Particulars 2021 2022 2023 2024

Revenue 200000 190000 180000 200000

Less COGS 100000 95000 90000 100000
Gross Profit 100000 95000 90000 100000
Less Operating Expenses 40000 35000 35000 37000
EBDIT 60000 60000 55000 63000
Less Depreciation 10000 9000 8000 7000
EBIT 50000 51000 47000 56000
Less Interest 8000 8000 8000 8000
EBT 42000 43000 39000 48000
Less Tax 4200 4300 3900 4800
EAT 37800 38700 35100 43200
Add Dep 10000 9000 8000 7000
Less WC increase 2500 2800 3000 4000
Free cash flow 45300 44900 40100 46200

Year Free Cash DiscountinDCF

2021 45300 0.909 41177.7
2022 44900 0.826 37087.4
2023 40100 0.751 30115.1
2024 46200 0.683 31554.6
139934.8

Value Rs 139934.80
REVENUE ₹ 220,000 ₹ 253,000 ₹ 290,950 ₹ 334,593
COGS ₹ 110,000 ₹ 126,500 ₹ 145,475 ₹ 167,296
GP ₹ 110,000 ₹ 126,500 ₹ 145,475 ₹ 167,297
OP ₹ 32,000 ₹ 33,600 ₹ 35,280 ₹ 37,044
EBDIT ₹ 78,000 ₹ 92,900 ₹ 110,195 ₹ 130,253
D ₹ 12,000 ₹ 10,800 ₹ 9,720 ₹ 8,748
EBIT ₹ 66,000 ₹ 82,100 ₹ 100,475 ₹ 121,505
I ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000
EBT ₹ 61,000 ₹ 77,100 ₹ 95,475 ₹ 116,505
T ₹ 15,250 ₹ 19,275 ₹ 23,869 ₹ 29,126
EAT ₹ 45,750 ₹ 57,825 ₹ 71,606 ₹ 87,379
D ₹ 12,000 ₹ 10,800 ₹ 9,720 ₹ 8,748
₹ 57,750 ₹ 68,625 ₹ 81,326 ₹ 96,127
WC ₹ 5,200 ₹ 5,824 ₹ 6,523 ₹ 7,306
₹ 52,550 ₹ 62,801 ₹ 74,803 ₹ 88,821
DF @ 12% DCF
1 ₹ 52,550 0.89285714 ₹ 46,920
2 ₹ 62,801 0.79719388 ₹ 50,065
3 ₹ 74,803 0.71178025 ₹ 53,243
4 ₹ 88,821 0.63551808 ₹ 56,447
₹ 206,675
 A Ltd. B Ltd.
Earnings 700 50
Capitalization Rate 10% 10%
Earning Capitalization 7000 500
Number of shares 7 5
Value per share based on Earning Ca 1000 100
 PQR MNL
Assets
Fixed 900 300
Current 700 700
Total asset 1600 1000
Less Liabilities
Current 400 300
Unrecorde 100 500
Total Net A 1100 200
Number of 5 1
Value per 220 200
ParticularsAmount
Land 5400000
Building 5800000
Machinery 2000000
Furniture 1400000
Tools 500000
Debtors 226000
Inventory 1000000
Cash 50000
16376000
Less
Creditors 1200000
Outstandin 66000
Complaint 14000
Debenture 2000000
Loans 1112000
Net Asset 11984000