1 2 3 4 5

2002 2003 2004 2005 2006

EBIAT -12 81 201 339 495 rf 5% g
Dep 200 225 250 275 300 Rm-Rf 7.20% tax
OCF 188 306 451 614 795 Beta a 1.5
Caprex 300 300 300 300 300 Ka 15.800%
Delta NWC 0 0 0 0 0
FCFF -112 6 151 314 495
TV 4812.5 =F8*(1+K3)/(I6-K3)
-112 6 151 314 5307.5
Unlevered ₹ 2,728.49
NPV ₹ 1,228.49

Value of ITS (FR-1)

D 750 300
T 40%
Kd 6.800%

Firm Value ₹ 3,028.49

FR-2
D/V 25%

1 2 3 4 5 Ke 18.80%
2002 2003 2004 2005 2006 Be 1.916667
EBIAT -12 81 201 339 495 Ke 18.800%
Dep 200 225 250 275 300 We 0.75
OCF 188 306 451 614 795 Wd 0.25
Caprex 300 300 300 300 300 t 40%
Delta NWC 0 0 0 0 0 Kd 6.80%
FCFF -112 6 151 314 495 W 15.12%
TV 5135.87
-112 6 151 314 5630.87
Firm Value ₹ 2,969.97
VITS (FR-2) ₹ 241.49

2002 (beg) 2003(beg) 2004(beg) 2005(beg)

1 2002 -112 0.868659
2 2003 6 0.754568 0.868659
3 2004 151 0.655462 0.754568 0.868659
4 2005 314 0.569373 0.655462 0.754568 0.868659
5 2006 5630.87 0.494591 0.569373 0.655462 0.754568
FV 2969.972 3531.032 4058.924 4521.633
Debt 742.4931 882.758 1014.731 1130.408
 Int 50.48953 60.02754 69.00171 76.86777
ITS 20.19581 24.01102 27.60068 30.74711

1 2 3 4 5
2002 2003 2004 2005 2006
ITS 20.1958111 24.01102 27.60068 30.74711 33.26087
TV 323.3696
20.1958111 24.01102 27.60068 30.74711 356.6304
₹ 241.49
 5% Bdebt 0.25
40% Kd 6.800%

2006(beg)

0.868659
4891.304
1222.826
83.15217
33.26087