Output from the program

Initial High Growth Phase

Cost of Equity = 13%
Current Earnings = 11342

Proportion of Debt: Capital Spending (DR)= 15%

Proportion of Debt: Working Capital (DR)= 15%

Current Earnings per share= 11,342.00

(Capital Spending - Depreciation)*(1-DR) -301.75
Change in Working Capital * (1-DR) 1,015.75
Current FCFE 10628

Growth Rate in Earnings per share - Initial High Growth phase

Growth Rate
Historical Growth = 0%
Outside Estimates = 10%
Fundamental Growth = 0%
Weighted Average 10%

Growth Rate in capital spending, depreciation and working capital

High Growth
Growth rate in capital spending = 10%
Growth rate in depreciation = 10%
Growth rate in revenues = 10%

Working Capital as percent of revenues = 21.75%

The dividends for the high growth phase are shown below (upto 10 years)
Year 1
Earnings 12,476.20
(CapEx-Depreciation)*(1-DR) -331.93
Chg. Working Capital *(1-DR) 2,964.12
FCFE 9,844.01
Present Value 8,707.66

Transition period (upto ten years)

Year 5
Growth Rate 8.75%
Cumulated Growth 8.75%
Earnings 18,058.83
(CapEx-Depreciation)*(1-DR) -480.45
Chg. Working Capital *(1-DR) 3,797.30
FCFE 14,741.98
Beta 1.1
Cost of Equity 13.05%
Present Value 7,983.68
End-of-Life Index 0
Stable Growth Phase
Growth Rate in Stable Phase = 5.00%
FCFE in terminal year = 25,913.15
Cost of Equity in Stable Phase = 13.05%
Price at the end of growth phase = 321,902.45

Present Value of FCFE in high growth phase = 33,446.25

Present Value of FCFE in transition phase = 30,788.35
Present Value of Terminal Price = 120,659.01
Value of the firm = 184,893.60
 Weight
0%
100%
0%

Transition period Stable Growth

Earnings g 5%
Earnings g 5%
Earnings g 5%

2 3 4
13,723.82 15,096.20 16,605.82
-365.12 -401.63 -441.79
3,260.53 3,586.59 3,945.24
10,828.41 11,911.25 13,102.37
8,472.73 8,244.14 8,021.72

6 7 8
7.50% 6.25% 5.00%
16.91% 24.21% 30.42%
19,413.24 20,626.57 21,657.90
-516.48 -548.76 -576.2
3,539.62 3,170.91 2,695.28
16,390.10 18,004.42 19,538.83
1.1 1.1 1.1
 13.05% 13.05% 13.05%
7,851.60 7,629.31 7,323.76
0 0 1
 FINANCIAL YEARS
MRF LTD.
2021-22 2020-21 2019-20 2018-19 2017-18
TOTAL CURRENT ASSETS 10.81 10.36 8.15 8.46 7.86
TOTAL CURRENT LIABILITIES 6.95 7.26 5.25 5.46 4.56
NET WORKING CAPITAL 3.86 3.10 2.90 3.00 3.30

FINANCIAL YEARS
VISHNU CHEMICALS
2021-22 2020-21 2019-20 2018-19 2017-18
TOTAL CURRENT ASSETS 365.16 314.03 328.39 341.81 325.94
TOTAL CURRENT LIABILITIES 322.46 295.28 312.21 336.85 359.91
NET WORKING CAPITAL 42.70 18.75 16.18 4.96 -33.97

FINANCIAL YEARS
FOCUS LIGHTING & FIXTURE LTD
2021-22 2020-21 2019-20 2018-19 2017-18
TOTAL CURRENT ASSETS 61.00 45.00 46.00 36.00 30.00
TOTAL CURRENT LIABILITIES 40.00 25.00 25.00 19.00 17.00
NET WORKING CAPITAL 21.00 20.00 21.00 17.00 13.00

FINANCIAL YEARS
MRF LTD.
2021-22 2020-21 2019-20 2018-19 2017-18
TOTAL CURRENT ASSETS 10.81 10.36 8.15 8.46 7.86
TOTAL CURRENT LIABILITIES 6.95 7.26 5.25 5.46 4.56
CURRENT RATIO 1.56 1.43 1.55 1.55 1.72

FINANCIAL YEARS
VISHNU CHEMICALS
2021-22 2020-21 2019-20 2018-19 2017-18
TOTAL CURRENT ASSETS 365.16 314.03 328.39 341.81 325.94
TOTAL CURRENT LIABILITIES 322.46 295.28 312.21 336.85 359.91
CURRENT RATIO 1.13 1.06 1.05 1.01 0.91

FINANCIAL YEARS
FOCUS LIGHTING & FIXTURE LTD
2021-22 2020-21 2019-20 2018-19 2017-18
TOTAL CURRENT ASSETS 61.00 45.00 46.00 36.00 30.00
TOTAL CURRENT LIABILITIES 40.00 25.00 25.00 19.00 17.00
CURRENT RATIO 1.53 1.80 1.84 1.89 1.76

FINANCIAL YEARS
MRF LTD.
2021-22 2020-21 2019-20 2018-19 2017-18
CURRENT ASSETS 10.81 10.36 8.15 8.46 7.86
INVENTORIES 4.06 2.88 2.85 2.90 2.17
NET CURRENT ASSETS 6.75 7.48 5.30 5.56 5.69
TOTAL CURRENT LIABILITIES 6.95 7.26 5.25 5.46 4.56
QUICK RATIO 0.97 1.03 1.01 1.02 1.25

FINANCIAL YEARS
VISHNU CHEMICALS
2021-22 2020-21 2019-20 2018-19 2017-18
CURRENT ASSETS 365.16 314.03 328.39 341.81 325.94
INVENTORIES 149.98 177.53 191.56 175.02 167.55
NET CURRENT ASSETS 215.18 136.50 136.83 166.79 158.39
TOTAL CURRENT LIABILITIES 322.46 295.28 312.21 336.85 359.91
QUICK RATIO 0.67 0.46 0.44 0.50 0.44

FINANCIAL YEARS
FOCUS LIGHTING & FIXTURE LTD
2021-22 2020-21 2019-20 2018-19 2017-18
CURRENT ASSETS 61.00 45.00 46.00 36.00 30.00
INVENTORIES 20.70 16.44 14.37 11.69 7.44
NET CURRENT ASSETS 40.30 28.56 31.63 24.31 22.56
TOTAL CURRENT LIABILITIES 40.00 25.00 25.00 19.00 17.00
QUICK RATIO 1.01 1.14 1.27 1.28 1.33
 FINANCIAL YEARS
MALU PAPER MILLS
2021-22 2020-21 2019-20 2018-19 2017-18
TOTAL CURRENT ASSETS 76.02 68.24 54.48 53.54 68.26
TOTAL CURRENT LIABILITIES 131.71 119.11 101.18 96.03 107.03
NET WORKING CAPITAL -55.69 -50.87 -46.70 -42.49 -38.77

FINANCIAL YEARS
MARUTI SUZUKI INDIA
2021-22 2020-21 2019-20 2018-19 2017-18
TOTAL CURRENT ASSETS 16,781.20 18,526.70 8,427.40 12,361.60 7,921.40
TOTAL CURRENT LIABILITIES 17,013.70 16,106.70 11,294.80 14,150.30 15,442.10
NET WORKING CAPITAL -232.50 2,420.00 -2,867.40 -1,788.70 -7,520.70

FINANCIAL YEARS
MALU PAPER MILLS
2021-22 2020-21 2019-20 2018-19 2017-18
TOTAL CURRENT ASSETS 76.02 68.24 54.48 53.54 68.26
TOTAL CURRENT LIABILITIES 131.71 119.11 101.18 96.03 107.03
CURRENT RATIO 0.58 0.57 0.54 0.56 0.64

FINANCIAL YEARS
MARUTI SUZUKI INDIA
2021-22 2020-21 2019-20 2018-19 2017-18
TOTAL CURRENT ASSETS 16,781.20 18,526.70 8,427.40 12,361.60 7,921.40
TOTAL CURRENT LIABILITIES 17,013.70 16,106.70 11,294.80 14,150.30 15,442.10
CURRENT RATIO 0.99 1.15 0.75 0.87 0.51

FINANCIAL YEARS
MALU PAPER MILLS
2021-22 2020-21 2019-20 2018-19 2017-18
CURRENT ASSETS 76.02 68.24 54.48 53.54 68.26
INVENTORIES 41.98 28.16 21.76 26.65 31.41
NET CURRENT ASSETS 34.04 40.08 32.72 26.89 36.85
TOTAL CURRENT LIABILITIES 131.71 119.11 101.18 96.03 107.03
QUICK RATIO 0.26 0.34 0.32 0.28 0.34

FINANCIAL YEARS
MARUTI SUZUKI INDIA
2021-22 2020-21 2019-20 2018-19 2017-18
CURRENT ASSETS 16,781.20 18,526.70 8,427.40 12,361.60 7,921.40
INVENTORIES 3,533.10 3,050.00 3,214.90 3,325.70 3,160.80
NET CURRENT ASSETS 13,248.10 15,476.70 5,212.50 9,035.90 4,760.60
TOTAL CURRENT LIABILITIES 17,013.70 16,106.70 11,294.80 14,150.30 15,442.10
QUICK RATIO 0.78 0.96 0.46 0.64 0.31