APEX Foods Limited

Income Statement
For the Year Ended 30th June, 2016
Particulars 2012 2013

Turnover ( net of VAT) 3,933,346,104 3,305,717,280

Less : Cost of Goods Sold 3,629,828,686 2,948,342,362
Gross Profit 303,517,418 357,374,918
Less : Operating Expenses 284,782,908 336,710,675
Operating Profit/Loss 18,734,510 20,664,243
Plus : Other Income 30,305,059 44,985,484
Operating Profit before W.P.P.F 49,039,569 65,649,727
Less : Provision For W.P.P.F 2,335,218 3,282,486
EBT 46,704,351 62,367,241
Tax Expense:
Current Tax 31,164,150 47,788,736
Deffered Tax 105,984 84,520
Total Tax 31,058,166 47,704,216
Net Profit/Loss after Tax 15,646,185 14,663,025
Other Comprehensive income:
Fair valuation surplus of investments 143,937,000 -37,906,928
TOTAL COMPREHENSIVE INCOME 159,583,185 -23,243,903

Depreciation 35,298,774 37,068,833

Limited
ement
0th June, 2016
2014 2015 2016

3,844,681,256 2,751,779,885 2,031,946,945

3,546,802,966 2,534,570,075 1,840,425,960
297,878,290 217,209,810 191,520,985
266,559,246 270,735,165 212,321,398
31,319,044 -53,525,355 -20,800,413
39,058,056 183,855,603 30,566,537
70,377,100 130,330,248 9,766,124
3,518,855 6,516,512 488,306
66,858,245 123,813,736 9,277,818

49,476,094 38,787,121 19,982,054

341,576 184,081 2,524,346
49,134,518 38,603,040 17,457,708
17,723,727 85,210,696 -8,179,890

37,415,896 -13,006,024 43,035,502

55,139,623 72,204,672 34,855,612

38,959,773 35,284,955 30,048,979

 APEX Foods Limited
Balance Sheets
As at 30th June, 2016
PARTICULARS 2012 2013

Assets
Non-Current Asset:
Property, Plant & Equipment 147,408,771 186,453,636
Investment 189,186,650 151,279,722
Immovable Properties 12,039,990 12,039,990
Deferred Tax Assets 410,573 326,053
Total Non-Current Assets 349,045,984 350,099,401

Current Assets:
Inventories 715,872,045 875,860,190
Trade Receivables 82,036,136 98,149,748
Advances, Deposits & Prepayments 37,913,602 55,735,141
Other Receivables 54,530,281 77,357,565
Short Term Equivalents 0 0
Cash & Cash Equivalents 332,017,196 301,450,822
Total Current Assets 1,222,369,260 1,408,553,466

Total Assets 1,571,415,244 1,758,652,867

Equity & Liabilities

Shareholders Equity:
Share Capital 57,024,000 57,024,000
Share Premium 209,088,000 209,088,000
Reserve & Surplus 141,392,282 145,717,392
Fair valuation Surplus 143,937,000 106,030,072
Total Shareholers Equity 551,441,282 517,859,464

Non-Current Liabilities:
Deferred Tax Liabilities 0 0
Long Term Loan 142,500,000 112,500,000
Total Non-Current Liabilities 142,500,000 112,500,000

Current Liabilities:
Working Capital Loan (Secured) 766,023,738 778,328,291
Long Term Loan-Current Maturity 14,186,667 65,817,000
Short Term Loan 0 124,376,507
Trade Payables 39,503,650 54,259,056
Sundry Creditors/Other Payables 23,259,688 53,741,208
Income Tax Payables 31,164,150 47,788,736
Other Liabilities 3,336,069 3,982,605
Total Current Liabilities 877,473,962 1,128,293,403

Total Liabilities 1,019,973,962 1,240,793,403

Total Equity & Liabilities 1,571,415,244 1,758,652,867

Net Asset Per Share 275.5708550786 308.4057356552

Limited
heets
ne, 2016
2014 2015 2016

171,963,365 155,016,900 131,304,818

188,695,618 175,689,594 223,506,818
12,039,990 0 0
0 0 0
372,698,973 330,706,494 354,811,636

811,413,008 906,868,231 658,163,316

29,909,719 0 38,621,067
105,296,212 139,965,723 26,551,657
131,661,450 84,081,039 130,296,148
0 314,006,675 326,190,639
242,049,901 4,318,400 10,875,718
1,320,330,290 1,449,240,068 1,190,698,545

1,693,029,263 1,779,946,562 1,545,510,181

57,024,000 57,024,000 57,024,000

209,088,000 209,088,000 209,088,000
152,493,647 225,931,381 192,815,966
143,445,968 130,439,944 160,431,452
562,051,615 622,483,325 619,359,418

15,522 199,603 20,549,666

90,000,000 52,500,000 22,500,000
90,015,522 52,699,603 43,049,666

733,884,440 794,270,004 712,860,848

30,000,000 30,000,000 30,000,000
90,763,232 52,627,377 65,871,088
64,183,333 61,893,746 27,740,829
20,302,178 24,688,471 20,428,089
 97,264,830 136,051,951 19,982,054
4,564,113 5,232,085 6,218,189
1,040,962,126 1,104,763,634 883,101,097

1,130,977,648 1,157,463,237 926,150,763

1,693,029,263 1,779,946,562 1,545,510,181

296.8976681748 312.1398993406 271.0280199565

 Calculation
Particulars 2012 2013 2014

Sales growth -0.159566132 0.16303995

Average sales growth

COGS in proportion to sales 0.92283481 0.891891869 0.92252198

Average COGS

Operating Expense in proportion to sales 0.0724022 0.10185707 0.06933195

Average O/E

Other income growth 0.484421594 -0.13176313

Average O/I

WPPE in proportion to sales 0.0005937 0.000992972 0.00091525

Average WPPE

Depreciation in proportion to PPE 0.23946183 0.198809923 0.22655856

Average Depreciation

Tax 0.66499513 0.764892197 0.73490589

Average

PPE growth 0.264874775 -0.07771514

Average

Investment in growth -0.20036788 0.24732922

Average

Inventories in proportion to sales 0.18200078 0.264953145 0.21104819

Average

Trade Receivables in proportion to sales 0.02085658 0.029690908 0.00777951

Average

Advances, Deposits & Prepayments in pro to sales 0.00963902 0.016860226 0.0273875

Average

Other Receivables in proportion to sales 0.01386359 0.023401144 0.03424509

Average
Short Term Equivalents in pro to sales 0 0 0
Average

Working Capital Loan in pro to sales 0.19475117 0.23544914 0.19088304

Average

Long Term Loan in pro to sales 0.00360677 0.019910051 0.00780299

Average

Short Term Loan in pro to sales 0 0.037624666 0.02360748

Average

Trade Payables in pro to sales 0.01004327 0.016413701 0.01669406

Average

Sundry Creditors in pro to sales 0.00591346 0.016257049 0.00528059

Average

Income Tax Payables in pro to sales 0.00792306 0.014456389 0.02529854

Average

Other Liabilities in pro to sales 0.00084815 0.001204763 0.00118712

Average

Total Loan 14,186,667 190,193,507 120,763,232

Average Loan 102190087 155478370

Interest Rate 0.08 0.1738 0.1514

Average Interest Rate
 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

-0.28426319 -0.26158812
-0.13559438 -0.13559 -0.13559 -0.13559 -0.13559 -0.13559 -0.13559 -0.13559 -0.13559

0.9210657 0.90574509
0.91281189 0.912812 0.912812 0.912812 0.912812 0.912812 0.912812 0.912812 0.912812

0.09838547 0.10449161
0.08929366 0.089294 0.089294 0.089294 0.089294 0.089294 0.089294 0.089294 0.089294

3.70723896 -0.83374705
0.8065376 0.806538 0.806538 0.806538 0.806538 0.806538 0.806538 0.806538 0.806538

0.00236811 0.00024031
0.00102207 0.001022 0.001022 0.001022 0.001022 0.001022 0.001022 0.001022 0.001022

0.22762005 0.22884902
0.22425988 0.22426 0.22426 0.22426 0.2242599 0.22426 0.22426 0.22426 0.22426

0.31178318 1.88166097
0.87164747 0.871647 0.871647 0.871647 0.8716475 0.871647 0.871647 0.871647 0.871647

-0.09854695 -0.1529645
-0.01608795 -0.01609 -0.01609 -0.01609 -0.016088 -0.01609 -0.01609 -0.01609 -0.01609

-0.06892595 0.27216879
0.06255105 0.062551 0.062551 0.062551 0.062551 0.062551 0.062551 0.062551 0.062551

0.32955697 0.32390773
0.26229336 0.262293 0.262293 0.262293 0.262293 0.262293 0.262293 0.262293 0.262293

0 0.01900693
0.01546678 0.015467 0.015467 0.015467 0.015467 0.015467 0.015467 0.015467 0.015467

0.05086371 0.0130671
0.02356351 0.023564 0.023564 0.023564 0.023564 0.023564 0.023564 0.023564 0.023564

0.03055515 0.06412379
0.03323775 0.033238 0.033238 0.033238 0.033238 0.033238 0.033238 0.033238 0.033238
0.11411039 0.16053108
0.05492829 0.054928 0.054928 0.054928 0.054928 0.054928 0.054928 0.054928 0.054928

0.28863864 0.35082651
0.2521097 0.25211 0.25211 0.25211 0.25211 0.25211 0.25211 0.25211 0.25211

0.01090203 0.01476417
0.0113972 0.011397 0.011397 0.011397 0.011397 0.011397 0.011397 0.011397 0.011397

0.01912485 0.03241772
0.02255494 0.022555 0.022555 0.022555 0.022555 0.022555 0.022555 0.022555 0.022555

0.02249226 0.01365234
0.01585913 0.015859 0.015859 0.015859 0.015859 0.015859 0.015859 0.015859 0.015859

0.00897182 0.01005346
0.00929527 0.009295 0.009295 0.009295 0.009295 0.009295 0.009295 0.009295 0.009295

0.04944144 0.00983394
0.02139068 0.021391 0.021391 0.021391 0.021391 0.021391 0.021391 0.021391 0.021391

0.00190135 0.00306021
0.00164032 0.00164 0.00164 0.00164 0.00164 0.00164 0.00164 0.00164 0.00164

82,627,377 95,871,088 59634490 51548649 44559168 38517390 33294817 28780373 24878042 21504829
101695305 89249232.5 77752789 55591570 48053909 41538279 35906104 31037595 26829208 23191435

0.122 0.1088
0.1272 0.1272 0.1272 0.1272 0.1272 0.1272 0.1272 0.1272 0.1272
 2025 2026

-0.13559 -0.13559

0.912812 0.912812

0.089294 0.089294

0.806538 0.806538

0.001022 0.001022

0.22426 0.22426

0.871647 0.871647

-0.01609 -0.01609

0.062551 0.062551

0.262293 0.262293

0.015467 0.015467

0.023564 0.023564

0.033238 0.033238
0.054928 0.054928

0.25211 0.25211

0.011397 0.011397

0.022555 0.022555

0.015859 0.015859

0.009295 0.009295

0.021391 0.021391

0.00164 0.00164

18588989 16068508
20046909 17328748

0.1272 0.1272
 Assumptions
1
2
3
4
5
6
7
8
7
9
10

11

12
Assumptions
Adjusted beta is used for valuation
Perpetual growth rate is equal to population growth rate (1.37%)
Risk free rate is the cut off yield of 91 day t-bill rate
Sales growth rate is 13.56%
Long Term Loan, Share Capital, Share Premium, Fair valuation Surplus are same
Assume there has no Deferred Tax Liabilities
Assume Risk free rate 7% that is given by BB
The company is at 27.5 % income tax Margin
Tax Holiday Reserve transferred to shere capital as stock dividend.
Profit on Sale of capital asset transferred to other income
Provision for WPPF is on profit. But if we wait until profit is calculated then in cannot be calculated
Actually a company can make adjustment for it after prifit is recognised. But w cannot .So we will use growth rate of it
Provision for tax shows negative balance because of over payment. But it is un usual.so we take positive balance
Dividend policy: recently company has collected a huge amount share capital from the market
The money was invested in long term asset like land ,building etc. So divedend in the furure year may not rise so high
Interest Rate is given to the annual report of that company
 APEX Foods Limited
Proforma Income Statement
For the Year Ended 30th June, 2017-2026

Particulars 2016 2017

Turnover ( net of VAT) 2,031,946,945 1,756,435,259

Less : Cost of Goods Sold 1,840,425,960 1,603,295,181
Gross Profit 191,520,985 153,140,077
Less : Operating Expenses 212,321,398 156,839,130
Operating Profit/Loss -20,800,413 -3,699,053
Plus : Other Income 30,566,537 55,219,611
Operating Profit before W.P.P.F 9,766,124 51,520,558
Less : Provision For W.P.P.F 488,306 1,795,077
EBT 9,277,818 49,725,481
Total tax 2,524,346 43,343,090
Net Profit/Loss after Tax 6,753,472 6,382,391
 Limited
e Statement
h June, 2017-2026

2018 2019 2020 2021 2022 2023

1,518,280,202 1,312,416,589 1,134,466,024 980,643,776 847,678,286 732,741,587

1,385,904,388 1,197,989,612 1,035,554,200 895,143,406 773,770,912 668,855,314
132,375,814 114,426,978 98,911,824 85,500,370 73,907,374 63,886,274
135,573,312 117,190,927 101,301,009 87,565,605 75,692,585 65,429,427
-3,197,498 -2,763,949 -2,389,185 -2,065,236 -1,785,210 -1,543,154
99,756,325 180,213,592 325,562,702 588,141,392 1,062,499,774 1,919,446,216
96,558,827 177,449,642 323,173,516 586,076,156 1,060,714,563 1,917,903,062
1,551,682 1,341,290 1,159,424 1,002,218 866,327 748,862
95,007,144 176,108,353 322,014,092 585,073,938 1,059,848,236 1,917,154,200
82,812,737 153,504,400 280,682,769 509,978,219 923,814,036 1,671,082,613
12,194,407 22,603,952 41,331,323 75,095,719 136,034,200 246,071,587
 2024 2025 2026

633,389,156 547,507,920 473,271,321

578,165,222 499,771,799 432,007,741
55,223,934 47,736,121 41,263,580
56,557,851 48,889,172 42,260,289
-1,333,918 -1,153,052 -996,709
3,467,552,528 6,264,265,409 11,316,633,504
3,466,218,611 6,263,112,357 11,315,636,794
647,324 559,553 483,683
3,465,571,287 6,262,552,804 11,315,153,111
3,020,756,453 5,458,738,323 9,862,824,610
444,814,834 803,814,481 1,452,328,500
 APEX Foods Limited
Proforma Balance Sheets
As at 30th June, 2017-2026

PARTICULARS 2016 2017

Assets
Non-Current Asset:
Property, Plant & Equipment 131,304,818 129192392.2005
Investment 223,506,818 237487403.3059
Immovable Properties 0 0
Deferred Tax Assets 0 0
Total Non-Current Assets 354,811,636 366,679,796

Current Assets:
Cash & Cash Equivalents 10,875,718 405,518,725
Inventories 658,163,316 460700673.3174
Trade Receivables 38,621,067 0
Advances, Deposits & Prepayments 26,551,657 0
Other Receivables 130,296,148 2425830.823599
Short Term Equivalents 326,190,639 0
Total Current Assets 1,190,698,545 868,645,230

Total Assets 1,545,510,181 1,235,325,025

Equity & Liabilities

Shareholders Equity:
Share Capital 57,024,000 57,024,000
Share Premium 209,088,000 209,088,000
Reserve & Surplus 192,815,966 199,198,357
Fair valuation Surplus 160,431,452 160,431,452
Total Shareholers Equity 619,359,418 625,741,809

Non-Current Liabilities:
Long Term Loan 22,500,000 22,500,000
Total Non-Current Liabilities 22,500,000 22,500,000

Current Liabilities:
Working Capital Loan (Secured) 712,860,848 442814893.0778
Long Term Loan-Current Maturity 30,000,000 20018092.64372
Short Term Loan 65,871,088 39616397.2606
Trade Payables 27,740,829 27855306.76816
Sundry Creditors/Other Payables 20,428,089 16326065.72987
Income Tax Payables 19,982,054 37571906.61944
Other Liabilities 6,218,189 2880553.824313
Total Current Liabilities 883,101,097 587,083,216

Total Liabilities 905,601,097 609,583,216

Total Equity & Liabilities 1,524,960,515 1,235,325,025

Limited
nce Sheets
2017-2026

2018 2019 2020 2021 2022 2023

127113951.009 125068947.6826 123056844.2745 121077111.4923 119129228.559 117212683.0757

252342488.8495 268126775.5359 284898385.8684 302719077.9743 321654473.0159 341774296.8282
0 0 0 0 0 0
0 0 0 0 0 0
379,456,440 393,195,723 407,955,230 423,796,189 440,783,702 458,986,980

197,105,423 217,342,616 253,744,954 321,497,316 447,889,416 682,107,173

398234269.0223 344237684.4856 297562496.8462 257215997.8988 222340080.7437 192192989.1957
23483239.88428 20299147.38837 17546785.99398 15167617.28106 13111040.05392 11333314.13301
35776754.67985 30925784.51281 26732557.39072 23107889.93411 19974691.13794 17266322.76655
50,464,597 43,622,103 37,707,382 32,594,638 28,175,131 24,354,865
83396094.93527 72088418.423 62313949.76902 53864801.31984 46561272.90888 40248029.91517
788,460,379 728,515,753 695,608,126 703,448,260 778,051,632 967,502,694

1,167,916,819 1,121,711,476 1,103,563,356 1,127,244,450 1,218,835,334 1,426,489,674

57,024,000 57,024,000 57,024,000 57,024,000 57,024,000 57,024,000

209,088,000 209,088,000 209,088,000 209,088,000 209,088,000 209,088,000
211,392,764 233,996,716 275,328,039 350,423,758 486,457,958 732,529,545
160,431,452 160,431,452 160,431,452 160,431,452 160,431,452 160,431,452
637,936,216 660,540,168 701,871,491 776,967,210 913,001,410 1,159,072,997

22,500,000 22,500,000 22,500,000 22,500,000 22,500,000 22,500,000

22,500,000 22,500,000 22,500,000 22,500,000 22,500,000 22,500,000

382773621.7254 330873346.3556 286010229.3233 247230102.3293 213708172.7545 184731481.6107

17303839.46216 14957611.86948 12929509.2761 11176397.11335 9660989.428753 8351055.872108
34244809.95603 29601556.17409 25587881.17245 22118420.36428 19119383.74708 16526986.50482
24078405.72346 20813614.69142 17991496.67541 15552029.64119 13443329.94214 11620548.83529
14112414.47756 12198912.19855 10544861.69355 9115083.896518 7879169.670989 6810833.055299
32477531.80091 28073903.26402 24267362.72045 20976951.00919 18132686.22185 15674075.29703
2489979.531274 2152363.206629 1860524.279442 1608255.792393 1390192.389502 1201696.203409
507,480,603 438,671,308 379,191,865 327,777,240 283,333,924 244,916,677

529,980,603 461,171,308 401,691,865 350,277,240 305,833,924 267,416,677

1,167,916,819 1,121,711,476 1,103,563,356 1,127,244,450 1,218,835,334 1,426,489,674

 2024 2025 2026

115326970.8869 113471595.948 111646070.1947

363152636.67 385868214.0356 410004674.5312
0 0 0
0 0 0
478,479,608 499,339,810 521,650,745

1,112,917,906 1,900,616,521 3,334,735,140

166133541.7906 143607494.8592 124135754.6313
9796630.069714 8468304.998561 7320087.523807
14925182.06263 12901476.62676 11152165.41094
21,052,589 18,198,068 15,730,592
34790799.53897 30073515.02948 25995847.12663
1,359,616,648 2,113,865,381 3,519,069,586

1,838,096,256 2,613,205,191 4,040,720,331

57,024,000 57,024,000 57,024,000

209,088,000 209,088,000 209,088,000
1,177,344,379 1,981,158,859 3,433,487,360
160,431,452 160,431,452 160,431,452
1,603,887,831 2,407,702,311 3,860,030,812

22,500,000 22,500,000 22,500,000

22,500,000 22,500,000 22,500,000

159683740.0191 138032221.7099 119316432.7683

7218736.206409 6239947.764182 5393873.246837
14286092.40463 12349041.13549 10674634.64793
10044918.61871 8682928.103199 7505609.881687
5887352.201331 5089086.116353 4399056.929837
13548827.42751 11711741.91661 10123746.83014
1038758.215189 897912.9887917 776164.9666414
211,708,425 183,002,880 158,189,519

234,208,425 205,502,880 180,689,519

1,838,096,256 2,613,205,191 4,040,720,331

 Beta Calculation

Stock Daily Price Index Daily Price

Date (Close) (Close)
10/29/2017 154 6,007.10
10/26/2017 155 6,018.26
10/25/2017 144.5 6,001.53
10/24/2017 135.9 5,968.02
10/23/2017 136.3 5,981.95
10/22/2017 136.8 6,041.20
10/19/2017 140.6 6,039.56
10/18/2017 144.7 6,025.27
10/17/2017 142.5 6,031.74
10/16/2017 140.4 6,013.84
10/15/2017 142.9 6,008.95
10/12/2017 145.4 6,064.41
10/11/2017 135.7 6,108.57
10/10/2017 140.3 6,141.81
10/9/2017 140.1 6,128.90
10/8/2017 141.9 6,205.50
10/5/2017 138 6,202.31
10/4/2017 138.6 6,159.96
10/3/2017 139.4 6,133.23
10/2/2017 137.6 6,092.95
9/28/2017 142.2 6,092.84
9/27/2017 143.9 6,079.32
9/26/2017 148.9 6,104.27
9/25/2017 148.7 6,106.25
9/24/2017 147.1 6,165.32
9/21/2017 147.4 6,170.48
9/20/2017 150.8 6,172.91
9/19/2017 151.5 6,236.59
9/18/2017 155 6,235.94
9/17/2017 157.9 6,240.57
9/14/2017 157.5 6,203.90
9/13/2017 159.2 6,184.57
9/12/2017 162.5 6,149.40
9/11/2017 164.1 6,151.21
9/10/2017 170.9 6,167.49
 9/7/2017 173 6,114.99
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 7/5/2017 148.8 5,782.66
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 2/27/2017 144.7 5,620.25
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 6/9/2016 111.2 4,418.99
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 4/6/2016 111.3 4,413.85
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 2/3/2016 138.3 4,573.33
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12/6/2015 104 4,654.75
 12/3/2015 100.2 4,641.04
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10/4/2015 128.8 4,814.61
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9/30/2015 137 4,852.08
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7/30/2015 119.6 4,792.31
7/29/2015 116.2 4,777.90
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7/8/2015 97.8 4,579.73
7/7/2015 102.8 4,565.25
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6/17/2015 98.4 4,527.42
6/16/2015 97.1 4,506.72
6/15/2015 96.1 4,477.56
6/14/2015 97.8 4,453.37
6/11/2015 99 4,515.14
6/10/2015 98.7 4,556.69
6/9/2015 96 4,513.98
6/8/2015 97.4 4,542.27
6/7/2015 96.8 4,617.70
6/4/2015 96.5 4,591.43
6/2/2015 96.5 4,586.85
6/1/2015 98.9 4,623.63
5/31/2015 98.6 4,586.95
5/28/2015 98.6 4,544.71
5/27/2015 96 4,616.12
5/26/2015 97.1 4,627.17
5/25/2015 98.3 4,615.02
5/24/2015 97.9 4,484.62
5/21/2015 100.6 4,483.28
5/20/2015 99.1 4,455.57
5/19/2015 94.9 4,459.29
5/18/2015 95.3 4,407.43
5/17/2015 90.1 4,316.00
5/14/2015 89.7 4,314.89
5/13/2015 88.8 4,342.66
5/12/2015 85.3 4,326.61
5/11/2015 87 4,349.22
5/10/2015 85 4,277.05
5/7/2015 84.8 4,122.32
5/6/2015 86.4 4,089.88
5/5/2015 84.6 4,014.37
5/4/2015 85 3,959.74
4/30/2015 85.3 4,047.29
4/29/2015 88.7 4,099.21
4/27/2015 93.1 4,118.49
4/26/2015 90.4 4,094.48
4/23/2015 83 4,192.21
4/22/2015 86.7 4,252.95
4/21/2015 86.6 4,283.25
4/20/2015 87.9 4,308.45
4/19/2015 88.7 4,373.66
4/16/2015 89.4 4,373.34
4/15/2015 89.3 4,360.50
4/13/2015 86.9 4,291.62
4/12/2015 86.5 4,305.27
4/9/2015 87.2 4,345.89
4/8/2015 89 4,347.14
4/7/2015 87.8 4,345.03
4/6/2015 87.8 4,397.26
4/5/2015 90.6 4,431.11
4/2/2015 92.2 4,472.14
4/1/2015 92.1 4,513.11
3/31/2015 91.7 4,530.48
3/30/2015 94.1 4,509.28
3/29/2015 96.6 4,558.08
3/25/2015 94.4 4,509.30
3/24/2015 93.1 4,493.40
3/23/2015 93 4,506.56
3/22/2015 91.8 4,533.21
3/19/2015 91 4,468.02
3/18/2015 90.5 4,442.82
3/16/2015 91.9 4,478.00
3/15/2015 92.7 4,536.40
3/12/2015 93.1 4,556.94
3/11/2015 93.3 4,585.73
3/10/2015 93.7 4,649.30
3/9/2015 93.5 4,626.23
3/8/2015 93.7 4,624.95
3/5/2015 94 4,664.91
3/4/2015 94.8 4,681.54
3/3/2015 95.1 4,695.80
3/2/2015 98.3 4,719.41
3/1/2015 100.6 4,739.65
2/26/2015 97.5 4,763.22
2/25/2015 92.5 4,742.22
2/24/2015 93.5 4,801.15
2/23/2015 94.7 4,808.64
2/22/2015 94.5 4,802.18
2/19/2015 93.9 4,788.23
2/18/2015 95.3 4,802.27
2/17/2015 96.5 4,800.41
2/16/2015 96.6 4,769.47
2/15/2015 96.3 4,831.18
2/12/2015 94 4,841.72
2/11/2015 93.5 4,810.54
2/10/2015 94.7 4,786.69
2/9/2015 93.9 4,712.57
2/8/2015 93.1 4,701.60
2/5/2015 92.9 4,685.04
2/4/2015 91.3 4,668.06
2/3/2015 90.7 4,656.47
2/2/2015 90.9 4,618.43
2/1/2015 91.4 4,654.95
1/29/2015 91.3 4,724.05
1/28/2015 93.8 4,747.64
1/27/2015 93 4,757.10
1/26/2015 93 4,708.33
1/25/2015 90.6 4,716.76
1/22/2015 92.7 4,797.96
1/21/2015 92.2 4,783.21
1/20/2015 94.7 4,856.95
1/19/2015 93.7 4,867.08
1/18/2015 95 4,917.38
1/15/2015 95.7 4,956.09
 1/14/2015 95 4,951.69
1/13/2015 95.6 4,969.73
1/12/2015 93.8 4,956.93
1/11/2015 95 4,943.99
1/8/2015 95.3 4,968.71
1/7/2015 94.9 4,963.66
1/6/2015 95.2 4,969.67
1/5/2015 93.8 4,926.41
1/1/2015 94.1 4,941.52
12/30/2014 92.7 4,864.96
12/29/2014 90.5 4,814.16
12/28/2014 89.9 4,801.35
12/24/2014 92.6 4,823.57
12/23/2014 93 4,838.64
12/22/2014 92.8 4,868.47
12/21/2014 93.2 4,849.69
12/18/2014 94.8 4,856.42
12/17/2014 94.6 4,837.93
12/15/2014 94.6 4,878.65
12/14/2014 94.4 4,892.96
12/11/2014 95.7 4,933.03
12/10/2014 95.8 4,943.73
12/9/2014 95.8 4,944.03
12/8/2014 96 4,930.82
12/7/2014 96.2 4,930.37
12/4/2014 96.6 4,961.85
12/3/2014 98.9 4,992.00
12/2/2014 99.3 4,932.89
12/1/2014 96.7 4,868.65
11/30/2014 95.8 4,769.43
11/27/2014 96.4 4,772.56
11/26/2014 95.9 4,756.61
11/25/2014 98.5 4,804.45
11/24/2014 99.1 4,768.90
11/23/2014 102.9 4,838.11
11/20/2014 100.3 4,899.61
11/19/2014 107.1 4,926.24
11/18/2014 110.8 4,898.82
11/17/2014 100.5 4,917.43
11/16/2014 101.8 4,963.90
11/13/2014 99 4,984.46
11/12/2014 96.2 5,005.66
11/11/2014 96.7 4,934.78
11/10/2014 96.9 4,914.71
11/9/2014 95.9 4,938.65
11/6/2014 95.7 5,025.10
11/5/2014 94.9 5,017.22
11/3/2014 95.1 5,065.15
11/2/2014 96.3 5,105.22
10/30/2014 97.1 5,173.23
10/29/2014 97.2 5,109.43
10/28/2014 97.3 5,128.84
10/27/2014 98.6 5,157.24
10/26/2014 99.8 5,111.64
10/23/2014 102.3 5,154.11
10/22/2014 102.9 5,170.15
10/21/2014 99.5 5,233.82
10/20/2014 99 5,144.50
10/19/2014 97.4 5,176.75
10/16/2014 97.1 5,285.84
10/15/2014 98.8 5,315.12
10/14/2014 99.5 5,292.61
10/13/2014 100 5,309.24
10/12/2014 99.4 5,334.04
10/2/2014 97.8 5,237.72
10/1/2014 98.4 5,153.27
9/30/2014 98.3 5,074.31
9/29/2014 96.7 5,050.35
9/28/2014 95.9 5,072.20
9/25/2014 97.1 5,026.93
9/24/2014 95.9 4,979.72
9/23/2014 96.9 4,967.11
9/22/2014 98.3 4,924.53
9/21/2014 99.8 4,913.24
9/18/2014 98 4,866.19
9/17/2014 97.1 4,798.40
9/16/2014 97.7 4,759.40
9/15/2014 99.1 4,709.92
9/14/2014 103.4 4,713.58
9/11/2014 106.6 4,675.92
9/10/2014 107.4 4,663.14
9/9/2014 102.8 4,647.43
9/8/2014 95.1 4,608.96
9/7/2014 96.7 4,641.45
9/4/2014 96.2 4,642.38
9/3/2014 98 4,632.46
 9/2/2014 94.6 4,602.44
9/1/2014 94.3 4,554.98
8/31/2014 94.8 4,549.52
8/28/2014 95.5 4,578.00
8/27/2014 95.5 4,599.47
8/26/2014 96.8 4,590.65
8/25/2014 98.2 4,564.35
8/24/2014 94.3 4,540.61
8/20/2014 96.3 4,553.87
8/19/2014 94.9 4,576.37
8/18/2014 97.2 4,554.15
8/14/2014 99.1 4,554.51
8/13/2014 99.4 4,527.21
8/12/2014 100 4,526.50
8/11/2014 102.5 4,565.14
8/10/2014 97.3 4,530.84
8/7/2014 95.1 4,486.20
8/6/2014 95.7 4,484.90
8/5/2014 99.9 4,472.18
8/4/2014 96.3 4,467.00
8/3/2014 93.8 4,420.62
7/24/2014 92.2 4,427.16
7/23/2014 93.1 4,388.69
7/22/2014 94 4,424.60
7/21/2014 94.9 4,394.95
7/20/2014 95.2 4,374.19
7/17/2014 95.5 4,392.15
7/16/2014 95.1 4,389.36
7/15/2014 91.2 4,362.79
7/14/2014 92.4 4,376.90
7/13/2014 90.8 4,344.37
7/10/2014 93.6 4,363.09
7/9/2014 95.2 4,371.00
7/8/2014 95.3 4,376.52
7/7/2014 95.8 4,376.77
7/6/2014 96.4 4,411.16
7/3/2014 96.8 4,436.21
7/2/2014 97.1 4,466.62
6/30/2014 97.2 4,480.52
6/29/2014 98.4 4,487.07
6/26/2014 97.5 4,409.43
6/25/2014 98.3 4,403.65
6/24/2014 97.9 4,392.94
6/23/2014 99.1 4,367.90
6/22/2014 99.6 4,322.26
6/19/2014 98.4 4,328.41
6/18/2014 97 4,340.46
6/17/2014 98.5 4,338.87
6/16/2014 97.2 4,358.75
6/15/2014 99 4,361.59
6/12/2014 102.1 4,408.80
6/11/2014 100.1 4,411.17
6/10/2014 101.8 4,401.88
6/9/2014 105.1 4,415.96
6/8/2014 104.4 4,346.34
6/5/2014 107.4 4,396.54
6/4/2014 111 4,401.00
6/3/2014 106.6 4,418.79
6/2/2014 106.1 4,447.46
6/1/2014 109.6 4,448.58
5/29/2014 106.1 4,430.48
5/28/2014 100.8 4,430.98
5/27/2014 98 4,415.75
5/26/2014 95.6 4,378.34
5/25/2014 95.7 4,378.25
5/22/2014 95.6 4,384.06
5/21/2014 95.9 4,410.63
5/20/2014 96 4,363.50
5/19/2014 95.6 4,364.27
5/18/2014 95.9 4,402.51
5/15/2014 94.2 4,416.96
5/14/2014 96.7 4,457.49
5/12/2014 98 4,497.12
5/11/2014 99.3 4,498.35
5/8/2014 100.7 4,555.12
5/7/2014 102.7 4,575.51
5/6/2014 100.4 4,562.97
5/5/2014 96.2 4,506.45
5/4/2014 96.6 4,504.78
4/30/2014 99.1 4,566.86
4/29/2014 94.1 4,567.04
4/28/2014 96.4 4,624.76
4/27/2014 99.2 4,666.41
4/24/2014 98.3 4,702.45
4/23/2014 100.9 4,694.22
4/22/2014 102.8 4,659.99
4/21/2014 103.4 4,648.75
4/20/2014 104.5 4,616.44
4/17/2014 104.3 4,598.92
4/16/2014 106 4,590.15
4/15/2014 106.7 4,606.76
4/13/2014 109 4,573.57
4/10/2014 110.9 4,592.73
4/9/2014 112.1 4,594.33
4/8/2014 113.2 4,586.91
4/7/2014 117.9 4,608.29
4/6/2014 114.7 4,588.79
4/3/2014 112.5 4,621.23
4/2/2014 110.3 4,595.81
4/1/2014 115.1 4,526.94
3/31/2014 111.4 4,491.98
3/30/2014 115.5 4,478.69
3/27/2014 122 4,508.06
3/25/2014 122 4,498.77
3/24/2014 122.6 4,466.08
3/23/2014 127.5 4,519.55
3/20/2014 126.7 4,558.93
3/19/2014 123.8 4,519.02
3/18/2014 123.8 4,554.78
3/16/2014 131.6 4,591.17
3/13/2014 124.7 4,635.34
3/12/2014 121.3 4,660.53
3/11/2014 122.9 4,672.64
3/10/2014 115.1 4,665.57
3/9/2014 112.1 4,687.20
3/6/2014 107.6 4,699.63
3/5/2014 103.4 4,697.54
3/4/2014 102.8 4,703.88
3/3/2014 103.8 4,687.19
3/2/2014 104.8 4,697.30
2/27/2014 109.3 4,749.87
2/26/2014 105.5 4,750.26
2/25/2014 106 4,756.89
2/24/2014 102.2 4,751.58
2/23/2014 98.2 4,727.44
2/20/2014 98 4,761.18
2/19/2014 98.6 4,749.24
2/18/2014 96.2 4,671.57
2/17/2014 95.3 4,684.07
 2/16/2014 97.1 4,713.88
2/13/2014 100.6 4,759.33
2/12/2014 101.7 4,763.71
2/11/2014 101.2 4,763.47
2/10/2014 101.8 4,797.97
2/9/2014 104.3 4,822.72
2/6/2014 100.9 4,845.09
2/5/2014 102.9 4,811.50
2/4/2014 100.2 4,809.55
2/3/2014 101.4 4,826.51
2/2/2014 101.3 4,787.66
1/30/2014 100.6 4,753.17
1/29/2014 100.8 4,748.51
1/28/2014 102.3 4,706.54
1/27/2014 103.8 4,751.62
1/26/2014 104.9 4,758.38
1/23/2014 106.1 4,702.66
1/22/2014 108 4,640.56
1/21/2014 112.5 4,584.63
1/20/2014 108.3 4,550.48
1/19/2014 102.1 4,565.40
1/16/2014 103 4,519.36
1/15/2014 103.2 4,494.02
1/13/2014 105.8 4,454.83
1/12/2014 101.4 4,437.82
1/9/2014 96.7 4,407.83
1/8/2014 95.9 4,391.27
1/7/2014 97.3 4,330.63
1/6/2014 96.2 4,296.34
1/2/2014 90.7 4,314.09
1/1/2014 89.2 4,286.15
12/30/2013 89.4 4,266.55
12/29/2013 89 4,209.69
12/26/2013 89.2 4,200.96
12/24/2013 90.7 4,228.91
12/23/2013 92.6 4,265.24
12/22/2013 93.8 4,288.87
12/19/2013 93.4 4,244.64
12/18/2013 96.3 4,240.13
12/17/2013 103.7 4,270.59
12/15/2013 103 4,280.72
12/12/2013 99.1 4,299.58
12/11/2013 89.7 4,333.79
12/10/2013 85.9 4,329.54
12/9/2013 86.1 4,289.82
12/8/2013 87.8 4,302.57
12/5/2013 89 4,277.39
12/4/2013 90.4 4,294.23
12/3/2013 85.9 4,310.72
12/2/2013 81.7 4,197.92
12/1/2013 80.1 4,147.21
11/28/2013 81.4 4,230.73
11/27/2013 83 4,268.66
11/26/2013 81.1 4,277.55
11/25/2013 83.8 4,354.89
11/24/2013 82.6 4,324.70
11/21/2013 86.3 4,395.94
11/20/2013 89.4 4,439.60
11/19/2013 89.6 4,381.37
11/18/2013 88.4 4,279.43
11/17/2013 84.9 4,256.42
11/14/2013 84 4,241.54
11/13/2013 82.8 4,212.72
11/12/2013 84.4 4,197.71
11/11/2013 83.5 4,198.51
11/10/2013 83 4,244.70
11/7/2013 82.7 4,200.81
11/6/2013 83.9 4,111.97
11/5/2013 85.4 4,090.12
11/4/2013 86.7 4,085.21
11/3/2013 85 3,993.33
10/31/2013 82.4 3,967.73
10/30/2013 82.2 3,946.02
10/29/2013 81.6 3,989.14
10/28/2013 83.4 3,951.51
10/27/2013 84.3 3,909.14
10/24/2013 85 3,799.27
10/23/2013 86 3,883.86
10/22/2013 89.2 3,814.67
10/21/2013 85 3,763.89
10/20/2013 81.6 3,771.68
10/10/2013 82.2 3,843.56
10/9/2013 84 3,821.57
10/8/2013 81.5 3,792.36
10/7/2013 85.4 3,857.25
10/6/2013 86.4 3,882.33
 10/3/2013 89.5 3,948.44
10/2/2013 90.9 3,954.49
10/1/2013 90.2 3,928.49
9/30/2013 87.4 3,937.68
9/29/2013 89.3 3,968.79
9/26/2013 95.3 4,013.38
9/25/2013 92 4,005.92
9/24/2013 96.3 4,030.10
9/23/2013 100.3 4,021.08
9/22/2013 97.2 4,036.79
9/19/2013 101.1 4,097.71
9/18/2013 105.2 4,116.17
9/17/2013 110.8 4,118.81
9/16/2013 109.8 4,137.94
9/15/2013 107.9 4,123.91
9/12/2013 113.8 4,077.95

Covariance 3.28991142E-05
Variance of market return 5.03883822E-05
Beta 0.6529107052
Market return 0.04%
Market return -yearly 0.1511481672
ulation

Excess Stock Excess Market

Returns Returns
-0.65% -0.19%
7.27% 0.28%
6.33% 0.56%
-0.29% -0.23%
-0.37% -0.98%
-2.70% 0.03%
-2.83% 0.24%
1.54% -0.11%
1.50% 0.30%
-1.75% 0.08%
-1.72% -0.91%
7.15% -0.72%
-3.28% -0.54%
0.14% 0.21%
-1.27% -1.23%
2.83% 0.05%
-0.43% 0.69%
-0.57% 0.44%
1.31% 0.66%
-3.23% 0.00%
-1.18% 0.22%
-3.36% -0.41%
0.13% -0.03%
1.09% -0.96%
-0.20% -0.08%
-2.25% -0.04%
-0.46% -1.02%
-2.26% 0.01%
-1.84% -0.07%
0.25% 0.59%
-1.07% 0.31%
-2.03% 0.57%
-0.98% -0.03%
-3.98% -0.26%
-1.21% 0.86%
 3.04% 0.75%
5.86% -0.23%
2.72% 0.74%
0.52% 0.53%
-0.32% 0.54%
-1.15% 0.43%
0.45% 0.02%
2.51% 0.54%
-0.13% 0.51%
-1.30% 0.50%
-0.13% -0.11%
2.95% 0.31%
0.47% 0.43%
-1.65% -0.71%
2.72% -0.38%
-0.67% -0.65%
-1.92% 0.34%
-0.98% 0.20%
-0.46% -0.13%
2.06% -0.27%
1.62% 0.10%
-0.67% 0.46%
-0.07% -0.18%
-0.33% 0.25%
-0.07% 0.27%
-0.66% 1.01%
-1.44% -0.22%
0.59% -0.16%
0.40% 0.39%
-0.20% 0.07%
-1.43% 0.39%
-0.19% -0.12%
-1.35% 0.12%
3.04% -0.75%
-0.20% -0.09%
0.66% -0.35%
4.65% 0.17%
0.21% 0.76%
-0.35% -0.69%
-0.35% 0.06%
0.21% 0.92%
-1.03% 0.43%
-1.88% -0.57%
-0.47% 0.38%
0.13% 0.60%
-0.67% 1.27%
1.97% -0.03%
3.66% 0.17%
1.28% 0.84%
-0.99% 0.56%
0.07% 0.73%
0.43% 0.88%
-0.77% 0.31%
-0.49% -0.12%
3.55% 0.16%
0.51% 0.09%
0.73% 0.09%
0.00% -0.09%
0.07% -0.38%
0.07% -0.26%
0.07% -0.20%
0.22% 0.33%
0.07% 0.71%
-0.80% 0.10%
0.37% 0.66%
0.29% 0.56%
0.30% 0.31%
0.22% -0.30%
-0.73% -0.76%
0.00% 0.02%
0.59% 0.33%
-1.53% 0.18%
-0.58% 0.40%
-1.57% -0.67%
0.14% -0.55%
1.74% -0.11%
-2.82% 0.14%
2.75% -0.59%
2.99% -0.66%
-1.11% -0.27%
1.65% -0.33%
0.68% -0.07%
1.46% -0.13%
-0.15% -0.08%
-1.88% 0.43%
-1.04% 0.84%
-2.18% -1.06%
0.58% 0.31%
0.37% 0.88%
0.44% 0.62%
0.07% -0.05%
-1.81% -1.51%
1.47% -0.60%
0.59% -0.29%
-0.95% -0.44%
0.81% 0.06%
-0.29% -0.94%
0.22% -0.01%
-0.59% -0.65%
-0.22% -0.11%
-0.22% -0.20%
-0.94% -0.62%
-1.21% -0.36%
1.74% -0.35%
-0.15% 0.66%
0.58% 0.84%
1.48% -0.49%
-0.88% -0.24%
-0.15% -0.07%
0.15% 0.69%
-0.51% -0.49%
-0.65% -0.18%
-0.65% 0.20%
-0.86% 0.51%
-0.85% 0.00%
-0.91% -0.10%
1.93% 0.30%
-0.07% 0.05%
0.43% 0.38%
-0.07% -0.29%
-0.78% 0.08%
0.07% 0.38%
-1.06% 0.49%
-0.28% 0.60%
-0.07% 0.28%
0.00% -0.24%
0.07% -0.19%
-0.91% -0.28%
-0.83% -0.13%
 0.91% -0.26%
-0.42% 0.17%
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0.07% 0.16%
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-0.51% 0.47%
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 1.15% -0.25%
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-1.00% 0.20%
 3.00% 0.20%
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 0.09% -0.03%
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-0.36% 0.09%
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0.07% -0.05%
10.11% -0.39%
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 0.40% 0.47%
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-4.52% -0.87%
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10.25% -0.40%
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 1.51% 0.62%
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-0.86% -1.29%
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-0.63% -0.36%
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 1.04% -0.48%
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 0.32% 1.04%
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-0.50% 1.06%
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-1.05% 0.70%
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-3.48% -0.95%
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-1.18% -0.35%
0.10% 0.81%
0.70% 0.73%
-0.20% 0.10%
-1.47% 0.89%
-1.45% -0.95%
-1.05% -0.14%
-1.13% 1.18%
-1.76% 1.34%
-4.00% 1.22%
3.88% 0.75%
6.07% -0.33%
-0.87% 1.02%
-0.19% 0.56%
-2.46% 0.88%
4.34% 0.38%
4.86% 0.68%
0.83% 0.38%
-1.44% 1.40%
1.14% 0.80%
6.06% -0.41%
1.68% 0.65%
-0.22% 0.46%
0.45% 1.35%
-0.22% 0.21%
-1.65% -0.66%
-2.05% -0.85%
-1.28% -0.55%
0.43% 1.04%
-3.01% 0.11%
-7.14% -0.71%
0.68% -0.24%
3.94% -0.44%
10.48% -0.79%
4.42% 0.10%
-0.23% 0.93%
-1.94% -0.30%
-1.35% 0.59%
-1.55% -0.39%
5.24% -0.38%
5.14% 2.69%
2.00% 1.22%
-1.60% -1.97%
-1.93% -0.89%
2.34% -0.21%
-3.22% -1.78%
1.45% 0.70%
-4.29% -1.62%
-3.47% -0.98%
-0.22% 1.33%
1.36% 2.38%
4.12% 0.54%
1.07% 0.35%
1.45% 0.68%
-1.90% 0.36%
1.08% -0.02%
0.60% -1.09%
0.36% 1.04%
-1.43% 2.16%
-1.76% 0.53%
-1.50% 0.12%
2.00% 2.30%
3.16% 0.65%
0.24% 0.55%
0.74% -1.08%
-2.16% 0.95%
-1.07% 1.08%
-0.82% 2.89%
-1.16% -2.18%
-3.59% 1.81%
4.94% 1.35%
4.17% -0.21%
-0.73% -1.87%
-2.14% 0.58%
3.07% 0.77%
-4.57% -1.68%
-1.16% -0.65%
-3.46% -1.67%
-1.54% -0.15%
0.78% 0.66%
3.20% -0.23%
-2.13% -0.78%
-6.30% -1.11%
3.59% 0.19%
-4.47% -0.60%
-3.99% 0.22%
3.19% -0.39%
-3.86% -1.49%
-3.90% -0.45%
-5.05% -0.06%
0.91% -0.46%
1.76% 0.34%
-5.18% 1.13%
WACC Calculation
Risk-free rate 0.07
Market return 0.15
Beta 0.6529107052
Cost of equity 0.1229825071
Cost of debt 0.1272
After tax cost of debt 0.09222

Total market value of equity 57,024,000

Book value of debt 22,500,000
Weight of equity 0.7170665459
Weight of debt 0.2829334541

WACC 0.1241757769

Number of shares outstanding 5,702,400

Value of the firm 79,524,000

E/V 0.7170665459
D/V 0.2829334541

WACC 0.1241757769
Change in Net Working Capital
Particulars 2017 2018 2019
Inventories 460700673.317 398234269.022 344237684.486
Trade Receivables 0 23483239.8843 20299147.3884
Advances, Deposits & Prepayments 0 35776754.6798 30925784.5128
Other Receivables 2,425,831 50,464,597 43,622,103
Short Term Equivalents 0 83396094.9353 72088418.423
Total Non-cash Current asset 463,126,504 591,354,956 511,173,137

Trade Payables 27855306.7682 24078405.7235 20813614.6914

Sundry Creditors/Other Payables 16326065.7299 14112414.4776 12198912.1985
Income Tax Payables 37571906.6194 32477531.8009 28073903.264
Other Liabilities 2880553.82431 2489979.53127 2152363.20663
Total Current Liabilities 84633832.9418 73158331.5332 63238793.3606

Net Working capital 378,492,671 518,196,624 447,934,344

Change in NWC 0 139,703,953 -70,262,280

 2020 2021 2022 2023 2024 2025
297562496.846 257215997.899 222340080.744 192192989.196 166133541.791 143607494.859
17546785.994 15167617.2811 13111040.0539 11333314.133 9796630.06971 8468304.99856
26732557.3907 23107889.9341 19974691.1379 17266322.7665 14925182.0626 12901476.6268
37,707,382 32,594,638 28,175,131 24,354,865 21,052,589 18,198,068
62313949.769 53864801.3198 46561272.9089 40248029.9152 34790799.539 30073515.0295
441,863,172 381,950,944 330,162,216 285,395,521 246,698,742 213,248,860

17991496.6754 15552029.6412 13443329.9421 11620548.8353 10044918.6187 8682928.1032

10544861.6935 9115083.89652 7879169.67099 6810833.0553 5887352.20133 5089086.11635
24267362.7205 20976951.0092 18132686.2219 15674075.297 13548827.4275 11711741.9166
1860524.27944 1608255.79239 1390192.3895 1201696.20341 1038758.21519 897912.988792
54664245.3689 47252320.3393 40845378.2245 35307153.391 30519856.4627 26381669.125

387,198,926 334,698,624 289,316,837 250,088,368 216,178,886 186,867,191

-60,735,418 -52,500,302 -45,381,786 -39,228,470 -33,909,482 -29,311,695

 2026
124135754.631
7320087.52381
11152165.4109
15,730,592
25995847.1266
184,334,447

7505609.88169
4399056.92984
10123746.8301
776164.966641
22804578.6083

161,529,868

-25,337,322
Free cash flow and valuation
Particulars 2017 2018 2019
EBIT 49,725,481 95,007,144 176,108,353
EBIT(1-tc) 6,382,391 12,194,407 22,603,952
Depreciation 28972670.11174 28506559.14372 28047946.94726
Capital expenditure -2,112,426 -2,078,441 -2,045,003
Change in NWC 0 139703953.1432 -70262280.29459
Free cashflow 37,467,487 -96,924,546 122,959,183

Present value discount factor 0.8895406044 0.7912824868 0.7038779015

Present value of free cashflow 33328851.11316 -76694695.54441 86548251.51762
Terminal value

Enterprise value 1420506696.214

Cash 10,875,718
Interest-bearing debt 95,871,088
Equity value 1,335,511,326

Value per share 234.2016214602

 2020 2021 2022 2023 2024 2025
322,014,092 585,073,938 1,059,848,236 1,917,154,200 3,465,571,287 6,262,552,804
41,331,323 75,095,719 136,034,200 246,071,587 444,814,834 803,814,481
27596712.88246 27152738.25029 26715906.26134 26286102.00509 25863212.4197 25447126.26228
-2,012,103 -1,979,733 -1,947,883 -1,916,545 -1,885,712 -1,855,375
-60735417.70945 -52500302.42222 -45381786.4168 -39228469.9965 -33909481.74971 -29311695.11927
131,675,557 156,728,492 210,079,775 313,502,705 506,473,240 860,428,677

0.6261279739 0.5569662563 0.4954441002 0.4407176444 0.3920362397 0.3487321536

82445749.44798 87292481.53505 104082785.3159 138166173.4903 198555864.5847 300059145.6096
 2026
11,315,153,111
1,452,328,500
25037734.07959
-1,825,526
-25337322.37805
1,504,529,083

0.3102114107
466722089.1444