Average CAPM beta 0.

585 1 2 3
Market return 12% 2017 2018 2019
Risk free rate 6.80% Revenue 2979 4107 4538.7
Cost of equity 9.84% Total Exp 3035.2 3865.4 4077.9
Pre tax cost of debt 11.75% Depreciation 126.1 196.1 203.9
Tax rate 33.89% Finance cost 136.9 145.1 113.9
Debt 278.74 Op. exp 2898.3 3720.3 3964
Equity 526.91
Total 805.65 EBIT 80.7 386.7 574.7
WACC 7.81% (-) Cash Taxes 14.5 84.4 156.2
Perpetual G 2% NOPAT 66.2 302.3 418.5
(+) Depreciaiton 126.1 196.1 203.9
(-)CAPEX - - -
(+/-) WC Changes 150.85 163.5 40.2
FCFF 41.45 334.9 582.2
0.92751839 0.86029 0.797935
PV 38.4 288.1 464.6

Terminal Value 11,930

Sum of PV 1,294
Total (million) 13,225
NoSH (million) 19.932384
Intrinsic value 663.49

2014 2015 2016

No of shares 9685470 15017681 19932384
New 5.332211 4.914703
Value 251.38 150.86
Price 47.1 30.7
 4
2020 2016 2017 2018 2019 2020
4926.8 Assets 1852.4 1718.3 1580.4 1451.8
4278 Dep 126.1 196.1 203.9 212.1
212.1 1978.5 1914.4 1784.3 1663.9
73.7
4204.3 Inv 49.52 85.1 109.3 119.2 127.4
Deb 234.94 579.8 713.1 789.7 860.4
722.5 Cred 355.11 584.7 578.7 625 669.3
219.9 NWC -70.65 80.2 243.7 283.9 318.5
502.6 150.85 163.5 40.2 34.6
212.1
-
34.6
680.1
0.740099
503.3
663.49 1.50% 1.75% 2% 2.25% 2.50% 2.75% 3%
6%
6.50%
7%
7.50%
8%
8.50%
9%
3.25% 3.50%