vaibhav global valuation
DESCRIPTION
valuation of vaibhav globalTRANSCRIPT
WACC CalculationBeta 1.31Risk-free rate 7.78%NSE Index return (2010-2014 11.83%Cost of equity 13.09%Cost of debt 6.91%Tax rate 20.00%Pre-tax cost of debt 5.53%Weight of debt 18.9%Weight of equity 81.1%WACC ###Sustainable Growth Rate 3%
In Millions of INR 2009 2010 2011 2012
EBITDA 287.49 294.78 476.63 521.54Depriciation 73.70 135.60 154.11 148.91EBIT 213.8 159.2 322.5 372.6Taxes 26.9 -28.9 -3.5 -17.4NOPAT 186.9 188.1 326.0 390.0Capex 0.0 231.3 75.1 76.7Working Capital 158.9 -321.4 -606.2 -665.4
-480.4 -284.7 -59.3FCFF 572.8 689.7 521.5Terminal Value
Total Cash Flow 572.8 689.7 521.5PVIF 0.9 0.8 0.7PV of total cash flows 511.8 550.6 371.9Enterprise Value 5314.34Less : Outstanding Debt 761.9739Equity Value 4552.36No. of shares 32.4024Value per share 140.49
r Net Working CAPITAL
2013 2014 2015 2016 2017 2018
615.08 741.254 720.961 766.49 962.03 1133.38146.22 149.40 153.20 182.92 229.88 288.40
468.9 591.9 567.8 583.6 732.2 845.019.6 78.0 87.9 115.5 161.2 179.2
449.3 513.9 479.9 468.1 570.9 665.845.6 82.9 113.4 109.9 297.5 237.6
-300.4 -248.7 207.7 255.4 395.4 439.9365.1 51.7 456.4 47.7 140.0 44.5184.9 528.7 63.3 493.4 363.3 672.1
7755.6184.9 528.7 63.3 493.4 363.3 8427.7
0.6 0.6 0.5 0.5 0.4 0.4117.8 301.0 32.2 224.2 147.5 3057.4
National Stock Exchange CNX Nifty Index (NIFTY) - Market Data
CY 2009 CY 2010 CY 2011 CY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
INDEX year-ending price 5,201.05 6,134.50 4,624.30 5,905.10
Y-O-Y return 17.9% -24.6% 27.7%Average Return 11.8%Source: Bloomberg
National Stock Exchange CNX Nifty Index (NIFTY) - Market Data
CY 2013 CY 2014 Current
12/31/2013 12/31/2014 08/28/2015
6,304.00 8,282.70 8,001.95
6.8% 31.4% -3.4%
Vaibhav Global Ltd (VGM IS) - Highlights
In Millions of INR FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2008 03/31/2009
Market Capitalization 977.4 11,909.7 6,617.0 1,795.7 401.0
- Cash & Equivalents 57.5 1,786.2 260.8 539.8 145.9
+ Preferred & Other 0.0 21.1 460.4 459.1 440.0
+ Total Debt 283.7 1,050.6 1,123.0 2,160.3 2,157.9
Enterprise Value 1,203.6 11,195.2 7,939.5 3,875.3 2,853.0
Revenue, Comparable -- 2,974.6 5,191.5 7,607.8 --
Growth %, YoY -- -- 74.5 46.5 --
Gross Profit -- -- -- -- --
Margin % -- -- -- -- --
EBITDA 165.5 435.1 -208.2 -1,704.7 -1,030.8
Margin % -- 14.6 -4.0 -22.4 --
Net Inc, Comparable -- 356.0 -236.4 -1,842.8 --
Margin % -- 12.0 -4.6 -24.2 --
EPS, Comparable -- 27.07 -8.63 -64.24 --
Growth %, YoY -- -- -- -643.9 --
Cash from Operations -17.2 -1,657.5 -762.0 -1,884.6 187.7
Capital Expenditures -53.9 -2,810.9 -272.7 -187.0 -122.3
Free Cash Flow -71.1 -4,468.4 -1,034.7 -2,071.6 65.4
Source: Bloomberg
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Current/LTM
03/31/2010 03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015 06/30/2015
895.5 1,046.0 1,323.4 3,597.6 20,637.4 25,949.4 16,070.7
249.1 372.8 317.3 459.5 720.6 962.4 853.5
440.0 440.0 440.0 440.0 0.0 0.0 0.0
2,005.0 2,015.9 1,776.1 1,609.3 1,243.2 762.0 789.5
3,091.5 3,129.2 3,222.2 5,187.4 21,160.1 25,749.0 16,006.7
-- 5,255.4 6,465.0 8,928.9 12,982.7 13,755.2 13,505.5
-- -- 23.0 38.1 45.4 6.0 0.1
-- -- -- -- -- --
-- -- -- -- -- --
-265.1 599.2 758.5 642.3 1,426.3 1,339.6 1,327.0
-- 11.4 11.7 7.2 11.0 9.7 9.8
-- 431.0 685.1 -856.1 1,525.3 1,031.6 886.5
-- 8.2 10.6 -9.6 11.7 7.5 6.6
-- 13.60 21.47 -26.84 47.41 32.01 27.50
-- -- 57.9 -- -- -32.5 -34.3
-414.0 408.3 359.1 665.4 1,660.5 1,125.3 897.1
-23.0 -59.2 -75.3 -135.3 -169.3 -227.6 -477.7
-437.0 349.1 283.8 530.1 1,491.2 897.7 419.4
FY 2016 Est FY 2017 Est
03/31/2016 03/31/2017
41.00 52.00
28.1 26.8
Vaibhav Global Ltd (VGM IS) - Profitability
In Millions of INR except Per Share FY 2005 FY 2006 FY 2007 FY 2008
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2008
Returns
Return on Common Equity -- 9.99 -3.88 -51.39
Return on Assets -- 7.59 -2.86 -30.78
Return on Capital -- 9.24 -- --
Return on Invested Capital -- 9.01 -- --
Margins
EBITDA Margin 9.87 14.63 -4.01 -22.41
Operating Margin 8.91 13.69 -5.36 -23.89
Incremental Operating Margin -- 19.88 -- --
Pretax Margin 8.51 12.80 -4.59 -33.36
Income before XO Margin 8.59 12.01 -4.56 -33.60
Net Income Margin 8.59 11.97 -4.55 -33.61
Net Income to Common Margin 8.59 11.97 -4.59 -33.67
Additional
Effective Tax Rate -- 6.12 -- --
Dvd Payout Ratio 18.32 11.62 -- --
Sustainable Growth Rate -- 8.83 -- --
Source: Bloomberg
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
03/31/2009 03/31/2010 03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015
-81.27 -43.25 28.18 35.60 -51.15 87.63 36.78
-35.71 -14.39 9.76 14.23 -18.70 34.69 20.46
-- -- -- 19.12 -- 48.56 28.22
-- -- -- 15.66 -- 39.05 25.46
-17.33 -7.84 11.40 11.73 7.19 10.99 9.74
-19.43 -10.43 9.86 10.33 6.37 10.41 8.88
-- -- 46.48 12.36 -- 19.33 --
-40.42 -20.11 8.20 10.63 -9.40 11.97 9.28
-40.51 -20.11 8.20 10.60 -9.59 11.75 7.50
-40.41 -20.11 8.20 10.60 -9.59 11.75 7.50
-40.41 -20.11 8.12 10.53 -9.64 11.75 7.50
-- -- -- 0.33 -- 1.77 19.19
-- -- 0.00 0.00 -- 0.00 0.00
-- -- 28.18 35.60 -- 87.63 36.78
Vaibhav Global Ltd (VGM IS) - Standardized
In Millions of INR except Per Share FY 2005 FY 2006 FY 2007 FY 2008
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2008
Cash From Operating Activities
+ Net Income 144.1 356.0 -236.4 -2,556.8
+ Depreciation & Amortization 16.2 27.8 70.0 112.5
+ Other Non-Cash Adjustments -1.6 21.4 -15.3 675.8
+ Changes in Non-Cash Capital -175.9 -2,062.8 -580.3 -116.2
Cash From Operations -17.2 -1,657.5 -762.0 -1,884.6
Cash From Investing Activities
+ Disposal of Fixed Assets 0.0 0.3 0.1 0.9
+ Capital Expenditures -53.9 -2,810.9 -272.7 -187.0
+ Increase in Investments 0.0 -100.5 0.0 --
+ Decrease in Investments 1.0 0.0 8.4 49.2
+ Other Investing Activities 0.0 0.0 -14.3 0.0
Cash From Investing Activities -52.9 -2,911.1 -278.6 -136.9
Cash from Financing Activities
+ Dividends Paid -23.9 -30.1 -47.2 -18.3
+ Change in Short-Term Borrowings 0.0 0.0 20.5 606.8
+ Increase in Long-Term Borrowings 116.6 763.4 62.0 442.6
+ Decrease In Long-Term Borrowings 0.0 0.0 -341.8 --
+ Increase in Capital Stocks 0.0 5,540.2 0.0 1,011.9
+ Decrease in Capital Stocks 0.0 0.0 0.0 0.0
+ Other Financing Activities 0.0 19.3 -23.6 69.6
Cash from Financing Activities 92.7 6,292.7 -330.0 2,112.5
Net Changes in Cash 22.7 1,724.1 -1,370.6 91.0
Reference Items
EBITDA 165.5 435.1 -208.2 -1,704.7
Trailing 12M EBITDA Margin 9.87 14.63 -4.01 -22.41
Cash Paid for Taxes 0.8 -- 18.6 14.9
Cash Paid for Interest 16.4 36.8 86.8 119.1
Free Cash Flow -71.1 -4,468.4 -1,034.7 -2,071.6
Free Cash Flow to Firm -- -4,433.9 -- --
Free Cash Flow to Equity -- -3,704.7 -855.7 -1,025.7
Free Cash Flow per Basic Share -6.73 -339.78 -37.51 -70.18
Price to Free Cash Flow -- -- -- --
Cash Flow to Net Income -0.12 -4.66 -- --
Direct Method Cashflow
Source: Bloomberg
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
03/31/2009 03/31/2010 03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015
-2,403.5 -680.1 431.0 685.1 -856.1 1,525.3 1,031.6
124.6 87.5 81.1 90.8 73.2 74.7 118.8
867.7 118.5 0.4 18.8 1,646.4 88.4 130.6
1,598.9 60.1 -104.1 -435.5 -198.1 -28.0 -155.9
187.7 -414.0 408.3 359.1 665.4 1,660.5 1,125.3
107.8 166.4 0.0 0.0 0.0 0.0 0.0
-122.3 -23.0 -59.2 -75.3 -135.3 -169.3 -227.6
-185.3 0.0 -40.0 -14.3 -14.5 -33.2 -301.2
0.0 0.0 0.0 40.9 130.1 0.0 0.2
0.0 -54.3 0.0 0.0 0.0 -185.6 154.2
-199.9 89.2 -99.2 -48.6 -19.6 -388.0 -374.5
0.0 0.0 0.0 0.0 0.0 -473.9 -93.4
61.5 -862.7 18.9 78.8 11.4 -269.9 -21.8
0.0 733.2 -- 0.0 0.0 0.0 0.0
-64.0 0.0 -25.6 -371.9 -178.2 -195.1 -459.4
0.0 0.0 0.0 0.0 9.6 4.2 11.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-346.1 425.9 -225.8 -59.1 -219.2 -316.8 -0.1
-348.5 296.3 -232.5 -352.2 -376.3 -1,251.5 -563.6
-360.7 -28.5 76.6 -41.7 269.4 20.9 187.2
-1,030.8 -265.1 599.2 758.5 642.3 1,426.3 1,339.6
-17.33 -7.84 11.40 11.73 7.19 10.99 9.74
3.1 1.7 1.1 1.0 15.7 62.4 172.5
186.0 146.4 130.9 127.6 124.2 145.0 73.3
65.4 -437.0 349.1 283.8 530.1 1,491.2 897.7
-- -- -- 411.0 -- 1,610.6 940.2
170.7 -400.1 338.0 -13.8 359.0 586.1 416.5
2.06 -13.79 11.01 8.95 16.68 46.56 27.85
6.13 -- 3.00 4.66 6.73 13.78 28.75
-- -- 0.95 0.52 -- 1.09 1.09
Last 12M
06/30/2015
886.5
142.2
45.3
-176.9
897.1
-477.7
-301.1
7.1
150.4
-316.9
-93.4
170.0
52.5
-392.6
8.3
0.0
-9.3
-264.5
315.7
1,327.0
9.83
242.3
419.4
465.6
13.03
17.88
0.71
Vaibhav Global Ltd (VGM IS) - Standardized
In Millions of INR except Per Share FY 2005 FY 2006 FY 2007 FY 2008
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2008
Sales 1,677.1 2,974.6 5,191.5 7,607.8
+ Other Operating Income -- 0.0 0.0 --
- Operating Expenses 1,527.8 2,567.3 5,469.6 9,425.1
Operating profit (loss) 149.4 407.3 -278.1 -1,817.3
- Interest Expense 7.7 36.8 86.8 119.1
- Foreign Exchange Losses (Gains) -9.4 -2.3 -83.3 -80.2
- Net Non-Operating Losses (Gains) 8.3 -7.9 -43.3 682.1
Pretax Income 142.8 380.6 -238.4 -2,538.2
- Tax Provision -1.3 23.3 -1.8 18.3
Income Before XO Items 144.1 357.3 -236.6 -2,556.5
- Extraordinary Loss Net of Tax 0.0 0.0 0.0 0.0
- Minority Interests 0.0 1.3 -0.2 0.3
Net profit (loss) 144.1 356.0 -236.4 -2,556.8
- Total Cash Preferred Dividends 0.0 0.0 1.8 4.4
Net Inc Avail to Common Shareholders 144.1 356.0 -238.2 -2,561.2
Abnormal Losses (Gains) -- 0.0 0.0 707.7
Tax Effect on Abnormal Items -- -- -- --
Normalized Income 144.1 356.0 -238.2 -1,853.5
Basic EPS Before Abnormal Items -- -- -- --
Basic EPS Before XO Items 13.65 27.07 -8.63 -86.76
Basic EPS 13.65 27.07 -8.63 -86.76
Basic Weighted Avg Shares 10.6 13.2 27.6 29.5
Diluted EPS Before Abnormal Items -- -- -- --
Diluted EPS Before XO Items -- -- -- --
Diluted EPS 13.65 27.07 -8.63 -86.76
Diluted Weighted Avg Shares 10.6 13.2 27.6 29.5
Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 165.5 435.1 -208.2 -1,704.7
EBITDA Margin (T12M) 9.87 14.63 -4.01 -22.41
Operating Margin 8.91 13.69 -5.36 -23.89
Profit Margin 8.59 11.97 -4.55 -33.61
Revenue Per Employee -- -- -- --
Dividends per Share 2.50 1.50 0.50 0.00
Total Cash Common Dividends 26.4 41.4 13.8 0.0
Interest Income 0.4 19.0 45.5 19.7
Capitalized Interest Expense -- -- -- --
Research & Development Expense -- -- -- --
Personnel Expense 73.2 194.8 896.1 1,247.3
Export sales -- -- -- --
Depreciation Expense -- 27.8 70.0 112.5
Rental Expense 2.2 -- -- --
Source: Bloomberg
Sales growth (CAGR) 23.42%Sales growth YOY 77% 75% 47%Expected YOY
Other operating expense (as its expanding)
operating expense %of sales 91% 86% 105% 124%Interest expense 3% 4% 8% 6%TAX 20%
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
03/31/2009 03/31/2010 03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015
5,947.7 3,381.8 5,255.4 6,465.0 8,928.9 12,978.1 13,752.8
0.0 0.0 2.9 0.0 0.0 4.6 2.4
7,103.1 3,734.4 4,740.1 5,797.3 8,359.9 11,631.1 12,534.4
-1,155.4 -352.6 518.1 667.6 569.1 1,351.6 1,220.8
186.0 146.4 130.9 127.6 124.2 121.6 52.7
-- -- 59.0 -162.7 -210.2 -197.7 -25.8
1,062.9 181.1 -102.7 15.4 1,494.6 -125.2 -82.7
-2,404.3 -680.1 431.0 687.4 -839.5 1,552.8 1,276.7
5.3 0.0 0.0 2.3 16.6 27.5 245.0
-2,409.6 -680.1 431.0 685.1 -856.1 1,525.3 1,031.7
-- -- 0.0 0.0 0.0 0.0 0.0
-6.0 -- 0.0 0.0 0.0 0.0 0.0
-2,403.5 -680.1 431.0 685.1 -856.1 1,525.3 1,031.6
0.0 0.0 4.4 4.4 4.4 0.0 0.0
-2,403.5 -680.1 426.6 680.7 -860.5 1,525.3 1,031.6
873.4 104.8 -6.9 100.5 1,637.3 0.0 0.0
0.0 0.0 0.0 -0.3 -32.5 0.0 0.0
-1,530.1 -575.3 419.7 780.9 744.3 1,525.3 1,031.6
-48.27 -18.15 13.24 24.63 23.42 47.63 32.01
-75.82 -21.45 13.46 21.47 -27.07 47.63 32.01
-75.82 -21.45 13.46 21.47 -27.07 47.63 32.01
31.7 31.7 31.7 31.7 31.8 32.0 32.2
-48.27 -18.16 13.24 24.49 22.90 47.02 31.74
-75.82 -21.45 13.46 21.38 -27.07 47.02 31.74
-75.82 -21.45 13.46 21.38 -27.07 47.02 31.74
31.7 31.8 31.7 32.2 32.1 32.4 32.5
IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP
-1,030.8 -265.1 599.2 758.5 642.3 1,426.3 1,339.6
-17.33 -7.84 11.40 11.73 7.19 10.99 9.74
-19.43 -10.43 9.86 10.33 6.37 10.41 8.88
-40.41 -20.11 8.20 10.60 -9.59 11.75 7.50
6,690,322.22 -- 6,047,619.79 7,081,008.19 6,489,056.02 4,204,120.82 4,044,945.36
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.0 0.0 0.0 0.0 0.0 0.0 0.0
22.6 1.8 2.8 19.6 21.6 29.2 47.1
0.0 0.0 0.0 -- -- -- --
0.0 0.0 0.0 0.0 0.0 0.0 0.0
975.1 483.1 675.7 904.6 1,419.3 2,069.0 2,164.2
-- 1,219.4 1,456.3 1,627.5 2,298.0 -- --
124.6 86.0 81.1 90.8 73.2 74.7 118.8
-- -- 41.6 51.6 80.8 118.7 123.2
-22% -43% 55% 23% 38% 45% 6%
119% 110% 90% 90% 94% 90% 91%9% 7% 6% 7% 8% 10% 7%
E2016 E2017 E2018 E2019 E2020
14,715.5 15,598.4 17,158.3 19,388.9 23,072.7
3.0 3.4 3.4 3.4 2.8
13,459.2 14,266.8 15,693.4 17,733.6 21,103.0
1,259.3 1,335.1 1,468.3 1,658.7 1,972.6
52.7 74.5 67.5 118.0 140.4
-25.8 -25.8 -25.8 -25.8 -25.8
-82.7 -82.7 -82.7 -82.7 -82.7
1,315.2 1,369.2 1,509.3 1,649.3 1,940.7
263.0 273.8 301.9 329.9 388.1
1,052.2 1,095.3 1,207.4 1,319.4 1,552.6
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
1,052.2 1,095.3 1,207.4 1,319.4 1,552.6
0.0 0.0 4.4 0.0 4.41,052.2 1,095.3 1,203.0 1,319.4 1,548.2
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
1,052.2 1,095.3 1,203.0 1,319.4 1,548.2
7% 6% 10% 13% 19%7% 6% 10% 13% 19%
3 3.4 3.40 3.4 2.8 0.28355391% 91% 91% 91% 91%
7% 7% 7% 7% 7%
Vaibhav Global Ltd (VGM IS) - Standardized
In Millions of INR except Per Share FY 2005 FY 2006 FY 2007 FY 2008
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2008
Assets
+ Cash & Near Cash Items 37.8 99.3 128.1 163.5
+ Short-Term Investments 19.7 1,686.9 132.8 376.3
+ Accounts & Notes Receivable 466.5 1,161.7 911.7 989.0
+ Inventories 422.9 2,027.0 3,079.6 3,813.2
+ Other Current Assets 34.9 270.4 743.8 452.9
Total Current Assets 981.9 5,245.3 4,996.0 5,794.9
+ LT Investments & LT Receivables 5.4 105.8 97.5 51.0
+ Net Fixed Assets 124.0 390.8 593.5 667.7
+ Gross Fixed Assets 184.6 580.5 878.0 1,041.2
- Accumulated Depreciation 60.5 189.7 284.5 373.4
+ Other Long-Term Assets 0.4 2,532.2 2,566.4 1,848.7
Total Long-Term Assets 129.8 3,028.9 3,257.4 2,567.4
Total Assets 1,111.7 8,274.2 8,253.4 8,362.2
Liabilities & Shareholders' Equity
+ Accounts Payable 86.2 505.6 680.4 1,264.9
+ Short-Term Borrowings 0.0 829.6 1,085.2 1,754.6
+ Other Short-Term Liabilities 109.3 196.7 208.4 291.5
Total Current Liabilities 195.5 1,531.9 1,974.0 3,310.9
+ Long-Term Borrowings 283.7 221.0 37.8 405.8
+ Other Long-Term Liabilities 0.0 2.9 -- --
Total Long-Term Liabilities 283.7 224.0 37.8 405.8
Total Liabilities 479.2 1,755.8 2,011.8 3,716.7
+ Total Preferred Equity 0.0 0.0 440.0 440.0
+ Minority Interest 0.0 21.1 20.4 19.1
+ Share Capital & APIC 105.6 5,264.4 5,260.4 6,272.3
+ Retained Earnings & Other Equity 526.9 1,232.8 520.8 -2,085.8
Total Equity 632.5 6,518.3 6,241.6 4,645.6
Total Liabilities & Equity 1,111.7 8,274.2 8,253.4 8,362.2
Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
Shares Outstanding 10.6 27.6 27.6 31.7
Number of Treasury Shares 0.0 0.0 0.0 0.0
Amount of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations -- -- -- --
Operating Leases -- 395.2 837.4 994.3
Capital Leases - Short Term -- -- -- --
Capital Leases - Long Term -- -- -- --
Capital Leases - Total -- -- -- --
% Foreign Ownership -- 47.49 79.25 39.18
Number Of Shareholders 842.00 2,246.00 2,510.00 31,698,472.00
Options Granted During Period -- -- -- --
Options Outstanding at Period End -- -- -- 0.2
Net Debt 226.2 -735.6 862.2 1,620.6
Net Debt to Equity 35.76 -11.28 13.81 34.88
Tangible Common Equity Ratio 56.89 69.05 56.64 35.94
Current Ratio 5.02 3.42 2.53 1.75
Inventory - Raw Materials 335.8 712.9 -- --
Inventory - Work in Progress -- 99.7 752.4 1,047.4
Inventory - Finished Goods 83.3 1,213.1 2,210.9 2,764.7
Other Inventory 3.8 1.3 116.3 1.2
Pure Retained Earnings 417.2 690.4 435.7 -2,041.4
Goodwill -- -- -- --
Investments in Associated Companies 0.0 -- -- --
Number of Employees -- -- -- --
Source: Bloomberg
Cash % of sales 2% 3% 2% 2%DSO 102 143 64 47DIO 101 288 206 148DPO 21 72 45 49other current assets % of sales 2% 9% 14% 6%Depreciation Expense -- 27.8 70.0 112.5
Depri % 22% 18% 19%
Short term borrowing % sales 0% 28% 21% 23%
Fiscal Year 2005 2006 2007 2008ln (Net Fixed Assets) 4.82 5.97 6.39 6.50ln (Long term borrowings) 5.65 5.40 3.63 6.01ln (Other Long-term Liabilities) Err:502 1.08 #VALUE! #VALUE!Cap Ex. 0.0 0.0 0.0 0.0
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
03/31/2009 03/31/2010 03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015
68.7 50.9 201.1 135.7 405.3 611.8 644.9
77.2 198.1 171.7 181.6 54.3 108.7 317.5
390.8 125.1 233.9 374.6 355.8 663.6 475.1
1,847.4 1,566.7 1,478.8 1,717.9 2,090.8 1,961.5 2,282.9
270.7 338.2 343.5 690.1 409.1 441.1 421.3
2,654.8 2,279.0 2,429.0 3,099.9 3,315.3 3,786.8 4,141.7
231.1 0.1 0.1 0.2 0.2 29.5 30.8
414.7 217.2 210.1 208.6 289.9 374.5 473.0
789.2 552.7 608.5 709.1 847.4 890.6 1,096.3
374.4 335.5 398.4 500.5 557.5 516.1 623.3
1,799.0 1,853.5 1,843.3 1,835.9 404.5 593.6 656.4
2,444.8 2,070.8 2,053.5 2,044.7 694.6 997.7 1,160.1
5,099.6 4,349.8 4,482.5 5,144.5 4,010.0 4,784.5 5,301.9
405.7 303.5 233.7 460.9 447.7 693.4 743.2
1,667.8 805.1 988.8 1,120.9 1,132.3 1,063.2 762.0
367.5 184.7 167.2 239.6 348.5 505.1 493.1
2,441.0 1,293.4 1,389.7 1,821.4 1,928.5 2,261.7 1,998.3
490.0 1,199.9 1,027.1 655.2 477.0 180.1 0.0
0.0 0.0 14.8 14.5 13.1 12.8 24.2
490.0 1,199.9 1,042.0 669.7 490.1 192.9 24.2
2,931.0 2,493.3 2,431.7 2,491.1 2,418.6 2,454.6 2,022.5
440.0 440.0 440.0 440.0 440.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
6,272.3 6,191.0 6,191.0 6,191.0 6,204.9 6,209.9 6,221.0
-4,543.7 -4,774.4 -4,580.2 -3,977.6 -5,053.5 -3,880.0 -2,941.7
2,168.6 1,856.6 2,050.8 2,653.4 1,591.4 2,329.8 3,279.3
5,099.6 4,349.8 4,482.5 5,144.5 4,010.0 4,784.5 5,301.9
IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP
31.7 31.7 31.7 31.7 32.1 32.2 32.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-- -- -- 14.5 12.7 12.5 23.9
126.2 -- 237.2 426.9 885.4 976.0 864.9
-- -- 0.0 -- -- 0.0 0.0
-- -- 0.0 -- -- 0.0 0.0
-- -- 0.0 -- -- 0.0 0.0
36.86 35.67 34.79 34.78 16.68 17.98 20.51
5,277.00 5,216.00 5,294.00 4,670.00 4,183.00 3,185.00 4,733.00
-- 0.3 0.0 0.0 0.0 0.1 0.0
0.1 0.7 0.6 0.5 0.5 0.1 0.0
2,012.0 1,756.0 1,643.1 1,458.8 1,149.8 522.6 -200.5
92.78 94.58 80.12 54.98 72.25 22.43 -6.11
-2.10 -17.37 -8.47 11.88 23.22 45.42 59.59
1.09 1.76 1.75 1.70 1.72 1.67 2.07
-- -- -- -- -- -- --
515.2 688.2 645.7 734.9 828.9 875.5 791.1
1,330.5 875.2 829.0 978.6 1,253.6 1,080.1 1,472.8
1.8 3.3 4.1 4.4 8.4 5.9 19.0
-4,445.0 -5,125.0 -4,773.7 -4,088.6 -4,944.7 -3,874.9 -2,986.5
-- -- -- 1,797.9 286.8 286.8 286.8
0.0 -- -- 0.0 0.0 0.0 0.0
889.00 -- 869.00 913.00 1,376.00 3,087.00 3,400.00
1% 2% 4% 2% 5% 5% 5%24 14 16 21 15 19 1395 153 114 108 91 62 6621 30 18 29 20 22 225% 10% 7% 11% 5% 3% 3%
124.6 86.0 81.1 90.8 73.2 74.7 118.8
19% 21% 37% 43% 35% 26% 32%
28% 24% 19% 17% 13% 8% 6%
2009 2010 2011 2012 2013 2014 20156.03 5.38 5.35 5.34 5.67 5.93 6.166.19 7.09 6.93 6.48 6.17 5.19 Err:502
Err:502 Err:502 2.70 2.67 2.57 2.55 3.190.0 0.0 0.0 0.0 0.0
E2016 E2017 E2018 E2019 E2020
itration 1 itration 2 itration 1 itration 2 itration 1 itration 2
683.9 683.9 724.9 1,024.9 797.4 1,093.0 901.1 1,072.3
317.5 397.0 317.5 856.4 856.4 1,256.4 856.4 856.4
615.7 615.7 652.7 652.7 717.9 717.9 811.3 965.4
2,695.8 2,695.8 2,857.5 2,857.5 3,143.3 3,143.3 3,551.9 4,226.8
541.7 541.7 574.2 574.2 631.6 631.6 713.8 849.4
4,854.7 4,934.2 5,126.9 5,965.8 6,146.7 6,842.3 6,834.5 7,970.3
30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8
478.9 778.9 788.5 788.5 798.3 898.3 808.2 818.3
1,248.2 1,248.2 1,705.6 1,705.6 1,958.8 1,958.8 2,215.2 2,474.7
769.3 769.3 917.1 917.1 1,160.5 1,160.5 1,406.9 1,656.4
656.4 956.4 956.4 956.4 956.4 956.4 956.4 956.4
1,166.0 1,766.0 1,775.7 1,775.7 1,785.5 1,885.5 1,795.4 1,805.4
6,020.6 6,700.1 6,902.5 7,741.4 7,932.2 8,727.8 8,629.8 9,775.7
773.8 773.8 820.2 820.2 902.2 902.2 1,019.5 1,213.2
1,295.6 1,077.5 1,373.4 977.1 1,510.7 678.4 1,707.1 2,031.5
493.1 493.1 493.1 493.1 493.1 493.1 493.1 493.1
2,562.5 2,344.4 2,686.7 2,290.4 2,906.1 2,073.8 3,219.7 3,737.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2
24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2
2,586.8 2,368.7 2,710.9 2,314.6 2,930.3 2,098.0 3,244.0 3,762.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
6,221.0 6,221.0 6,221.0 6,221.0 6,221.0 6,221.0 6,221.0 6,221.0
-1,889.6 -1,889.6 -794.2 -794.2 408.8 408.8 1,728.2 3,276.4
4,331.5 4,331.5 5,426.8 5,426.8 6,629.8 6,629.8 7,949.2 9,497.4
6,918.2 6,700.1 8,137.7 7,741.4 9,560.1 8,727.8 11,193.2 13,259.4
-897.6 0.0 -1,235.2 0.0 -1,627.9 0.0 -2,563.3 -3,483.7
5% 5% 5% 5% 5%15 15 15 15 1573 73 73 73 7321 21 21 21 214% 4% 4% 4% 4%
146.0 147.8 243.4 246.4 249.531% 31% 31% 31% 31%
9% 9% 9% 9% 9%
2016 2017 2018 2019 20206.17 6.67 6.68 6.69 6.71
Err:502 Err:502 Err:502 Err:502 Err:5023.19 3.19 3.19 3.19 3.19