Required to perform the following tasks for Walmart Inc:

1. Forecasted Financials for 5 years (Only Balance sheet and P&L)

2. Equity value on the basis of FCFE
3. Perform Sensitivity analysis using data table with inputs sales growth rate and risk premium on output FCFE value
4. Perform scenario analysis with scenario Manager with inputs tax rate (40%) on output FCFE value
5. Perform Montecarlo simulation on the sales growth rate and assess its impact on the FCFE value

Income Statement Dec-16 Dec-17

Net Sales ₹ 405,132.00 ₹ 418,952.00
Other Operating Income ₹ 2,953.00 ₹ 2,897.00
-1.90%
Total Revenue ₹ 408,085.00 ₹ 421,849.00

Cost of Sales ₹ 304,106.00 ₹ 314,946.00

74.52% 74.66%
Gross profit ₹ 103,979.00 ₹ 106,903.00

Selling, General & Admn. Expenses ₹ 72,820.00 ₹ 73,720.00

EBITDA ₹ 31,159.00 ₹ 33,183.00

Depreciation ₹ 7,157.00 ₹ 7,641.00

EBIT ₹ 24,002.00 ₹ 25,542.00

Intrerest Expense (Debt) ₹ 1,787.00 ₹ 1,928.00

4.38%
Interest Expense (Leases) ₹ 278.00 ₹ 277.00
8.36%
Interest Income -₹ 181.00 -₹ 201.00
-2.86%
Net Interest Expense ₹ 1,884.00 ₹ 2,004.13
EBT 22,118.00 23,537.87

Income Taxes ₹ 7,156.00 ₹ 7,579.00

Net Income ₹ 14,962.00 ₹ 15,958.87

Non Recurring items -₹ 79.00 ₹ 1,034.00

Net Income (after non recurring items) ₹ 14,883.00 ₹ 16,992.87

Income attributable to noncontrolling interests -₹ 513.00 -₹ 604.00

Net income (as reported) ₹ 14,370.00 ₹ 16,388.87

Balance Sheet Dec-16 Dec-17
Assets
Cash and cash equivalents ₹ 6,656 ₹ 7,395
Accounts Receivable ₹ 4,580 ₹ 5,089
1.12% 1.21%
Inventories ₹ 32,793 ₹ 36,437
10.8% 11.6%
Prepaid Expenses ₹ 2,664 ₹ 2,960
0.88% 0.94%
Other CA ₹ 118 ₹ 131
0.029% 0.031%
Total Current Assets ₹ 46,811 ₹ 52,012

Property, Plant and Equipment, Net ₹ 97,090 ₹ 107,878

Goodwill, net ₹ 15,087 ₹ 16,763
Other assets & deferred charges ₹ 3,716 ₹ 4,129

Total Non-Current Assets ₹ 115,893 ₹ 128,770

Total Assets ₹ 162,704 ₹ 180,782

Liabilities and Shareholders' Equity

Short term borrowings ₹ 928 ₹ 1,031
Accounts payable ₹ 30,450 ₹ 33,833
10.01% 10.74%
Accrued Exp ₹ 16,831 ₹ 18,701
5.53% 5.94%
Current portion of long-term debt ₹ 4,190 ₹ 4,655
Capital lease obligation due ₹ 302 ₹ 336
Current liabilities of discontinued operations ₹ 42 ₹ 47

Total Current Liabilities ₹ 52,743 ₹ 58,603

Long-term debt ₹ 36,623 ₹ 40,692

Capital lease obligation long term ₹ 2,835 ₹ 3,150
Deferred Income Taxes ₹ 6,014 ₹ 6,682
Total Non Current Liabilities ₹ 45,472 ₹ 50,524

Share capital ( of Rs. 2 each) ₹ 3,536 ₹ 3,929

Retained Earnings ₹ 58,152 ₹ 64,613
Noncontrolling interests ₹ 2,802 ₹ 3,113
Total Shareholders' Equity ₹ 64,490 ₹ 71,655

Total Liabilities and Shareholders' Equity ₹ 162,704 ₹ 180,782

Supplemental Cash Flow Information Dec-16 Dec-17

Capital expenditures ₹ 12,184 ₹ 12,699
Dividends paid ₹ 4,217 ₹ 4,437

Debt repayment schedule Dec-19 Dec-20

Long Term Debt
Secured loans ₹ 1,975 ₹ 2,555.31
Term loans ₹ 7,500.00
Lease obligation ₹ 326 ₹ 326

Buyback details
The company plans to buyback shares, for which Rs. 1000 has been allocated
For Forecast of the same, P/E multiple of the latest year will be used
The company's current market price is Rs. 83.45 per share

Valuation inputs
The fcfe growth rate of the company will transition to 2% p.a which represents the historic minimum growth rate o
The risk free rate applicable can be taken on the basis of historical T-Bill yield which stands at 6%
The risk premium applicable to the industry is 4% which will transition to 2% owing to expected saturation in the i
The company beta is expected to 1.5 which is expected to transition to 1
The transition period of the company is expected to be 4 years which is based on the life cycle of the peers

PPE Dec-16 Dec-17

Opening
(+) Capex
0.029856525 0.0301031886
(-) Dep
Closing
m on output FCFE value

Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23

₹ 443,854.00 ₹ 470,485.24 ₹ 498,714.35 ₹ 528,637.22 ₹ 560,355.45 ₹ 593,976.78
₹ 3,096.00 ₹ 3,308.67 ₹ 3,535.95 ₹ 3,778.84 ₹ 4,038.41 ₹ 4,315.82
6.87%
₹ 446,950.00 ₹ 473,793.91 ₹ 502,250.30 ₹ 532,416.05 ₹ 564,393.86 ₹ 598,292.59

₹ 335,127.00 ₹ 355,254.80 ₹ 376,591.65 ₹ 399,210.19 ₹ 423,187.43 ₹ 448,604.99

74.98%
₹ 111,823.00 ₹ 118,539.11 ₹ 125,658.65 ₹ 133,205.86 ₹ 141,206.43 ₹ 149,687.60

₹ 77,135.00 ₹ 81,767.74 ₹ 86,678.77 ₹ 91,884.80 ₹ 97,403.56 ₹ 103,253.83

17.26%
₹ 34,688.00 ₹ 36,771.37 ₹ 38,979.88 ₹ 41,321.06 ₹ 43,802.87 ₹ 46,433.77

₹ 8,130.00 Err:522 Err:522 Err:522 Err:522 Err:522

7.38%
₹ 26,558.00 Err:522 Err:522 Err:522 Err:522 Err:522

₹ 2,034.00 ₹ 1,076.08 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00

4.22%
₹ 288.00 ₹ 140.14 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
8.44%
-₹ 162.00 -₹ 173.90 -₹ 178.01 -₹ 178.01 -₹ 178.01 -₹ 178.01
-2.32%
₹ 2,160.13 ₹ 1,042.32 -₹ 178.01 -₹ 178.01 -₹ 178.01 -₹ 178.01
24,397.87 Err:522 Err:522 Err:522 Err:522 Err:522

₹ 7,944.00 Err:522 Err:522 Err:522 Err:522 Err:522

₹ 16,453.87 Err:522 Err:522 Err:522 Err:522 Err:522

-₹ 67.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00

₹ 16,386.87 Err:522 Err:522 Err:522 Err:522 Err:522

-₹ 688.00 Err:522 Err:522 Err:522 Err:522 Err:522

-4.20%
₹ 15,698.87 Err:522 Err:522 Err:522 Err:522 Err:522
 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23

₹ 6,550 ₹ 6,867 ₹ 6,867 ₹ 6,867 ₹ 6,867 ₹ 6,867

₹ 5,937 ₹ 5,776 ₹ 6,122 ₹ 6,490 ₹ 6,880 ₹ 7,293
1.33%
₹ 40,714 ₹ 40,856 ₹ 43,310 ₹ 45,911 ₹ 48,669 ₹ 51,592
12.1%
₹ 1,685 ₹ 2,746 ₹ 2,911 ₹ 3,085 ₹ 3,271 ₹ 3,467
0.50%
₹ 89 ₹ 126 ₹ 134 ₹ 142 ₹ 150 ₹ 159
0.020%
₹ 54,975 ₹ 56,370 ₹ 59,344 ₹ 62,496 ₹ 65,837 ₹ 69,379

₹ 112,324 Err:522 Err:522 Err:522 Err:522 Err:522

₹ 20,651 ₹ 20,651 ₹ 20,651 ₹ 20,651 ₹ 20,651 ₹ 20,651
₹ 5,456 ₹ 5,456 ₹ 5,456 ₹ 5,456 ₹ 5,456 ₹ 5,456

₹ 138,431

₹ 193,406

₹ 4,047
₹ 37,772 ₹ 37,925 ₹ 40,203 ₹ 42,617 ₹ 45,177 ₹ 47,891
11.27%
₹ 18,154 ₹ 20,000 ₹ 21,201 ₹ 22,475 ₹ 23,825 ₹ 25,256
5.42%
₹ 1,975
₹ 326
₹ 26 ₹0 ₹0 ₹0 ₹0 ₹0

₹ 62,300

₹ 44,070
₹ 3,009
₹ 7,862
₹ 54,941

₹ 4,034
₹ 67,281
₹ 4,850
₹ 76,165

₹ 193,406

Dec-18
₹ 13,510
 ₹ 5,048

Dec-21

₹ 3,633.08
₹ 5,000.00
₹ 326

storic minimum growth rate of the industry

stands at 6%
expected saturation in the industry

e life cycle of the peers

Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23

₹ 112,324 Err:522 Err:522 Err:522 Err:522
₹14,243.32 ₹15,098.78 ₹16,005.63 ₹16,966.96 ₹17,986.03
0.0302270948
Err:522 Err:522 Err:522 Err:522 Err:522
₹ 112,324 Err:522 Err:522 Err:522 Err:522 Err:522
 Driver Information
6% Forecast at a growth rate of 6% p.a
Forecast based on Aggressive historical growth rate
6.87%

Forecast based on Conservative historical % of Total Revenue

74.98%

Forecast based on latest historical % of TR

17.26%

Forecast based on latest historical % of average Net PPE

7.38%

Forecast based on average of historical % of average loan

4.30%
Forecast based on average of historical % of average loan
8.40%
Forecast based on average of historical % of average cash balances
-2.59%

33% Expected to be 33% p.a

Forecast based on latest historical % of Net Income

-4.20%
₹ 6,866.8 Maximum cash balance to be maintained at average of historical data

1.22%

11.50%

0.77%

0.03%

Not to be ammortised
To be assumed as constant of latest year

to be used as plug

10.68%

5.63%

to be assumed to settled in the coming year

To be assumed as constant of latest year

Average of historical % of Total Revenue

 Average of historical dividend payout

Dec-22 Dec-23 Dec-24

₹ 3,714.73 ₹ 4,800.47 ₹ 4,000.00

₹ 2,500.00 ₹ 5,000.00 2500
₹ 326 ₹ 326 ₹ 326

0.0300622694
Income Statement Dec-16 Dec-17 Dec-18
Net Sales 6%
Other Operating Income 0.0686918 -0.018964 0.06869175

Cost of Sales 0.7498087 0.7452026 0.7465847 0.7498087

Selling, General & Admn. Expenses 0.17258083

Depreciation 0.07384129

Intrerest Expense (Debt) 0.042964 0.0437594 0.04216855 =$Case.D28/AVERAGE(($Case.D

Interest Expense (Leases) 0.084044 0.0836428 0.0844451 =$Case.D30/AVERAGE(($Case.D
Interest Income -0.025923 -0.028611 -0.0232341 =$Case.D32/AVERAGE($Case.C5

Income Taxes 33%

Non Recurring items -0.0419848

Dec-16 Dec-17 Dec-18

Cash and cash equivalents ₹ 6,867
Accounts Receivable ₹0 ₹0 ₹0 ₹ 0 % of TR
Inventories ₹0 ₹0 ₹0 ₹ 0 % of Cost of sales
Prepaid Expenses ₹0 ₹0 ₹0 ₹ 0 % of Cost of sales
Other CA ₹0 ₹0 ₹0 ₹ 0 % of TR

Accounts payable ₹0 ₹0 ₹0 ₹ 0 % of Cost of sales

Accrued Exp ₹0 ₹0 ₹0 ₹ 0 % of Cost of sales

PPE
Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
OP ₹ 112,324 Err:522 Err:522 Err:522 Err:522
Capex 14243.32 15098.784 16005.635 16966.9604 17986.0332
(-) Dep Err:522 Err:522 Err:522 Err:522 Err:522
Cls Err:522 Err:522 Err:522 Err:522 Err:522
Debt

Equity
No. of shares Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Op ₹ 2,017 Err:522 Err:522 Err:522 Err:522
(-) Buyback Err:522 Err:522 Err:522 Err:522 Err:522
Cls Err:522 Err:522 Err:522 Err:522 Err:522

Current EPS 7.7832788

Current MPS 83.45 ;-> 2018
P/E 10.721702

Amt of Buyback 1000 1000 1000 1000 1000

EPS Err:522 Err:522 Err:522 Err:522 Err:522
MPS Err:522 Err:522 Err:522 Err:522 Err:522

No. of buyback Err:522 Err:522 Err:522 Err:522 Err:522

FV- Buyback Err:522 Err:522 Err:522 Err:522 Err:522

Premium - Buyback Err:522 Err:522 Err:522 Err:522 Err:522

Dec-16 Dec-17 Dec-18

Divid % of Net Income 0.2934586 0.2707325 0.3215517 0.2952476

Dec-19 Dec-20 Dec-21 Dec-22 Dec-23

Forecast Dividend Err:522 Err:522 Err:522 Err:522 Err:522
 $Case.D28/AVERAGE(($Case.D71+$Case.D76+$Case.D82),($Case.C71+$Case.C76+$Case.C82))
$Case.D30/AVERAGE(($Case.D77+$Case.D83),($Case.C77+$Case.C83))
$Case.D32/AVERAGE($Case.C51:D51)

% of Cost of sales
% of Cost of sales

% of Cost of sales
% of Cost of sales

Dec-16 Dec-17 Dec-18

Capex 0.029857 0.030103 0.030227 0.030062
;-> Deducted from share capital
;-> Deducted from the R&S
Income Statement Dec-16 Dec-17 Dec-18 Dec-19
Net Sales ₹ 405,132.00 ₹ 418,952.00 ₹ 443,854.00 470485.24
Other Operating Income ₹ 2,953.00 ₹ 2,897.00 ₹ 3,096.00 3308.6696583
Total Revenue ₹ 408,085.00 ₹ 421,849.00 ₹ 446,950.00 ₹ 473,793.91

Cost of Sales ₹ 304,106.00 ₹ 314,946.00 ₹ 335,127.00 ₹ 355,254.80

Gross profit ₹ 103,979.00 ₹ 106,903.00 ₹ 111,823.00 ₹ 118,539.11

Selling, General & Admn. Expenses ₹ 72,820.00 ₹ 73,720.00 ₹ 77,135.00 ₹ 81,767.74

EBITDA ₹ 31,159.00 ₹ 33,183.00 ₹ 34,688.00 ₹ 36,771.37

Depreciation ₹ 7,157.00 ₹ 7,641.00 ₹ 8,130.00 Err:522

EBIT ₹ 24,002.00 ₹ 25,542.00 ₹ 26,558.00 Err:522

Intrerest Expense (Debt) ₹ 1,787.00 ₹ 1,928.00 ₹ 2,034.00 Err:522

Interest Expense (Leases) ₹ 278.00 ₹ 277.00 ₹ 288.00 266.58746978
Interest Income -₹ 181.00 -₹ 201.00 -₹ 162.00 -173.8996541
Net Interest Expense ₹ 1,884.00 ₹ 2,004.00 ₹ 2,160.00 Err:522
EBT 22,118.00 23,538.00 24,398.00 Err:522

Income Taxes ₹ 7,156.00 ₹ 7,579.00 ₹ 7,944.00 Err:522

Net Income ₹ 14,962.00 ₹ 15,959.00 ₹ 16,454.00 Err:522

Non Recurring items -₹ 79.00 ₹ 1,034.00 -₹ 67.00 ₹ 0.00

Net Income (after non recurring items) ₹ 14,883.00 ₹ 16,993.00 ₹ 16,387.00 Err:522

Income attributable to noncontrolling interests -₹ 513.00 -₹ 604.00 -₹ 688.00 Err:522

Net income (as reported) ₹ 14,370.00 ₹ 16,389.00 ₹ 15,699.00 Err:522

Balance Sheet Dec-17 Dec-18 Dec-19

Assets
Cash and cash equivalents ₹ 6,656 ₹ 7,395 ₹ 6,550 ₹ 6,867
Accounts Receivable ₹ 4,580 ₹ 5,089 ₹ 5,937 5775.60
Inventories ₹ 32,793 ₹ 36,437 ₹ 40,714 40856.22
Prepaid Expenses ₹ 2,664 ₹ 2,960 ₹ 1,685 2745.70
Other CA ₹ 118 ₹ 131 ₹ 89 126.12
Total Current Assets ₹ 46,811 ₹ 52,012 ₹ 54,975 ₹ 56,370

Property, Plant and Equipment, Net ₹ 97,090 ₹ 107,878 ₹ 112,324 Err:522

Goodwill, net ₹ 15,087 ₹ 16,763 ₹ 20,651 ₹ 20,651
Other assets & deferred charges ₹ 3,716 ₹ 4,129 ₹ 5,456 ₹ 5,456

Total Non-Current Assets ₹ 115,893 ₹ 128,770 ₹ 138,431 Err:522

Total Assets ₹ 162,704 ₹ 180,782 ₹ 193,406 Err:522

Liabilities and Shareholders' Equity

Short term borrowings ₹ 928 ₹ 1,031 ₹ 4,047 Err:522
Accounts payable ₹ 30,450 ₹ 33,833 ₹ 37,772 37924.97
Accrued Exp ₹ 16,831 ₹ 18,701 ₹ 18,154 20000.19
Current portion of long-term debt ₹ 4,190 ₹ 4,655 ₹ 1,975 ₹ 10,055.31
Capital lease obligation due ₹ 302 ₹ 336 ₹ 326 ₹ 326
Current liabilities of discontinued operations ₹ 42 ₹ 47 ₹ 26 0

Total Current Liabilities ₹ 52,743 ₹ 58,603 ₹ 62,300 Err:522

Long-term debt ₹ 36,623 ₹ 40,692 ₹ 44,070 ₹ 34,015

Capital lease obligation long term ₹ 2,835 ₹ 3,150 ₹ 3,009 ₹ 2,683
Deferred Income Taxes ₹ 6,014 ₹ 6,682 ₹ 7,862 ₹ 7,862
Total Non Current Liabilities ₹ 45,472 ₹ 50,524 ₹ 54,941 ₹ 44,560

Share capital ( of Rs. 2 each) ₹ 3,536 ₹ 3,929 ₹ 4,034 Err:522

Retained Earnings ₹ 58,152 ₹ 64,613 ₹ 67,281 Err:522
Noncontrolling interests ₹ 2,802 ₹ 3,113 ₹ 4,850 Err:522
Total Shareholders' Equity ₹ 64,490 ₹ 71,655 ₹ 76,165 Err:522

Total Liabilities and Shareholders' Equity ₹ 162,704 ₹ 180,782 ₹ 193,406 Err:522

 Dec-20 Dec-21 Dec-22 Dec-23
498714.3544 528637.21566 560355.4486 593976.77552
3535.9479676 3778.8384217 4038.4134461 4315.8191333
₹ 502,250.30 ₹ 532,416.05 ₹ 564,393.86 ₹ 598,292.59

₹ 376,591.65 ₹ 399,210.19 ₹ 423,187.43 ₹ 448,604.99

₹ 125,658.65 ₹ 133,205.86 ₹ 141,206.43 ₹ 149,687.60

₹ 86,678.77 ₹ 91,884.80 ₹ 97,403.56 ₹ 103,253.83

₹ 38,979.88 ₹ 41,321.06 ₹ 43,802.87 ₹ 46,433.77

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

239.18913588 211.79080197 184.39246806 156.99413416
-178.0062272 -178.0062272 -178.0062272 -$178.01
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

Dec-20 Dec-21 Dec-22 Dec-23

₹ 6,867 ₹ 6,867 ₹ 6,867 ₹ 6,867

6122.48 6490.21 6880.02 7293.25
43310.08 45911.33 48668.84 51592.00
2910.61 3085.43 3270.74 3467.19
133.69 141.72 150.24 159.26
₹ 59,344 ₹ 62,496 ₹ 65,837 ₹ 69,379

Err:522 Err:522 Err:522 Err:522

₹ 20,651 ₹ 20,651 ₹ 20,651 ₹ 20,651
 ₹ 5,456 ₹ 5,456 ₹ 5,456 ₹ 5,456

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

40202.77 42617.40 45177.07 47890.50
21201.41 22474.79 23824.67 25255.63
₹ 8,633.08 ₹ 6,214.73 ₹ 9,800.47 ₹ 6,500.00
₹ 326 ₹ 326 ₹ 326 ₹ 326
₹0 ₹0 ₹0 ₹0

Err:522 Err:522 Err:522 Err:522

₹ 25,382 ₹ 19,167 ₹ 9,366 ₹ 2,866

₹ 2,357 ₹ 2,031 ₹ 1,705 ₹ 1,379
₹ 7,862 ₹ 7,862 ₹ 7,862 ₹ 7,862
₹ 35,601 ₹ 29,060 ₹ 18,933 ₹ 12,107

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
PAT Err:522 Err:522 Err:522 Err:522 Err:522 0.00
Dep Err:522 Err:522 Err:522 Err:522 Err:522
Capex -14243.32 -15098.78 -16005.63 -16966.96 -17986.03
Ch in WC 894.51 505.80 536.19 568.39 602.54
Debt Err:522 Err:522 Err:522 Err:522 Err:522
FCFE Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
g rate Err:522

Beta 1.50 1.50 1.50 1.50 1.50 1.40

Rp 4% 4% 4% 4% 4% 3.60%
Ke 12.00% 12.00% 12.00% 12.00% 12.00% 11.04%

PVF 0.8928571429 0.79719388 0.71178025 0.63551808 0.56742686 0.5110112

PV Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Ve Err:522

3. Perform Sensitivity analysis using data table with inputs sales growth rate and risk premium on output FCFE value

Err:522 6% 7% 8% 9% 10% 11% 12%

4% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
5% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
6% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
7% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
8% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

4. Perform scenario analysis with scenario Manager with inputs tax rate (40%) on output FCFE value

5. Perform Montecarlo simulation on the sales growth rate and assess its impact on the FCFE value
No S grate Firm value
6% Err:522
1 0.045418 Err:522 =NORM.INV(RAND(),$J$44,$J$45)
2 0.045809 Err:522 Mean
3 0.043381 Err:522 Std Dev
4 0.035862 Err:522
5 0.018872 Err:522
6 0.048617 Err:522
7 0.03754 Err:522 Avg Value Err:522
8 0.033846 Err:522
9 0.03083 Err:522
10 0.041519 Err:522
11 0.07215 Err:522
12 0.053618 Err:522
13 0.075247 Err:522
14 0.048715 Err:522
15 0.050926 Err:522
16 0.042686 Err:522
17 0.055479 Err:522
18 0.051622 Err:522
19 0.057947 Err:522
20 0.030228 Err:522
21 0.058005 Err:522
22 0.048597 Err:522
23 0.057541 Err:522
24 0.04258 Err:522
25 0.085241 Err:522
26 0.051501 Err:522
27 0.033039 Err:522
28 0.059596 Err:522
29 0.066318 Err:522
30 0.05082 Err:522
31 0.047083 Err:522
32 -0.006408 Err:522
33 0.042314 Err:522
34 0.036257 Err:522
35 0.024363 Err:522
36 0.043773 Err:522
37 0.075898 Err:522
38 0.029545 Err:522
39 0.039088 Err:522
40 0.050386 Err:522
41 0.030085 Err:522
42 0.059556 Err:522
43 0.023534 Err:522
44 0.046381 Err:522
45 0.045153 Err:522
46 0.014462 Err:522
47 0.042339 Err:522
48 0.05589 Err:522
49 0.054057 Err:522
50 0.034226 Err:522
 Input
Dec-25 Dec-26 Dec-27 TY Sales g rate 6%
0.00 0.00 0.00 SGP g rate 2%
Rf 6%
Rp 4%
RP -SGP 2%
Beta 1.50
Err:522 Err:522 Err:522 Err:522 Beta - SGP 1.00
Err:522 Err:522 Err:522 Err:522 Trans. Years 4.00
Tax rate 33%
1.30 1.20 1.10 1.00
3.20% 2.80% 2.40% 2.00%
10.16% 9.36% 8.64% 8.00%

0.4638809 0.42417787 0.390443545 0.361521801

Err:522 Err:522 Err:522 Err:522

put FCFE value

Average Err:522
 Income St Dec-16 Dec-17 Dec-18
Net Sales ₹ 405,132.00 ₹ 418,952.00 ₹ 443,854.00
0.034112339 0.05943879

0.0467756
0.0179085
Existing FCFE g rate Err:522
Factor FCFE Err:522 Reduction in g every year

Factor FCFE 0.004

Factor Beta 0.1

Scenario Summary
Current Values: Scenario A
Changing Cells:
Tax_rate 33% 40%
Result Cells:
Value_eq 328215.15937 268830.92927
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.