ASIAN PAINTS LTD SCREENER.

IN

Narration Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Trailing Best Case Worst Case
Sales 7,402.91 9,231.25 10,503.91 12,220.37 13,615.26 14,271.49 15,061.99 16,824.55 19,240.13 20,211.25 18,328.76 22,292.74 21,136.37
Expenses 6,072.04 7,720.07 8,766.52 10,226.67 11,399.94 11,546.45 12,068.23 13,620.54 15,475.19 16,048.81 14,544.58 17,690.15 17,226.02
Operating Profit 1,330.87 1,511.18 1,737.39 1,993.70 2,215.32 2,725.04 2,993.76 3,204.01 3,764.94 4,162.44 3,784.18 4,602.59 3,910.35
Other Income 67.98 107.41 114.48 134.22 169.71 213.39 337.90 336.41 273.77 355.05 290.30 - -
Depreciation 113.13 121.13 154.60 245.66 265.92 275.58 334.79 360.47 622.14 780.50 776.33 776.33 776.33
Interest 25.98 43.38 42.06 47.99 42.24 49.00 37.33 41.47 110.47 107.95 90.37 90.37 90.37
Profit before tax 1,259.74 1,454.08 1,655.21 1,834.27 2,076.87 2,613.85 2,959.54 3,138.48 3,306.10 3,629.04 3,207.78 3,735.89 3,043.65
Tax 378.39 433.50 495.69 571.51 649.54 844.49 943.29 1,040.96 1,098.06 854.85 876.31 27% 27%
Net profit 843.24 988.73 1,113.88 1,218.81 1,395.15 1,745.16 1,939.43 2,038.93 2,155.92 2,705.17 2,275.14 2,715.31 2,212.17
EPS 8.79 10.31 11.61 12.71 14.54 18.19 20.22 21.26 22.48 28.20 23.71 28.30 23.06
Price to earning 28.73 31.45 42.34 43.12 55.78 47.73 53.09 52.71 66.41 59.09 116.17 116.17 54.24
Price 252.58 324.20 491.73 547.95 811.30 868.40 1,073.50 1,120.40 1,492.70 1,666.50 2,754.80 3,287.77 1,250.66

EBIT 1,285.72 1,497.46 1,697.27 1,882.26 2,119.11 2,662.85 2,996.87 3,179.95 3,416.57 3,736.99 3,298.15
EBITDA 1,398.85 1,618.59 1,851.87 2,127.92 2,385.03 2,938.43 3,331.66 3,540.42 4,038.71 4,517.49 4,074.48
Operating Profit (excl Other Income 1,330.87 1,511.18 1,737.39 1,993.70 2,215.32 2,725.04 2,993.76 3,204.01 3,764.94 4,162.44 3,784.18

RATIOS:
DPS 3.20 4.00 4.60 5.30 6.10 7.50 10.30 8.70 10.50 12.00
Dividend Payout 36.40% 38.81% 39.61% 41.71% 41.94% 41.22% 50.94% 40.93% 46.72% 42.55%
OPM 17.98% 16.37% 16.54% 16.31% 16.27% 19.09% 19.88% 19.04% 19.57% 20.59% 20.65%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 11.81% 9.80% 8.22% 10.30% 5.05% 10.30% 5.05%
OPM 18.50% 18.90% 19.68% 19.78% 20.65% 20.65% 18.50%
Price to Earning 54.24 61.76 65.87 73.59 116.17 116.17 54.24
ASIAN PAINTS LTD SCREENER.IN

Narration Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20
Sales 4,390.27 4,615.49 5,263.04 4,991.50 5,104.72 5,050.66 5,420.28 4,635.59 2,922.66 5,350.23
Expenses 3,460.57 3,771.79 4,159.45 4,108.14 3,948.85 4,098.72 4,230.89 3,775.97 2,452.69 4,085.03
Operating Profit 929.70 843.70 1,103.59 883.36 1,155.87 951.94 1,189.39 859.62 469.97 1,265.20
Other Income 73.19 72.84 64.64 63.10 85.71 120.54 89.04 59.76 47.09 94.41
Depreciation 135.81 143.61 164.98 178.56 191.75 197.17 197.08 194.50 191.17 193.58
Interest 20.96 25.74 29.07 29.60 26.66 25.94 24.07 25.66 20.13 20.51
Profit before tax 846.12 747.19 974.18 738.30 1,023.17 849.37 1,057.28 699.22 305.76 1,145.52
Tax 276.10 242.45 326.90 252.31 351.08 7.23 277.57 218.97 86.15 293.62
Net profit 556.85 491.58 635.83 471.65 655.44 823.41 764.43 461.89 218.45 830.37

OPM 21% 18% 21% 18% 23% 19% 22% 19% 16% 24%

EBIT 867.08 772.93 1,003.25 767.90 1,049.83 875.31 1,081.35 724.88 325.89 1,166.03
EBITDA 1,002.89 916.54 1,168.23 946.46 1,241.58 1,072.48 1,278.43 919.38 517.06 1,359.61
ASIAN PAINTS LTD SCREENER.IN

Narration Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 2HFY20 Input data from 2QFY BS
Equity Share Capital 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92
Reserves 2,091.50 2,652.58 3,288.37 3,943.30 4,646.44 6,428.90 7,507.97 8,314.31 9,374.63 10,034.24
Borrowings 233.43 341.11 250.96 249.15 418.17 323.29 560.34 533.43 1,319.60 1,118.50 0.00
Other Liabilities 2,189.73 2,622.58 3,149.25 3,787.03 3,753.97 3,710.92 4,240.96 4,819.82 5,458.69 4,889.31 def tax liab+oth long term liab+other current liab
Total 4,610.58 5,712.19 6,784.50 8,075.40 8,914.50 10,559.03 12,405.19 13,763.48 16,248.84 16,137.97

Net Block / PPE 1,309.87 1,300.55 2,440.97 2,561.58 2,660.04 3,416.35 3,303.74 3,732.24 6,496.56 6,272.31
Capital Work in Progress 43.32 617.08 59.21 71.60 196.00 106.59 257.54 1,405.11 209.67 140.24
Investments 428.97 354.74 295.68 1,423.55 1,587.79 2,712.13 2,651.99 2,140.70 2,568.58 2,018.85
Other Assets 2,828.42 3,439.82 3,988.64 4,018.67 4,470.67 4,323.96 6,191.92 6,485.43 6,974.03 7,706.57 total current assets+long term loans and advances+other non current assets
Total 4,610.58 5,712.19 6,784.50 8,075.40 8,914.50 10,559.03 12,405.19 13,763.48 16,248.84 16,137.97 0.00 0.00 check TA matching

Working Capital 638.69 817.24 839.39 231.64 716.70 613.04 1,950.96 1,665.61 1,515.34 2,817.26 0.00
Debtors (Trade receivables) 573.10 781.25 980.88 1,110.30 1,182.07 1,186.84 1,446.60 1,730.63 1,907.33 1,795.22
Inventory 1,305.43 1,598.89 1,830.29 2,069.86 2,258.52 1,998.24 2,626.94 2,658.31 3,149.86 3,389.81
Trade Payables (Creditors) 9.74 7.17 7.96 19.21 37.43 37.86 25.62 18.77 35.37 44.57 input Creditors (Payables) data from Screener/Annual Reports

Inventory Turnover 5.67 5.77 5.74 5.90 6.03 7.14 5.73 6.33 6.11 5.96 -
Inventory Days 64.36 63.22 63.60 61.82 60.55 51.11 63.66 57.67 59.76 61.22 0.00
Debtor Days 28 31 34 33 32 30 35 38 36 32 0.00
Creditor Days 0 0 0 1 1 1 1 0 1 1 -
Cash Conversion Cycle 92 94 97 94 91 80 98 95 95 93 -
Working Capital/Sales 8.63% 8.85% 7.99% 1.90% 5.26% 4.30% 12.95% 9.90% 7.88% 13.94%

Return on Equity 39% 36% 33% 30% 29% 27% 26% 24% 23% 27%
Return on Capital Emp 43% 45% 33% 42% 38% 40% 33% 33% 26% 28%

Book Value 2,187.42 2,748.50 3,384.29 4,039.22 4,742.36 6,524.82 7,603.89 8,410.23 9,470.55 10,130.16 -
BVPS 22.80 28.65 35.28 42.11 49.44 68.02 79.27 87.68 98.73 105.61 -

Cash & Bank Balances 626.23 624.31 736.69 229.00 204.39 424.20 801.21 404.65 444.88 782.83
Cash/Sales 8.46% 6.76% 7.01% 1.87% 1.50% 2.97% 5.32% 2.41% 2.31% 3.87%

Common Size Balance Shee Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Check back how Assets are being put to use
Net Block/Total Assets 28.41% 22.77% 35.98% 31.72% 29.84% 32.35% 26.63% 27.12% 39.98% 38.87% high historical Fixed Assets/Total Assets - strong correlation high Op Leverage
Working Capital/Total Asset 13.85% 14.31% 12.37% 2.87% 8.04% 5.81% 15.73% 12.10% 9.33% 17.46%
Debtors/Total Assets 12.43% 13.68% 14.46% 13.75% 13.26% 11.24% 11.66% 12.57% 11.74% 11.12%
Inventory/Total Assets 28.31% 27.99% 26.98% 25.63% 25.34% 18.92% 21.18% 19.31% 19.39% 21.01%
Cash/Total Assets 13.58% 10.93% 10.86% 2.84% 2.29% 4.02% 6.46% 2.94% 2.74% 4.85% check for excluding excess cash (over and above historical normalised levels)

Borrowings/Total Assets 5.06% 5.97% 3.70% 3.09% 4.69% 3.06% 4.52% 3.88% 8.12% 6.93%
ASIAN PAINTS LTD SCREENER.IN

Narration Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 762.46 709.98 1,186.79 1,402.03 1,187.69 2,242.95 1,527.33 2,113.44 2,469.54 2,631.89
Cash from Investing Activity -439.21 -385.61 -463.20 -585.99 -464.99 -866.21 -681.11 -1,556.14 -917.79 -517.91
Cash from Financing Activity -334.49 -326.58 -601.00 -625.91 -576.09 -848.98 -756.43 -1,379.14 -1,117.46 -2,465.20
Net Cash Flow -11.24 -2.21 122.59 190.13 146.61 527.76 89.79 -821.84 434.29 -351.22

FCF 649.33 588.85 1,032.19 1,156.37 921.77 1,967.37 1,192.54 1,752.97 1,847.40 1,851.39

3-yr avg 1,817.25

5-yr avg 1,722.33
 Common Size P&L
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 53% 55% 54% 52% 60% 55% 49% 48% 52% 49%
Change in Inventory 2% 2% 1% 1% 1% -1% 4% -1% 2% 1%
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Other Mfr. Exp 11% 11% 11% 11% 2% 2% 11% 10% 10% 10%
Employee Cost 6% 6% 6% 6% 7% 7% 7% 7% 6% 7%
Selling and Admin Cost 20% 20% 22% 23% 25% 28% 29% 13% 12% 13%
Other Expenses -7% -7% -8% -9% -9% -13% -13% 1% 1% 1%
Operating Profit 14% 13% 14% 15% 14% 22% 13% 21% 17% 18%
Other Income 1% 1% 1% 1% 1% 1% 2% 2% 1% 2%
Depreciation 2% 1% 1% 2% 2% 2% 2% 2% 3% 4%
Interest 0% 0% 0% 0% 0% 0% 0% 0% 1% 1%
Profit Before Tax 17% 16% 16% 15% 15% 18% 20% 19% 17% 18%
Tax 5% 5% 5% 5% 5% 6% 6% 6% 6% 4%
Net Profit 11% 11% 11% 10% 10% 12% 13% 12% 11% 13%
Dividend Amount 4% 4% 4% 4% 4% 5% 7% 5% 5% 6%
Common Size Balance Sheet
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Equity Share Capital 2% 2% 1% 1% 1% 1% 1% 1% 1% 1%
Reserves 45% 46% 48% 49% 52% 61% 61% 60% 58% 62%
Borrowings 5% 6% 4% 3% 5% 3% 5% 4% 8% 7%
Other Liabilities 47% 46% 46% 47% 42% 35% 34% 35% 34% 30%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 28% 23% 36% 32% 30% 32% 27% 27% 40% 39%
Capital Work in Progress 1% 11% 1% 1% 2% 1% 2% 10% 1% 1%
Investments 9%
Vishal: 6% 4% 18% 18% 26% 21% 16% 16% 13%
Other Assets 61%
Excludes 60% 59% 50% 50% 41% 50% 47% 43% 48%
Total Assets 100%
Current 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 12% 14%
Investments 14% 14% 13% 11% 12% 13% 12% 11%
Inventory 28% 28% 27% 26% 25% 19% 21% 19% 19% 21%
Cash & Bank 14% 11% 11% 3% 2% 4% 6% 3% 3% 5%
 A common-size financial statement is
displays line items as a percentage of one
selected or common figure. Creating
common-size financial statements makes it
easier to analyze a company over time and
compare it with its peers. Using common-
size financial statements helps investors
spot trends that a raw financial statement
may not uncover.
 ASIAN PAINTS LTD

HISTORICA
L
DELTA DELTA VALUATIO
NETWORTH MKTCAP IMPACT* NS
10 YR 7943 135623 17.08
7 YR 6091 107291 17.61 MIN
5 YR 3605 76554 21.23 MAX
3 YR 1720 52382 30.46 TRAILING
1 YR 660 16671 25.27
* IMPACT – Every Rupee retained added xx.yy in incremental market value

ASIAN PAINTS LTD SALES GROSS PROFIT EBIT PAT DIVIDEND

10 YR CAGR 11.81% 12.66% 12.59% 13.83% 15.82%
5 YR CAGR 9.09% 12.33% 8.84% 11.58% 12.47%
3 YR CAGR 9.60% 8.43% 8.41% 15.19% 17.44%
1 YR GROWTH 5.05% 10.35% 9.38% 25.48% 14.29%
**modify (if, then) for negative values
ASIAN PAINTS LTD Shrey Sao:Mar-12
Mar-11 Mar-13 Mar-14 Mar-15
al Assets/Networth= Financial Leverage measures
2.11 2.08 2.00 2.00 1.88
potential credit
Long term debt/Earning Shrey
risk. Sao
0.28 0.34 0.23 0.20 0.30
Current liablility/Earning 2.60 2.65 2.83 3.11 2.69
Total liability/Earning 2.87 3.00 3.05 3.31 2.99
Debt/Equity Shrey0.11 0.12 0.07 0.06 0.09
Interest Coverage 49.49 34.52 40.35 39.22 50.17
Working Capital/Sales 8.63% 8.85% 7.99% 1.90% 5.26%
Inventory Turns 5.67 5.77 5.74 5.90 6.03
Inventory Days 64 63 64 62 61
Debtor Days 28 31 34 33 32
Creditor Days 0 0 0 1 1
Cash Conversion Cycle 92 94 97 94 91
Cash In/Cash Out Ratio 0.55 0.54 0.55 0.35 0.37
Current Ratio 1.29 1.31 1.27 1.06 1.19
CFO/PAT 0.90 0.72 1.07 1.15 0.85

Gross Margin =Gross Profit/Sales 47.23% 44.56% 46.34% 48.12% 40.36%

EBIT/Sales 17.37% 16.22% 16.16% 15.40% 15.56%
EBITDA/Sales 18.90% 17.53% 17.63% 17.41% 17.52%
Op Profit (Ex Other Income)/Sales 17.98% 16.37% 16.54% 16.31% 16.27%
Net Margin =PAT/Sales 11.39% 10.71% 10.60% 9.97% 10.25%
Op Cash Flow/Sales 10.30% 7.69% 11.30% 11.47% 8.72%
Free Cash Flow/Sales 0.00% 0.26% 4.28% 8.37% 5.13%
EPA/Sales 8.92% 7.83% 7.50% 7.79% 7.55%
EPA/Sales Increase - last 5 Years -1.37%
EPA/Sales Increase - last 3 Years -1.42% -0.04% 0.04%
MktCap Cagr - last 5 years 33.87%
MktCap Cagr - last 3 years 39.53% 30.01% 28.45%

Sales/Invested Capital =Capital Turns 3.72 3.38 3.15 4.27 3.81

Sales/Fixed Assets= Fixed Asset Turns 5.65 7.10 4.30 4.77 5.12
Sales/Total Assets= Asset Turns 1.61 1.62 1.55 1.51 1.53
Net Margin*Asset Turns= RoA Shrey
18.29%Sao: 17.31% 16.42% 15.09% 15.65%
 Shrey Sao:
Margin*Asset Turn*Fin Leverage= RoE 38.55% 35.97% 32.91% 30.17% 29.42%
RoCE 53.11% 48.47% 46.69% 43.89% 41.06%
T Margin*Cap Turns*(1-Tax rate)= RoIC 45.16% 38.43% 35.60% 45.23% 40.76%
urn on Incremental Invested Cap= RoIIC 18.57% 17.66% -33.82%
3Yr Rolling RoIIC
5Yr Rolling RoIIC

Altman Z-Score 6.01 6.07 6.83 6.35 7.77

Dividend Payout 36.40% 38.81% 39.61% 41.71% 41.94%
Cash/Assets 13.58% 10.93% 10.86% 2.84% 2.29%
EBIT/Invested Capital 64.55% 54.75% 50.82% 65.70% 59.31%
EPA 660.50 722.84 788.24 952.02 1027.63
MktCap 24227 31097 47167 52559 77820
MktCap Change 6870 16069 5393 25261
MktCap Change - EPA 6146.95 15281.24 4440.60 24232.90

Capex/Net Profits 10 yr 51%

Capex/Net Profits 7 yr 52%
Capex/Net Profits 5 yr 56%
Capex/Net Profits 3 yr 67%
Capex/Depreciation 10 yr 251%
 P/E P/B EV/EBITDA P/SALES YIELD P/CFO
28.73 11.08 17.04 3.27 1.27% 31.78
66.41 16.41 35.67 7.91 0.70% 67.42
116.17 26.09 35.46 14.42 0.44% 100.42

EPA** MKTCAP CFO** FCF** NETWORTHTOTAL RETURNS

11.43% 23.32% 14.76% 74.98% 18.57% 23.25%
7.57% 17.70% 4.08% 13.33% 11.63% 17.66%
15.60% 21.96% 11.59% 248.22% 9.75% 21.93%
35.04% 11.64% 6.57% 670.17% 6.96% 11.66%

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TTM input TTM BS data in Balance Sheet fro
1.62 1.63 1.64 1.72 1.59 #DIV/0!
0.19 0.29 0.26 0.61 0.41
2.13 2.19 2.36 2.53 1.81
2.31 2.48 2.63 3.14 2.22
0.05 0.07 0.06 0.14 0.11
54.34 80.28 76.68 30.93 34.62
4.30% 12.95% 9.90% 7.88% 13.94% Check for improving or deteriorating pi
7.14 5.73 6.33 6.11 5.96
51 64 58 60 61
30 35 38 36 32
1 1 0 1 1 Check back to see if Creditor policy cha
80 98 95 95 93
0.43 0.53 0.44 0.43 0.53
1.17 1.46 1.35 1.28 1.58
1.29 0.79 1.04 1.15 0.97

44.99% 50.52% 51.69% 48.16% 50.59%

18.66% 19.90% 18.90% 17.76% 18.49% 17.99%
20.59% 22.12% 21.04% 20.99% 22.35%
19.09% 19.88% 19.04% 19.57% 20.59%
12.23% 12.88% 12.12% 11.21% 13.38% 12.41%
15.72% 10.14% 12.56% 12.84% 13.02%
9.11% 7.66% 1.05% 1.45% 10.61%
9.15% 9.16% 7.78% 6.73% 8.65%
1.32% 1.66% -0.01% -0.82% -0.50%
1.36% 1.62% -1.37% -2.43% 0.87%
27.93% 21.55% 19.58% 16.47% 17.70%
25.89% 15.03% 13.59% 17.92% 21.96%

3.45 2.73 2.47 2.34 2.19

4.18 4.56 4.51 2.96 3.22
1.35 1.21 1.22 1.18 1.25 #DIV/0!
16.53% 15.63% 14.81% 13.27% 16.76% #DIV/0! Check back what is really driving RoA (N
26.75% 25.51% 24.24% 22.76% 26.70% #DIV/0! Check back what is really driving RoE (N
38.88% 36.71% 35.56% 31.66% 33.22%
43.58% 37.04% 31.24% 27.75% 30.95% #DIV/0! Check back what is really driving RoIC (
48.90% 42.46% 6.07% 12.13% 40.53%
73.23% 93.66% 25.27% 14.84% 19.95% better to check when NOPLAT and/or Inves
0.00% 46.20% 33.71% 28.47% 26.14% better to check when NOPLAT and/or Inves

7.12 7.29 6.94 7.38 8.30

41.22% 50.94% 40.93% 46.72% 42.55%
4.02% 6.46% 2.94% 2.74% 4.85%
64.38% 54.37% 46.74% 41.56% 40.49% Check back the significant role of EBIT/
1306.21 1380.21 1308.88 1295.23 1749.13 Check back what is really driving EPA (I
83297 102970 107469 143180 159851
5477 19673 4499 35711 16671
4170.82 18292.98 3189.77 34415.78 14921.76
 PRE-TAX
BOND
LongTerm Bo 9%
LTB Quote 7.73
Equity Quoti 1.43%

TTM BS data in Balance Sheet from Half yearly results

k for improving or deteriorating picture

k back to see if Creditor policy change is impacting Working Cap cycle

k back what is really driving RoA (Net Margins or Asset Turns, or both)
k back what is really driving RoE (Net Margins, Asset Turns, or Financial Leverage)

k back what is really driving RoIC (Op Margins or Capital Turns, or both)

to check when NOPLAT and/or Investments are Lumpy

to check when NOPLAT and/or Investments are Lumpy

k back the significant role of EBIT/Invested Capital

k back what is really driving EPA (Invested Capital or RoIC, or both)
COMPANY NAME ASIAN PAINTS LTD
LATEST VERSION 2.10 PLEASE
CURRENT VERSION 2.10

META
Number of shares 95.94
Face Value 1
Current Price 2754.8
Market Capitalization 264292.18

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14
Sales 7402.91 9231.25 10503.91 12220.37
Raw Material Cost 3906.17 5117.61 5636.23 6339.75
Change in Inventory 151.43 172.95 149.56 90.28
Power and Fuel 77.19 87.41 114.71 133.74
Other Mfr. Exp 845.13 985.76 1107.31 1292.18
Employee Cost 456.05 529.67 627.59 763.59
Selling and admin 1480.36 1855.87 2273.91 2826.43
Other Expenses -541.43 -683.3 -843.67 -1038.74
Other Income 67.98 107.41 114.48 134.22
Depreciation 113.13 121.13 154.6 245.66
Interest 25.98 43.38 42.06 47.99
Profit before tax 1259.74 1454.08 1655.21 1834.27
Tax 378.39 433.5 495.69 571.51
Net profit 843.24 988.73 1113.88 1218.81
Dividend Amount 306.94 383.68 441.23 508.38

Quarters
Report Date Jun-18 Sep-18 Dec-18 Mar-19
Sales 4390.27 4615.49 5263.04 4991.5
Expenses 3460.57 3771.79 4159.45 4108.14
Other Income 73.19 72.84 64.64 63.1
Depreciation 135.81 143.61 164.98 178.56
Interest 20.96 25.74 29.07 29.6
Profit before tax 846.12 747.19 974.18 738.3
Tax 276.1 242.45 326.9 252.31
Net profit 556.85 491.58 635.83 471.65
Operating Profit 929.7 843.7 1103.59 883.36
BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Equity Share Capital 95.92 95.92 95.92 95.92
Reserves 2091.5 2652.58 3288.37 3943.3
Borrowings 233.43 341.11 250.96 249.15
Other Liabilities 2189.73 2622.58 3149.25 3787.03
Total 4610.58 5712.19 6784.5 8075.4
Net Block 1309.87 1300.55 2440.97 2561.58
Capital Work in Progress 43.32 617.08 59.21 71.6
Investments 428.97 354.74 295.68 1423.55
Other Assets 2828.42 3439.82 3988.64 4018.67
Total 4610.58 5712.19 6784.5 8075.4
Receivables 573.1 781.25 980.88 1110.3
Inventory 1305.43 1598.89 1830.29 2069.86
Cash & Bank 626.23 624.31 736.69 229
No. of Equity Shares 95919779 95919779 95919779 959197800
New Bonus Shares
Face value 10 10 10 1

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Cash from Operating Activity 762.46 709.98 1186.79 1402.03
Cash from Investing Activity -439.21 -385.61 -463.2 -585.99
Cash from Financing Activity -334.49 -326.58 -601 -625.91
Net Cash Flow -11.24 -2.21 122.59 190.13

PRICE: 252.58 324.2 491.73 547.95

DERIVED:
Adjusted Equity Shares in Cr 95.92 95.92 95.92 95.92
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

13615.26 14271.49 15061.99 16824.55 19240.13 20211.25
8119.54 7850.32 7452.6 8128.17 9974.4 9986.19
148.07 -199.33 528.6 -142.13 293.26 239.15
130.68 114.48 106.02 110.3 119.63 114.93
259.76 254.73 1662.75 1691.68 1862.35 1941.92
936.86 994.98 1039.89 1121.89 1242.69 1371.27
3370.79 3946.74 4364.04 2254.92 2366.87 2623.15
-1269.62 -1814.13 -2028.47 171.45 202.51 250.5
169.71 213.39 337.9 336.41 273.77 355.05
265.92 275.58 334.79 360.47 622.14 780.5
42.24 49 37.33 41.47 110.47 107.95
2076.87 2613.85 2959.54 3138.48 3306.1 3629.04
649.54 844.49 943.29 1040.96 1098.06 854.85
1395.15 1745.16 1939.43 2038.93 2155.92 2705.17
585.11 719.4 987.98 834.5 1007.16 1151.04

Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20

5104.72 5050.66 5420.28 4635.59 2922.66 5350.23
3948.85 4098.72 4230.89 3775.97 2452.69 4085.03
85.71 120.54 89.04 59.76 47.09 94.41
191.75 197.17 197.08 194.5 191.17 193.58
26.66 25.94 24.07 25.66 20.13 20.51
1023.17 849.37 1057.28 699.22 305.76 1145.52
351.08 7.23 277.57 218.97 86.15 293.62
655.44 823.41 764.43 461.89 218.45 830.37
1155.87 951.94 1189.39 859.62 469.97 1265.2
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
95.92 95.92 95.92 95.92 95.92 95.92
4646.44 6428.9 7507.97 8314.31 9374.63 10034.24
418.17 323.29 560.34 533.43 1319.6 1118.5
3753.97 3710.92 4240.96 4819.82 5458.69 4889.31
8914.5 10559.03 12405.19 13763.48 16248.84 16137.97
2660.04 3416.35 3303.74 3732.24 6496.56 6272.31
196 106.59 257.54 1405.11 209.67 140.24
1587.79 2712.13 2651.99 2140.7 2568.58 2018.85
4470.67 4323.96 6191.92 6485.43 6974.03 7706.57
8914.5 10559.03 12405.19 13763.48 16248.84 16137.97
1182.07 1186.84 1446.6 1730.63 1907.33 1795.22
2258.52 1998.24 2626.94 2658.31 3149.86 3389.81
204.39 424.2 801.21 404.65 444.88 782.83
959197790 959197790 959197790 959197790 959197790 959197790

1 1 1 1 1 1

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

1187.69 2242.95 1527.33 2113.44 2469.54 2631.89
-464.99 -866.21 -681.11 -1556.14 -917.79 -517.91
-576.09 -848.98 -756.43 -1379.14 -1117.46 -2465.2
146.61 527.76 89.79 -821.84 434.29 -351.22

811.3 868.4 1073.5 1120.4 1492.7 1666.5

95.92 95.92 95.92 95.92 95.92 95.92

ASIAN PAINTS LTD
ASIAN PAINTS LTD Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Gross Profit 3496.74 4113.64 4867.68 5880.62 5495.72 6421.17
EBIT 1285.72 1497.46 1697.27 1882.26 2119.11 2662.85
EBITDA 1398.85 1618.59 1851.87 2127.92 2385.03 2938.43
Operating Profit (excl Other Income) 1330.87 1511.18 1737.39 1993.7 2215.32 2725.04
PAT 843.24 988.73 1113.88 1218.81 1395.15 1745.16
Dividend 306.94 383.68 441.23 508.38 585.11 719.4
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Networth 2187.42 2748.5 3384.29 4039.22 4742.36 6524.82
Working Capital 638.69 817.24 839.39 231.64 716.7 613.04
Exclude one-off excess Cash (if any)
Invested Capital 1991.88 2734.87 3339.57 2864.82 3572.74 4135.98
Capital Employed 2420.85 3089.61 3635.25 4288.37 5160.53 6848.11
Total Assets 4610.58 5712.19 6784.5 8075.4 8914.5 10559.03
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Operating Cash Flow 762.46 709.98 1186.79 1402.03 1187.69 2242.95
Capex 685.57 737.15 378.66 488.78 942.48
Free Cash Flow 24.41 449.64 1023.37 698.91 1300.47
RoE 39% 36% 33% 30% 29% 27%
Dividend Payout 36% 39% 40% 42% 42% 41%
Tax Rate 30% 30% 30% 31% 31% 32%
NOPLAT 899.53 1051.03 1188.98 1295.80 1456.36 1802.53
RoIC 45% 38% 36% 45% 41% 44%
WACC 12% 12% 12% 12% 12% 12%
EPA (Economic Profit Added) 660.50 722.84 788.24 952.02 1027.63 1306.21
RoIIC 19% 18% -34% 49%
3Yr Rolling RoIIC 73%
5Yr Rolling RoIIC
Operating Leverage 0.67 0.97 0.67 1.10 5.32
Sustainable Growth Rate 25% 22% 20% 18% 17% 16%
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
MktCap 24227.47 31097.26 47166.74 52559.36 77819.90 83296.93
MktCap+Dividend 24534.41 31480.94 47607.97 53067.74 78405.01 84016.33
Retained Profit 536.3 605.05 672.65 710.43 810.04 1025.76
EV 23834.67 30814.06 46681.01 52579.51 78033.68 83196.02
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Price/Earnings 28.73 31.45 42.34 43.12 55.78 47.73
Price/Book 11.08 11.31 13.94 13.01 16.41 12.77
Price/CashFlow 31.78 43.80 39.74 37.49 65.52 37.14
Price/Sales 3.27 3.37 4.49 4.30 5.72 5.84
EV/EBITDA 17.04 19.04 25.21 24.71 32.72 28.31
Dividend Yield 1.27% 1.23% 0.94% 0.97% 0.75% 0.86%
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Working Capital/Total Assets 0.14 0.14 0.12 0.03 0.08 0.06
Retained Profits/Total Assets 0.12 0.11 0.10 0.09 0.09 0.10
EBIT/Total Assets 0.28 0.26 0.25 0.23 0.24 0.25
Market Cap/Total Liabilities 5.25 5.44 6.95 6.51 8.73 7.89
Sales/Total Assets 1.61 1.62 1.55 1.51 1.53 1.35
Altman Z-Score 6.01 6.07 6.83 6.35 7.77 7.12
Z > 2.99 -“Safe” Zones
1.81 < Z < 2.99 -“Grey” Zones
Z < 1.81 -“Distress” Zones

1 2 3 4 5 6
DCF 2020 2021 2022 2023 2024 2025
FCF 2145.07 0 1072.535 2145.07 2466.8305 2836.8551
0.1 1.1 1.21 1.331 1.4641 1.61051 1.771561
0.12 1.12 1.2544 1.404928 1.5735194 1.7623417 1.9738227
0.15 1.15 1.3225 1.520875 1.7490063 2.0113572 2.3130608
Discount Rate
Discounted FCF at R=10 1950.06364 0 805.81142 1465.1117 1531.7077 1601.3307
Sum of Discounted FCF
Discounted FCF at R=12 1915.24107 0 763.40923 1363.2308 1399.7459 1437.2391

Discounted FCF at R=15 1865.27826 0 705.20917 1226.4507 1226.4507 1226.4507

Sum at R=15
Perpetuity Value at R=10 131484.447
Perpetuity Value at R=12 87656.2982
Perpetuity Value at R=15 58437.5321
Per Share Price
Total Equity value at R=10 146005.517 90405.893
Total Equity value at R=12 100679.546 62340.276
Total Equity Value at R=15 69593.1747 43091.749

FCF/SHARE 1328.21672
Price 100
Ratio 0.07528892
Mar-17 Mar-18 Mar-19 Mar-20 TTM
7609.39 8696.38 9265.73 10225.06
2996.87 3179.95 3416.57 3736.99 3,298.15
3331.66 3540.42 4038.71 4517.49 4,074.48
2993.76 3204.01 3764.94 4162.44 3,784.18
1939.43 2038.93 2155.92 2705.17 2,275.14
987.98 834.5 1007.16 1151.04
Mar-17 Mar-18 Mar-19 Mar-20 1HFY17
7603.89 8410.23 9470.55 10130.16 0.00
1950.96 1665.61 1515.34 2817.26 0.00
check historical normalised levels of cash/total assets for excluding one-off
5512.24 6802.96 8221.57 9229.81 0.00
8164.23 8943.66 10790.15 11248.66
12405.19 13763.48 16248.84 16137.97 0.00
Mar-17 Mar-18 Mar-19 Mar-20
1527.33 2113.44 2469.54 2631.89
373.13 1936.54 2191.02 486.82 CHECK? derived from BS
1154.20 176.90 278.52 2145.07
26% 24% 23% 27%
51% 41% 47% 43%
32% 33% 33% 24%
2041.68 2125.24 2281.82 2856.71
37% 31% 28% 31%
12% 12% 12% 12%
1380.21 1308.88 1295.23 1749.13
42% 6% 12% 41%
94% 25% 15% 20%
46% 34% 28% 26%
2.26 0.52 0.52 1.86
13% 14% 12% 15% coy can grow at this rate safely with internal accruals
Mar-17 Mar-18 Mar-19 Mar-20 CURRENT
102970.12 107468.77 143179.78 159850.68 264292.18
103958.10 108303.27 144186.94 161001.72
951.45 1204.43 1148.76 1554.13
102729.25 107597.55 144054.50 160186.35
Mar-17 Mar-18 Mar-19 Mar-20
53.09 52.71 66.41 59.09
13.54 12.78 15.12 15.78
67.42 50.85 57.98 60.74
6.84 6.39 7.44 7.91
30.83 30.39 35.67 35.46
0.96% 0.78% 0.70% 0.72%
Mar-17 Mar-18 Mar-19 Mar-20 Z-Weights
0.16 0.12 0.09 0.17 1.2
0.08 0.09 0.07 0.10 1.4
0.24 0.23 0.21 0.23 3.3
8.30 7.81 8.81 9.91 0.6
1.21 1.22 1.18 1.25 1
7.29 6.94 7.38 8.30
 Growth Rate Perpetu 0.06

7 8 9 10
2026 2027 2028 2029
3262.3833 3751.7408 4314.502 4961.6773
1.9487171 2.1435888 2.3579477 2.5937425
2.2106814 2.4759632 2.7730788 3.1058482
2.6600199 3.0590229 3.5178763 4.0455577

1674.1185 1750.2148 1829.77 1912.9414

14521.07
1475.7365 1515.2652 1555.8527 1597.5273
13023.248
1226.4507 1226.4507 1226.4507 1226.4507
11155.643
/total assets for excluding one-off excess cash for RoIC calculations
ASIAN PAINTS LTD Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Sales 7402.91 9231.25 10503.91 12220.37 13615.26
Other Income 67.98 107.41 114.48 134.22 169.71
Sales Increase 24.70% 13.79% 16.34% 11.41%
EBIT 1285.72 1497.46 1697.27 1882.26 2119.11
EBIT Increase 16.47% 13.34% 10.90% 12.58%
Operating Expenses Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Raw Material Cost 3906.17 5117.61 5636.23 6339.75 8119.54
Change in Inventory 151.43 172.95 149.56 90.28 148.07
Power and Fuel 77.19 87.41 114.71 133.74 130.68
Other Mfr. Exp 845.13 985.76 1107.31 1292.18 259.76
Employee Cost 456.05 529.67 627.59 763.59 936.86
Selling and admin 1480.36 1855.87 2273.91 2826.43 3370.79
Other Expenses -541.43 -683.3 -843.67 -1038.74 -1269.62
Interest Expense 25.98 43.38 42.06 47.99 42.24
Coomon Size Expenses Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Raw Material Cost 52.77% 55.44% 53.66% 51.88% 59.64%
Change in Inventory 2.05% 1.87% 1.42% 0.74% 1.09%
Power and Fuel 1.04% 0.95% 1.09% 1.09% 0.96%
Other Mfr. Exp 11.42% 10.68% 10.54% 10.57% 1.91%
Employee Cost 6.16% 5.74% 5.97% 6.25% 6.88%
Selling and admin 20.00% 20.10% 21.65% 23.13% 24.76%
Other Expenses -7.31% -7.40% -8.03% -8.50% -9.32%
Interest Expense 0.35% 0.47% 0.40% 0.39% 0.31%
Interest Expense Capitalised
Year on Year Escalation Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Raw Material Increase/Sales Increase 1.26 0.74 0.76 2.46
Change in Inventory Increase/Sales Increase 0.58 -0.98 -2.43 5.61
Power & Fuel Increase/Sales Increase 0.54 2.27 1.02 -0.20
Other Mfg Increase/Sales Increase 0.67 0.89 1.02 -7.00
Employee Cost Increase/Sales Increase 0.65 1.34 1.33 1.99
Selling & Admin Cost Increase/Sales Increase 1.03 1.63 1.49 1.69
Other Expenses Increase/Sales Increase 1.06 1.70 1.41 1.95
Year on Year Escalation Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Working Capital Increase/Sales Increase 1.13 0.20 -4.43 18.35
Debtors Increase/Sales Increase 1.47 1.85 0.81 0.57
Inventory Increase/Sales Increase 0.91 1.05 0.80 0.80
Creditors Increase/Sales Increase -1.1 0.8 8.6 8.3
Invested Capital Increase/Sales Increase 1.51 1.60 -0.87 2.16
Dilution Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Equity Capital Increase/Decrease 0.00% 0.00% 0.00% 0.00%
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
14271.49 15061.99 16824.55 19240.13 20211.25
213.39 337.9 336.41 273.77 355.05
4.82% 5.54% 11.70% 14.36% 5.05%
2662.85 2996.87 3179.95 3416.57 3736.99
25.66% 12.54% 6.11% 7.44% 9.38%
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
7850.32 7452.6 8128.17 9974.4 9986.19
-199.33 528.6 -142.13 293.26 239.15
114.48 106.02 110.3 119.63 114.93
254.73 1662.75 1691.68 1862.35 1941.92
994.98 1039.89 1121.89 1242.69 1371.27
3946.74 4364.04 2254.92 2366.87 2623.15
-1814.13 -2028.47 171.45 202.51 250.5
49.00 37.33 41.47 110.47 107.95
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
55.01% 49.48% 48.31% 51.84% 49.41% check lower RM/Sales - high correlation with Op Leve
-1.40% 3.51% -0.84% 1.52% 1.18%
0.80% 0.70% 0.66% 0.62% 0.57%
1.78% 11.04% 10.05% 9.68% 9.61%
6.97% 6.90% 6.67% 6.46% 6.78% check high Emp Cost/Sales - high correlation with Op
27.65% 28.97% 13.40% 12.30% 12.98%
-12.71% -13.47% 1.02% 1.05% 1.24%
0.34% 0.25% 0.25% 0.57% 0.53%
Add back from AR - any interest costs capitalised
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
-0.69 -0.91 0.77 1.58 0.02
-48.68 -65.93 -10.84 -21.34 -3.66
-2.57 -1.33 0.34 0.59 -0.78
-0.40 99.79 0.15 0.70 0.85
1.29 0.81 0.67 0.75 2.05
3.55 1.91 -4.13 0.35 2.15
8.90 2.13 -9.27 1.26 4.70
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
-3.00 39.40 -1.25 -0.63 17.02
0.08 3.95 1.68 0.71 -1.16
-2.39 5.68 0.10 1.29 1.51
0.2 -5.8 -2.3 6.2 5.2
3.27 6.01 2.00 1.45 2.43
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
0.00% 0.00% 0.00% 0.00% 0.00%
Sales - high correlation with Op Leverage

ost/Sales - high correlation with Op Leverage

R - any interest costs capitalised

 ASIAN PAINTS LTD
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 7402.91 9231.25 10503.9 12220.4 13615.3 14271.5 15062
Capex 685.57 737.15 378.66 488.78 942.48 373.13
Depreciation 121.13 154.6 245.66 265.92 275.58 334.79
Incremental Fixed Capital Investment 564.44 582.55 133 222.86 666.9 38.34
Incremental Sales 1828.34 1272.66 1716.46 1394.89 656.23 790.5
Incremental Fixed Capital Investment Rate 30.87% 45.77% 7.75% 15.98% 101.63% 4.85%
5 Yr Avg 31.59% 28.19%
9 Yr Avg

Working Capital 638.69 817.24 839.39 231.64 716.7 613.04 1950.96

Incremental Working Capital 178.55 22.15 -607.75 485.06 -103.66 1337.92
Incremental Working Capital Investment Rate 9.77% 1.74% -35.41% 34.77% -15.80% 169.25%
5 Yr Avg -0.37% 19.44%
9 Yr Avg
Years in Future 0 1 2 3 4 5 6
Year Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Sales ### ### ### ### ### ### ###
EBIT 3,736.99 4,000.58 4,602.10 5,292.42 6,086.28 6,999.22 8,049.10
NOPAT 2,856.71 3,000.44 3,451.58 3,969.31 4,564.71 5,249.42 6,036.83
Incremental Fixed Capital Investment 404.23 666.97 767.02 882.07 1,014.38 1,166.54
Incremental Working Capital Investment 303.17 500.23 575.26 661.55 760.78 874.90
Free Cash Flow 2,293.04 2,284.38 2,627.03 3,021.09 3,474.25 3,995.39
Present Value of Free Cash Flow 2,047.36 1,821.09 1,869.87 1,919.96 1,971.38 2,024.19
umulative Present Value of Free Cash Flow 2,047.36 3,868.45 5,738.32 7,658.28 9,629.66 ###
Present Value of Residual Value ### ### ### ### ### ###

Corporate Value 42231.78 ### ### ### ### ###

Add: Non-Operative Assets ### ### ### ### ### ###
Less: Debt ### ### ### ### ### ###
Shareholder Value 43914.96 ### ### ### ### ###

Shareholder Value/Share 457.74 488.07 519.09 550.93 583.63 617.20

Market-Implied-Forecast-Period 15+

Steady State Value ### ### (as per Rajshekhar Iyer formula)
Future Value ### ### (present value of year 10 shareholder future value)
Value ### ###
Value/Share 2,159.37 1,237.16
(as per Credit Suisse paper What's captured in P/E)
 Mar-18 Mar-19 Mar-20 Consensus Forecasts 5 Yr Avg Inputs TTM
16824.6 19240.1 20211.3 Sales Growth Rate 9.09% 15% 0.00%
1936.54 2191.02 486.82 EBIT Margin 18.00% 18% 17.99%
360.47 622.14 780.5 Tax Rate 31% 25%
1576.07 1568.88 -293.68 Inc Fixed Capital Rate 42.69% 20%
1762.56 2415.58 971.12 Inc Working Capital Rate 16.46% 15%
89.42% 64.95% -30.24% Cost of Capital 12%
41.72% 58.02% 53.92% Inflation Rate 5%
39.50% Cash & Bank Balance 782.83
Investments ###
1665.61 1515.34 2817.26 Non-Operative Assets ###
-285.35 -150.27 1301.92 Debt ###
-16.19% -6.22% 134.06% # Shares Outstanding 95.94
13.07% 18.29% 31.85% CMP 2754.8
17.01%
7 8 9 10 11 12 13 14 15
Mar-26 Mar-27 Mar-28 Mar-29 Mar-30 Mar-31 Mar-32 Mar-33 Mar-34
### ### ### ### ### ### ### ### ###
9,256.47 ### ### ### ### ### ### ### ###
6,942.35 7,983.71 9,181.26 ### ### ### ### ### ###
1,341.52 1,542.75 1,774.16 2,040.28 2,346.32 2,698.27 3,103.01 3,568.46 4,103.73
1,006.14 1,157.06 1,330.62 1,530.21 1,759.74 2,023.70 2,327.26 2,676.35 3,077.80
4,594.70 5,283.90 6,076.49 6,987.96 8,036.15 9,241.58 ### ### ###
2,078.41 2,134.08 2,191.24 2,249.94 2,310.20 2,372.08 2,435.62 2,500.86 2,567.85
### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ###

### ### ### ### ### 78751.23 ### 86606.36 ###

### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ###
### ### ### ### ### 80434.41 ### 88289.54 ###

651.68 687.07 723.42 760.73 799.05 838.39 878.79 920.27 962.86

der future value)

Business Robustness Snapshot (Annual) Annual Historical Performance
ASIAN PAINTS LTD Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Sales 7402.91 9231.25 10504 12220 13615 14271
EBIT 1,285.72 1,497.46 ### ### ### ###
Operating Profit (ex Other Income) 1330.87 1511.18 1737.39 1993.7 2215.32 2725.04
Operating Profit Margin (ex Other Income) 17.98% 16.37% 16.54% 16.31% 16.27% 19.09%
1Yr Sales Increase 24.70% 13.79% 16.34% 11.41% 4.82%
1Yr EBIT Increase 16.47% 13.34% 10.90% 12.58% 25.66%
3Yr Sales Increase 65.08% 47.49% 35.87%
3Yr EBIT Increase 46.40% 41.51% 56.89%
Abnormal margin exclusion (RM cycle)
1 Yr Operating Leverage 0.67 0.97 0.67 1.10 5.32
3Yr Operating Leverage 0.71 0.87 1.59
EBIT Margin 17.37% 16.22% 16.16% 15.40% 15.56% 18.66%
Invested Capital 1991.88 2734.87 3339.57 2864.82 3572.74 4135.98
Capital Turns 3.72 3.38 3.15 4.27 3.81 3.45
RoIC 45% 38% 36% 45% 41% 44%
5Yr Rolling RoIIC - - - - - -
EPA 660.50 722.84 788.24 952.02 1027.63 1306.21
EPA/Sales 8.92% 7.83% 7.50% 7.79% 7.55% 9.15%
Sustainable Growth Rate (without addl financing 25% 22% 20% 18% 17% 16%
Business Robustness Snapshot (Quarterly) Latest 10 Quarters Performance
ASIAN PAINTS LTD Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19
Sales 4390.27 4615.49 5263.04 4991.5 5104.72 5050.66
EBIT 867.08 772.93 ### 767.90 ### 875.31
Operating Profit (ex Other Income) 929.70 843.70 ### 883.36 ### 951.94
EBIT Margin 19.75% 16.75% 19.06% 15.38% 20.57% 17.33%
Operating Profit Margin (ex Other Income) 21.18% 18.28% 20.97% 17.70% 22.64% 18.85%
Threshold Margin Snapshot Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Incremental Fixed Capital Investment Rate 31% 46% 8% 16% 102%
Incremental Working Capital Investment Rate 10% 2% -35% 35% -16%
Incremental Threshold Margin 6% 7% -4% 8% 14%
Threshold Margin (Value Neutral Operating Margin) 15.16% 15.14% 13.28% 14.64% 15.47%
Threshold Exceed Rate 1.07% 1.02% 2.12% 0.93% 3.19%
Historical Performance
Mar-17 Mar-18 Mar-19 Mar-20 TTM
15062 16824.6 19240.1 20211 ###
### ### ### ### ###
2993.76 3204.01 3764.94 4162.44 ###
19.88% 19.04% 19.57% 20.59% 20.65%
5.54% 11.70% 14.36% 5.05% -9.31%
12.54% 6.11% 7.44% 9.38% -11.74%
23.25% 23.57% 34.82% 34.19% 8.94%
59.22% 50.06% 28.31% 24.70% 3.72%

2.26 0.52 0.52 1.86 0.00

2.55 2.12 0.81 0.72 0.42
19.90% 18.90% 17.76% 18.49% 17.99%
5512.24 6802.96 8221.57 9229.81 0.00
2.73 2.47 2.34 2.19 #DIV/0!
37% 31% 28% 31% #DIV/0!
46% 34% 28% 26%
1380.21 1308.88 1295.23 1749.13 #DIV/0!
9.16% 7.78% 6.73% 8.65% #DIV/0!
13% 14% 12% 15%
rters Performance
Dec-19 Mar-20 Jun-20 Sep-20
5420.28 4635.59 2922.66 5350.23
### 724.88 325.89 ###
### 859.62 469.97 ###
19.95% 15.64% 11.15% 21.79%
21.94% 18.54% 16.08% 23.65%
Mar-17 Mar-18 Mar-19 Mar-20 TTM
5% 89% 65% -30%
169% -16% -6% 134%
27% 12% 9% 15%
19.12% 19.04% 17.71% 17.60% higher capital intensity business demands higher threshold margin (to break even) th
0.78% -0.14% 0.05% 0.89%
gher threshold margin (to break even) than lower cap intensive
ASIAN PAINTS LTD (adapted from the methodology described in the book "Buffetology" by Mary
Current Data 10 yr Projected Company data using historical earnings growth
Price 2754.8 Year EPS DPS
EPS: 23.71 Current 23.71 12.00 220.86 Earnings after 10 years
DPS: 12.00 Year 1 29.64 1.48 49.29 Dividends paid over 10 y
BVPS: 105.61 Year 2 37.05 1.85
P/E: 116.17 Year 3 46.32 2.32 3312.88 Projected price [Avg Sus
Earnings Yield: 0.86% Year 4 57.90 2.89 3362.16 Total Gain [Projected Pr
Dividend Yield: 0.44% Year 5 72.37 3.62
P/BV: 26.08 Year 6 90.46 4.52 2.24% Projected annual return
Year 7 113.08 5.65 [(Total Gain/Current Pric
Input Visibility data below Year 8 141.35 7.07
Sales Year 9 176.69 8.83
Med Term Visibility 25% Year 10 220.86 11.04
Sales 10 Yr CAGR 11.81%
Sales 5yr CAGR 9.09% 10 yr Projected Company data using sustainable growth rate ba
Sales 3yr CAGR 9.60% Year BVPS EPS DPS
Sales Y-o-Y growth 5.05% Current 105.61 23.71 12.00 173.89 Earnings after 10 years
Sales TTM Growth -9.31% Year 1 117.33 27.86 1.39 41.05 Dividends paid over 10 y
EPS Year 2 143.80 34.15 1.71
Med Term Visibility 25% Year 3 176.24 41.86 2.09 2608.34 Projected price [Avg Sus
EPS 10 Yr CAGR 13.83% Year 4 216.00 51.30 2.57 2649.39 Total Gain [Projected Pr
EPS 5yr CAGR 11.58% Year 5 264.74 62.88 3.14
EPS 3yr CAGR 15.19% Year 6 324.47 77.06 3.85 -0.43% Projected annual return
EPS Y-o-Y growth 25.48% Year 7 397.68 94.45 4.72 [(Total Gain/Current Pric
EPS TTM Growth -15.91% Year 8 487.41 115.76 5.79
5Yr Averages Year 9 597.38 141.88 7.09
Return on Equity: 25.19% Year 10 732.17 173.89 8.69
Payout Ratio: 44.47% *Assuming current capital structure is maintained - business's inherent ability
P/E Ratio-High: 66.4
P/E Ratio-Low: 47.7
Avg. P/E Ratio: 34.9
Avg Sustainable P/E 15
RoE/Payout Visibility 5 Yr Avg
RoE Visibility 25% 25.19%
Payout Visbility 5% 44.47%
Sustainable Growth 23.75% 13.99%
ok "Buffetology" by Mary Buffet - using current Visibility aided by
historical earnings growth rate/current visibility 10yr Sales Projection
Year Sales
Earnings after 10 years Current 20211.25
Dividends paid over 10 years Year 1 25264.06
Year 2 31580.08
Projected price [Avg Sustainable P/E*EPS] Year 3 39475.10
Total Gain [Projected Price+Dividends] Year 4 49343.87
Year 5 61679.84
Projected annual return using current EPS growth visibility Year 6 77099.80
[(Total Gain/Current Price)^1/9)-1] Year 7 96374.75
Year 8 120468.44
Year 9 150585.55
Year 10 188231.93

ustainable growth rate based on current visibility

Earnings after 10 years

Dividends paid over 10 years

Projected price [Avg Sustainable P/E*EPS]

Total Gain [Projected Price+Dividends]

Projected annual return using sustainable growth visbility*

[(Total Gain/Current Price)^1/9)-1]

business's inherent ability to grow with internal accruals from he

 ASIAN PAINTS LTD
Key figures extracted/highlighted automatically from Excel
TTM
TTM Net TTM Invested EPA
Sales
10Yr Incr Profit EBIT
Dividen 5yrAvg Retained ROIC Cap /Sales
Total Mkt Cap
Fixed
FA ###
Investd Sust. Earnings 31%
### ### 9229.81
WCap 8.65%
Asset 264292
Asset
10Yr Incr
Rate
Wcap Payout Industry
Industry Growth / TA RoE /TA
5YrAvg Turns Turn
39.50%42.55%
Invest
FA 13.99% 10% 27%
WCap / Industry Industry 17% 1.25
WCap 5YrAvg 3.22
5YrAvg
Rate
Turns TA RE /TA RoE /TA TA Turns FA Turns
17.01% 12% 1.24 3.89
FY 2010 FY 2011 FY2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
RoE 39% 36% 33% 30% 29% 27% 26% 24% 23% 27%
CC Cycle 92 94 97 94 91 80 98 95 95 93
Gr Margin 47% 45% 46% 48% 40% 45% 51% 52% 48% 51%
Eq Dilution 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
matically from Excel for quick scan that helps tell a more complete story?
Earnings
P/B P/S P/E P/CFO Div Yield EV/EBITDA Yield
26.09 14.42
Invest 116.17
Net 0.00 0.44%
FCF/ 35.46
Op 0.86%
Cash Eqv Future
Steady ments Profit Future
SState CFO Sales Leverage
782.83
State Earnings Value/ Value / 11%
2,018.85 2705.17 ### 1.86
Value Value Mcap Mcap
43915 0 17% 83%