Scribd Logo
Upload

Welcome to Scribd!

  • 21 views

    (All Non-Ratios in Millions)

    Uploaded by

    Aninda Dutta
    The document provides financial information for the transport logistics industry and a company (ALL) within that industry for the years 2009-2013. It includes income statements, balance sheets, and key financial ratios related to profitability, operating efficiency, asset utilization, working capital management, and leverage. It also includes projected financial statements for ALL from 2013-2018 based on assumptions around revenue growth, costs, taxes, and other factors. The projections estimate figures like revenue, expenses, EBIT, net income, cash flow, and working capital needs over the forecast period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    (All Non-Ratios in Millions)

    Uploaded by

    Aninda Dutta
    21 views13 pages
    The document provides financial information for the transport logistics industry and a company (ALL) within that industry for the years 2009-2013. It includes income statements, balance sheets, and key financial ratios related to profitability, operating efficiency, asset utilization, working capital management, and leverage. It also includes projected financial statements for ALL from 2013-2018 based on assumptions around revenue growth, costs, taxes, and other factors. The projections estimate figures like revenue, expenses, EBIT, net income, cash flow, and working capital needs over the forecast period.

    Original Title

    TN

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document provides financial information for the transport logistics industry and a company (ALL) within that industry for the years 2009-2013. It includes income statements, balance sheets, and key financial ratios related to profitability, operating efficiency, asset utilization, working capital management, and leverage. It also includes projected financial statements for ALL from 2013-2018 based on assumptions around revenue growth, costs, taxes, and other factors. The projections estimate figures like revenue, expenses, EBIT, net income, cash flow, and working capital needs over the forecast period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    21 views13 pages

    (All Non-Ratios in Millions)

    Uploaded by

    Aninda Dutta
    The document provides financial information for the transport logistics industry and a company (ALL) within that industry for the years 2009-2013. It includes income statements, balance sheets, and key financial ratios related to profitability, operating efficiency, asset utilization, working capital management, and leverage. It also includes projected financial statements for ALL from 2013-2018 based on assumptions around revenue growth, costs, taxes, and other factors. The projections estimate figures like revenue, expenses, EBIT, net income, cash flow, and working capital needs over the forecast period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 13

    (all non-ratios in ₹ mi

    Mar-09 Mar-10 Mar-11


    Transport Logistics vs. ALL
    Profitability (RoA)

    Total income / Total assets 0.56 0.51 0.97


    EBIT -8,589.07 -8,956.18 27,497.64
    Industry Total Income 230,348.03 263,546.94 248,141.06
    EBIT / Total income -0.04 -0.03 0.11
    EBIT / TA (RoA) -0.02 -0.02 0.11

    Total assets 1,118.24 2,776.44 6,133.50


    ALL EBIT 212.09 309.35 314.82
    EBIT / TA (RoA) 0.19 0.11 0.05

    Operating cost efficiency

    Direct operating cost 159,231.27 190,940.58 204,463.87


    Other operating expenses 17,908.00 18,606.82 8,081.79
    Industry Total operating costs 177,139.27 209,547.40 212,545.66
    Total operating cost / Total
    income 0.77 0.80 0.86

    Revenue 2,134.01 3,220.12 3,808.79


    Direct operating cost 1,754.90 2,724.24 3,267.88
    ALL Other operating expenses 155.62 171.62 177.26
    Total operating cost / Total
    income 0.90 0.90 0.90

    Asset utilization

    Industry Sales / NFA 2.65 2.21 2.53

    Net fixed assets 141.68 493.26 516.71


    ALL
    Sales / NFA 15.06 6.53 7.37

    Working capital management

    DSO 37.48 46.74 51.08


    Industry
    PDP 84.90 109.72 63.92

    Trade receivables 597.26 1,032.39 1,556.35


    Trade payables 65.77 105.85 135.41
    ALL
    DSO 102.16 117.02 149.15
    PDP 12.56 13.34 14.35
    Leverage (solvency) ratios

    Industry Debt-to-equity ratio 0.80 0.78 0.56

    Short-term borrowings 0.62 0.11 619.71


    Long-term borrowings 397.28 296.99 51.95
    ALL Total borrowings 397.90 297.10 671.66
    Total equity 574.48 2,270.09 5,196.08
    Debt-to-equity ratio 0.69 0.13 0.13
    (all non-ratios in ₹ millions)
    Mar-12 Mar-13

    bility (RoA)

    0.92 0.88
    32,426.74 27,004.06
    246,853.98 224,671.74
    0.13 0.12
    0.12 0.11

    6,345.79 6,042.18
    109.08 131.48
    0.02 0.02

    cost efficiency

    197,554.61 181,590.06
    7,959.93 7,593.80
    205,514.54 189,183.86

    0.83 0.84

    3,103.50 2,595.92
    2,824.33 2,334.89
    121.41 80.34

    0.95 0.93

    utilization

    2.31 2.31

    583.81 544.61
    5.32 4.77

    apital management

    50.38 54.82
    58.07 55.29

    1,467.95 1,425.87
    143.63 88.75
    172.64 200.49
    17.80 13.41
    solvency) ratios

    0.58 0.48

    813.27 793.82
    30.90 4.57
    844.17 798.38
    5,215.57 4,941.49
    0.16 0.16
    Actual Redrawn Projected Projected Projected Projected
    (in ₹ millions) Mar-13 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
    Assets
    Cash & equivalents 12.34 12.34 506.39 557.03 612.74 674.01
    Short-term
    investments 432.64 432.64 432.64 432.64 432.64 432.64
    Trade receivables 1,425.87 1,425.87 704.10 774.51 851.96 937.15

    Total current assets 1,870.85 1,870.85 1,643.13 1,764.18 1,897.33 2,043.80

    Loans and advances 664.45 664.45 664.45 664.45 664.45 664.45


    Investments 197.00 2,962.28 2,962.28 2,962.28 2,962.28 2,962.28

    Gross fixed assets 3,458.72 693.44 801.86 921.14 1,052.34 1,196.66


    Less: Cumulative
    depreciation 148.83 148.83 202.80 262.17 327.47 399.30
    Net fixed assets 3,309.89 544.60 599.06 658.97 724.87 797.35

    Total assets 6,042.18 6,042.18 5,868.92 6,049.87 6,248.92 6,467.88

    Liabilities & equity


    Trade payables 88.75 88.75 207.71 228.48 251.33 276.46
    Short-term
    borrowings 793.82 793.82 793.82 793.82 793.82 793.82
    Other current
    liabilities 96.17 96.17 96.17 96.17 96.17 96.17
    Total current
    liabilities 978.73 978.73 1,097.69 1,118.46 1,141.31 1,166.44

    Provisions 43.21 43.21 43.21 43.21 43.21 43.21


    Deferred tax liabilities
    (net) 74.19 74.19 74.19 74.19 74.19 74.19

    Long-term borrowings 4.57 4.57 4.57 4.57 4.57 4.57

    Share capital 299.99 299.99


    Reserve & surplus 4,641.50 4,641.50
    Total equity 4,941.49 4,941.49 4,649.27 4,809.45 4,985.65 5,179.48

    Total liabilities &


    equity 6,042.18 6,042.18 5,868.92 6,049.87 6,248.92 6,467.88

    Check - - - -

    Working capital estimates


    DSO 200.49 200.49 90.00 90.00 90.00 90.00
    PDP 13.41 13.41 30.00 30.00 30.00 30.00

    Change in WC (in ₹
    millions) -840.73 49.64 54.60 60.06
    Capital expenditure
    (in ₹ millions) 108.43 119.27 131.20 144.32

    Net fixed asset requirement (assuming asset utilization is constant for next 5 years)
    41,334.00 41,699.00 42,064.00 42,430.00 42,795.00
    Revenue / NFA 4.77 4.77 4.77 4.77 4.77

    NFA required 599.06 658.97 724.87 797.35

    0.16156713
    Projected
    Mar-18

    741.41

    432.64
    1,030.87

    2,204.92

    664.45
    2,962.28

    1,355.41

    478.32
    877.09

    6,708.73

    304.11

    793.82

    96.17

    1,194.09

    43.21

    74.19

    4.57

    5,392.68

    6,708.73

    -
    90.00
    30.00

    66.07

    158.75

    ext 5 years)
    43,160.00
    4.77

    877.09
    Assumptions
    Revenue growth rate 10%
    Direct operating cost / Rev. 86%
    Other op. expenses / Rev. 2.50%
    Depreciation / Revenue 1.89%
    Cost of debt 14%
    Tax rate 33.50%
    Terminal growth rate 5%

    Income statement Actual Projected Projected Projected Projected Projected


    (in ₹ millions) Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
    Revenue 2,595.92 2,855.51 3,141.06 3,455.17 3,800.68 4,180.75
    Direct operating cost 2,334.89 2,455.74 2,701.31 2,971.44 3,268.59 3,595.45
    Other operating expenses 80.34 71.39 78.53 86.38 95.02 104.52
    Depreciation 49.20 53.97 59.37 65.30 71.83 79.02
    EBIT 131.48 274.41 301.86 332.04 365.25 401.77
    Other income -279.98 - - - - -
    Interest expense 126.59 111.77 111.77 111.77 111.77 111.77
    PBT -275.09 162.64 190.08 220.27 253.47 290.00
    Tax 8.98 54.48 63.68 73.79 84.91 97.15
    PAT -284.07 108.16 126.40 146.48 168.56 192.85
    Free Cash Flow for Firm (FCFF) Estimation
    (all figures in ₹ millions)
    Year 0 1 2 3 4 5 6
    Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
    EBIT 131.48 274.41 301.86 332.04 365.25 401.77
    Depreciation 49.20 53.97 59.37 65.30 71.83 79.02
    Change in WC -840.73 49.64 54.60 60.06 66.07
    Capital expenditure 108.43 119.27 131.20 144.32 158.75

    FCFF 968.76 91.19 100.31 110.34 121.37 127.44


    WACC estimation

    Mar-09 Mar-10 Mar-11 Mar-12 Mar-13


    Interest expense 47.47 51.66 72.50 117.83 126.59
    Short-term borrowings 0.62 0.11 619.71 813.27 793.82
    Long-term borrowings 397.28 296.99 51.95 30.90 4.57
    Total borrowings 397.90 297.10 671.66 844.17 798.38
    Cost of debt 11.93% 17.39% 10.79% 13.96% 15.86%

    Levered beta estimation


    Market beta D / D + E
    as on Dec. (market Unlevered
    2013 value) beta
    Allcargo Logistics Ltd. 0.45 0.24 0.37
    Blue Dart Express Ltd. 0.58 0.00 0.58
    Gati Ltd. 1.46 0.45 0.95
    Patel Integrated Logistics
    Ltd. 1.32 0.65 0.58
    Transport Corporation of
    India Ltd. 1.14 0.45 0.74
    Average 0.64

    Target D /
    D+E 0.25
    Levered
    beta 0.79

    WACC estimation
    Beta 0.79
    Risk-free rate RFR 8.19%
    Market risk premium Rm - RFR 10.55%
    Cost of equity Ke 16.48%
    Tax rate t 33.50%
    Cost of debt Kd 14.00%
    Target debt ratio 25.00%
    WACC 14.69%
    (all valuations in ₹ millions)
    Value of operations
    1 2 3 4 5
    968.76 91.19 100.31 110.34 121.37
    PV 844.68 69.33 66.49 63.77 61.16
    Terminal value 1,315.16
    PV 662.75
    844.68 69.33 66.49 63.77 723.91
    Value (operating assets) 1,768.18

    Value of non-operating assets


    41,334.00
    Cash & equivalents 12.34
    Short-term investments 432.64
    Loans and advances 664.45
    Investments 2,962.28

    Value (non-operating assets 4,071.70

    Value of debt and other liabilities


    41,334.00
    Short-term borrowings 793.82
    Long-term borrowings 4.57

    Value (total debt) 798.38

    Other current liabilities 96.17


    Provisions 43.21
    Deferred tax liabilities (net) 74.19

    Value (other liabilities) 213.56

    Value (equity) 4,827.94


    No. of shares outstanding
    (mn) 299.99
    Stock price (INR) 16.09
    luations in ₹ millions)

    6
    127.44

    You might also like