Date Shree Cement S&P BSE 100 Daily return

2-May-22 26216.1 17537.73 Shree Cement S&P BSE 100

4-May-22 25197.05 17120.28 -3.9% -2.4%
5-May-22 25089.7 17143.05 -0.4% 0.1%
6-May-22 23964.9 16852.36 -4.5% -1.7%
9-May-22 24086.55 16693.19 0.5% -0.9%
10-May-22 24275.3 16570.67 0.8% -0.7%
11-May-22 23373.45 16512.83 -3.7% -0.3%
12-May-22 22640.5 16134.11 -3.1% -2.3%
13-May-22 22547.6 16103.87 -0.4% -0.2%
16-May-22 21988.7 16198.64 -2.5% 0.6%
17-May-22 22062.4 16622.35 0.3% 2.6%
18-May-22 22537.35 16605.31 2.2% -0.1%
19-May-22 22212.4 16161.58 -1.4% -2.7%
20-May-22 22010.8 16588.32 -0.9% 2.6%
23-May-22 21897.95 16527.99 -0.5% -0.4%
24-May-22 21614.15 16434.12 -1.3% -0.6%
25-May-22 21184.8 16302.2 -2.0% -0.8%
26-May-22 21685.6 16466.8 2.4% 1.0%
27-May-22 21932.95 16638.32 1.1% 1.0%
30-May-22 22453.5 16964.94 2.4% 2.0%
31-May-22 22130.05 16887.92 -1.4% -0.5%
1-Jun-22 21846.55 16810.26 -1.3% -0.5%
2-Jun-22 21638.6 16920.5 -1.0% 0.7%
3-Jun-22 20679.35 16835.73 -4.4% -0.5%
6-Jun-22 20017.25 16819.88 -3.2% -0.1%
7-Jun-22 19804 16676.27 -1.1% -0.9%
8-Jun-22 19588.5 16611.74 -1.1% -0.4%
9-Jun-22 19198.45 16735.73 -2.0% 0.7%
10-Jun-22 19187.45 16470.88 -0.1% -1.6%
13-Jun-22 19104.6 16051.03 -0.4% -2.5%
14-Jun-22 19211.7 16014.37 0.6% -0.2%
15-Jun-22 19321.2 15993.38 0.6% -0.1%
16-Jun-22 18730.1 15662.05 -3.1% -2.1%
17-Jun-22 18024.8 15562.65 -3.8% -0.6%
20-Jun-22 18417.95 15567.53 2.2% 0.0%
21-Jun-22 18543.4 15897.82 0.7% 2.1%
22-Jun-22 18488.95 15658.68 -0.3% -1.5%
23-Jun-22 18555.1 15810.86 0.4% 1.0%
24-Jun-22 18771.4 15963.31 1.2% 1.0%
27-Jun-22 19118.1 16092.24 1.8% 0.8%
28-Jun-22 19232.6 16123.11 0.6% 0.2%
29-Jun-22 19386.75 16053.39 0.8% -0.4%
30-Jun-22 19119.8 16014.13 -1.4% -0.2%
1-Jul-22 19224.25 16014.96 0.5% 0.0%
 4-Jul-22 19268.9 16114.4 0.2% 0.6%
5-Jul-22 19576.6 16096.46 1.6% -0.1%
6-Jul-22 19982.35 16302.5 2.1% 1.3%
7-Jul-22 20017.25 16448.37 0.2% 0.9%
8-Jul-22 19920.1 16530.58 -0.5% 0.5%
11-Jul-22 19845.65 16546.17 -0.4% 0.1%
12-Jul-22 20025.25 16400.73 0.9% -0.9%
13-Jul-22 19735.4 16328.97 -1.4% -0.4%
14-Jul-22 19563.3 16305.97 -0.9% -0.1%
15-Jul-22 19728.95 16421.18 0.8% 0.7%
18-Jul-22 20051.75 16653.33 1.6% 1.4%
19-Jul-22 20064.9 16718.36 0.1% 0.4%
20-Jul-22 20206.15 16877.09 0.7% 0.9%
21-Jul-22 20497.05 16999.86 1.4% 0.7%
22-Jul-22 20781.1 17089.1 1.4% 0.5%
25-Jul-22 20674.1 17010.77 -0.5% -0.5%
26-Jul-22 20643.1 16845.96 -0.1% -1.0%
27-Jul-22 21019.5 17013.03 1.8% 1.0%
28-Jul-22 20384.6 17290.88 -3.0% 1.6%
29-Jul-22 20482.85 17530.28 0.5% 1.4%
1-Aug-22 20913.25 17721.46 2.1% 1.1%
2-Aug-22 21119.55 17717.62 1.0% 0.0%
3-Aug-22 20928.2 17744.57 -0.9% 0.2%
4-Aug-22 20673.5 17754.71 -1.2% 0.1%
5-Aug-22 21249.05 17775.34 2.8% 0.1%
8-Aug-22 21207.3 17897.17 -0.2% 0.7%
10-Aug-22 21098.5 17898.99 -0.5% 0.0%
11-Aug-22 21172.4 18027.45 0.4% 0.7%
12-Aug-22 21151.55 18077.71 -0.1% 0.3%
16-Aug-22 21439.05 18226.71 1.4% 0.8%
17-Aug-22 21422.5 18358.86 -0.1% 0.7%
18-Aug-22 21629.1 18381.48 1.0% 0.1%
19-Aug-22 21406.65 18176.47 -1.0% -1.1%
22-Aug-22 20951.75 17886.76 -2.1% -1.6%
23-Aug-22 21130.45 17985.08 0.9% 0.5%
24-Aug-22 21331.85 18020.37 1.0% 0.2%
25-Aug-22 21687.55 17947.73 1.7% -0.4%
26-Aug-22 22114.95 17994.66 2.0% 0.3%
29-Aug-22 21895.5 17768.04 -1.0% -1.3%
30-Aug-22 22082.05 18222.39 0.9% 2.6%
1-Sep-22 21596.65 18038.91 -2.2% -1.0%
2-Sep-22 21084.2 18029.82 -2.4% -0.1%
5-Sep-22 21302.85 18136.96 1.0% 0.6%
6-Sep-22 21649.4 18152.18 1.6% 0.1%
7-Sep-22 23166.4 18133.45 7.0% -0.1%
 8-Sep-22 24458.85 18290.24 5.6% 0.9%
9-Sep-22 24491.3 18317.75 0.1% 0.2%
12-Sep-22 24143.55 18438.06 -1.4% 0.7%
13-Sep-22 23833.05 18567.78 -1.3% 0.7%
14-Sep-22 24135.9 18520.65 1.3% -0.3%
15-Sep-22 23914.85 18429.23 -0.9% -0.5%
16-Sep-22 23308.8 18046.97 -2.5% -2.1%
19-Sep-22 23376.4 18130.13 0.3% 0.5%
20-Sep-22 23230.3 18330.77 -0.6% 1.1%
21-Sep-22 22045.7 18210.87 -5.1% -0.7%
22-Sep-22 21697.95 18148.58 -1.6% -0.3%
23-Sep-22 21190.7 17827.88 -2.3% -1.8%
26-Sep-22 20738.05 17478.29 -2.1% -2.0%
27-Sep-22 21156.55 17477.72 2.0% 0.0%
28-Sep-22 20853.25 17337.41 -1.4% -0.8%
29-Sep-22 21296.65 17303.76 2.1% -0.2%
30-Sep-22 21022.35 17574.98 -1.3% 1.6%
3-Oct-22 20702.95 17339.96 -1.5% -1.3%
4-Oct-22 21009.8 17739.08 1.5% 2.3%
6-Oct-22 21323.65 17809.95 1.5% 0.4%
7-Oct-22 21297.55 17789.34 -0.1% -0.1%
10-Oct-22 21153.05 17703.54 -0.7% -0.5%
11-Oct-22 20806.4 17430.96 -1.6% -1.5%
12-Oct-22 21004.5 17573.5 1.0% 0.8%
13-Oct-22 21057.6 17457.51 0.3% -0.7%
14-Oct-22 21162.9 17601.7 0.5% 0.8%
17-Oct-22 20817.4 17722.93 -1.6% 0.7%
18-Oct-22 20959.9 17901.52 0.7% 1.0%
19-Oct-22 21330 17925.49 1.8% 0.1%
20-Oct-22 21886.9 17983.77 2.6% 0.3%
21-Oct-22 20939.45 17969.62 -4.3% -0.1%
24-Oct-22 21037.65 18112.23 0.5% 0.8%
25-Oct-22 21292.85 18049.71 1.2% -0.3%
27-Oct-22 21516.95 18151.16 1.1% 0.6%
28-Oct-22 21767.35 18179.61 1.2% 0.2%
31-Oct-22 22741.8 18405.94 4.5% 1.2%
1-Nov-22 22656.65 18553.5 -0.4% 0.8%
2-Nov-22 22332.85 18491.03 -1.4% -0.3%
3-Nov-22 22833.35 18471.99 2.2% -0.1%
4-Nov-22 22942.2 18527.35 0.5% 0.3%
7-Nov-22 23388.25 18611.28 1.9% 0.5%
9-Nov-22 23082.95 18562.46 -1.3% -0.3%
10-Nov-22 22406.5 18419.65 -2.9% -0.8%
11-Nov-22 22849.75 18720.26 2.0% 1.6%
14-Nov-22 23007.8 18711.17 0.7% 0.0%
15-Nov-22 23239.3 18769.58 1.0% 0.3%
16-Nov-22 23242.85 18746.63 0.0% -0.1%
17-Nov-22 23242 18671.21 0.0% -0.4%
18-Nov-22 23136.25 18620.91 -0.5% -0.3%
21-Nov-22 23232 18478.46 0.4% -0.8%
22-Nov-22 23246.3 18567.16 0.1% 0.5%
23-Nov-22 23301.4 18594.14 0.2% 0.1%
24-Nov-22 23201.65 18797.34 -0.4% 1.1%
25-Nov-22 23188.45 18820.85 -0.1% 0.1%
28-Nov-22 23429.1 18876.86 1.0% 0.3%
29-Nov-22 23232.35 18925.6 -0.8% 0.3%
30-Nov-22 23842.8 19081.7 2.6% 0.8%
1-Dec-22 24024.25 19137.18 0.8% 0.3%
2-Dec-22 24097.95 19042.62 0.3% -0.5%
5-Dec-22 23765.2 19045.17 -1.4% 0.0%
6-Dec-22 23971.75 18990.73 0.9% -0.3%
7-Dec-22 24266.5 18924.46 1.2% -0.3%
8-Dec-22 24461.55 18973.6 0.8% 0.3%
9-Dec-22 24457.6 18860.9 0.0% -0.6%
12-Dec-22 24293.05 18861.16 -0.7% 0.0%
13-Dec-22 24169.9 18953.87 -0.5% 0.5%
14-Dec-22 24347.7 19013.72 0.7% 0.3%
15-Dec-22 24306.85 18775.74 -0.2% -1.3%
16-Dec-22 23723.9 18612.56 -2.4% -0.9%
19-Dec-22 23809.2 18769.64 0.4% 0.8%
20-Dec-22 23650.9 18730.2 -0.7% -0.2%
21-Dec-22 23654.35 18526.57 0.0% -1.1%
22-Dec-22 23832.4 18439.26 0.8% -0.5%
23-Dec-22 23280.15 18076.84 -2.3% -2.0%
26-Dec-22 23738 18316.83 2.0% 1.3%
27-Dec-22 24140.1 18448.49 1.7% 0.7%
28-Dec-22 24286.45 18443.33 0.6% 0.0%
29-Dec-22 23252.9 18495.35 -4.3% 0.3%
30-Dec-22 23296.35 18425.17 0.2% -0.4%
2-Jan-23 23442.35 18513.84 0.6% 0.5%
3-Jan-23 23705.15 18554.58 1.1% 0.2%
4-Jan-23 24016.85 18352.74 1.3% -1.1%
5-Jan-23 24243.35 18316.06 0.9% -0.2%
6-Jan-23 23813.8 18182.48 -1.8% -0.7%
9-Jan-23 23756.8 18408.36 -0.2% 1.2%
10-Jan-23 23556.55 18235.18 -0.8% -0.9%
11-Jan-23 23492.9 18215.39 -0.3% -0.1%
12-Jan-23 23857.6 18183.93 1.6% -0.2%
13-Jan-23 24125.7 18274.09 1.1% 0.5%
16-Jan-23 24086.1 18209.24 -0.2% -0.4%
 17-Jan-23 24059.95 18345.11 -0.1% 0.7%
18-Jan-23 24064.55 18449.47 0.0% 0.6%
19-Jan-23 24418.3 18392.75 1.5% -0.3%
20-Jan-23 24417.15 18303.82 0.0% -0.5%
23-Jan-23 23075.9 18394.37 -5.5% 0.5%
24-Jan-23 22616.5 18387.69 -2.0% 0.0%
25-Jan-23 22146.55 18148.16 -2.1% -1.3%
27-Jan-23 21903.85 17852.25 -1.1% -1.6%
30-Jan-23 22496.3 17888.98 2.7% 0.2%
31-Jan-23 23707.9 17935.75 5.4% 0.3%
1-Feb-23 23937.7 17861.68 1.0% -0.4%
2-Feb-23 24523.4 17863.07 2.4% 0.0%
3-Feb-23 24486.9 18074.47 -0.1% 1.2%
6-Feb-23 24117.2 18012.2 -1.5% -0.3%
7-Feb-23 24277.3 17968.24 0.7% -0.2%
8-Feb-23 24241.75 18117.65 -0.1% 0.8%
9-Feb-23 23196.9 18133.11 -4.3% 0.1%
10-Feb-23 23959.2 18105.4 3.3% -0.2%
13-Feb-23 24171.25 17996.67 0.9% -0.6%
14-Feb-23 24620.9 18132.93 1.9% 0.8%
15-Feb-23 24922.65 18222.33 1.2% 0.5%
16-Feb-23 25098.05 18262.33 0.7% 0.2%
17-Feb-23 25769.1 18165.54 2.7% -0.5%
20-Feb-23 26540.6 18072.73 3.0% -0.5%
21-Feb-23 26534.85 18054.48 0.0% -0.1%
22-Feb-23 26210.35 17780.92 -1.2% -1.5%
23-Feb-23 25621.85 17739.48 -2.2% -0.2%
24-Feb-23 25414.3 17694.83 -0.8% -0.3%
27-Feb-23 25766.15 17609.37 1.4% -0.5%
28-Feb-23 26112.2 17538.2 1.3% -0.4%
1-Mar-23 26319.1 17693.17 0.8% 0.9%
2-Mar-23 26602.05 17578.61 1.1% -0.6%
3-Mar-23 25628.65 17835.71 -3.7% 1.5%
6-Mar-23 25521.6 17955.2 -0.4% 0.7%
8-Mar-23 26029.2 17999.94 2.0% 0.2%
9-Mar-23 25556.55 17840.07 -1.8% -0.9%
10-Mar-23 26162.2 17671.09 2.4% -0.9%
13-Mar-23 25752.6 17407.81 -1.6% -1.5%
14-Mar-23 25214.15 17299.83 -2.1% -0.6%
15-Mar-23 25293.95 17227.13 0.3% -0.4%
16-Mar-23 25471.35 17265.19 0.7% 0.2%
17-Mar-23 25132.95 17372.15 -1.3% 0.6%
20-Mar-23 25107.3 17253.88 -0.1% -0.7%
21-Mar-23 25141 17369.69 0.1% 0.7%
22-Mar-23 25469.1 17420.23 1.3% 0.3%
23-Mar-23 25428.35 17340.34 -0.2% -0.5%
24-Mar-23 25487.25 17202.93 0.2% -0.8%
27-Mar-23 25579.45 17224.45 0.4% 0.1%
28-Mar-23 25199.95 17179.54 -1.5% -0.3%
29-Mar-23 25854.8 17320.33 2.6% 0.8%
31-Mar-23 26176.85 17601.67 1.2% 1.6%
3-Apr-23 26295.5 17644.91 0.5% 0.2%
5-Apr-23 26552.05 17790.42 1.0% 0.8%
6-Apr-23 26168.15 17830.83 -1.4% 0.2%
10-Apr-23 26006.9 17857.56 -0.6% 0.1%
11-Apr-23 26190.35 17949.44 0.7% 0.5%
12-Apr-23 26118.45 18040.53 -0.3% 0.5%
13-Apr-23 25804.75 18058.72 -1.2% 0.1%
17-Apr-23 25544.35 17959.86 -1.0% -0.5%
18-Apr-23 25273 17938.15 -1.1% -0.1%
19-Apr-23 24777.3 17881.39 -2.0% -0.3%
20-Apr-23 24271.1 17895.7 -2.0% 0.1%
21-Apr-23 23877.7 17888.27 -1.6% 0.0%
24-Apr-23 23875.25 18003.35 0.0% 0.6%
25-Apr-23 24077.9 18027.45 0.8% 0.1%
26-Apr-23 23949.1 18074.63 -0.5% 0.3%
27-Apr-23 23725 18173.71 -0.9% 0.5%
28-Apr-23 24337.4 18324.96 2.6% 0.8%
0.712
Cost of Equity = Rfr1 + Beta*(Rm - Rfr2)
10.11%

Rfr1 7.02%
Beta 0.712
Rm 11.6% Rm is CAGR
Rfr2 7.28%
Erp 4.3%

10 Year Govt Bonds

Year S&P BSE 100 (%) - Rfr2
2013 6326.72 7.91%
2014 8369.27 8.77% 11.6%
2015 8097.57 7.69% 7.28%
2016 8386.69 7.78%
2017 11029.78 6.41%
2018 11161.02 7.43%
2019 12236.19 7.48%
2020 14100.47 6.60%
2021 17625.51 5.95%
2022 18425.17 6.68%
2023 18969.03 7.34%

10 year bond price taken from Investing.com

Interest Coverage Ratio 12.1
Rfr 7.02%
Spread 1% Taken from Damodram-https://pages.stern.nyu.edu/~adamodar/New_Ho
Cost of Debt 8.02%
Corporate Tax Rate 25%
Cost of Equity 10.11%

Equity 17510.57 Taken from latest B/s Total equity figure

Debt 2014.18 Borrowing item in liabilites from both shrt trm lng trm liab
Equity weight (%) 90%
Debt Weight 10%
WACC 9.7%
du/~adamodar/New_Home_Page/valquestions/syntrating.htm
EV 90550.88
MV of Equity 92353 Levered Beta 0.71
Value of Debt 2014.18 Unlevered Beta 0.66
Cash 3816.3

Debt % Equity % Levered - Beta Cost of Equity Cost of Debt

0% 100% 0.656 9.9% 0%
10% 90% 0.710 10.1% 10.52%
20% 80% 0.779 10.4% 15.02%
30% 70% 0.867 10.8% 18.52%
40% 60% 0.984 11.3% 18.52%
50% 50% 1.148 12.0% 19.72%
60% 40% 1.394 13.1% 19.72%
70% 30% 1.803 14.8% 19.72%
80% 20% 2.623 18.4% 21.02%
90% 10% 5.082 29.0% 21.02%
100% 0%
 Debt 2014.18
Equity 17510.57
Rfr 7.02%
Tax Rate 25%
ERP 4.33%
EBIT 3108
WACC Debt (%) Debt Interest ICR
9.8632% 0% 0 0
9.8792% 10% 9055.1 971.1 3.2 3.50%
10.5701% 20% 18110.2 1942.1 1.6 8.0%
11.7110% 30% 27165.3 2913.2 1.1 11.50%
12.3269% 40% 36220.4 3884.3 0.8 11.50%
13.3928% 50% 45275.4 4855.3 0.6 12.70%
14.0988% 60% 54330.5 5826.4 0.5 12.70%
14.8047% 70% 63385.6 6797.5 0.5 12.70%
16.2906% 80% 72440.7 7768.5 0.4 14.00%
17.0940% 90% 81495.8 8739.6 0.4 14.00%
100% 90550.9 9710.6 0.3 14.00%

Debt 2014.18
Int Exp 216
Rate 10.7%
10.52%
15.02%
18.52%
18.52%
19.72%
19.72%
19.72%
21.02%
21.02%
21.02%