05.06 valuation model calculator

8/9/2019 05.06 Valuation Model Calculator

1/20

Profit & Loss Account

Rs. in lacs

Particulars FY1 FY2 FY3 FY4 FY5 FY6

Sales - - - - - -Other Income - - - - - -

Total Income - - - - - -

Operational Expenditure - - - - - -

Raw Material - - - - - -

Power & Fuel - - - - - -

Consumables - - - - - -

Wages - - - - - -

Other manufacturing Expenses 1.00% - - - - - -Repairs & Maintenance 0.50% - - - - - -

Depreciation - - - - - -

(+) Opening Stock of WIP - - - - - -

(-) Closing Stock of WIP - - - - - -

(+) Opening Stock of FG - - - - - -

(-) Closing Stock of FG - - - - - -

Cost of Goods Sold - - - - - -

S&M Exps 1.50% - - - - - -

EBIT - - - - - -

% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Interest - - - - - -

Interest on WC - - - - - -

Interest on Term Loan - - - - - -

Profit before tax & Amortisations - - - - - -% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Miscellaneous Exp w/o

Profit before tax & after Amortisations - - - - - -

Tax

Current - - - - - -

Deferred - - - - - -

( )

PAT - - - - - -


2/20

% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Net Cash Accrual - - - - - -

Profit transferred to Balance Sheet - - - - - -


3/20

BALANCE SHEET

(Rs. in lacs

Y/E March FY1 FY2 FY3 FY4 FY5 FY6

Equity Share Capital - - - - - -

Securities Premium - - - - - -

Reserves & Surplus - - - - - -

Misc. Exp. - - - - - -

Deffered Tax Liability - - - - - -

Networth - - - - - -

Debts - - - - - -

Term Loan - - - - - -

Working Capital - - - - - -

Unsecured Loan - - - - - -

Unsecured Loan (Quasi) - - - - - -

Other Unsecured Loan - - - - - -

Total Sources of Funds - - - - - -

Gross Block - - - - - -

Depreciation - - - - - -

Net Assets - - - - - -

CWIP - - - - - -

Total Fixed Assets - - - - - -

Investments - - - - - -

Current Assets - - - - - -

Inventories

- Finished Goods - - - - - -

- Raw Material - - - - - -

- WIP - - - - - -

Sundry debtors - - - - - -

Security Deposit - - - - - -

Cash & Bank - - - - - -


4/20

Other Current Asset

(-) Current Liabilities - - - - - -

Sundry Creditors for goods - - - - - -Other Current Liablities

Net Current Assets - - - - - -

Total Application of Funds - - - - - -


5/20

PL & BS Summary

(key Figures) Rs. in Lacs

Balance Sheet FY1 FY2 Rs. in Lacs

Equity Share Capital - - Particulars FY1 FY2

Reserve & Surplus - - Secured Loan - -Net Worth - - Term Loan - -

Secured Loan - - CC & WC loan - -

Unsecured Loan - - Unsecured Loan - -

Fixed Assets - - Unsecured Loan (Quas - -

Investment - - Other Unsecured Loan - -

C.A - -

Cash & Bank Balanc - - CAGR Analysis

C.L - -

Net Current Assets - - CAGR - SALES Sales Date

Profit & Loss Account FY2 - Err:502

Net Sales - - FY3 -

Total Income - -

EBDITA - - CAGR -EBIDTA EBIDTA Date

PBIT - - FY2 - Err:502

PBT - - FY3 -

PAT - -

EPS #DIV/0! #DIV/0! CAGR -PAT PAT Date

No. of shares #DIV/0! #DIV/0! FY2 - Err:502

FY3 -Ratios

FY1 FY2

Debt Equity Ratio #DIV/0! #DIV/0!

TOL/TNW #DIV/0! #DIV/0!

Current Ratio #DIV/0! #DIV/0!

EBDITA(%) #DIV/0! #DIV/0!

PBIT (%) #DIV/0! #DIV/0!

PBT (%) #DIV/0! #DIV/0!

PAT (%) #DIV/0! #DIV/0!

ROCE (%) #DIV/0! #DIV/0!RONW(%) #DIV/0! #DIV/0!

CAGR -Net Sales Err:502

CAGR -EBIDTA Err:502

CAGR -PAT Err:502

* In case there is non-liquidable investments then the same should be reduced from the networth


6/20

UNLEVERED EQUITY BETA Rs.in Crores

Industry

DESCRIPTION Peer 1 Peer 2 Peer 3 Peer 4

DATA ( 310309 )

Amount of equity - - - -

Amount of debt - - - -

Tax rate #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Equity beta - Sensex - - - -

RESULT

% Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0!

1+ (1-T)D/E #DIV/0! (#DIV/0! ) (#DIV/0! ) (#DIV/0! )

Unlevered equity beta #DIV/0! (#DIV/0! ) (#DIV/0! ) (#DIV/0! )

BETA ESTIMATES OF Company

DESCRIPTION DATA DESCRIPTION RESULT

Proposed % Debt 0% 1+ (1-T)D/E 1.00

Proposed % Equity 100% Unlevered Company beta (Avg.) #DIV/0!

Tax rate in perpituity 33.22% Company - Equity beta estimate #DIV/0!

COST OF EQUITY

DESCRIPTION DATA DESCRIPTION RESULT

Risk-free rate 0.00% Equity Risk Premium #DIV/0!Market risk premium 0.00% Cost Of Equity #DIV/0!

Cost of debt 0.00%

Cost Of Weights eighted Co

After-tax debt 0.0% 0.0% 0.0%

Equity #DIV/0! 100.0% #DIV/0!

Weighted average cost of capital #DIV/0!

Target Growth Rate 0.00%


7/20

Peer Group Data

Rs. in crores

ParticularsPeer 1 Peer 2 Peer 3 Peer 4 Company

ParticularsPeer 1 Peer 2 Peer 3 Peer 4

Period Period Period Period Period Period Period Period PeriodEquity Paid Up - Secured Loan

Networth Term Loan

Capital Employed Working Capital

Gross Block Unsecured Loan

Net Working Capital ( Incl. Def. Tax) Quasi Equity

Current Assets ( Incl. Def. Tax) Other Unsecured Loan

Current Liabilities and Provisions ( Incl. Def. Tax)

Total Assets/Liabilities (excl Reval & W.off) No. of shares Outstanding

Gross Sales Book Value

Net Sales Closing Price

Other Income Equity Beta - Sensex

Value Of Output Enterprise Value/EBIDTA

Cost of Production P/E Ratio

Selling Cost

PBIDT

PBDT

PBIT

PBT

PAT

CP

Revenue earnings in forex

Revenue expenses in forex

Capital earnings in forex

Capital expenses in forex

Book Value (Unit Curr)

Market Capitalisation

CEPS (annualised) (Unit Curr)

EPS (annualised) (Unit Curr)

Dividend (annualised%)

Payout (%)

Cash Flow From Operating Activities

Cash Flow From Investing Activities

Cash Flow From Financing Activities

Rate of Growth (%) Peer 1 Peer 2 Peer 3 Peer 4 Company


8/20

ROG-Net Worth (%)

ROG-Capital Employed (%)

ROG-Gross Block (%)

ROG-Gross Sales (%)

ROG-Net Sales (%)ROG-Cost of Production (%)

ROG-Total Assets (%)

ROG-PBIDT (%)

ROG-PBDT (%)

ROG-PBIT (%)

ROG-PBT (%)

ROG-PAT (%)

ROG-CP (%)

ROG-Revenue earnings in forex (%)ROG-Revenue expenses in forex (%)

ROG-Market Capitalisation (%)

Key Ratios Peer 1 Peer 2 Peer 3 Peer 4 Company

Debt-Equity Ratio #DIV/0!

Long Term Debt-Equity Ratio

Current Ratio #DIV/0!

Turnover Ratios

Fixed Assets Ratio

Inventory Ratio

Debtors Ratio

Interest Cover Ratio

PBIDT (%) #DIV/0!

PBIT (%)

PBDT (%)

CPM (%)

PAT (%) #DIV/0!

ROCE (%) #DIV/0!RONW (%) #DIV/0!

Debtors Velocity (Days)

Creditors Velocity (Days)

Assets Utilisation Ratio (times)

Value of Output/Total Assets

Value of Output/Gross Block

TOL/TNW #DIV/0!

Mkt Cap/EBIDTA #DIV/0! #DIV/0! #DIV/0! #DIV/0!


9/20

PE Ratio - - - -

Price By Book Value #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBIDTA by Book Value #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!


10/20

Company

Period


11/20


12/20


13/20

DCF Valuation Method

Rs. in lacs

Value of Firm FY1 FY2 FY3 FY4 FY5 FY6

EBIT A - - - - - -

EBIT (1-t) B - - - - - -

Depreciation C - - - - - -

Deferred Tax D - - - - - -

PAT E - - - - - -

Capital Expenditure F - - - - - -

Change in W cap G - - - - - -

Change in Debt H - - - - - -

Free Cash Flow to Fi (B+C+D-F-G) - - - - - -

Terminal Value #DIV/0!

Free Cash Flow to Firm - - - - - #DIV/0!

WACC #DIV/0!

Cost of Equity #DIV/0!

Growth Rate 0.00%

Value of Firm #DIV/0!

Value of Equity FY1 FY2 FY3 FY4 FY5 FY6

PAT A - - - - - -Depreciation B - - - - - -

Deferred Tax C - - - - - -

Capital Expenditure D - - - - - -

Change in W cap E - - - - - -

Change in Debt F - - - - - -

FCF to equity (A+B+C-D-E+F) - - - - - -

Terminal Value #DIV/0!

FCF to equity - - - - - #DIV/0!

Value of Equity #DIV/0!

Equity Value #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBIDTA - - - - - -

EV/EBIDTA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!


14/20

Comparable Company Method

Rs. in Crores


Average

Period Period Period PeriodNo. of shares Outstanding - - - -

Closing Price - - - -

Net Income (PAT) NI - - - -

Operating Cash Flow (EBIDT OCF - - - -

Net Sales Sales - - - -

Market Capitalisation MC - - - -

MC/NI

Multipliers

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

MC/OCF #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

MC/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Valuation Analysis

Company

Particulars Value Weights

M C to net income #DIV/0! - #DIV/0! 1.00

M C to operating cash flows #DIV/0! - #DIV/0! 1.00

MC to Sales #DIV/0! Net Sales - #DIV/0! 1.00

Value #DIV/0!

0.25 #DIV/0!

Equity Value #DIV/0!

Illustration

Fair Market Value (FMV) based on guideline company approach 31/03/2010

in Crs Multiplier

Comparable Name Operating Cash Flows (OCF) Sales MC/NI MC/OCF MC/Sales

Jyoti Structures Limited 8.20 162.45 88.84 224.15 1,983.00 1,332.74 15.00 5.95 0.67

Multipliers

FinancialResults

Net Income

Operating CashFlow (EBIDTA)

Less: LiquidityDiscount

No. of sharesOutstanding

as on 31.03.10

Closing Price (Mar2010)

Net Income (NI)i.e. PAT

MarketCapitalisatio

n (MC)


15/20

KEC International Limited 4.93 583.95 155.43 350.48 3,408.44 2,881.21 18.54

Sujana Towers limited 9.03 49.60 33.32 48.00 1,085.93 447.99 13.44

Mahindra Ugine Steel Company Limited 3.25 66.60 8.63 70.96 1,085.92 216.32 25.08

Ramsarup Industries 3.51 71.25 39.96 218.24 1,874.32 249.95 6.25

Note: All figures are in crores 15.66

Note: All figures are taken from respective Annual accounts of the company

31-Mar-10 15.66

(Rs. in crores)

Guideline Comparable Valuation Analysis

Comparable transactions BMW Industries Limited

Multiple Weights Results Average Value

Average

M C to net income 15.66 1 16.17 253.27

M C to operating cash flows 5.54 1 48.56 268.97

MC to Sales 0.45 1 502.31 227.29

Equity Value as at March 31, 2010 249.85

Less: Liquidity 25% 62.46

Fair Market Value 187.38

Equity Value 187.38No. of Shares 1.24

Price/per share 151.12

Average as atMarch 31,2010


16/20

Enterprise Value by EBIDTA Method

Rs. in Crores


Period Period Period Period

Enterprise Value/EBIDTA - - - -

Average of Enterprise Value/EBID -

EBIDTA of the Company (FY3 dat -

Enterprise Value -

Less: Debt -

Add: Cash (Opening) -Equity Value 0

Illustration

(Rs. in crores)

Valuation on the basis of EV/ETTM

EV/EBITDA

Jyoti Structures Limited 7.65KEC International Limited 8.71

Sujana Towers limited 6.53

Mahindra Ugine Steel Company Limited 6.67

Ramsarup Industries 14.16

Average EV/EBITDA 8.74

EBITDA of the Company -

Enterprise Value of BMW Industri -Less: Debt 246.13

Add; Cash 7.76

Equity Value (238.37)


17/20

Enterprise Value/EBIDTA Method

Rs. in crores



PE Multiple (TTM) - - - -

Average PE Multiple (TTM) -

EPS of the Company (#DIV/0! )

Price per share #VALUE!

No. of Shares #DIV/0!

Equity Value of the Compan #DIV/0!

Illustration

Rs. in Crore

Valuation as per PE Multiple

Average PE multiple 17

Average Industry PE (a) 11.04

EPS of the Company (b) 13.04

Price per share (a*b) 143.99

No. of shares 1.24

Equity Value of the Compan 178.55


18/20


19/20

Net Asset Value Method

Rs. in Crores

PARTICULARS FY1 FY2

Fixed Assets - -Investments - -

Current Assets - -

Current Liabilitie - -

Secured Loans - -

Unsecured Loan - -

Net Asset Value - -

No. Of Shares #DIV/0! #DIV/0!

NAV/per share #DIV/0! #DIV/0!

Illustration

2008 2009 2010

Fixed Assets 2,269,874 6,368,449 10,922,357

Investments - - 500,000

Current Assets 160,470,977 436,593,779 1,097,539,469

Current Liabilitie (2,838,809) (7,937,062) (19,738,364)

Secured Loans (96,224,645) (308,052,763) (848,420,946)

Unsecured Loan (14,031,472) (36,249,983) (89,166,637)

Net Asset Value 49,645,925 90,722,420 151,635,880

No. Of Shares 2000000 4710100 4710100

NAV/per share 24.82 19.26 32.19


20/20

EBIDTA by Book Value Method

Rs. in crores

ParticularsPeer 1 Peer 2 Peer 3 Peer 4 Company

Period Period Period Period Period

EBIDTA by Book Value #DIV/0! ### #DIV/0! #DIV/0! #DIV/0!

Share Price /Book Value Method

Rs. in crores



Share Price by Book Value #DIV/0! ### #DIV/0! #DIV/0!

Average Share Price #DIV/0!

Book Value of the C -

Share Price of the c #DIV/0!

05.06 valuation model calculator

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