Weighted Average Cost Of Capital

All figures in INR unless stated otherwise

Peer Comps

Name of the Comp Country Total Debt Total Equity Tax Rate1

Hind. Unilever India 1,484.00 560,059.09 30.00%

Nestle India India 344.53 237,235.50 30.00%
Godrej Consumer India 3,222.20 135,927.71 30.00%
Britannia Inds. India 2,064.96 125,546.58 30.00%
Dabur India India 1,365.09 100,644.69 30.00%

Average 30.00%
Median 30.00%

Cost of Debt Cost of Equity

Pre-Tax Cost of debt 8.40% Risk Free Rate

Tax Rate 30.00% Equity Risk Premium
Post Tax Cost of debt 5.88% Levered Beta 4
Cost of Equity

Capital Structure Levered Beta

Current Target Comps Median Unlive

Total Debt 1,484.0 0.26% 1.14% Target Debt/ Equity
Market Capitalization 560,059.1 99.74% 98.86% Tax Rate
Total Capital 561,543.1 1 100% Levered Beta

Debt/Equity 0.26% 1.15%

Weighted Average Co
Notes:
1. Tax Rate considered as Marginal Tax Rate for the Country
2. Levered Beta is based on 5 Years Monthly data Debt
3. Unlevered Beta = Levered Beta / (1-(1-Taxrate)*Debt/Equity) Equity
4. Levered Beta = Unlevered Beta * (1+(1-Tax Rate)*Debt/Equity) Weighted Average Co
 Debt / Debt / Levered Unlevered
Equity Capital Beta 2 Beta 3

0.26% 0.26% 0.51 0.51

0.15% 0.15% 0.34 0.34
2.37% 2.32% 0.39 0.38
1.64% 1.62% 0.36 0.35
1.36% 1.34% 0.57 0.56

1.16% 1.14% 0.4306 0.43

1.36% 1.34% 0.387 0.38

Cost of Equity

Risk Free Rate 6.98%

Equity Risk Premium 8.63%
Levered Beta 4 0.38
Cost of Equity 10.29%

Levered Beta

Comps Median Unlivered Beta 0.38

Target Debt/ Equity 1.15%
30.00%
Levered Beta 0.38

Weighted Average Cost of Capital

Total Cost Total Weight

5.88% 1.14%
10.29% 98.86%
Weighted Average Cost of Capital 10.24%
Regression Beta

Avenue Supermart NIFTY 50

Date Closing Price Weekly Return Date Closing Price
22-02-2021 2994.20 22-02-2021 14529.15
01-03-2021 3286.10 9.75% 01-03-2021 14938.10
08-03-2021 3129.35 -4.77% 08-03-2021 15030.95
15-03-2021 2960.30 -5.40% 15-03-2021 14744.00
22-03-2021 2855.20 -3.55% 22-03-2021 14507.30
29-03-2021 2912.70 2.01% 29-03-2021 14867.35
05-04-2021 2947.75 1.20% 05-04-2021 14834.85
12-04-2021 2919.90 -0.94% 12-04-2021 14617.85
19-04-2021 2713.70 -7.06% 19-04-2021 14341.35
26-04-2021 2852.90 5.13% 26-04-2021 14631.10
03-05-2021 2895.50 1.49% 03-05-2021 14823.15
10-05-2021 2844.65 -1.76% 10-05-2021 14677.80
17-05-2021 3034.15 6.66% 17-05-2021 15175.30
24-05-2021 3022.10 -0.40% 24-05-2021 15435.65
31-05-2021 3197.00 5.79% 31-05-2021 15670.25
07-06-2021 3175.55 -0.67% 07-06-2021 15799.35
14-06-2021 3317.70 4.48% 14-06-2021 15683.35
21-06-2021 3315.35 -0.07% 21-06-2021 15860.35
28-06-2021 3314.30 -0.03% 28-06-2021 15722.20
05-07-2021 3377.60 1.91% 05-07-2021 15689.80
12-07-2021 3349.20 -0.84% 12-07-2021 15923.40
19-07-2021 3413.20 1.91% 19-07-2021 15856.05
26-07-2021 3500.80 2.57% 26-07-2021 15763.05
02-08-2021 3529.20 0.81% 02-08-2021 16238.20
09-08-2021 3594.55 1.85% 09-08-2021 16529.10
16-08-2021 3643.10 1.35% 16-08-2021 16450.50
23-08-2021 3833.05 5.21% 23-08-2021 16705.20
30-08-2021 3938.90 2.76% 30-08-2021 17323.60
06-09-2021 3950.50 0.29% 06-09-2021 17369.25
13-09-2021 4239.65 7.32% 13-09-2021 17585.15
20-09-2021 4422.35 4.31% 20-09-2021 17853.20
27-09-2021 4235.60 -4.22% 27-09-2021 17532.05
04-10-2021 4407.95 4.07% 04-10-2021 17895.20
11-10-2021 5323.75 20.78% 11-10-2021 18338.55
18-10-2021 4521.45 -15.07% 18-10-2021 18114.90
25-10-2021 4635.45 2.52% 25-10-2021 17671.65
01-11-2021 4783.70 3.20% 01-11-2021 17916.80
08-11-2021 5078.55 6.16% 08-11-2021 18102.75
15-11-2021 5080.90 0.05% 15-11-2021 17764.80
22-11-2021 4718.75 -7.13% 22-11-2021 17026.45
29-11-2021 4799.05 1.70% 29-11-2021 17196.70
06-12-2021 4796.60 -0.05% 06-12-2021 17511.30
13-12-2021 4697.80 -2.06% 13-12-2021 16985.20
20-12-2021 4628.90 -1.47% 20-12-2021 17003.75
27-12-2021 4671.45 0.92% 27-12-2021 17354.05
03-01-2022 4731.35 1.28% 03-01-2022 17812.70
10-01-2022 4322.70 -8.64% 10-01-2022 18255.75
17-01-2022 4299.80 -0.53% 17-01-2022 17617.15
24-01-2022 4076.00 -5.20% 24-01-2022 17101.95
31-01-2022 4081.90 0.14% 31-01-2022 17516.30
07-02-2022 4142.25 1.48% 07-02-2022 17374.75
14-02-2022 4073.10 -1.67% 14-02-2022 17276.30
21-02-2022 4190.75 2.89% 21-02-2022 16658.40
28-02-2022 4110.20 -1.92% 28-02-2022 16245.35
07-03-2022 4198.95 2.16% 07-03-2022 16630.45
14-03-2022 4192.75 -0.15% 14-03-2022 17287.05
21-03-2022 4001.30 -4.57% 21-03-2022 17153.00
28-03-2022 4082.20 2.02% 28-03-2022 17670.45
04-04-2022 4146.25 1.57% 04-04-2022 17784.35
11-04-2022 4090.90 -1.33% 11-04-2022 17475.65
18-04-2022 4028.85 -1.52% 18-04-2022 17171.95
25-04-2022 3944.25 -2.10% 25-04-2022 17102.55
02-05-2022 3666.20 -7.05% 02-05-2022 16411.25
09-05-2022 3230.60 -11.88% 09-05-2022 15782.15
16-05-2022 3630.40 12.38% 16-05-2022 16266.15
23-05-2022 3613.85 -0.46% 23-05-2022 16352.45
30-05-2022 3820.10 5.71% 30-05-2022 16584.30
06-06-2022 3755.65 -1.69% 06-06-2022 16201.80
13-06-2022 3460.55 -7.86% 13-06-2022 15293.50
20-06-2022 3412.00 -1.40% 20-06-2022 15699.25
27-06-2022 3388.75 -0.68% 27-06-2022 15752.05
04-07-2022 3941.70 16.32% 04-07-2022 16220.60
11-07-2022 3926.80 -0.38% 11-07-2022 16049.20
18-07-2022 3963.40 0.93% 18-07-2022 16719.45
25-07-2022 4243.85 7.08% 25-07-2022 17158.25
01-08-2022 4232.25 -0.27% 01-08-2022 17397.50
08-08-2022 4336.70 2.47% 08-08-2022 17698.15
15-08-2022 4382.00 1.04% 15-08-2022 17758.45
22-08-2022 4409.65 0.63% 22-08-2022 17558.90
29-08-2022 4576.80 3.79% 29-08-2022 17539.45
05-09-2022 4386.10 -4.17% 05-09-2022 17833.35
12-09-2022 4327.55 -1.33% 12-09-2022 17530.85
19-09-2022 4367.00 0.91% 19-09-2022 17327.35
26-09-2022 4386.55 0.45% 26-09-2022 17094.35
03-10-2022 4471.45 1.94% 03-10-2022 17314.65
10-10-2022 4306.15 -3.70% 10-10-2022 17185.70
17-10-2022 4215.55 -2.10% 17-10-2022 17576.30
24-10-2022 4307.35 2.18% 24-10-2022 17786.80
31-10-2022 4167.35 -3.25% 31-10-2022 18117.15
07-11-2022 4128.35 -0.94% 07-11-2022 18349.70
14-11-2022 3910.60 -5.27% 14-11-2022 18307.65
21-11-2022 3904.45 -0.16% 21-11-2022 18512.75
28-11-2022 4005.75 2.59% 28-11-2022 18696.10
05-12-2022 4002.40 -0.08% 05-12-2022 18496.60
12-12-2022 3990.00 -0.31% 12-12-2022 18269.00
19-12-2022 3875.60 -2.87% 19-12-2022 17806.80
26-12-2022 4068.75 4.98% 26-12-2022 18105.30
02-01-2023 3842.50 -5.56% 02-01-2023 17859.45
09-01-2023 3863.70 0.55% 09-01-2023 17956.60
16-01-2023 3513.75 -9.06% 16-01-2023 18027.65
23-01-2023 3562.35 1.38% 23-01-2023 17604.35
30-01-2023 3470.35 -2.58% 30-01-2023 17854.05
06-02-2023 3498.85 0.82% 06-02-2023 17856.50
13-02-2023 3545.00 1.32% 13-02-2023 17944.20
20-02-2023 3525.60 -0.55% 20-02-2023 17826.70
NIFTY 50 Beta 1 1.24
Weekly Return
Beta 2 1.24
2.81%
0.62% Beta 3
-1.91%
-1.61%
2.48%
-0.22%
-1.46% SUMMARY OUTPUT
-1.89%
2.02% Regression Statistics
1.31% Multiple R 0.511576
-0.98% R Square 0.26171
3.39% Adjusted R Square 0.254472
1.72% Standard Error 0.042276
1.52% Observations 104
0.82%
-0.73% ANOVA
1.13% df SS MS
-0.87% Regression 1 0.064624 0.064624
-0.21% Residual 102 0.182305 0.001787
1.49% Total 103 0.246928
-0.42%
-0.59% Coefficients
Standard Error t Stat
3.01% Intercept 4.224E-05 0.00417 0.01013
1.79% X Variable 1 1.243249 0.206758 6.013076
-0.48%
1.55%
3.70%
0.26%
1.24%
1.52%
-1.80%
2.07%
2.48%
-1.22%
-2.45%
1.39%
1.04%
-1.87%
-4.16%
1.00%
1.83%
-3.00%
0.11%
2.06%
2.64%
2.49%
-3.50%
-2.92%
2.42%
-0.81%
-0.57%
-3.58%
-2.48%
2.37%
3.95%
-0.78%
3.02%
0.64%
-1.74%
-1.74%
-0.40%
-4.04%
-3.83%
3.07%
0.53%
1.42%
-2.31%
-5.61%
2.65%
0.34%
2.97%
-1.06%
4.18%
2.62%
1.39%
1.73%
0.34%
-1.12%
-0.11%
1.68%
-1.70%
-1.16%
-1.34%
1.29%
-0.74%
2.27%
1.20%
1.86%
1.28%
-0.23%
1.12%
0.99%
-1.07%
-1.23%
-2.53%
1.68%
-1.36%
0.54%
0.40%
-2.35%
1.42%
0.01%
0.49%
-0.65%
 F Significance F
36.15708 2.859E-08

P-value Lower 95%Upper 95%Lower 95.0%

Upper 95.0%
0.991937 -0.008228 0.008313 -0.008228 0.008313
2.859E-08 0.833147 1.653352 0.833147 1.653352
S.No. Name CMP Rs. Debt Rs.Cr.Mar Cap Rs.
1 Hind. Unilever 2384.5 1484 560059.1
2 Nestle India 2459.9 344.53 237235.5
4 Godrej Consumer 1328.95 3222.2 135927.7
5 Britannia Inds. 5212.25 2064.96 125546.6
6 Dabur India 567.4 1365.09 100644.7
 Year Annual
Debt / Eq 2000 -14.65%
0.03 2001 -16.18%
0.1 2002 3.25%
0.26 2003 71.90%
0.52 2004 10.68%
0.14 2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02% 15.6
2020 14.90%
2021 24.12%
2022 4.32%
2023 19.42% 15.61%
2024
100