56.67%
9.40% 9.00% 5.10% 5.10% 7.10% 7.10%
3.29 3.78 1.53 2.40 2.53233333
82 86 80 95 87
51.32% 4.88% -6.98% 18.75%
9.40% 9.00% 8.10% 8.10% 8.78% 8.78%
7.71 7.74 6.48 7.70 7.6386
128 166 162 157 161.666667
66.49% 29.69% -2.41% -3.09%
 3.50% 2.30% 2.20% 2.50% 2.62% 2.62%
4.48 3.82 3.56 3.93 4.23566667
44 42 53 40 45
6.10% 5.85% 2.20% 8.00% 8.00%
2.68 2.46 1.17 3.20 3.6
289 336 325 339 329.333333

2018 2019 2020 2021 Average 2022P

82 93 98 94 99.64
13.41% 5.38% 6.00%
0 0 0 0 0
3 3 3 6 3
37 38 38
3 0 2 1 1
88 96 140 139 141.64
509.09 643 701 669 783.826496
17.29% 14.93% 19.97% 20.78% 18.07% 18.07%

(Share in profit and loss) 2018 (Share in profit and loss) 2019 (Share in profit and 2020

0.01 20 0 22 0 24
0 0 4 -1 5
0
-1.01

a subsidiary now
2023P 2024P 2025P 2026P

9738.08 10711.89 11783.0768 12961.38

10.00% 10.00% 10.00% 10.00%
103.084944044018 107.9516 113.047932853306 118.3849

9841.16494404402 10819.84 11896.1247328533 13079.77

4,704.59 4,503.80 4,955.80 4,747.90

738.331587934082 1089.626 1608.06352126038 2373.171
-125.352 -149.209 -187.262808 -230.8662
0 0 0 0
687.291369616519 755.0192 829.638445189767 911.859
53.2237090235958 61.70929 75.5180581843773 95.5042
147.6184 153.9555 160.67283424 928.5566
1168.5696 1285.427 1413.969216 1555.366
12% 12% 12% 12%
7,374.28 7,700.33 8,856.40 10,381.49

2,466.89 3,119.51 3,039.72 2,698.28

-1 -1 -1 -1
2,465.89 3,118.51 3,038.72 2,697.28
0 0 0 0
2,465.89 3,118.51 3,038.72 2,697.28
2,666.73 3,334.17 3,274.91 3,721.34

620.66443554746 717.2572 698.905880764097 620.3735

-13.66666667 -12.88889 -13.51851852 -13.35802
0 0 0 0
606.99776887746 704.3683 685.387362244097 607.0155
25.17% 23.00% 23.00% 23.00%
1,858.89 2,414.14 2,353.33 2,090.26

-1.674 -1.674 -1.674 -1.674

0 0 0 0
-1.674 -1.674 -1.674 -1.674

5 5 5 5
-1 -1 -1 -1

0 0 0 0
4 4 4 4
 2.326 2.326 2.326 2.326
1,861.22 2,416.47 2,355.66 2,092.59

1,814.91 2,358.00 2,281.68 1,998.80

43.9856225593297 56.14153 71.6568515488714 91.46

1,858.89 2,414.14 2,353.33 2,090.26

2.326 2.326 2.326 2.326

0 0 0 0
2.326 2.326 2.326 2.326

1,817.23 2,360.33 2,284.00 2,001.13

43.9856225593297 56.14153 71.6568515488714 91.46
1,861.22 2,416.47 2,355.66 2,092.59

14.0690410918258 18.27907 17.6874186582984 15.49458

2023P 2024P 2025P 2026P

103.084944044018 107.9516 113.047932853306 118.3849

2023P 2024P 2025P 2026P

4,183.58 3,953.48 4,374.53 4,133.93
521.02 550.32 581.28 613.97
5,582.79 5,884.22 6,761.12 7,273.94
4,155.29 4,827.67 5,021.96 5,687.45

2023P 2024P 2025P 2026P

 738.331587934082 1089.626 1608.06352126038 2373.171

2023P 2024P 2025P 2026P

558.88 642.712 751.97304 902.3676

300 336 369.6 399.168
4 4 4 4
36.8 42.32 48.668 55.9682

642.712 751.973 902.367648 1100.889

15.00% 17.00% 20.00% 22.00%
336 369.6 399.168 423.1181
12.00% 10.00% 8.00% 6.00%
4 4 4 4
42.32 48.668 55.9682 64.36343
15.00% 15.00% 15.00% 15.00%
-125.352 -149.209 -187.262808 -230.8662

2023P 2024P 2025P 2026P

601.37 661.507 727.6577 800.4235

31.2569693231191 35.67095 40.7082554676502 46.45691

15 15 15 15

39.6644002934002 42.84122 46.2724897221168 49.97857

687.291369616519 755.0192 829.638445189767 911.859

2023P 2024P 2025P 2026P

18.08660000111 17.89993 17.99771111231 17.99475
17.9607201374858 26.91167 40.3234334929006 60.41912

15.176388885 14.89769 15.1969135791667 15.09033

15.176388885 14.89769 15.1969135791667 15.09033
2 2 2 2
 0 0 0 0
0 0 0 0
3 3 3 3
0 0 0 0
-3 -3 -3 -3

3 3 3 3
0 0 0 0
3.88666666666667 3.886667 3.88666666666667 3.886667
13.0133333333333 13.01333 13.0133333333333 13.01333
0 0 0 0
1.416666667 1.416667 1.416666667 1.416667
2.888888889 2.851852 2.802469136 2.847737
0 0 0 0
0 0 0 0
0 0 0 0
173.4444444 170.2593 173.679012333333 172.4609
8.75% 8.75% 8.75% 8.75%
62.205555556 62.16852 62.119135803 62.1644

38 38 38 38
88.145 74.92325 63.6847625 54.13205

2023P 2024P 2025P 2026P

35.66666667 35.66667 35.66666667 35.66667

7.10% 7.10% 7.10% 7.10%

2.53233333357 2.532333 2.53233333357 2.532333
87 87 87 87

8.78% 8.78% 8.78% 8.78%

7.6386 7.6386 7.6386 7.6386
161.6666667 161.6667 161.6666667 161.6667
 2.62% 2.62% 2.62% 2.62%
4.23566666754 4.235667 4.23566666754 4.235667
46 43.66667 44.88888889 44.85185
8.00% 8.00% 8.00% 8.00%
3.68 3.493333 3.5911111112 3.588148
330.33333337 328 329.22222226 329.1852

2023P 2024P 2025P 2026P

105.6184 111.9555 118.67283424 125.7932

0 0 0 0
3 3 3 3
38 38 38 38
1 1 1 1
147.6184 153.9555 160.67283424 167.7932
816.910570323697 851.9797 889.152955556511 928.5566
18.07% 18.07% 18.07% 18.07%

"Share in Profit and Loss" projections

(Share in profit and loss) 2021 (Share in profit and loss) 2022P 2023P 2024P 2025P

1 0 -1
-1 0 0
0 0 0

-1 -1 -1 -1
nd Loss" projections
2026P

-1
 YEAR PBIDT MARGIN
2017 19.5
2018 18
2019 18.10
2020 20.1
2021 19.8

PBIDT MARGIN
20.5 20.1
19.8
20 19.5
19.5
PBIDT MARGIN

19
PBIDT MARGIN
18.5 18 18.10

18

17.5

17

16.5
2017 2018 2019 2020 2021
YEAR
PBIDT MARGIN
 2017
A CASH FLOW FROM OPERATING ACTIVITIES
PROFIT BEFORE INCOME TAX 1148.7
Adjustments for:
Depreciation, amortisation and impairment 90.3
Share of net loss /(gain) of joint ventures accounted for using the equity method 1
Finance costs 16.58
Interest income from financial assets -36.32
(Gain)/ Loss on disposal of property, plant and equipment (NET) -2.77
Effect of translation differences on fixed assets 10.57
Effect of translation differences on goodwill on consolidation 17.91
Net fair value changes financial assets (including net gain on sale) -18.56
Gain on sale of investments -30.46
Employees stock option charge 4.02
Stock appreciation rights expense charge 13.89
Impairment of Fixed assets, Intangibles and Inventory
Fair valuation of existing stake of Joint venture
Provision for impaiment of investment 0.09
Provision for doubtful debts, advances, deposits and others (written back) / written of 0
Cash generated from operations before working capital changes 1214.95

Change in operating assets and liabilities:

(Increase) / Decrease in inventories -327.88
(Increase) / Decrease in trade receivables 5.1
(Increase) / Decrease in other financials assets 1.67
(Increase) / Decrease in other non-current assets -0.22
(Increase) / Decrease in other current assets 17.98
(Increase) / Decrease in loans 29.14
(Decrease) / Increase in provisions 5.77
(Decrease) / Increase in employee benefit obligations -14.03
(Decrease) / Increase in other current liabilities -11.75
(Decrease) / Increase in trade payables 27.56
(Decrease) / Increase in other financial liabilities -3.15
Changes in Working Capital -269.81
 Cash generated from operations 945.14
Income taxes paid (net of refunds) -296.41
NET CASH GENERATED FROM OPERATING ACTIVITIES (A) 648.73

B CASH FLOW FROM INVESTING ACTIVITIES

Payment for property, plant and equipment and intangible assets -87.09
Asset acquired under business combination
Proceeds from sale of property, plant and equipment 5.61
Effect of translation differences on goodwill on consolidation
(Payment for) / Proceeds from purchase/sale of investments (NET) 1.49
Investment in joint venture -16.57
Proceeds from sale of investments in Joint venture
(Purchase)/ Redemption of Inter-corporate deposits (NET) -28.99
Investment in bank deposits (having original maturity more than 3 months) (net)
Interest received 34.03
Net cash utilised in investing activities (B) -91.52

C CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issuance of share capital (net of share issue expenses) 0.03
Sale of investments by WEOMA trust (net) 32.32
Other borrowings (repaid) / taken (net) -67.01
Decrease in minority interest -13.34
Finance charges paid -17.19
Interest paid
Repayment of Prinicipal portion of lease liabilities
Interest paid on lease liabilities
Payment of unclaimed dividend
Dividends paid to company's shareholders (including dividend distribution tax) -508.76
Net cash utilised in financing activities (C) -573.95

D EFFECT OF EXCHANGE DIFFERENCE ON TRANSLATION OF FOREIGN CURRENCY (D) -33.77

E NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D) -50.51
F CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR 93.16
G CASH AND CASH EQUIVALENTS AT END OF THE YEAR 42.65
2018 2019 2020 2021 Average 2022P 2023P 2024P 2025P 2026P

1117 1263 1374 1523 2,504.15 2,465.89 3,118.51 3,038.72 2,697.28

89 96 140 139 141.64 147.6184 153.9555 160.6728342 167.7932043

0 1 0 2
16 24 50 34 47.51016623 53.22371 61.70929 75.5180582 95.5041958
-34 -54 -72 -59 -61.66666667 -64.22222 -61.62963 -62.50617284 -62.78600823
-2 -7 0 0 -3.923333333 -3.923333 -3.923333 -3.923333333 -3.923333333

-41 -33 -33 -21 -29 -27.66667 -25.88889 -27.51851852 -27.02469136

7 9 10 9 9.333333333 9.444444 9.259259 9.345679012 9.349794238

9 7 -1 6 6 6 6 6 6
10 51 0 0 0 0 0
0 -64 0 0 0 0 0

-1 11 -3 3 3 3 3 3 3
1160 1317 1475 1623 2,617.04 2,589.36 3,260.99 3,199.31 2,885.19

-257 100 31 251 -45.01 139.86 290.79 197.25 152.86

-93 -177 -22 147 -0.07 -12.13 -10.67 -8.80 -6.46
2 -2 1 -4 0.00 0.00 0.00 0.00 0.00
-1 0 -3 2 7.00 0.00 0.00 0.00 0.00
-152 -60 110 83 7.00 7.33 -6.56 1.93 0.90
2 -1 -1 1 0.47 0.00 0.00 0.00 0.00
1 0 1 -39 0 0 0 0 0
-7 4 -14 20 -30 -20.4 -61.2 -36.72 -110.16
32 35 -92 77 -86.10 -111.93 -45.51 -9.16 -1.91
125 121 10 184 -10.91 -114.49 -125.94 -138.53 -152.39
-1 2 10 8 38.32 15.33 13.26 11.29 9.51
-349 22 31 730 -119.30 -96.42 54.17 17.24 -107.64
 811 1338 1504 2353 2,497.74 2,492.95 3,315.17 3,216.55 2,777.55
-295 -320 -290 -285 -298.3333333 -291.1111 -280 -280 -280
516 1018 1214 2068 2,199.40 2,201.83 3,035.17 2,936.55 2,497.55

-127 -162 -188 -142 15.00% -163.3 -187.795 -215.9643 -248.3588875 -285.6127206
0 -132 0 0 0 0 0
5 19 8 5 6 6 6 6 6
-6 -17
70 103 -189 164 100 100 100 100 100
-4 -6 -5 -5 -5 -5 -5
-3 1 0 0 0 0 0
39 20 45 -295 34.66666667 33.22222 37.62963 35.172839506667 35.34156379
43 -357 217 -591 -600 -600 -600 -600 -600
35 49 72 52 101.5 147.175 213.4038 309.4354375 448.6813844
55 -351 -38 -938 -526.1333333 -506.3978 -463.9309 -402.7506104933 -300.5897725

0 0 0 6 0 0 0 0 0
29 30 3 -9 30 30 30 30 30
70 40 -15 13 50 50 50 50 50
-14 -18 -21 -22 -26.4 -39.6 -51.48 -61.776 -80.3088
-16 -23 0 0 0 0 0
-34 -21 0 0 0 0 0
-38 -44 -41 -41 -41 -41 -41
-16 -13 15.51666667 15.17639 14.89769 15.19691358 15.09032922
-1 -61 0 0 0 0 0
-636 -682 -1025 -968 -1482.712358 -1270.434 -2122.2 -1825.341606 -1798.920672
-567 -653 -1147 -1119 -1454.595691 -1255.858 -2119.782 -1832.92069242 -1825.139143

4 -16 17 5 5 5 5 5 5
8 -2 46 16 223.67 444.58 456.45 705.88 376.82
43 51 48 93 109 332.67 777.25 1,233.70 1,939.59
51 48 93 109 332.67 777.25 1,233.70 1,939.59 2,316.40
 WACC Calculation
WD
Short term borrowings
Kd 4.7% Wd 0.007824 Short term capital lease liabilites
Ke 8.2% We 0.992176

WACC 8.12% Book value of debt

Equity
Cost of equity
Risk free rate 6.65%
Beta 0.25
Return of markets 6.00%

Cost of equity 8.2%

 2020 2021 2020 2021
325 339 Long term borrowings 10 8
39 38 Long term capital leas liabilities 144 122
364 377 154 130
518 507
512.5
64990.2
Company name Share price
   
Nestle India 17774.95
HUL 2169.9
ITC Ltd. 214.65
Britannia Industries Ltd. 3427
Dabur India Ltd. 542.85
Marico 503.8

Relative valuation Marico

P/E 32.0803017
P/BV 503.8
P/S 10.34546323
EV/EBITDA 34.93546331

  Actual Marico's Maket cap.

Market capitalization (according to P/E) 64990.2
Market capitalization (according to P/BV) 64990.2
Market capitalization (according to P/S) 64990.2
Market capitalization (according to EV/EBITDA) 64990.2
Enterprise value (according to EV/EBITDA) 64120.2
  Marico
Market capitalization 64990.2
Value of Debt 0
(Cash) 16
(Investments) 854
Enterprise value 64120.2
   

  Marico
Net Income 2,025.86
Taxes 205
Interest expense 4
Depreciation & Amortization 143.4
EBITDA 2,378.26
Total number of shares (crores) Equity Value or Market Capitalization (crores)
   
9.641 171368.29295
235 509926.5
1230.88 264208.392
24.087 82546.149
176.74 95943.309
129 64990.2
1123992.64
(Total Industry Maket cap., excluding Marico)

Industry Value of share of Marico, based on industry average

42.78222725 671.8666892
427.2420444 427.2420444
8.736931773 425.4682589
27.71930127 401.1296772
Average value of share- 481.4266674
Company's share is overvalued

Marico's market cap. according to industry average

86670.8029
55114.22373
54885.4054
51745.72835
50875.72835
Nestle India HUL
171368.29 509926.5
274.7 0
773.44 1740
7739.8 2995
163129.75 505191.5
   

Nestle India HUL

2144.86 7954
737.91 2536
201.19 108
390.19 1012
3,474.15 11,610.00
Net Profit (Crores) Shareholder's equity
   
2144.86 964.1
7954 235
13031.64 1230.88
1760.03 24.09
1381.89 176.74
2025.86 129
26272.42 2630.81
(Total Industry Net Profit, excluding Marico) (Total Industry Shareholder's equity, excluding Marico)

`
ITC Ltd. Britannia Industries Ltd.
264208.39 82546.15
5.28 721.55
231.25 76.29
26997.09 2950.12
236985.33 80241.29
  (Total Industry Industry Enterprise value, excluding Marico)

ITC Ltd. Britannia Industries Ltd.

13031.64 1760.03
4132.51 619.41
47.47 105.27
1561.83 166.77
18,773.45 2,651.48
Company' sales EBITDA
   
14829.52 2,378.26
45996 3,474.15
48524.54 11,610.00
12113.65 18,773.45
7184.73 2,651.48
6282 1,683.00
128648.44 38,887.34
(Total Industry sales, excluding Marico) (Total EBITDA, excluding Marico)
Dabur India Ltd.
95943.31
19.62
7.01
3573.9
92382.02
1077929.89

Dabur India Ltd.

1381.89
301.42
8.68
143.4
1,835.39
cost of equity 8.2%

2021
Residual income 1193.4865

NPV of residual income 29909.05928

Book value 3,258.00
eternal growth 4% Overvalued by
Residual income valuation 33,167.06 95.95%
Stock price 503.8
No of shares 129
Equity value 64990.2
Residual income (1+g)
1241.22596
FCFF
DCF 1 2
2022 2023
EBIT 2,552 2,519
Less: taxes 616 607
NOPAT 1,935 1,912
Add: Depreciation and amortization 142 148
Less: Working capital changes -79 -115
Less: Investment in fixed assets 110 120
FCFF 2,046 2,054
pv 1,892.02 1,757.27

Present value of Explicit period 9,126.75

eternal growth 4.00%

terminal value 74569.90925
pv of terminal value 50,463.91
sum of all pv 9,127
outstanding shares 129
share price 461.94

FCFE
1 2

Net income 1,887.85 1,858.89

D&A 141.64 147.6184
Change in WC -78.69 -114.61
capital expenditure 110 120
Net borrowing 196.43 258
FCFE 2,194.62 2,259.12
Present value 2029.234 1931.46
PV of explict period 984126.47%

Eternal growth 4.00%

Terminal value 77648.82825
pv of terminal value 52481.02246
Sum of all PV 12,519.10
outstanding shares 129
Price per share 503.8769413
 3 4 5
2024 2025 2026
3,180 3,114 2,793 Fcff (1+growth)
704 685 607 3074.230736
2,476 2,429 2,186
154 161 929
125 265 8
130 140 150
2,375 2,184 2,956
1,878.68 1,598.36 2,000.42

3 4 5

2,414.14 2,353.33 2,090.26

153.9555 160.6728 928.5566
125.14 265.08 8.33
130 140 150
302 243 238 fcfe(1+g)
2,614.95 2,351.93 3,098.49 3222.426373
2067.208 1719.168 2094.195