Bata India Ltd .

xlsx

Bata India Ltd

Income Statement (All figures in Rs. Millions)
Date Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Sr. No Year 2018 -A 2019 -A 2020 -A 2021 -E 2022 -E 2023 -E

1 Revenue 26363.18 29284.44 35534.51 41,255 47,896 55,607

2 Excise Duty 70.47 0 0.00 - - -
3 Other Income 508.44 685.43 688.41 16 8 13
4 Total Income 26,942 29,970 36,223 41,271 47,905 55,620
5 Expenses 23471.48 25187.22 22237.09 25,817 29,973 34,798
6 EBITDA 3,471 4,783 13,986 15,454 17,932 20,822
7 Depreciation & Ammortization 604.21 640.16 2957.65 8,005 10,172 12,283
8 EBIT 2,866 4,142 11,028 7,450 7,760 8,539
9 Finance Cost 41.98 35.46 1177.41 1,177 1,177 1,177
10 Exceptional Items 0.00 0.00 0.00 - - -
11 Extraordinary Items 0.00 0.00 0.00 - - -
12 EBT from continuing operations 2,824 4,107 9,851 6,272 6,582 7,362
13 Tax Expense/Credit 1,164.36 1485.05 758.68 483 507 567
14 Profit after tax from continuing operations 1,660 2,622 9,092 5,789 6,075 6,795
15 Share of profit of associates 0.00 0.00 0.00 - - -
16 Minority Interest 0.00 0.00 0.00 - - -
17 Profit for the year 1,660 2,622 9,092 5,789 6,075 6,795
18 Earning per share
19 Basic 17.4 25.65 25.44 #DIV/0! #DIV/0! #DIV/0!
20 Diluted 17.4 25.65 25.44 #REF! #REF! #REF!

Assumptions
Revenue 16.10% 16.10% 16.10%
Excise Duty -0.27% 0.00% 0.00% 0.00% 0.00% 0.00%
Expenses 89.03% 86.01% 62.58% 62.58% 62.58% 62.58%
Depreciation & Ammortization 10.72% 46.13% 46.13% 46.13% 46.13%
Finance Cost 4.05% 3.54% 9.91% 9.91% 9.91% 9.91%
Exceptional Items 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Expense/Credit 41.22% 36.16% 7.70% 7.70% 7.70% 7.70%
Share of profit of associates 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Minority Interest 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Interest Received 405 496 639 16 8 13
Beginning Cash 6,291 5,570 5,851 150 78 122
Interest Rate(%) 6.43% 8.90% 10.92% 10.92% 10.92% 10.92%

Data has been taken from annual report of respective years

https://www.bata.com/in/annual-reports.html

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Bata India Ltd.

Balance Sheet
(All figures in Rs. Crores)
(Gray for assumptions)
Date Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Year 2018 -A 2019 -A 2020 -A 2021 -E 2022 -E 2023 -E
Equity & Liabilities
Share Capital 642.64 642.64 642.64 643 643 643
Reserve & Surplus 14144.5 16822.69 18323.15 24,112 30,187 36,982
Shareholder's Fund 14,787 17,465 18,966 24,755 30,830 37,625
Minority Interest 0 0 0 - - -
Long Term Borrowings 1037.42 1002.4 11879 11,879 11,879 11,879
Deferred Tax Liabilities 0 0 0 - - -
Other Long Term Liablities 0 0 0 - - -
Long Term Provisions 21.9 22.77 25.07 25 25 25
Non-Current Liabilities 1,059 1,025 11,904 11,904 11,904 11,904
Short Term Borrowings 0 0 0 - - -
Trade Payables 1059.32 1,002.40 0 1,164 187 1,381
Other Current Liabilities 173.6 4,994.79 4,843.40 4,843 4,843 4,843
Short-Term Provisions 103.19 156.67 82.64 83 83 83
Current Liabilities 1,336 6,154 4,926 6,090 5,113 6,307
Total Equity & Liabilities 17,183 24,644 35,796 42,749 47,848 55,836

Assets
Fixed Assets 5972.84 6411.68 17353.41 22,052 26,628 31,467
Goodwill 15.47 70.39 37.85 38 38 38
Non-current Investments 49.51 49.51 49.51 50 50 50
Deferred Tax Assets 1,053.93 1,097.81 1,109.86 1,110 1,110 1,110
Long-term loans & advances 993.07 1,086.22 1,229.35 1,229 1,229 1,229
Other non-current assets 344.24 337.51 156.67 157 157 157
Non-current Assets 8,429 9,053 19,937 24,635 29,211 34,050
Current Investments 0 0 0 - - -
Inventories 7,621 8,391 8736 11,148 11,937 14,864
Trade Recievables 886.31 652.96 612.31 894 855 1,175
Cash & Bank Balances 5922.56 8427.52 9695.29 9,623 9,667 9,231
Short-Term loans & advances 37.67 37.57 71.79 72 72 72
Other current assets 713.91 462.17 473.72 474 474 474
Current Assets 15,182 17,971 19,589 22,210 23,004 25,817
Total Assets 23,611 27,024 39,526 46,845 52,215 59,867

6,428 2,380 3,730 4,096 4,367 4,031

Assumptions
As % of Revenue
Fixed Asset addition 439 10,942 12,703 14,748 17,122
Fixed Asset add as % of Rev 1.50% 30.79% 30.79% 30.79% 30.79%
Recievable Days 10 6 6 6 6
Payable Days 15 8 8 8 8
Inventory Days 116 141 141 141 141
Capital Employed 22,275 20,870 34,600 40,755 47,102 53,559

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Bata India Ltd.

Balance Sheet
(All figures in Rs. Crores)
(Gray for assumptions)
Date
Year
Equity & Liabilities
Share Capital
Reserve & Surplus
Shareholder's Fund
Minority Interest
Long Term Borrowings
Deferred Tax Liabilities
Other Long Term Liablities
Long Term Provisions
Non-Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short-Term Provisions
Current Liabilities
Total Equity & Liabilities

Assets
Fixed Assets
Goodwill
Non-current Investments
Deferred Tax Assets
Long-term loans & advances
Other non-current assets
Non-current Assets
Current Investments
Inventories
Trade Recievables
Cash & Bank Balances
Short-Term loans & advances
Other current assets
Current Assets
Total Assets

Assumptions
As % of Revenue
Fixed Asset addition
Fixed Asset add as % of Rev
Recievable Days
Payable Days
Inventory Days
Capital Employed

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Bata India Ltd.

Balance Sheet
(All figures in Rs. Crores)
(Gray for assumptions)
Date
Year
Equity & Liabilities
Share Capital
Reserve & Surplus
Shareholder's Fund
Minority Interest
Long Term Borrowings
Deferred Tax Liabilities
Other Long Term Liablities
Long Term Provisions
Non-Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short-Term Provisions
Current Liabilities
Total Equity & Liabilities

Assets
Fixed Assets
Goodwill
Non-current Investments
Deferred Tax Assets
Long-term loans & advances
Other non-current assets
Non-current Assets
Current Investments
Inventories
Trade Recievables
Cash & Bank Balances
Short-Term loans & advances
Other current assets
Current Assets
Total Assets

Assumptions
As % of Revenue
Fixed Asset addition
Fixed Asset add as % of Rev
Recievable Days
Payable Days
Inventory Days
Capital Employed

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Bata India Ltd

Cash Flow Statement
(All figures in Rs. Crores)
(Gray for assumptions)
Date Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Year 2018 -A 2019 -A 2020 -A 2021 -E 2022 -E 2023 -E
Cash flows from operating activities
Profit for the year 3,400.14 4,782.65 4,850.77 5,789 6,075 6,795
Adjustments for:
Depreciation (including lease equalisation adjusted in income) 600.45 633.67 2944.34 8,005 10,172 12,283
Loss on sale of assets (including assets scrapped / written off) 16.7 20.53 31.3
Profit on sale of investments (net) - - -
Impairment of Intangibles and other costs 3.76 6.49 13.31
Provision for diminution in value of investments - - -
Provision for inter corporate deposits (net) - - -
Gain on settlement of deferred sales tax liability - - -
Share of profit in respect of investments in associate companies (net) - - - - - -
Share of minority interest - - - - - -
Tax expense / (credit) 1,164.36 1485.05 758.68 483 507 567
Interest / dividend (net) -466 -650 489 1,161 1,169 1,164
Non-cash dividend income on mutual funds - - -
Profit on issue of shares by a subsidiary - - -
Exchange difference - - -
Total Adjustments 1,319 1,496 4,237 9,649 11,848 14,014
Operating profit before working capital changes 3623.57 4,810.52 8346.39 15,438 17,923 20,809
Adjustments for:
Inventories -566.75 -769.75 -345.92 -2,412 -789 -2,927
Trade receivables 2 233.45 6.3 -281 39 -321
Finance receivables -2,354 -5,652 -2,479
Other current and non-current assets -447.51 251.74 -308.2 - - -
Trade payables 720.15 364.19 35.55 1,164 -976 1,194
Other current and non-current liabilities -129.24 35.4 132.16 - - -
Provisions - - -
Change in Working Capital -991.02 121.65 -718.51 -1,530 -1,726 -2,054
Cash generated from operations 2708.8 4853.05 7667.37 13,908 16,197 18,755
Income taxes paid (net) -1151.94 -1409.35 -1869.45 -483 -507 -567
Net cash from operating activities 1556.94 3443.7 5797.92 13,425 15,690 18,188

Cash flows from investing activities

Purchase of fixed assets -778.83 -820.3 -854.92
Sale of fixed assets 24.79 -1.39 -1.92
Advance towards investments -748.3 -2460.94 -1668.94
Investment in associate companies - - -
Investments in mutual fund sold / (made) (net) - - -
Investments in subsidiary company - - -
(Increase) / decrease in Investments in retained interests in securitisation
- transactions
- -
Investments - others - - -
Redemption of Investment in associates - - -
Sale / redemption of investments - others - - -
Deposits of margin money / cash collateral - - -
Realisation of margin money / cash collateral - - -
Fixed / restricted deposits with banks made - - -
Fixed / restricted deposits with banks realised - - -
Interest received 404.81 495.84 638.76 16 8 13
Dividend received from associates - - -
Dividend / income on investments received - - -
(Increase) / decrease in short term Inter-corporate deposit - - -
Net cash used in investing activities 1073.89 -2770.4 -1872.55 16 8 13

Cash flows from financing activities

Expenses on Foreign Currency Convertible Notes (FCCN) conversion - - -
Brokerage and other expenses on Non-Convertible Debentures (NCD) - - -
Proceeds from issue of shares to minority shareholders (net of issue expenses)
- - -
Proceeds from QIP issue (net of issue expenses)
Proceeds from issue of shares to minority shareholders (net of issue expenses)
- -
Premium paid on redemption of FCCN / CARS
Premium paid on redemption of NCD
Proceeds from issue of shares held in abeyance
Proceeds from long-term borrowings (net of issue expenses) - - -
Repayment of long-term borrowings
Proceeds from short-term borrowings - - -
Repayment of short-term borrowings
Net change in other short-term borrowings (with maturity up to three months)
Proceeds from fixed deposits

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Bata India Ltd

Cash Flow Statement
(All figures in Rs. Crores)
(Gray for assumptions)
Date Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Year 2018 -A 2019 -A 2020 -A 2021 -E 2022 -E 2023 -E
Repayment of fixed deposits
Dividend paid (including dividend distribution tax) -448.99 -511.92 -803.89
Dividend paid to minority shareholders -448.99 -511.92
Interest paid -15.02 -13.79 -12.54 -1,177 -15.02 -13.79
Net cash (used in) / from financing activities -555.58 -631.39 -4360.76 -1,177 -464 -526
Net (decrease) / increase in cash and cash equivalents -72.53 41.91 -435.39 -72.53 44.12 -435.39
Cash and cash equivalents as at March 31 (Opening balance) 6291 5570 5851 150 78 122
Cash and bank balance on acquisition of subsidiaries
Effect of foreign exchange on cash and cash equivalents
Cash and cash equivalents as at March 31 (Closing balance) 557 586 150 78 122 -314

Cash in Deposits 5,365 7,842 9,545 9,545 9,545 9,545

Interest on Cash & Bank 6.4% 8.9% 10.9% 10.9% 10.9% 10.9%

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Bata India Ltd

Cash Flow Statement
(All figures in Rs. Crores)
(Gray for assumptions)
Date
Year
Cash flows from operating activities
Profit for the year
Adjustments for:
Depreciation (including lease equalisation adjusted in income)
Loss on sale of assets (including assets scrapped / written off)
Profit on sale of investments (net)
Impairment of Intangibles and other costs
Provision for diminution in value of investments
Provision for inter corporate deposits (net)
Gain on settlement of deferred sales tax liability
Share of profit in respect of investments in associate companies (net)
Share of minority interest
Tax expense / (credit)
Interest / dividend (net)
Non-cash dividend income on mutual funds
Profit on issue of shares by a subsidiary
Exchange difference
Total Adjustments
Operating profit before working capital changes
Adjustments for:
Inventories
Trade receivables
Finance receivables
Other current and non-current assets
Trade payables
Other current and non-current liabilities
Provisions
Change in Working Capital
Cash generated from operations
Income taxes paid (net)
Net cash from operating activities

Cash flows from investing activities

Purchase of fixed assets
Sale of fixed assets
Advance towards investments
Investment in associate companies
Investments in mutual fund sold / (made) (net)
Investments in subsidiary company
(Increase) / decrease in Investments in retained interests in securitisation transactions
Investments - others
Redemption of Investment in associates
Sale / redemption of investments - others
Deposits of margin money / cash collateral
Realisation of margin money / cash collateral
Fixed / restricted deposits with banks made
Fixed / restricted deposits with banks realised
Interest received
Dividend received from associates
Dividend / income on investments received
(Increase) / decrease in short term Inter-corporate deposit
Net cash used in investing activities

Cash flows from financing activities

Expenses on Foreign Currency Convertible Notes (FCCN) conversion
Brokerage and other expenses on Non-Convertible Debentures (NCD)
Proceeds from issue of shares to minority shareholders (net of issue expenses)
Proceeds from QIP issue (net of issue expenses)
Proceeds from issue of shares to minority shareholders (net of issue expenses)
Premium paid on redemption of FCCN / CARS
Premium paid on redemption of NCD
Proceeds from issue of shares held in abeyance
Proceeds from long-term borrowings (net of issue expenses)
Repayment of long-term borrowings
Proceeds from short-term borrowings
Repayment of short-term borrowings
Net change in other short-term borrowings (with maturity up to three months)
Proceeds from fixed deposits

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Bata India Ltd

Cash Flow Statement
(All figures in Rs. Crores)
(Gray for assumptions)
Date
Year
Repayment of fixed deposits
Dividend paid (including dividend distribution tax)
Dividend paid to minority shareholders
Interest paid
Net cash (used in) / from financing activities
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents as at March 31 (Opening balance)
Cash and bank balance on acquisition of subsidiaries
Effect of foreign exchange on cash and cash equivalents
Cash and cash equivalents as at March 31 (Closing balance)

Cash in Deposits

Interest on Cash & Bank

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Bata India Ltd

Cash Flow Statement
(All figures in Rs. Crores)
(Gray for assumptions)
Date
Year
Cash flows from operating activities
Profit for the year
Adjustments for:
Depreciation (including lease equalisation adjusted in income)
Loss on sale of assets (including assets scrapped / written off)
Profit on sale of investments (net)
Impairment of Intangibles and other costs
Provision for diminution in value of investments
Provision for inter corporate deposits (net)
Gain on settlement of deferred sales tax liability
Share of profit in respect of investments in associate companies (net)
Share of minority interest
Tax expense / (credit)
Interest / dividend (net)
Non-cash dividend income on mutual funds
Profit on issue of shares by a subsidiary
Exchange difference
Total Adjustments
Operating profit before working capital changes
Adjustments for:
Inventories
Trade receivables
Finance receivables
Other current and non-current assets
Trade payables
Other current and non-current liabilities
Provisions
Change in Working Capital
Cash generated from operations
Income taxes paid (net)
Net cash from operating activities

Cash flows from investing activities

Purchase of fixed assets
Sale of fixed assets
Advance towards investments
Investment in associate companies
Investments in mutual fund sold / (made) (net)
Investments in subsidiary company
(Increase) / decrease in Investments in retained interests in securitisation transactions
Investments - others
Redemption of Investment in associates
Sale / redemption of investments - others
Deposits of margin money / cash collateral
Realisation of margin money / cash collateral
Fixed / restricted deposits with banks made
Fixed / restricted deposits with banks realised
Interest received
Dividend received from associates
Dividend / income on investments received
(Increase) / decrease in short term Inter-corporate deposit
Net cash used in investing activities

Cash flows from financing activities

Expenses on Foreign Currency Convertible Notes (FCCN) conversion
Brokerage and other expenses on Non-Convertible Debentures (NCD)
Proceeds from issue of shares to minority shareholders (net of issue expenses)
Proceeds from QIP issue (net of issue expenses)
Proceeds from issue of shares to minority shareholders (net of issue expenses)
Premium paid on redemption of FCCN / CARS
Premium paid on redemption of NCD
Proceeds from issue of shares held in abeyance
Proceeds from long-term borrowings (net of issue expenses)
Repayment of long-term borrowings
Proceeds from short-term borrowings
Repayment of short-term borrowings
Net change in other short-term borrowings (with maturity up to three months)
Proceeds from fixed deposits

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Bata India Ltd

Cash Flow Statement
(All figures in Rs. Crores)
(Gray for assumptions)
Date
Year
Repayment of fixed deposits
Dividend paid (including dividend distribution tax)
Dividend paid to minority shareholders
Interest paid
Net cash (used in) / from financing activities
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents as at March 31 (Opening balance)
Cash and bank balance on acquisition of subsidiaries
Effect of foreign exchange on cash and cash equivalents
Cash and cash equivalents as at March 31 (Closing balance)

Cash in Deposits

Interest on Cash & Bank

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Bata India Ltd

Ratio Analysis
(All figures in Rs. Crores)
(Gray for assumptions)
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
2018 -A 2019 -A 2020 -A 2021 -E 2022 -E 2023 -E
Earnings Ratio
ROCE 26.18% 59.72% 24.15% 21.18% 19.99%
ROE 408.00% 1414.80% 900.82% 945.36% 1057.30%
ROA 10.36% 27.32% 13.41% 12.27% 12.12%

Turnover Ratio
Inventory TO 3.15 2.60 2.60 2.60 2.60
Recievables TO 38.05 56.17 54.78 54.78 54.78
Payables TO 24.43 44.37 44.37 44.37 44.37

Liquidity Ratio
Current 11.36 2.92 3.98 3.65 4.50 4.09
Acid Test 5.66 1.56 2.20 1.82 2.16 1.74
Cash 4.43 1.37 1.97 1.58 1.89 1.46

Leverage Ratio
Debt/Equity 0.07 0.06 0.63 0.48 0.39 0.32
Debt/Total Asset 0.04 0.04 0.30 0.25 0.23 0.20

Profitability Ratio
EBITDA Margin 13.16% 16.33% 39.36% 37.46% 37.44% 37.45%
EBIT Margin 10.87% 14.15% 31.04% 18.06% 16.20% 15.36%
Net Profit Margin 6.30% 8.95% 25.59% 14.03% 12.68% 12.22%

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Bata India Ltd

Ratio Analysis
(All figures in Rs. Crores)
(Gray for assumptions)

Earnings Ratio
ROCE
ROE
ROA

Turnover Ratio
Inventory TO
Recievables TO
Payables TO

Liquidity Ratio
Current
Acid Test
Cash

Leverage Ratio
Debt/Equity
Debt/Total Asset

Profitability Ratio
EBITDA Margin
EBIT Margin
Net Profit Margin

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Bata India Ltd

Ratio Analysis
(All figures in Rs. Crores)
(Gray for assumptions)

Earnings Ratio
ROCE
ROE
ROA

Turnover Ratio
Inventory TO
Recievables TO
Payables TO

Liquidity Ratio
Current
Acid Test
Cash

Leverage Ratio
Debt/Equity
Debt/Total Asset

Profitability Ratio
EBITDA Margin
EBIT Margin
Net Profit Margin

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Bata India Ltd

Valuation
(All figures in Rs. Crores)
(Gray for assumptions)

Growth Assumptions Enterprise Value (EV) Debt Equity Weightage

Domestic Economic Growth 6% E/(D+E)
Current Market Price ( 1,612.95) D/(D+E)
Diluted Shares(In Cr.) ( 39)
CAPM Assumptions Market Capitalisation (E) ( 62,905) Interest Rate (%)
Ke 10.5% Debt (D) ( 11,879.0) Tax Rate (@)
RFR 7% Less: Cash & Cash Equivalents ( 9,695.3)
Beta 0.40 Net Debt ( 2,183.7) WACC Calculation
Rp = Rm - Rf 8% Current Enterprise Value (EV) ( 65,089) WACC

Calculation of Free Cash Flow

Explicit Forecast Period First Stage of Valuation

2020 -A 2021 -E 2022 -E 2023 -E 2017 - E 2018 - E 2019 - E 2020 - E 2021 - E

Revenues ( 35,535) ( 41,255) ( 47,896) ( 55,607) ( 63,623) ( 71,724) ( 79,648) ( 87,108) ( 93,801)
EBITDA ( 13,986) ( 15,454) ( 17,932) ( 20,822) 23,824 26,857 29,824 32,618 35,124
EBIT ( 11,028) ( 7,450) ( 7,760) ( 8,539) ( 9,770) ( 11,014) ( 12,231) ( 13,376) ( 14,404)
Tax Expense ( 759) ( 483) ( 507) ( 567) ( 649) ( 731) ( 812) ( 888) ( 956)
Net Operating Profit After Tax = EBIT - Tax (Expense
10,270) ( 6,966) ( 7,253) ( 7,972) ( 9,121) ( 10,283) ( 11,419) ( 12,488) ( 13,448)
Depreciation & Amortisation ( 2,958) ( 8,005) ( 10,172) ( 12,283) ( 14,054) ( 15,843) ( 17,594) ( 19,241) ( 20,720)
Working Capital Change ( (719) ( (1,530) ( (1,726) ( (2,054) ( (1,890) ( (1,972) ( (1,931) ( (1,952) ( (1,941)
Operating Cash Flow = NOPAT + Dep + WC( Change 12,509) ( 13,442) ( 15,699) ( 18,201) ( 21,285) ( 24,154) ( 27,081) ( 29,778) ( 32,226)
Capex ( (10,942) ( (12,703) ( (14,748) ( (17,122) ( (19,591) ( (22,085) ( (24,525) ( (26,822) ( (28,883)
FCFF ( 1,567) ( 738) ( 950) ( 1,079) ( 1,694) ( 2,069) ( 2,556) ( 2,956) ( 3,343)

Diluted Shares ( 39) ( 39) ( 39) ( 39) ( 39) ( 39) ( 39) ( 39) ( 39)

Projection Year ( 1) ( 2) ( 3) ( 4) ( 5) ( 6) ( 7) ( 8)
Present Value of FCF ( 670) ( 782) ( 805) ( 1,146) ( 1,269) ( 1,422) ( 1,492) ( 1,530)

Y/Y Growth Analysis 1.68% Linear decline in revenue growth rate

Revenues 16% 16% 16% 14.42% 12.73% 11.05% 9.37% 7.68%
EBITDA 11% 16% 16% 14% 13% 11% 9% 8%
EBIT -32% 4% 10% 14% 13% 11% 9% 8%
Depreciation & Amortisation 171% 27% 21% 14% 13% 11% 9% 8%

Margin Analysis (As % of Revenues)

EBITDA Margin 37% 37% 37% 37% 37% 37% 37% 37%
EBIT Margin 18% 16% 15% 15% 15% 15% 15% 15%
Depreciation & Amortisation 19% 21% 22% 22% 22% 22% 22% 22%
Capex 31% 31% 31% 31% 31% 31% 31% 31%

Tax Rate (Tax Expense/EBIT) 6% 7% 7% 7% 7% 7% 7% 7%

Terminal Value Calculated Equity Value Intrinsic Value

Sum of PV of FCF for explicit forecast + Stage
( 1 9,117) Enterprise Value ( 48,392) <== as of todayEquity Value
WACC 10.26% - Debt ( 11,879) Diluted Shares
World Economic Growth 6% + Cash ( 9,695)
Terminal Value ( 85,797) GGM Net Debt ( 2,184) Intrinsic Value
PV of TV 39,276 Equity Value ( 46,209)

TV = FCFF(TY)/(WACC - g)

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84%
16%

10%
8%

10.26%

Terminal Year
2022 - E 2023 - E 2024 - E 2025 - E

( 99,429)
37,231
( 15,268)
( 1,014)
( 14,255)
( 21,963)
( (1,946)
( 34,271)
( (30,616)
( 3,655)

( 39)

( 9)
( 1,517)

6.00% ( 0) ( 0) ( 0)
6%
6%
6%

37%
15%
22%
31%

7%

( 46,209)
( 39)

( 1,184.83)

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