Final year finance project: DCF V

Vaibhav M

Mentor: Ms. D
ance project: DCF Valuation of Tanla Platforms Ltd.

Vaibhav Mojidra - 115

MMS Finance: 2022-24

Mentor: Ms. Dharmishta Gala
 Unlevered Preferred Equity Levered
Name Ticker Beta Debt % Debt Stock % Preferred Value % Equity Tax Rate Beta
Tanla Platforms Ltd. TANLA 0.83 - 0.00% - 0.00% 7,880.56 100.00% 25.17% 0.83
Tanla Platforms Ltd. TANLA 1.17

Cost of Equity Based on Comparables, Current Capital Structure: 14.19%

Cost of Equity Based on Historical Beta: 20.08%
Cost of Debt 9%

WACC, Current Capital Structure: 14.19%

WACC, Current Capital Structure and Historical Cost of Equity: 20.08%

Average WACC 17.13%

 Discounted Cashflow Analysis - Tanla Platforms Ltd.
(Rs in Crores)

Tanla Platforms - DCF Assumptions and Outputs

NSE Code TANLA Terminal Value - Multiples Method

Valuation Date 1/5/2024 EV/EBITDA of Peer Companies:
Current Market Price 1112.51 Median EV/EBITDA
Basic Shares Outstanding 13.58 Scenario:
Diluted Shares 13.98 Baseline Terminal Multiple:
Upside
Last Fiscal Year End: 3/31/2023 Base
Effective Tax Rate: 25.17% Downside
Initial Discount Rate (WACC): 20.08% Selected Terminal Multiple:
Terminal Discount Rate: 17.13%
Baseline Terminal Value
Scenario: Base Implied Terminal FCF Growth Rate
PV of Terminal Value
Current Equity Value 15552.33 Sum of PV of FCF
Less: Cash and Cash Equivalents 842.15 Implied Enterprise Value
Add: % PV From Implied Value
Preferred Stock 0 Less: Cash and Cash Equivalents
Non-controlling Interest 0 Add:
Oustanding Debt 0 Preferred Stock
Equity Investments 0 Non-controlling Interest
Other Non-Core Assets Oustanding Debt
Total Debt & Capital Leases 53.53 Equity Investments
Current Enterprise Value 14763.71 Other Non-Core Assets
EV/EBITDA 21.12x Total Debt & Capital Leases
Implied Equity Value
Diluted Shares Oustanding
Implied Share Price from DCF
Premium/(Discount) to Current Price

Revenue Segment 2021 2022 2023 2024E 2025E

Enterprise Revenue 1,863 2,196 2,954 3,190 3,541
% Growth Rate N/A 18% 35% 8% 11%
Upside 12% 13%
Base 8% 11%
Downside 1% 3%
% Revenue 96% 94% 92% 92% 91%
Platform Revenue 79 145 252 287 342
% Growth N/A 84% 74% 14% 19%
Upside 17% 19%
Base 14% 19%
Downside 6% 8%
% Revenue 4% 6% 8% 8% 9%
Total Operating Revenue 1942 2341 3206 3,478 3,883
% Growth N/A 21% 37% 8% 12%

Cost of Services 1,552 1,764 2,298 2,782 3,106

0.80 0.75 0.72 0.80 0.80
Depreciation & Amortization 378 40 41 65 71
N/A -90% 3% 59% 10%
Employee Benefit Expense 109 86 127 156 192
N/A -21% 47% 23% 23%
Other Expenses 104 59 82 96 117
N/A -43% 39% 16% 23%

Earnings before Interest & Tax -200 392 658 379 395

Tax -26 59 135 64 88

13% 15% 20% 17% 22%

Earnings After Tax -174 334 523 314 308

N/A -292% 57% -40% -2%

Add:Depreciation & Amortization 378 40 41 65 71

Less: Capex -5.67 19.46 30.00 35.00
54% 17%
Add/Less: Change in Working Capita 49 185 -122 -278 -160

Unlevered Free Cash Flow to Firm 252 564 423 71 184

Growth Rate N/A 124% -25% -83% 159%

Discount Period N/A N/A N/A 1 2

Discount Rate N/A N/A N/A 20.08% 19.87%
Discounting Factor N/A N/A N/A 0.83 0.70

Present Value of Unlevered FCF N/A N/A N/A 59 128

EBITDA 178 432 699 444 467

Growth Rate N/A 143% 62% -37% 5%

Free Cash Flow to Equity N/A 629 584 190 328

(in USD billions)

Global CPaaS Players FY 23 FY24E FY25E FY26E FY27E
Twilio 3.8
Sinch 2.7
Vonage Holdings 1.4
Ringcentral 1.2
Verint Systems 0.87
8x8 0.64
Bandwidth 0.58
Link Mobility 0.55
Tanla Platforms 0.41
Kaleyra 0.34
Route Mobile 0.11

Total 12.60 16.25 20.64 26.22 33.29

Global CPaaS Revenue 2021 2022 2023 2024E 2025E

7.14 8.19 12.6 16.25 20.64
tiples Method Tanla Platforms Ltd. NPV - Sensitivity Analysis
ompanies: Discount R
17.35 943 17% 18%
Base 5x

Terminal EBITDA
7x
17.35x 9x

Multiple
21.12x 11x
5.50x 13x
21.12x 15x
17x
95,750.21
Growth Rate 14%
8,930.15
3,358.08
12,288.23
73%
Equivalents 842.15

0
0
0
0
0
53.53
13,183.91
13.98
943.09
to Current Price -15%

2026E 2027E 2028E 2029E 2030E 2031E 2032E

4,002 4,962 6,153 7,507 9,158 11,173 13,407
13% 24% 24% 22% 22% 22% 20%
15% 28% 28% 26% 26% 26% 24%
13% 24% 24% 22% 22% 22% 20%
2% 20% 20% 18% 18% 18% 16%
91% 90% 90% 89% 89% 88% 87%
400 528 697 899 1,160 1,496 1,930
17% 32% 32% 29% 29% 29% 29%
20% 37% 37% 35% 35% 35% 35%
17% 32% 32% 29% 29% 29% 29%
7% 28% 28% 25% 25% 25% 25%
 9% 10% 10% 11% 11% 12% 13%
4,402 5,490 6,850 8,406 10,318 12,669 15,337
13% 25% 25% 23% 23% 23% 21%

3,521 4,392 5,480 6,724 8,254 10,135 12,270

0.80 0.80 0.80 0.80 0.80 0.80 0.80
79 91 105 120 138 159 183
11% 15% 15% 15% 15% 15% 15%
237 291 358 441 542 667 820
23% 23% 23% 23% 23% 23% 23%
144 178 219 269 331 407 500
23% 23% 23% 23% 23% 23% 23%

420 538 688 851 1,052 1,301 1,564

94 135 173 214 265 327 394

22% 25% 25% 25% 25% 25% 25%

326 403 515 637 787 974 1,170

6% 23% 28% 24% 24% 24% 20%

79 91 105 120 138 159 183

40.00 48.00 57.60 69.12 82.94 99.53 119.44
14% 20% 20% 20% 20% 20% 20%
-45 -49 -54 -59 -65 -72 -79
10% 10% 10% 10% 10% 10%
321 396 508 629 778 961 1,155
74% 24% 28% 24% 24% 24% 20%

3 4 5 6 7 8 9
19.66% 19.45% 19.24% 19.03% 18.82% 18.61% 18.40%
0.58 0.49 0.41 0.35 0.30 0.26 0.22

187 195 211 221 233 245 253

499 629 793 971 1,191 1,460 1,747

7% 26% 26% 23% 23% 23% 20%

474

PE
51.55

68.59

10.03

12.25

10.02
 30.47

6.49

30.65

21.36

2026E 2027E
26.22 33.29
 Discount Rate
19% 20% 21% 22% 23%

2033E 2034E 2035E 2036E 2037E 2038E

16,089 19,306 22,782 26,882 31,721 37,431
20% 20% 18% 18% 18% 18%
24% 24% 22% 22% 22% 22%
20% 20% 18% 18% 18% 18%
16% 16% 14% 14% 14% 14%
87% 86% 85% 84% 83% 82%
2,451 3,113 3,953 5,021 6,376 8,098
27% 27% 27% 27% 27% 27%
33% 33% 33% 33% 33% 33%
27% 27% 27% 27% 27% 27%
21% 21% 21% 21% 21% 21%
 13% 14% 15% 16% 17% 18%
18,540 22,419 26,735 31,903 38,097 45,529
21% 21% 19% 19% 19% 20%

14,832 17,935 21,388 25,522 30,478 36,423

0.80 0.80 0.80 0.80 0.80 0.80
210 242 278 320 368 423
15% 15% 15% 15% 15% 15%
1,009 1,241 1,527 1,878 2,310 2,841
23% 23% 23% 23% 23% 23%
615 757 931 1,145 1,408 1,732
23% 23% 23% 23% 23% 23%

1,873 2,244 2,611 3,038 3,534 4,110

471 565 657 765 889 1034

25% 25% 25% 25% 25% 25%

1,402 1,679 1,954 2,273 2,644 3,075

20% 20% 16% 16% 16% 16%

210 242 278 320 368 423

143.33 171.99 206.39 247.67 297.20 356.64
20% 20% 20% 20% 20% 20%
-87 -96 -105 -116 -127 -140
10% 10% 10% 10% 10% 10%
1,382 1,654 1,921 2,230 2,588 3,002
20% 20% 16% 16% 16% 16%

10 11 12 13 14 15
18.19% 17.98% 17.76% 17.55% 17.34% 17.13%
0.19 0.16 0.14 0.12 0.11 0.09

260 268 270 272 276 280

2,084 2,486 2,889 3,358 3,901 4,533

19% 19% 16% 16% 16% 16%
Assumptions for the financial statements

Base Case
(in crores)
Revenue Segment 2021 2022 2023 2024E 2025E 2026E CAGR
Enterprise Revenue 1,863 2,196 2,954 3,190 3,541 4,002
% Growth 18% 35% 8% 11% 13% 17%
% Revenue 96% 94% 92% 92% 91% 91%
Platform Revenue 79 145 252 287 342 400
% Growth 84% 74% 14% 19% 17% 47%
% Revenue 4% 6% 8% 8% 9% 9%
Total Operating Revenue 1942 2341 3206 3,478 3,883 4,402
% Growth 21% 37% 8% 12% 13% 18%
Other Income 12 22 16 19 23 28
% Growth 78% -27% 20% 20% 20% 15%

Optimistic Case
(in crores)
Revenue Segment 2021 2022 2023 2024E 2025E 2026E CAGR
Enterprise Revenue 1,863 2,196 2,954 3,308 3,739 4,299
% Growth 18% 35% 12% 13% 15% 15%
% Revenue 96% 94% 92% 92% 91% 91%
Platform Revenue 79 145 252 295 351 421
% Growth 84% 74% 17% 19% 20% 32%
% Revenue 4% 6% 8% 8% 9% 9%
Total Operating Revenue 1942 2341 3206 3,603 4,089 4,720
% Growth 21% 37% 12% 13% 15% 16%
Other Income 12 22 16 20 25 31
% Growth 78% -27% 25% 25% 25% 17%

Pessimistic Case
(in crores)
Revenue Segment 2021 2022 2023 2024E 2025E 2026E CAGR
Enterprise Revenue 1,863 2,196 2,954 2,984 3,073 3,135
% Growth 18% 35% 1% 3% 2% 9%
% Revenue 96% 94% 92% 92% 91% 91%
Platform Revenue 79 145 252 267 288 309
% Growth 84% 74% 6% 8% 7% 26%
% Revenue 4% 6% 8% 8% 9% 9%
Total Operating Revenue 1942 2341 3206 3,251 3,362 3,443
% Growth 21% 37% 1% 3% 2% 10%
Other Income 12 22 16 19 21 25
% Growth 78% -27% 15% 15% 15% 12%
Cost of Services 2019 2020 2021
Cost of Services 695.47 860.67 1,551.71
% Growth 24% 80%
% revenue multiple
Expenses
Employee Benefit Expense 14.18 22.94 108.93
Depreciation and Amortization Expense 57.33 73.27 377.79
Travel Expenses 2.57 - -
Connectivity and Related Expenses 3.81 2.70 8.16
Finance Cost - 0.32 6.41
Other Expenses 10.38 20.90 89.00
Total Expenses 88.27 120.13 590.29
36% 391%
Other Expenses 16.76 23.92 103.57
43% 333%

Trade Payables 280.60

18%
Trade Receivables 325.76
17%
Book Value 50.64 53.43 51.67
6% -3%
Weighted Average Number of Shares 13.58
Fully Diluted Shares 13.98
 2022 2023 2024E 2025E 2026E CAGR Average
1,763.80 2,297.93 2,782.08 3,106.49 3,521.28
14% 30% 21% 12% 13% 27% 37%
0.80 0.80 0.80

86.05 126.84 156.21 192.37 236.90

39.56 40.86 65.10 71.48 79.06 7%
- - - - -
11.74 13.45 16.56 20.40 25.12
1.07 1.32 1.40 1.40 1.50
46.41 67.57 77.71 95.70 117.85 15%
184.83 250.04 316.97 381.34 460.44
-69% 35% 27% 20% 21% 23% 99%
59.22 82.34 95.67 117.49 144.47
-43% 39% 16% 23% 23%

506.19 678.50 639.88 714.49 845.11

29% 30% 23% 23% 24%
373.15 560.33 660.74 815.45 968.35
16% 17% 19% 21% 22%
65.77 99.71 123.82 147.86 178.12
27% 52% 24% 19% 20%
ASSET SCHEDULE

Fixed Asset Schedule FY2021 FY2022 FY2023 FY2024E FY2025E

Opening Balance - 53,329.54 52,762.16 54,708.53 57,708.53
Add: Purchases - 959.87 1,946.37 3,000.00 3,500.00
Less: Deductions - 1,527.25 - - -
Closing Balance 53,329.54 52,762.16 54,708.53 57,708.53 61,208.53
Depreciation
Opening Balance - 49,738.15 49,795.60 50,423.47 53,308.90
Less: Depreciation - 1,405.01 627.87 2,885.43 3,060.43
Add: Deductions - 1,347.56 - - -
Closing Balance 49,738.15 49,795.60 50,423.47 53,308.90 56,369.32

Net PPE 3,591.39 2,966.56 4,285.06 4,399.63 4,839.21

Depreciation Rate 5%

Fixed Asset Schedule FY2021 FY2022 FY2023 FY2024E FY2025E

Opening Balance - 10,481.76 13,613.29 15,802.07 17,802.07
Additions - 3,131.53 2,188.78 2,000.00 2,500.00
Deductions - - - -
Closing Balance 10,481.76 13,613.29 15,802.07 17,802.07 20,302.07
Amortization
Opening Balance - 2,298.72 4,731.84 7,917.22 11,299.61
Less: Amortization - 2,433.12 3,185.38 3,382.39 3,857.39
Add: Deductions - - - - -
Closing Balance 2,298.72 4,731.84 7,917.22 11,299.61 15,157.01

Net Intangible Assets 8,183.04 8,881.45 7,884.85 6,502.46 5,145.06

Amortization Rate 19%

Fixed Asset Schedule FY2021 FY2022 FY2023 FY2024E FY2025E

Opening Balance - 504.35 385.79 4,843.96 4,601.76
Reclassification 281.11 - - - -
Additions 438.01 - 4,730.55 - -
Depreciation Charged 214.77 118.38 272.38 242.20 230.09
Adjustments - 0.18 - - -
Closing Balance 504.35 385.79 4,843.96 4,601.76 4,371.67

Depreciation Rate 5%

Total Depreciation & Amortization 214.77 3,956.51 4,085.63 6,510.02 7,147.91

(in Rs. Crores) 2.15 39.57 40.86 65.10 71.48
FY2026E
61,208.53
4,000.00
-
65,208.53

56,369.32
3,260.43
-
59,629.75

5,578.78

FY2026E
20,302.07
3,000.00
-
23,302.07

15,157.01
4,427.39
-
19,584.40

3,717.67

FY2026E
4,371.67
-
-
218.58
-
4,153.09

7,906.40
79.06
(Figures in crores)
Particulars FY2019 FY2020 FY2021 FY2022 FY2023 FY2024E FY2025E FY2026E

I) Assets
1. Non-Current Assets
(a)Property, Plant and Equipment 452 350 36 30 43 44 48 56
(b)Capital Work-In-Progress - - - - 13 13 13 13
(c)Investment Property - - - - - 50 60 70
(d)Intangible Assets - - 82 89 79 113 152 196
(e)Intangible Assets under Development - 6 13 6 40 40 40 40
(f)Financial Assets - 2 4 11 71 71 71 71
(g)Deferred Tax Assets (Net) 15 17 57 43 40 40 40 40
(h)Other Non-Current Assets 11 20 80 30 44 44 44 44
(i) Right-of-use assets - - 5 4 48 46 44 42
(j) Goodwill on Consolidation - - 135 135 135 135 135 135
Total Non-Current Assets 478 394 412 346 513 596 646 706
2. Current Assets
Cash and Cash Equivalents 165 155 171 537 842 948 1,143 1,473
(a)Financial Assets
(1)Investments - 74 - - - - - -
(2)Trades Receivables 206 308 326 373 560 661 815 968
(4)Bank balances other than Cash and Cash Equivalents - - 30 47 20 20 20 20
(5)Other Financial Assets 63 136 205 256 395 395 395 395
(6)Loans - 1 3 - - - - -
(b)Other Current Assets 22 39 43 52 64 64 64 64
Total Current Assets 291 557 607 729 1,040 1,140 1,295 1,448
Total Assets 934 1,107 1,189 1,613 2,395 2,683 3,085 3,626
(Figures in crores)
Particulars FY2019 FY2020 FY2021 FY2022 FY2023 FY2024E FY2025E FY2026E CAGR Average
Income
1) Revenue from Operations 792 1,004 1,943 2,341 3,206 3,478 3,883 4,402
18%
3)Operating Income 792 1,004 1,943 2,341 3,206 3,478 3,883 4,402
YoY Revenue Growth % 27% 94% 21% 37% 8% 12% 13% 32% 44%

Cost of Services
Cost of Services 695 861 1,552 1,764 2,298 2,782 3,106 3,521
% revenue 88% 86% 80% 75% 72% 80% 80% 80% 27% 80%
% operating margin 12% 14% 20% 25% 28% 20% 20% 20%

5) Gross Profit 96 143 391 578 908 696 777 880

Gross Profit Margin 12% 14% 20% 25% 28% 20% 20% 20% 45% 20%

4) Expenses
Employee Benefit Expense 14 23 109 86 127 156 192 237
Travel Expenses 3 - - - - - - -
Connectivity and Related Expenses 4 3 8 12 13 17 20 25
Other Expenses 10 21 89 46 68 78 96 118
Total Expenses 31 47 206 144 208 250 308 380
50% 343% -30% 44% 21% 23% 23% 46% 102%
Expense % of Revenue 4% 5% 11% 6% 6% 7% 8% 9%

6) EBITDA 65 97 185 433 700 445 468 500

EBITDA Margin 8% 10% 10% 19% 22% 13% 12% 11% 56%
Depreciation and Amortization Expense 57 73 378 40 41 65 71 79

7) EBIT 8 23 -193 394 659 380 397 421

EBIT Margin 1% 2% -10% 17% 21% 11% 10% 10%
Finance Cost - 0 6 1 1 1 1 2
Impairment of Assets/Goodwill - - 49 - - - - -
 Share in net profit/(loss) of associate - - -2 - - - - -
Other Income 5 11 12 22 16 19 23 28
Earnings Before tax 12.63 33.77 -233.85 414.78 674.12 397.89 418.49 447.73

8) Tax Expenses
Current Tax 2 5 11 59 134 76 99 105
Deferred tax -7 - -37 10 8 - - -
Other Deferred Tax - 3 - - - - - -
Tax Credit- Minimum Alternate Tax (MAT) -2 -4 - -11 -6 - - -
Prior Period tax - - - - - - - -
Total Tax Expenses -6 4 -26 59 135 64 88 94
Taxes % of revenue -1% 0% -1% 3% 4% 2% 2% 2%

9) Profit After Tax 19 30 -208 356 539 333 331 354

PAT % of revenue 2% 3% -11% 15% 17% 10% 9% 8%

10) Other Comprehensive Income 2 1 10 -5 7 - - -

11) Net Income 19 30 -208 356 539 333 331 354

Net Profit Margin 2% 3% -11% 15% 17% 10% 9% 8%

12) Earnings Per Share

a) basic 2 3 -15 25 40 25 24 26
52% -672% -271% 57% -38% -1% 7%
b) diluted 2 3 -15 25 40 24 24 25
52% -672% -271% 57% -40% -1% 7%

Dividends 3 3 5 14 14 20 20 21
% of net income 15% 11% -2% 4% 3% 6% 6% 6%
(Figures in crores)
Particulars FY2019 FY2020 FY2021 FY2022 FY2023 FY2024E FY2025E FY2026E
A) Cash Flow from Operating Activities
Net Profit Before Tax 13 33 -187 415 674 445 468 500
Adjusted For:
Depreciation and Amortization Expense 57 73 378 40 41 65 71 79
Interest and Other Income -4 -10 -11 -22 -16 -19 -23 -28
Dividend Income 1 5 30 0 9 - - -
Employee Stock Compensation Expense - - - 0 6 - - -
Allowance for advances - - 3 - - - - -
Exchange Fluctuation - - 3 0 1 - - -
Provision for Gratuity and Leave Encashment - - - 2 3 4 4 4
Provision for Doubtful Debts 1 0 20 3 6 4 4 4
Operating Profits before Working Capital Changes 68 102 235 438 725 498 523 559
Changes in Current Assets and Liabilities
(Increase)/Decrease in trades receivables -153 -130 -18 -47 -194 -100 -155 -153
(Increase)/Decrease in financial and non-financial assets 6 -78 -110 3 -144 -100 -155 -153
Increase/(Decrease) in financial and non-financial liabilities -2 13 98 4 72 -39 75 131
Increase/(Decrease) in trades payables and other liabilities 114 62 78 226 144 -39 75 131
Total Changes in Current Assets and Liabilities -35 -133 49 185 -122 -278 -160 -45
Cash Generated from Operations 32 -30 284 623 603 220 363 514
Income taxes paid - - -45 -56 -116 -64 -88 -94
Net Cash Generated from Operations 32 -30 239 567 487 155 276 420

B) Cash Flow form Investment Activities

(Purchase)/Sale of PPE and Intangible Assets -9 12 -211 -32 -62 -50 -60 -70
Purchase/(Sale) of investments in subsidiary/associate - -76 74 - - - - -
Movement in other bank balances - - - 22 -60 - - -
Interest and Other Income received 4 10 11 - 11 - - -
Net Cash used Investing Activites -5 -54 -126 -10 -111 -50 -60 -70

C) Cash Flow from Financing Activities

Proceeds from issue of equity shares 13 18 1 18 1 - - -
 (Repayment)/Proceeds from short term borrowings (net) - 60 -60 - - - - -
Shares bought back during transaction cost and buyback cost - - - -166 -82 - - -
Movement in share capital -4 - - - - - - -
Payment of lease liabilities - - -2 -7 -3 - - -
Interest paid on lease liabilities - - -0 - - - - -
Dividen Paid -3 -4 -6 -14 -14 -20 -20 -21
Net Cash Used in Financing Activities 5 74 -67 -168 -97 -20 -20 -21

D) Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 32 -10 45 389 279 85 196 329

E) Cash and Cash Equivalents at the beginning of the year 133 165 155 201 584 862 948 1,143

F) Cash and Cash Equivalents at the end of the year 165 155 201 584 862 948 1,143 1,473
Ratio Analysis of Tanla Platforms Ltd. FY2021 FY2022 FY2023 FY2024E FY2025E FY2026E
Liquidity
Current Ratio 1.29 1.03 1.05 1.20 1.26 1.25
Cash Ratio 0.36 0.76 0.85 1.00 1.12 1.28
Operating Cash Flow Ratio 0.51 0.80 0.49 0.16 0.27 0.36

Efficiency
Asset Turnover Ratio 1.63 1.45 1.34 1.30 1.26 1.21
Trade Receivables Turnover Ratio 5.96 6.27 5.72 5.26 4.76 4.55
Trade Payables Turnover Ratio 6.26 3.77 3.69 4.74 4.78 4.62

Profitability
Gross Profit Margin 20% 25% 28% 20% 20% 20%
Operating Profit Margin 20% 25% 28% 20% 20% 20%
Return on Assets Ratio -17% 22% 23% 12% 11% 10%
Return on Equity Ratio -30% 40% 40% 20% 16% 15%
Return on Capital Employed 26% 49% 52% 26% 23% 21%
Net Profit Ratio -11% 15% 17% 10% 9% 8%

Per Share Data

EPS -14.77x 25.27x 39.77x 24.55x 24.36x 26.06x
Dividend 5.03 13.58 13.58 20.01 19.85 21.24
Dividend Yield 0.45% 1.22% 1.22% 1.80% 1.78% 1.91%
Book Value 51.67x 65.77x 99.71x 123.82x 147.86x 178.12x

Valuation FY2021 FY2022 FY2023 FY2024E FY2025E FY2026E

P/E -75.32x 44.02x 27.97x 45.31x 45.66x 42.69x
P/BV 21.53x 16.92x 11.16x 8.99x 7.52x 6.25x
EV/Revenue 7.60x 6.31x 4.61x 4.25x 3.80x 3.35x
OCF/EV 2% 4% 4% 1% 2% 3%
FCF/EV 2% 4% 3% 0% 1% 2%
FCFE/Market Cap - 8% 7% 2% 4% 6%
P/S 0.57x 0.48x 0.35x 0.32x 0.29x 0.25x

Coverage
Interest Coverage Ratio -30.071763 368.14019 499.4848 271.38947 283.34409 280.91956
Synthetic Rating Estimates

Earnings before Interest and Taxes 659.32

Interest Expenses 1.32
Risk-Free Rate 7.43%

Interest Coverage Ratio 499.48

Estimated Bond Rating Aaa/AAA
Company Default Spread 0.69%
Country Defaul Spread 2.69%
Estimated Cost of Debt 9.09%

For Non-Financial Firms

> ≤ to Rating is Spread is
-100000 0.199999 D2/D 20.00%
0.2 0.649999 C2/C 17.50%
0.65 0.799999 Ca2/CC 15.78%
0.8 1.249999 Caa/CCC 11.57%
1.25 1.499999 B3/B- 7.37%
1.5 1.749999 B2/B 5.26%
1.75 1.999999 B1/B+ 4.55%
2 2.25 Ba2/BB 3.13%
2.25 2.49999 Ba1/BB+ 2.42%
2.5 2.999999 Baa2/BBB 2.00%
3 4.249999 A3/A- 1.62%
4.25 5.499999 A2/A 1.42%
5.5 6.499999 A1/A+ 1.23%
6.5 8.499999 Aa2/AA 0.85%
8.5 100000 Aaa/AAA 0.69%
Tanla Platforms Ltd. Nifty 50
Date Daily Adj. Closing Price Returns (%) Daily Adj. Closing Price
4/2/2018 32.20 10,211.80
4/3/2018 34.71 8% 10,245.00
4/4/2018 34.90 1% 10,128.40
4/5/2018 35.62 2% 10,325.15
4/6/2018 37.45 5% 10,331.60
4/9/2018 37.64 1% 10,379.35
4/10/2018 35.57 -5% 10,402.25
4/11/2018 34.32 -4% 10,417.15
4/12/2018 32.73 -5% 10,458.65
4/13/2018 33.50 2% 10,480.60
4/16/2018 35.14 5% 10,528.35
4/17/2018 35.57 1% 10,548.70
4/18/2018 35.28 -1% 10,526.20
4/19/2018 34.99 -1% 10,565.30
4/20/2018 35.43 1% 10,564.05
4/23/2018 36.78 4% 10,584.70
4/24/2018 35.67 -3% 10,614.35
4/25/2018 35.14 -1% 10,570.55
4/26/2018 35.81 2% 10,617.80
4/27/2018 35.62 -1% 10,692.30
4/30/2018 35.96 1% 10,739.35
5/2/2018 35.14 -2% 10,718.05
5/3/2018 34.13 -3% 10,679.65
5/4/2018 33.12 -3% 10,618.25
5/7/2018 33.94 2% 10,715.50
5/8/2018 33.50 -1% 10,717.80
5/9/2018 33.60 0% 10,741.70
5/10/2018 33.65 0% 10,716.55
5/11/2018 33.17 -1% 10,806.50
5/14/2018 32.73 -1% 10,806.60
5/15/2018 32.64 0% 10,801.85
5/16/2018 32.06 -2% 10,741.10
5/17/2018 31.91 0% 10,682.70
5/18/2018 31.77 0% 10,596.40
5/21/2018 30.18 -5% 10,516.70
5/22/2018 29.55 -2% 10,536.70
5/23/2018 29.89 1% 10,430.35
5/24/2018 29.80 0% 10,513.85
5/25/2018 29.65 0% 10,605.15
5/28/2018 29.99 1% 10,688.65
5/29/2018 29.22 -3% 10,633.30
5/30/2018 29.55 1% 10,614.35
5/31/2018 29.31 -1% 10,736.15
6/1/2018 28.93 -1% 10,696.20
6/4/2018 28.06 -3% 10,628.50
6/5/2018 26.67 -5% 10,593.15
6/6/2018 26.71 0% 10,684.65
6/7/2018 28.01 5% 10,768.35
6/8/2018 29.41 5% 10,767.65
6/11/2018 30.85 5% 10,786.95
6/12/2018 30.28 -2% 10,842.85
6/13/2018 29.46 -3% 10,856.70
6/14/2018 29.60 0% 10,808.05
6/15/2018 28.78 -3% 10,817.70
6/18/2018 27.77 -4% 10,799.85
6/19/2018 27.77 0% 10,710.45
6/20/2018 28.83 4% 10,772.05
6/21/2018 28.40 -2% 10,741.10
6/22/2018 28.93 2% 10,821.85
6/25/2018 28.11 -3% 10,762.45
6/26/2018 27.97 -1% 10,769.15
6/27/2018 27.73 -1% 10,671.40
6/28/2018 28.45 3% 10,589.10
6/29/2018 29.75 5% 10,714.30
7/2/2018 30.71 3% 10,657.30
7/3/2018 32.20 5% 10,699.90
7/4/2018 33.79 5% 10,769.90
7/5/2018 32.68 -3% 10,749.75
7/6/2018 33.79 3% 10,772.65
7/9/2018 35.14 4% 10,852.90
7/10/2018 36.87 5% 10,947.25
7/11/2018 38.36 4% 10,948.30
7/12/2018 38.70 1% 11,023.20
7/13/2018 39.81 3% 11,018.90
7/16/2018 38.03 -4% 10,936.85
7/17/2018 37.98 0% 11,008.05
7/18/2018 36.10 -5% 10,980.45
7/19/2018 37.79 5% 10,957.10
7/20/2018 37.55 -1% 11,010.20
7/23/2018 35.91 -4% 11,084.75
7/24/2018 36.53 2% 11,134.30
7/25/2018 36.73 1% 11,132.00
7/26/2018 37.64 2% 11,167.30
7/27/2018 35.91 -5% 11,278.35
7/30/2018 37.55 5% 11,319.55
7/31/2018 38.60 3% 11,356.50
8/1/2018 38.56 0% 11,346.20
8/2/2018 37.98 -1% 11,244.70
8/3/2018 38.07 0% 11,360.80
8/6/2018 38.27 1% 11,387.10
8/7/2018 37.74 -1% 11,389.45
8/8/2018 37.74 0% 11,450.00
8/9/2018 37.21 -1% 11,470.70
8/10/2018 37.21 0% 11,429.50
8/13/2018 36.73 -1% 11,355.75
8/14/2018 36.34 -1% 11,435.10
8/16/2018 37.06 2% 11,385.05
8/17/2018 38.65 4% 11,470.75
8/20/2018 40.58 5% 11,551.75
8/21/2018 42.60 5% 11,570.90
 8/23/2018 44.04 3% 11,582.75
8/24/2018 41.88 -5% 11,557.10
8/27/2018 41.35 -1% 11,691.95
8/28/2018 39.37 -5% 11,738.50
8/29/2018 37.64 -4% 11,691.90
8/30/2018 38.94 3% 11,676.80
8/31/2018 38.65 -1% 11,680.50
9/3/2018 39.13 1% 11,582.35
9/4/2018 37.98 -3% 11,520.30
9/5/2018 36.87 -3% 11,476.95
9/6/2018 37.26 1% 11,536.90
9/7/2018 39.09 5% 11,589.10
9/10/2018 38.70 -1% 11,438.10
9/11/2018 38.32 -1% 11,287.50
9/12/2018 38.12 -1% 11,369.90
9/14/2018 39.29 3% 11,515.20
9/17/2018 39.72 1% 11,377.75
9/18/2018 38.46 -3% 11,278.90
9/19/2018 36.57 -5% 11,234.35
9/21/2018 35.46 -3% 11,143.10
9/24/2018 34.00 -4% 10,967.40
9/25/2018 34.92 3% 11,067.45
9/26/2018 33.75 -3% 11,053.80
9/27/2018 33.21 -2% 10,977.55
9/28/2018 33.16 0% 10,930.45
10/1/2018 32.43 -2% 11,008.30
10/3/2018 32.82 1% 10,858.25
10/4/2018 32.62 -1% 10,599.25
10/5/2018 32.77 0% 10,316.45
10/8/2018 31.30 -4% 10,348.05
10/9/2018 30.32 -3% 10,301.05
10/10/2018 31.84 5% 10,460.10
10/11/2018 31.30 -2% 10,234.65
10/12/2018 32.87 5% 10,472.50
10/15/2018 33.65 2% 10,512.50
10/16/2018 33.75 0% 10,584.75
10/17/2018 33.06 -2% 10,453.05
10/19/2018 32.43 -2% 10,303.55
10/22/2018 31.50 -3% 10,245.25
10/23/2018 30.42 -3% 10,146.80
10/24/2018 31.25 3% 10,224.75
10/25/2018 30.57 -2% 10,124.90
10/26/2018 30.08 -2% 10,030.00
10/29/2018 30.86 3% 10,250.85
10/30/2018 32.38 5% 10,198.40
10/31/2018 33.26 3% 10,386.60
11/1/2018 33.11 0% 10,380.45
11/2/2018 34.04 3% 10,553.00
11/5/2018 32.67 -4% 10,524.00
11/6/2018 32.04 -2% 10,530.00
11/7/2018 31.89 0% 10,598.40
 11/9/2018 31.60 -1% 10,585.20
11/12/2018 31.60 0% 10,482.20
11/13/2018 31.25 -1% 10,582.50
11/14/2018 30.91 -1% 10,576.30
11/15/2018 30.37 -2% 10,616.70
11/16/2018 29.44 -3% 10,682.20
11/19/2018 29.98 2% 10,763.40
11/20/2018 29.93 0% 10,656.20
11/21/2018 29.88 0% 10,600.05
11/22/2018 29.84 0% 10,526.75
11/26/2018 29.59 -1% 10,628.60
11/27/2018 29.59 0% 10,685.60
11/28/2018 29.64 0% 10,728.85
11/29/2018 29.44 -1% 10,858.70
11/30/2018 29.64 1% 10,876.75
12/3/2018 29.44 -1% 10,883.75
12/4/2018 29.69 1% 10,869.50
12/5/2018 29.39 -1% 10,782.90
12/6/2018 28.51 -3% 10,601.15
12/7/2018 29.00 2% 10,693.70
12/10/2018 28.22 -3% 10,488.45
12/11/2018 28.27 0% 10,549.15
12/12/2018 30.37 7% 10,737.60
12/13/2018 30.57 1% 10,791.55
12/14/2018 30.57 0% 10,805.45
12/17/2018 30.96 1% 10,888.35
12/18/2018 31.74 3% 10,908.70
12/19/2018 32.82 3% 10,967.30
12/20/2018 31.55 -4% 10,951.70
12/21/2018 30.57 -3% 10,754.00
12/24/2018 30.28 -1% 10,663.50
12/26/2018 29.98 -1% 10,729.85
12/27/2018 29.35 -2% 10,779.80
12/28/2018 30.18 3% 10,859.90
12/31/2018 29.84 -1% 10,862.55
1/2/2019 30.37 2% 10,792.50
1/3/2019 30.08 -1% 10,672.25
1/4/2019 30.62 2% 10,727.35
1/7/2019 29.98 -2% 10,771.80
1/8/2019 30.23 1% 10,802.15
1/9/2019 29.64 -2% 10,855.15
1/10/2019 29.64 0% 10,821.60
1/11/2019 29.49 0% 10,794.95
1/14/2019 28.42 -4% 10,737.60
1/15/2019 28.86 2% 10,886.80
1/16/2019 29.54 2% 10,890.30
1/17/2019 29.54 0% 10,905.20
1/18/2019 30.18 2% 10,906.95
1/21/2019 29.64 -2% 10,961.85
1/22/2019 29.39 -1% 10,922.75
1/23/2019 29.25 0% 10,831.50
1/24/2019 32.13 10% 10,849.80
1/25/2019 30.96 -4% 10,780.55
1/28/2019 33.21 7% 10,661.55
1/29/2019 36.49 10% 10,652.20
1/30/2019 38.44 5% 10,651.80
1/31/2019 38.39 0% 10,830.95
2/1/2019 36.78 -4% 10,893.65
2/4/2019 34.97 -5% 10,912.25
2/5/2019 33.41 -4% 10,934.35
2/6/2019 34.87 4% 11,062.45
2/7/2019 33.80 -3% 11,069.40
2/8/2019 33.16 -2% 10,943.60
2/11/2019 32.82 -1% 10,888.80
2/12/2019 33.50 2% 10,831.40
2/14/2019 32.82 -2% 10,746.05
2/15/2019 32.87 0% 10,724.40
2/18/2019 31.94 -3% 10,640.95
2/19/2019 32.33 1% 10,604.35
2/20/2019 32.82 2% 10,735.45
2/21/2019 33.55 2% 10,789.85
2/22/2019 34.63 3% 10,791.65
2/25/2019 36.34 5% 10,880.10
2/26/2019 36.98 2% 10,835.30
2/27/2019 36.39 -2% 10,806.65
2/28/2019 36.19 -1% 10,792.50
3/1/2019 36.54 1% 10,863.50
3/5/2019 36.98 1% 10,987.45
3/6/2019 36.83 0% 11,053.00
3/7/2019 37.07 1% 11,058.20
3/8/2019 36.39 -2% 11,035.40
3/11/2019 36.14 -1% 11,168.05
3/12/2019 36.68 1% 11,301.20
3/13/2019 36.49 -1% 11,341.70
3/14/2019 36.24 -1% 11,343.25
3/15/2019 36.78 1% 11,426.85
3/18/2019 36.39 -1% 11,462.20
3/19/2019 35.90 -1% 11,532.40
3/20/2019 36.44 1% 11,521.05
3/22/2019 35.95 -1% 11,456.90
3/25/2019 34.24 -5% 11,354.25
3/26/2019 35.41 3% 11,483.25
3/27/2019 36.19 2% 11,445.05
3/28/2019 36.73 1% 11,570.00
4/1/2019 36.88 0% 11,669.15
4/2/2019 36.44 -1% 11,713.20
4/3/2019 35.95 -1% 11,643.95
4/4/2019 36.44 1% 11,598.00
4/5/2019 38.74 6% 11,665.95
4/8/2019 42.50 10% 11,604.50
4/9/2019 43.04 1% 11,671.95
4/10/2019 47.30 10% 11,584.30
4/11/2019 44.95 -5% 11,596.70
4/12/2019 42.75 -5% 11,643.45
4/15/2019 40.69 -5% 11,690.35
4/16/2019 41.92 3% 11,787.15
4/18/2019 41.43 -1% 11,752.80
4/22/2019 41.38 0% 11,594.45
4/23/2019 41.18 0% 11,575.95
4/24/2019 41.08 0% 11,726.15
4/25/2019 40.89 0% 11,641.80
4/26/2019 41.57 2% 11,754.65
4/30/2019 41.08 -1% 11,748.15
5/2/2019 43.14 5% 11,724.75
5/3/2019 41.13 -5% 11,712.25
5/6/2019 39.08 -5% 11,598.25
5/7/2019 37.32 -5% 11,497.90
5/8/2019 37.66 1% 11,359.45
5/9/2019 38.54 2% 11,301.80
5/10/2019 40.35 5% 11,278.90
5/13/2019 42.36 5% 11,148.20
5/14/2019 44.36 5% 11,222.05
5/15/2019 46.56 5% 11,157.00
5/16/2019 46.42 0% 11,257.10
5/17/2019 45.73 -1% 11,407.15
5/20/2019 45.63 0% 11,828.25
5/21/2019 45.00 -1% 11,709.10
5/22/2019 44.80 0% 11,737.90
5/23/2019 44.95 0% 11,657.05
5/24/2019 45.58 1% 11,844.10
5/27/2019 46.02 1% 11,924.75
5/28/2019 45.00 -2% 11,928.75
5/29/2019 47.15 5% 11,861.10
5/30/2019 49.50 5% 11,945.90
5/31/2019 51.94 5% 11,922.80
6/3/2019 54.53 5% 12,088.55
6/4/2019 57.22 5% 12,021.65
6/6/2019 58.01 1% 11,843.75
6/7/2019 58.01 0% 11,870.65
6/10/2019 60.89 5% 11,922.70
6/11/2019 63.29 4% 11,965.60
6/12/2019 63.44 0% 11,906.20
6/13/2019 60.45 -5% 11,914.05
6/14/2019 57.47 -5% 11,823.30
6/17/2019 54.63 -5% 11,672.15
6/18/2019 57.32 5% 11,691.50
6/19/2019 60.16 5% 11,691.45
6/20/2019 62.85 4% 11,831.75
6/21/2019 65.98 5% 11,724.10
6/24/2019 68.62 4% 11,699.65
6/25/2019 65.20 -5% 11,796.45
6/26/2019 68.43 5% 11,847.55
6/27/2019 71.80 5% 11,841.55
6/28/2019 72.63 1% 11,788.85
7/1/2019 70.38 -3% 11,865.60
7/2/2019 71.21 1% 11,910.30
7/3/2019 69.94 -2% 11,916.75
7/4/2019 66.66 -5% 11,946.75
7/5/2019 65.78 -1% 11,811.15
7/8/2019 62.65 -5% 11,558.60
7/9/2019 65.78 5% 11,555.90
7/10/2019 69.06 5% 11,498.90
7/11/2019 69.75 1% 11,582.90
7/12/2019 69.26 -1% 11,552.50
7/15/2019 67.59 -2% 11,588.35
7/16/2019 68.13 1% 11,662.60
7/17/2019 67.64 -1% 11,687.50
7/18/2019 66.18 -2% 11,596.90
7/19/2019 62.90 -5% 11,419.25
7/22/2019 59.87 -5% 11,346.20
7/23/2019 62.85 5% 11,331.05
7/24/2019 65.98 5% 11,271.30
7/25/2019 62.70 -5% 11,252.15
7/26/2019 62.65 0% 11,284.30
7/29/2019 59.52 -5% 11,189.20
7/30/2019 56.59 -5% 11,085.40
7/31/2019 57.22 1% 11,118.00
8/1/2019 54.39 -5% 10,980.00
8/2/2019 51.70 -5% 10,997.35
8/5/2019 49.15 -5% 10,862.60
8/6/2019 51.16 4% 10,948.25
8/7/2019 49.50 -3% 10,855.50
8/8/2019 50.08 1% 11,032.45
8/9/2019 51.84 4% 11,109.65
8/13/2019 49.45 -5% 10,925.85
8/14/2019 47.98 -3% 11,029.40
8/16/2019 45.58 -5% 11,047.80
8/19/2019 47.30 4% 11,053.90
8/20/2019 49.64 5% 11,017.00
8/21/2019 52.04 5% 10,918.70
8/22/2019 53.41 3% 10,741.35
8/23/2019 53.41 0% 10,829.35
8/26/2019 53.61 0% 11,057.85
8/27/2019 52.73 -2% 11,105.35
8/28/2019 50.13 -5% 11,046.10
8/29/2019 48.91 -2% 10,948.30
8/30/2019 49.11 0% 11,023.25
9/3/2019 51.55 5% 10,797.90
9/4/2019 54.09 5% 10,844.65
9/5/2019 56.78 5% 10,847.90
9/6/2019 59.62 5% 10,946.20
9/9/2019 56.69 -5% 11,003.05
9/11/2019 56.10 -1% 11,035.70
9/12/2019 57.57 3% 10,982.80
 9/13/2019 56.20 -2% 11,075.90
9/16/2019 55.17 -2% 11,003.50
9/17/2019 53.12 -4% 10,817.60
9/18/2019 53.85 1% 10,840.65
9/19/2019 52.68 -2% 10,704.80
9/20/2019 54.20 3% 11,274.20
9/23/2019 54.10 0% 11,600.20
9/24/2019 53.37 -1% 11,588.20
9/25/2019 51.74 -3% 11,440.20
9/26/2019 52.04 1% 11,571.20
9/27/2019 51.00 -2% 11,512.40
9/30/2019 51.15 0% 11,474.45
10/1/2019 48.64 -5% 11,359.90
10/3/2019 46.33 -5% 11,314.00
10/4/2019 47.70 3% 11,174.75
10/7/2019 46.42 -3% 11,126.40
10/9/2019 45.59 -2% 11,313.30
10/10/2019 46.18 1% 11,234.55
10/11/2019 46.13 0% 11,305.05
10/14/2019 46.37 1% 11,341.15
10/15/2019 45.64 -2% 11,428.30
10/16/2019 46.42 2% 11,464.00
10/17/2019 44.85 -3% 11,586.35
10/18/2019 45.34 1% 11,661.85
10/22/2019 47.61 5% 11,588.35
10/23/2019 49.97 5% 11,604.10
10/24/2019 48.79 -2% 11,582.60
10/25/2019 47.26 -3% 11,583.90
10/29/2019 47.11 0% 11,786.85
10/30/2019 45.39 -4% 11,844.10
10/31/2019 46.23 2% 11,877.45
11/1/2019 45.24 -2% 11,890.60
11/4/2019 45.00 -1% 11,941.30
11/5/2019 44.60 -1% 11,917.20
11/6/2019 44.60 0% 11,966.05
11/7/2019 43.52 -2% 12,012.05
11/8/2019 43.17 -1% 11,908.15
11/11/2019 45.29 5% 11,913.45
11/13/2019 47.56 5% 11,840.45
11/14/2019 49.92 5% 11,872.10
11/15/2019 52.28 5% 11,895.45
11/18/2019 54.89 5% 11,884.50
11/19/2019 57.50 5% 11,940.10
11/20/2019 58.19 1% 11,999.10
11/21/2019 57.80 -1% 11,968.40
11/22/2019 59.72 3% 11,914.40
11/25/2019 61.39 3% 12,073.75
11/26/2019 63.61 4% 12,037.70
11/27/2019 64.25 1% 12,100.70
11/28/2019 67.45 5% 12,151.15
11/29/2019 67.99 1% 12,056.05
 12/2/2019 64.59 -5% 12,048.20
12/3/2019 61.39 -5% 11,994.20
12/4/2019 58.34 -5% 12,043.20
12/5/2019 61.24 5% 12,018.40
12/6/2019 64.29 5% 11,921.50
12/9/2019 67.49 5% 11,937.50
12/10/2019 67.69 0% 11,856.80
12/11/2019 65.33 -3% 11,910.15
12/12/2019 68.58 5% 11,971.80
12/13/2019 67.35 -2% 12,086.70
12/16/2019 64.79 -4% 12,053.95
12/17/2019 62.92 -3% 12,165.00
12/18/2019 62.33 -1% 12,221.65
12/19/2019 64.10 3% 12,259.70
12/20/2019 64.10 0% 12,271.80
12/23/2019 64.25 0% 12,262.75
12/24/2019 64.64 1% 12,214.55
12/26/2019 65.57 1% 12,126.55
12/27/2019 67.25 3% 12,245.80
12/30/2019 69.22 3% 12,255.85
12/31/2019 69.41 0% 12,168.45
1/1/2020 68.97 -1% 12,182.50
1/2/2020 68.73 0% 12,282.20
1/3/2020 66.17 -4% 12,226.65
1/6/2020 64.20 -3% 11,993.05
1/7/2020 64.93 1% 12,052.95
1/8/2020 65.87 1% 12,025.35
1/9/2020 66.95 2% 12,215.90
1/10/2020 68.33 2% 12,256.80
1/13/2020 68.77 1% 12,329.55
1/14/2020 66.85 -3% 12,362.30
1/15/2020 66.56 0% 12,343.30
1/16/2020 65.87 -1% 12,355.50
1/17/2020 65.72 0% 12,352.35
1/20/2020 65.03 -1% 12,224.55
1/21/2020 68.28 5% 12,169.85
1/22/2020 71.14 4% 12,106.90
1/23/2020 74.68 5% 12,180.35
1/24/2020 72.91 -2% 12,248.25
1/27/2020 76.55 5% 12,119.00
1/28/2020 75.57 -1% 12,055.80
1/29/2020 78.03 3% 12,129.50
1/30/2020 75.96 -3% 12,035.80
1/31/2020 75.42 -1% 11,962.10
2/3/2020 75.12 0% 11,707.90
2/4/2020 77.34 3% 11,979.65
2/5/2020 76.75 -1% 12,089.15
2/6/2020 84.23 10% 12,137.95
2/7/2020 83.25 -1% 12,098.35
2/10/2020 81.03 -3% 12,031.50
2/11/2020 82.36 2% 12,107.90
2/12/2020 82.02 0% 12,201.20
2/13/2020 82.95 1% 12,174.65
2/14/2020 79.65 -4% 12,113.45
2/17/2020 75.72 -5% 12,045.80
2/18/2020 73.25 -3% 11,992.50
2/19/2020 75.37 3% 12,125.90
2/20/2020 75.62 0% 12,080.85
2/24/2020 76.01 1% 11,829.40
2/25/2020 76.50 1% 11,797.90
2/26/2020 75.62 -1% 11,678.50
2/27/2020 74.19 -2% 11,633.30
2/28/2020 67.84 -9% 11,201.75
3/2/2020 67.35 -1% 11,132.75
3/3/2020 68.48 2% 11,303.30
3/4/2020 67.15 -2% 11,251.00
3/5/2020 66.56 -1% 11,269.00
3/6/2020 65.38 -2% 10,989.45
3/9/2020 61.24 -6% 10,451.45
3/11/2020 60.41 -1% 10,458.40
3/12/2020 54.40 -10% 9,590.15
3/13/2020 53.02 -3% 9,955.20
3/16/2020 49.03 -8% 9,197.40
3/17/2020 48.00 -2% 8,967.05
3/18/2020 45.64 -5% 8,468.80
3/19/2020 43.37 -5% 8,263.45
3/20/2020 41.25 -5% 8,745.45
3/23/2020 39.24 -5% 7,610.25
3/24/2020 37.96 -3% 7,801.05
3/25/2020 39.83 5% 8,317.85
3/26/2020 41.80 5% 8,641.45
3/27/2020 43.86 5% 8,660.25
3/30/2020 45.44 4% 8,281.10
3/31/2020 47.70 5% 8,597.75
4/1/2020 49.48 4% 8,253.80
4/3/2020 51.94 5% 8,083.80
4/7/2020 50.61 -3% 8,792.20
4/8/2020 48.89 -3% 8,748.75
4/9/2020 48.10 -2% 9,111.90
4/13/2020 50.46 5% 8,993.85
4/15/2020 52.18 3% 8,925.30
4/16/2020 51.30 -2% 8,992.80
4/17/2020 53.86 5% 9,266.75
4/20/2020 56.52 5% 9,261.85
4/21/2020 59.32 5% 8,981.45
4/22/2020 62.28 5% 9,187.30
4/23/2020 65.38 5% 9,313.90
4/24/2020 68.63 5% 9,154.40
4/27/2020 65.23 -5% 9,282.30
4/28/2020 63.61 -2% 9,380.90
4/29/2020 66.76 5% 9,553.35
4/30/2020 66.21 -1% 9,859.90
 5/4/2020 63.90 -3% 9,293.50
5/5/2020 63.75 0% 9,205.60
5/6/2020 63.51 0% 9,270.90
5/7/2020 62.23 -2% 9,199.05
5/8/2020 62.33 0% 9,251.50
5/11/2020 62.33 0% 9,239.20
5/12/2020 62.57 0% 9,196.55
5/13/2020 63.41 1% 9,383.55
5/14/2020 62.67 -1% 9,142.75
5/15/2020 63.90 2% 9,136.85
5/18/2020 63.65 0% 8,823.25
5/19/2020 64.10 1% 8,879.10
5/20/2020 64.29 0% 9,066.55
5/21/2020 63.85 -1% 9,106.25
5/22/2020 64.74 1% 9,039.25
5/26/2020 64.15 -1% 9,029.05
5/27/2020 64.59 1% 9,314.95
5/28/2020 66.31 3% 9,490.10
5/29/2020 67.59 2% 9,580.30
6/1/2020 67.64 0% 9,826.15
6/2/2020 67.99 1% 9,979.10
6/3/2020 67.79 0% 10,061.55
6/4/2020 67.00 -1% 10,029.10
6/5/2020 70.74 6% 10,142.15
6/8/2020 69.46 -2% 10,167.45
6/9/2020 66.51 -4% 10,046.65
6/10/2020 66.26 0% 10,116.15
6/11/2020 63.61 -4% 9,902.00
6/12/2020 67.74 7% 9,972.90
6/15/2020 67.84 0% 9,813.70
6/16/2020 67.64 0% 9,914.00
6/17/2020 67.40 0% 9,881.15
6/18/2020 67.25 0% 10,091.65
6/19/2020 66.81 -1% 10,244.40
6/22/2020 69.51 4% 10,311.20
6/23/2020 69.51 0% 10,471.00
6/24/2020 67.49 -3% 10,305.30
6/25/2020 66.21 -2% 10,288.90
6/26/2020 68.48 3% 10,383.00
6/29/2020 69.41 1% 10,312.40
6/30/2020 70.60 2% 10,302.10
7/1/2020 71.38 1% 10,430.05
7/2/2020 71.14 0% 10,551.70
7/3/2020 72.17 1% 10,607.35
7/6/2020 73.70 2% 10,763.65
7/7/2020 74.09 1% 10,799.65
7/8/2020 75.67 2% 10,705.75
7/9/2020 77.98 3% 10,813.45
7/10/2020 76.26 -2% 10,768.05
7/13/2020 76.26 0% 10,802.70
7/14/2020 80.15 5% 10,607.35
7/15/2020 86.20 8% 10,618.20
7/16/2020 86.60 0% 10,739.95
7/17/2020 86.25 0% 10,901.70
7/20/2020 94.87 10% 11,022.20
7/21/2020 97.23 2% 11,162.25
7/22/2020 102.89 6% 11,132.60
7/23/2020 108.01 5% 11,215.45
7/24/2020 113.38 5% 11,194.15
7/27/2020 118.84 5% 11,131.80
7/28/2020 112.93 -5% 11,300.55
7/29/2020 107.32 -5% 11,202.85
7/30/2020 112.69 5% 11,102.15
7/31/2020 116.82 4% 11,073.45
8/3/2020 118.74 2% 10,891.60
8/4/2020 124.65 5% 11,095.25
8/5/2020 130.85 5% 11,101.65
8/6/2020 137.35 5% 11,200.15
8/7/2020 146.51 7% 11,214.05
8/10/2020 161.13 10% 11,270.15
8/11/2020 163.99 2% 11,322.50
8/12/2020 153.30 -7% 11,308.40
8/13/2020 168.61 10% 11,300.45
8/14/2020 169.25 0% 11,178.40
8/17/2020 161.52 -5% 11,247.10
8/18/2020 162.75 1% 11,385.35
8/19/2020 177.97 9% 11,408.40
8/20/2020 195.74 10% 11,312.20
8/21/2020 205.49 5% 11,371.60
8/24/2020 215.73 5% 11,466.45
8/25/2020 226.51 5% 11,472.25
8/26/2020 237.83 5% 11,549.60
8/27/2020 249.69 5% 11,559.25
8/28/2020 237.24 -5% 11,647.60
8/31/2020 225.42 -5% 11,387.50
9/1/2020 214.20 -5% 11,470.25
9/2/2020 203.52 -5% 11,535.00
9/3/2020 213.66 5% 11,527.45
9/4/2020 224.34 5% 11,333.85
9/7/2020 235.52 5% 11,355.05
9/8/2020 247.28 5% 11,317.35
9/9/2020 259.64 5% 11,278.00
9/10/2020 272.59 5% 11,449.25
9/11/2020 263.68 -3% 11,464.45
9/14/2020 271.80 3% 11,440.05
9/15/2020 273.32 1% 11,521.80
9/16/2020 268.25 -2% 11,604.55
9/17/2020 257.48 -4% 11,516.10
9/18/2020 261.44 2% 11,504.95
9/21/2020 249.03 -5% 11,250.55
9/22/2020 248.79 0% 11,153.65
9/23/2020 256.74 3% 11,131.85
 9/24/2020 253.33 -1% 10,805.55
9/25/2020 258.52 2% 11,050.25
9/28/2020 271.42 5% 11,227.55
9/29/2020 284.96 5% 11,222.40
9/30/2020 287.72 1% 11,247.55
10/1/2020 273.39 -5% 11,416.95
10/5/2020 273.24 0% 11,503.35
10/6/2020 272.06 0% 11,662.40
10/7/2020 285.65 5% 11,738.85
10/8/2020 289.40 1% 11,834.60
10/9/2020 282.73 -2% 11,914.20
10/12/2020 277.40 -2% 11,930.95
10/13/2020 290.64 5% 11,934.50
10/14/2020 286.64 -1% 11,971.05
10/15/2020 274.63 -4% 11,680.35
10/16/2020 283.72 3% 11,762.45
10/19/2020 281.74 -1% 11,873.05
10/20/2020 282.34 0% 11,896.80
10/21/2020 283.18 0% 11,937.65
10/22/2020 280.61 -1% 11,896.45
10/23/2020 283.18 1% 11,930.35
10/26/2020 278.09 -2% 11,767.75
10/27/2020 277.94 0% 11,889.40
10/28/2020 291.82 5% 11,729.60
10/29/2020 306.40 5% 11,670.80
10/30/2020 321.22 5% 11,642.40
11/2/2020 337.28 5% 11,669.15
11/3/2020 354.13 5% 11,813.50
11/4/2020 336.44 -5% 11,908.50
11/5/2020 338.76 1% 12,120.30
11/6/2020 344.64 2% 12,263.55
11/9/2020 355.61 3% 12,461.05
11/10/2020 348.94 -2% 12,631.10
11/11/2020 347.56 0% 12,749.15
11/12/2020 354.28 2% 12,690.80
11/13/2020 371.97 5% 12,719.95
11/17/2020 410.06 10% 12,874.20
11/18/2020 430.52 5% 12,938.25
11/19/2020 452.02 5% 12,771.70
11/20/2020 474.60 5% 12,859.05
11/23/2020 498.31 5% 12,926.45
11/24/2020 523.22 5% 13,055.15
11/25/2020 549.21 5% 12,858.40
11/26/2020 576.63 5% 12,987.00
11/27/2020 605.44 5% 12,968.95
12/1/2020 635.68 5% 13,109.05
12/2/2020 667.45 5% 13,113.75
12/3/2020 700.80 5% 13,133.90
12/4/2020 735.83 5% 13,258.55
12/7/2020 772.60 5% 13,355.75
12/8/2020 811.19 5% 13,392.95
 12/9/2020 851.70 5% 13,529.10
12/10/2020 894.25 5% 13,478.30
12/11/2020 849.58 -5% 13,513.85
12/14/2020 807.13 -5% 13,558.15
12/15/2020 766.81 -5% 13,567.85
12/16/2020 728.52 -5% 13,682.70
12/17/2020 692.10 -5% 13,740.70
12/18/2020 657.52 -5% 13,760.55
12/21/2020 624.66 -5% 13,328.40
12/22/2020 593.43 -5% 13,466.30
12/23/2020 623.08 5% 13,601.10
12/24/2020 654.21 5% 13,749.25
12/28/2020 686.92 5% 13,873.20
12/29/2020 721.26 5% 13,932.60
12/30/2020 701.00 -3% 13,981.95
12/31/2020 665.97 -5% 13,981.75
1/1/2021 678.71 2% 14,018.50
1/4/2021 665.87 -2% 14,132.90
1/5/2021 694.82 4% 14,199.50
1/6/2021 729.56 5% 14,146.25
1/7/2021 765.93 5% 14,137.35
1/8/2021 757.08 -1% 14,347.25
1/11/2021 749.37 -1% 14,484.75
1/12/2021 739.05 -1% 14,563.45
1/13/2021 734.01 -1% 14,564.85
1/14/2021 717.30 -2% 14,595.60
1/15/2021 741.07 3% 14,433.70
1/18/2021 738.50 0% 14,281.30
1/19/2021 740.28 0% 14,521.15
1/20/2021 770.82 4% 14,644.70
1/21/2021 747.00 -3% 14,590.35
1/22/2021 723.58 -3% 14,371.90
1/25/2021 690.28 -5% 14,238.90
1/27/2021 691.76 0% 13,967.50
1/28/2021 675.75 -2% 13,817.55
1/29/2021 670.31 -1% 13,634.60
2/1/2021 664.73 -1% 14,281.20
2/2/2021 679.01 2% 14,647.85
2/3/2021 693.34 2% 14,789.95
2/4/2021 695.42 0% 14,895.65
2/5/2021 696.06 0% 14,924.25
2/8/2021 696.21 0% 15,115.80
2/9/2021 672.24 -3% 15,109.30
2/10/2021 681.68 1% 15,106.50
2/11/2021 696.35 2% 15,173.30
2/12/2021 731.14 5% 15,163.30
2/15/2021 728.77 0% 15,314.70
2/16/2021 765.18 5% 15,313.45
2/17/2021 803.43 5% 15,208.90
2/18/2021 843.60 5% 15,118.95
2/19/2021 858.52 2% 14,981.75
2/22/2021 901.41 5% 14,675.70
2/23/2021 946.47 5% 14,707.80
2/24/2021 900.37 -5% 14,982.00
2/25/2021 880.26 -2% 15,097.35
2/26/2021 886.04 1% 14,529.15
3/1/2021 930.32 5% 14,761.55
3/2/2021 976.81 5% 14,919.10
3/3/2021 989.07 1% 15,245.60
3/4/2021 980.37 -1% 15,080.75
3/5/2021 954.58 -3% 14,938.10
3/8/2021 997.76 5% 14,956.20
3/9/2021 972.86 -2% 15,098.40
3/10/2021 981.16 1% 15,174.80
3/12/2021 975.13 -1% 15,030.95
3/15/2021 946.52 -3% 14,929.50
3/16/2021 982.20 4% 14,910.45
3/17/2021 941.48 -4% 14,721.30
3/18/2021 894.44 -5% 14,557.85
3/19/2021 874.28 -2% 14,744.00
3/22/2021 877.64 0% 14,736.40
3/23/2021 858.82 -2% 14,814.75
3/24/2021 846.96 -1% 14,549.40
3/25/2021 804.71 -5% 14,324.90
3/26/2021 815.09 1% 14,507.30
3/30/2021 795.28 -2% 14,845.10
3/31/2021 804.02 1% 14,690.70
4/1/2021 844.19 5% 14,867.35
4/5/2021 886.39 5% 14,637.80
4/6/2021 900.72 2% 14,683.50
4/7/2021 904.18 0% 14,819.05
4/8/2021 927.60 3% 14,873.80
4/9/2021 973.95 5% 14,834.85
4/12/2021 925.43 -5% 14,310.80
4/13/2021 943.91 2% 14,504.80
4/15/2021 905.36 -4% 14,581.45
4/16/2021 911.00 1% 14,617.85
4/19/2021 871.81 -4% 14,359.45
4/20/2021 868.36 0% 14,296.40
4/22/2021 896.12 3% 14,406.15
4/23/2021 877.50 -2% 14,341.35
4/26/2021 868.01 -1% 14,485.00
4/27/2021 886.49 2% 14,653.05
4/28/2021 874.73 -1% 14,864.55
4/29/2021 865.39 -1% 14,894.90
4/30/2021 873.35 1% 14,631.10
5/3/2021 867.52 -1% 14,634.15
5/4/2021 854.87 -1% 14,496.50
5/5/2021 854.82 0% 14,617.85
5/6/2021 874.93 2% 14,724.80
5/7/2021 861.29 -2% 14,823.15
5/10/2021 851.75 -1% 14,942.35
5/11/2021 862.18 1% 14,850.75
5/12/2021 860.65 0% 14,696.50
5/14/2021 856.10 -1% 14,677.80
5/17/2021 898.89 5% 14,923.15
5/18/2021 869.99 -3% 15,108.10
5/19/2021 880.51 1% 15,030.15
5/20/2021 864.90 -2% 14,906.05
5/21/2021 854.77 -1% 15,175.30
5/24/2021 856.69 0% 15,197.70
5/25/2021 866.23 1% 15,208.45
5/26/2021 879.67 2% 15,301.45
5/27/2021 916.68 4% 15,337.85
5/28/2021 906.45 -1% 15,435.65
5/31/2021 906.65 0% 15,582.80
6/1/2021 861.93 -5% 15,574.85
6/2/2021 878.98 2% 15,576.20
6/3/2021 887.23 1% 15,690.35
6/4/2021 879.28 -1% 15,670.25
6/7/2021 862.77 -2% 15,751.65
6/8/2021 854.17 -1% 15,740.10
6/9/2021 811.48 -5% 15,635.35
6/10/2021 830.51 2% 15,737.75
6/11/2021 824.97 -1% 15,799.35
6/14/2021 802.64 -3% 15,811.85
6/15/2021 799.43 0% 15,869.25
6/16/2021 788.11 -1% 15,767.55
6/17/2021 762.22 -3% 15,691.40
6/18/2021 789.45 4% 15,683.35
6/21/2021 827.84 5% 15,746.50
6/22/2021 833.03 1% 15,772.75
6/23/2021 820.62 -1% 15,686.95
6/24/2021 835.05 2% 15,790.45
6/25/2021 835.30 0% 15,860.35
6/28/2021 793.55 -5% 15,814.70
6/29/2021 791.52 0% 15,748.45
6/30/2021 790.29 0% 15,721.50
7/1/2021 793.60 0% 15,680.00
7/2/2021 832.93 5% 15,722.20
7/5/2021 874.53 5% 15,834.35
7/6/2021 860.35 -2% 15,818.25
7/7/2021 860.94 0% 15,879.65
7/8/2021 837.08 -3% 15,727.90
7/9/2021 834.31 0% 15,689.80
7/12/2021 876.01 5% 15,692.60
7/13/2021 919.79 5% 15,812.35
7/14/2021 934.96 2% 15,853.95
7/15/2021 939.61 0% 15,924.20
7/16/2021 916.63 -2% 15,923.40
7/19/2021 921.37 1% 15,752.40
7/20/2021 953.49 3% 15,632.10
7/22/2021 969.55 2% 15,824.05
7/23/2021 945.24 -3% 15,856.05
7/26/2021 925.08 -2% 15,824.45
7/27/2021 919.74 -1% 15,746.45
7/28/2021 905.61 -2% 15,709.40
7/29/2021 916.73 1% 15,778.45
7/30/2021 942.03 3% 15,763.05
8/2/2021 971.23 3% 15,885.15
8/3/2021 947.22 -2% 16,130.75
8/4/2021 931.16 -2% 16,258.80
8/5/2021 913.67 -2% 16,294.60
8/6/2021 910.16 0% 16,238.20
8/9/2021 885.55 -3% 16,258.25
8/10/2021 857.19 -3% 16,280.10
8/11/2021 872.51 2% 16,282.25
8/12/2021 883.62 1% 16,364.40
8/13/2021 912.18 3% 16,529.10
8/16/2021 895.98 -2% 16,563.05
8/17/2021 922.61 3% 16,614.60
8/18/2021 904.87 -2% 16,568.85
8/20/2021 886.79 -2% 16,450.50
8/23/2021 859.61 -3% 16,496.45
8/24/2021 871.27 1% 16,624.60
8/25/2021 879.67 1% 16,634.65
8/26/2021 879.37 0% 16,636.90
8/27/2021 883.33 0% 16,705.20
8/30/2021 871.07 -1% 16,931.05
8/31/2021 879.87 1% 17,132.20
9/1/2021 887.92 1% 17,076.25
9/2/2021 895.88 1% 17,234.15
9/3/2021 899.58 0% 17,323.60
9/6/2021 886.34 -1% 17,377.80
9/7/2021 879.47 -1% 17,362.10
9/8/2021 869.69 -1% 17,353.50
9/9/2021 867.76 0% 17,369.25
9/13/2021 877.15 1% 17,355.30
9/14/2021 859.56 -2% 17,380.00
9/15/2021 840.07 -2% 17,519.45
9/16/2021 827.26 -2% 17,629.50
9/17/2021 825.28 0% 17,585.15
9/20/2021 805.94 -2% 17,396.90
9/21/2021 812.76 1% 17,562.00
9/22/2021 837.99 3% 17,546.65
9/23/2021 838.14 0% 17,822.95
9/24/2021 816.77 -3% 17,853.20
9/27/2021 829.14 2% 17,855.10
9/28/2021 828.39 0% 17,748.60
9/29/2021 822.01 -1% 17,711.30
9/30/2021 863.07 5% 17,618.15
10/1/2021 906.21 5% 17,532.05
10/4/2021 891.76 -2% 17,691.25
10/5/2021 861.79 -3% 17,822.30
 10/6/2021 856.59 -1% 17,646.00
10/7/2021 899.38 5% 17,790.35
10/8/2021 889.54 -1% 17,895.20
10/11/2021 887.51 0% 17,945.95
10/12/2021 909.52 2% 17,991.95
10/13/2021 908.83 0% 18,161.75
10/14/2021 912.64 0% 18,338.55
10/18/2021 941.33 3% 18,477.05
10/19/2021 962.26 2% 18,418.75
10/20/2021 986.79 3% 18,266.60
10/21/2021 1,001.88 2% 18,178.10
10/22/2021 1,051.94 5% 18,114.90
10/25/2021 1,104.53 5% 18,125.40
10/26/2021 1,159.73 5% 18,268.40
10/27/2021 1,210.73 4% 18,210.95
10/28/2021 1,271.23 5% 17,857.25
10/29/2021 1,207.72 -5% 17,671.65
11/1/2021 1,174.62 -3% 17,929.65
11/2/2021 1,223.05 4% 17,888.95
11/3/2021 1,196.09 -2% 17,829.20
11/4/2021 1,217.12 2% 17,916.80
11/8/2021 1,222.26 0% 18,068.55
11/9/2021 1,183.48 -3% 18,044.25
11/10/2021 1,144.35 -3% 18,017.20
11/11/2021 1,201.53 5% 17,873.60
11/12/2021 1,261.59 5% 18,102.75
11/15/2021 1,249.42 -1% 18,109.45
11/16/2021 1,311.85 5% 17,999.20
11/17/2021 1,377.39 5% 17,898.65
11/18/2021 1,446.25 5% 17,764.80
11/22/2021 1,486.57 3% 17,416.55
11/23/2021 1,560.87 5% 17,503.35
11/24/2021 1,493.45 -4% 17,415.05
11/25/2021 1,565.42 5% 17,536.25
11/26/2021 1,487.16 -5% 17,026.45
11/29/2021 1,412.81 -5% 17,053.95
11/30/2021 1,483.30 5% 16,983.20
12/1/2021 1,448.18 -2% 17,166.90
12/2/2021 1,433.64 -1% 17,401.65
12/3/2021 1,505.32 5% 17,196.70
12/6/2021 1,578.53 5% 16,912.25
12/7/2021 1,657.43 5% 17,176.70
12/8/2021 1,740.29 5% 17,469.75
12/9/2021 1,827.31 5% 17,516.85
12/10/2021 1,774.97 -3% 17,511.30
12/13/2021 1,816.32 2% 17,368.25
12/14/2021 1,907.10 5% 17,324.90
12/15/2021 1,921.49 1% 17,221.40
12/16/2021 1,858.72 -3% 17,248.40
12/17/2021 1,766.36 -5% 16,985.20
12/20/2021 1,726.09 -2% 16,614.20
12/21/2021 1,809.05 5% 16,770.85
12/22/2021 1,899.48 5% 16,955.45
12/23/2021 1,881.28 -1% 17,072.60
12/24/2021 1,871.38 -1% 17,003.75
12/27/2021 1,788.03 -4% 17,086.25
12/28/2021 1,785.61 0% 17,233.25
12/29/2021 1,738.86 -3% 17,213.60
12/30/2021 1,825.77 5% 17,203.95
12/31/2021 1,863.22 2% 17,354.05
1/3/2022 1,819.44 -2% 17,625.70
1/4/2022 1,780.61 -2% 17,805.25
1/5/2022 1,750.38 -2% 17,925.25
1/6/2022 1,807.77 3% 17,745.90
1/7/2022 1,797.97 -1% 17,812.70
1/10/2022 1,769.38 -2% 18,003.30
1/11/2022 1,799.01 2% 18,055.75
1/12/2022 1,854.02 3% 18,212.35
1/13/2022 1,946.67 5% 18,257.80
1/14/2022 2,039.77 5% 18,255.75
1/17/2022 1,937.82 -5% 18,308.10
1/18/2022 1,854.37 -4% 18,113.05
1/19/2022 1,821.32 -2% 17,938.40
1/20/2022 1,886.17 4% 17,757.00
1/21/2022 1,855.16 -2% 17,617.15
1/24/2022 1,762.40 -5% 17,149.10
1/25/2022 1,721.99 -2% 17,277.95
1/27/2022 1,635.91 -5% 17,110.15
1/28/2022 1,678.16 3% 17,101.95
1/31/2022 1,729.61 3% 17,339.85
2/1/2022 1,743.36 1% 17,576.85
2/2/2022 1,783.43 2% 17,780.00
2/3/2022 1,741.97 -2% 17,560.20
2/4/2022 1,719.86 -1% 17,516.30
2/7/2022 1,680.83 -2% 17,213.60
2/8/2022 1,621.72 -4% 17,266.75
2/9/2022 1,594.61 -2% 17,463.80
2/10/2022 1,592.98 0% 17,605.85
2/11/2022 1,542.27 -3% 17,374.75
2/14/2022 1,436.46 -7% 16,842.80
2/15/2022 1,580.06 10% 17,352.45
2/16/2022 1,674.10 6% 17,322.20
2/17/2022 1,644.08 -2% 17,304.60
2/18/2022 1,637.05 0% 17,276.30
2/21/2022 1,569.87 -4% 17,206.65
2/22/2022 1,510.36 -4% 17,092.20
2/23/2022 1,536.73 2% 17,063.25
2/24/2022 1,407.07 -8% 16,247.95
2/25/2022 1,495.28 6% 16,658.40
2/28/2022 1,549.20 4% 16,793.90
3/2/2022 1,525.75 -2% 16,605.95
3/3/2022 1,533.91 1% 16,498.05
 3/4/2022 1,480.44 -3% 16,245.35
3/7/2022 1,402.57 -5% 15,863.15
3/8/2022 1,398.66 0% 16,013.45
3/9/2022 1,414.79 1% 16,345.35
3/10/2022 1,470.15 4% 16,594.90
3/11/2022 1,492.06 1% 16,630.45
3/14/2022 1,474.15 -1% 16,871.30
3/15/2022 1,440.47 -2% 16,663.00
3/16/2022 1,448.03 1% 16,975.35
3/17/2022 1,450.36 0% 17,287.05
3/21/2022 1,449.17 0% 17,117.60
3/22/2022 1,433.64 -1% 17,315.50
3/23/2022 1,405.69 -2% 17,245.65
3/24/2022 1,398.66 0% 17,222.75
3/25/2022 1,367.30 -2% 17,153.00
3/28/2022 1,305.07 -5% 17,222.00
3/29/2022 1,427.11 9% 17,325.30
3/30/2022 1,442.25 1% 17,498.25
3/31/2022 1,509.72 5% 17,464.75
4/1/2022 1,468.41 -3% 17,670.45
4/4/2022 1,464.01 0% 18,053.40
4/5/2022 1,471.38 1% 17,957.40
4/6/2022 1,477.37 0% 17,807.65
4/7/2022 1,591.10 8% 17,639.55
4/8/2022 1,594.56 0% 17,784.35
4/11/2022 1,576.16 -1% 17,674.95
4/12/2022 1,535.94 -3% 17,530.30
4/13/2022 1,507.74 -2% 17,475.65
4/18/2022 1,453.87 -4% 17,173.65
4/19/2022 1,457.33 0% 16,958.65
4/20/2022 1,461.64 0% 17,136.55
4/21/2022 1,475.39 1% 17,392.60
4/22/2022 1,455.40 -1% 17,171.95
4/25/2022 1,404.35 -4% 16,953.95
4/26/2022 1,498.10 7% 17,200.80
4/27/2022 1,453.48 -3% 17,038.40
4/28/2022 1,472.77 1% 17,245.05
4/29/2022 1,402.57 -5% 17,102.55
5/2/2022 1,415.19 1% 17,069.10
5/4/2022 1,422.06 0% 16,677.60
5/5/2022 1,404.70 -1% 16,682.65
5/6/2022 1,352.86 -4% 16,411.25
5/9/2022 1,295.03 -4% 16,301.85
5/10/2022 1,211.92 -6% 16,240.05
5/11/2022 1,164.88 -4% 16,167.10
5/12/2022 1,158.15 -1% 15,808.00
5/13/2022 1,168.69 1% 15,782.15
5/16/2022 1,195.00 2% 15,842.30
5/17/2022 1,289.69 8% 16,259.30
5/18/2022 1,247.44 -3% 16,240.30
5/19/2022 1,152.11 -8% 15,809.40
5/20/2022 1,159.88 1% 16,266.15
5/23/2022 1,203.81 4% 16,214.70
5/24/2022 1,286.57 7% 16,125.15
5/25/2022 1,267.28 -1% 16,025.80
5/26/2022 1,292.06 2% 16,170.15
5/27/2022 1,264.75 -2% 16,352.45
5/30/2022 1,308.68 3% 16,661.40
5/31/2022 1,314.37 0% 16,584.55
6/1/2022 1,348.36 3% 16,522.75
6/2/2022 1,398.66 4% 16,628.00
6/3/2022 1,390.06 -1% 16,584.30
6/6/2022 1,343.06 -3% 16,569.55
6/7/2022 1,323.08 -1% 16,416.35
6/8/2022 1,324.86 0% 16,356.25
6/9/2022 1,307.25 -1% 16,478.10
6/10/2022 1,263.22 -3% 16,201.80
6/13/2022 1,179.03 -7% 15,774.40
6/14/2022 1,129.36 -4% 15,732.10
6/15/2022 1,147.27 2% 15,692.15
6/16/2022 1,068.61 -7% 15,360.60
6/17/2022 1,063.32 0% 15,293.50
6/20/2022 983.08 -8% 15,350.15
6/21/2022 1,000.59 2% 15,638.80
6/22/2022 956.47 -4% 15,413.30
6/23/2022 938.36 -2% 15,556.65
6/24/2022 977.94 4% 15,699.25
6/27/2022 1,017.07 4% 15,832.05
6/28/2022 1,007.82 -1% 15,850.20
6/29/2022 995.94 -1% 15,799.10
6/30/2022 993.97 0% 15,780.25
7/1/2022 990.40 0% 15,752.05
7/4/2022 987.24 0% 15,835.35
7/5/2022 991.69 0% 15,810.85
7/6/2022 980.36 -1% 15,989.80
7/7/2022 996.78 2% 16,132.90
7/8/2022 999.95 0% 16,220.60
7/11/2022 986.00 -1% 16,216.00
7/12/2022 974.62 -1% 16,058.30
7/13/2022 962.70 -1% 15,966.65
7/14/2022 927.92 -4% 15,938.65
7/15/2022 898.24 -3% 16,049.20
7/18/2022 951.18 6% 16,278.50
7/19/2022 952.02 0% 16,340.55
7/20/2022 992.68 4% 16,520.85
7/21/2022 978.33 -1% 16,605.25
7/22/2022 933.56 -5% 16,719.45
7/25/2022 903.54 -3% 16,631.00
7/26/2022 722.83 -20% 16,483.85
7/27/2022 578.98 -20% 16,641.80
7/28/2022 629.68 9% 16,929.60
7/29/2022 687.11 9% 17,158.25
 8/1/2022 742.02 8% 17,340.05
8/2/2022 779.12 5% 17,345.45
8/3/2022 755.78 -3% 17,388.15
8/4/2022 757.90 0% 17,382.00
8/5/2022 741.92 -2% 17,397.50
8/8/2022 712.54 -4% 17,525.10
8/10/2022 748.16 5% 17,534.75
8/11/2022 742.57 -1% 17,659.00
8/12/2022 742.72 0% 17,698.15
8/16/2022 742.42 0% 17,825.25
8/17/2022 744.20 0% 17,944.25
8/18/2022 738.25 -1% 17,956.50
8/19/2022 728.20 -1% 17,758.45
8/22/2022 710.90 -2% 17,490.70
8/23/2022 694.70 -2% 17,577.50
8/24/2022 699.60 1% 17,604.95
8/25/2022 698.80 0% 17,522.45
8/26/2022 730.55 5% 17,558.90
8/29/2022 717.45 -2% 17,312.90
8/30/2022 719.95 0% 17,759.30
9/1/2022 721.20 0% 17,542.80
9/2/2022 742.55 3% 17,539.45
9/5/2022 744.15 0% 17,665.80
9/6/2022 759.10 2% 17,655.60
9/7/2022 797.05 5% 17,624.40
9/8/2022 834.20 5% 17,798.75
9/9/2022 873.60 5% 17,833.35
9/12/2022 858.95 -2% 17,936.35
9/13/2022 828.45 -4% 18,070.05
9/14/2022 811.10 -2% 18,003.75
9/15/2022 810.05 0% 17,877.40
9/16/2022 796.55 -2% 17,530.85
9/19/2022 771.40 -3% 17,622.25
9/20/2022 778.30 1% 17,816.25
9/21/2022 757.90 -3% 17,718.35
9/22/2022 758.75 0% 17,629.80
9/23/2022 740.75 -2% 17,327.35
9/26/2022 717.35 -3% 17,016.30
9/27/2022 725.35 1% 17,007.40
9/28/2022 761.60 5% 16,858.60
9/29/2022 772.30 1% 16,818.10
9/30/2022 787.10 2% 17,094.35
10/3/2022 788.45 0% 16,887.35
10/4/2022 797.10 1% 17,274.30
10/6/2022 791.05 -1% 17,331.80
10/7/2022 811.50 3% 17,314.65
10/10/2022 802.00 -1% 17,241.00
10/11/2022 780.30 -3% 16,983.55
10/12/2022 783.75 0% 17,123.60
10/13/2022 812.15 4% 17,014.35
10/14/2022 820.80 1% 17,185.70
10/17/2022 802.60 -2% 17,311.80
10/18/2022 801.85 0% 17,486.95
10/19/2022 793.05 -1% 17,512.25
10/20/2022 818.00 3% 17,563.95
10/21/2022 781.25 -4% 17,576.30
10/24/2022 774.05 -1% 17,730.75
10/25/2022 742.95 -4% 17,656.35
10/27/2022 744.75 0% 17,736.95
10/28/2022 736.25 -1% 17,786.80
10/31/2022 742.05 1% 18,012.20
11/1/2022 741.80 0% 18,145.40
11/2/2022 766.15 3% 18,082.85
11/3/2022 765.45 0% 18,052.70
11/4/2022 764.75 0% 18,117.15
11/7/2022 764.60 0% 18,202.80
11/9/2022 767.50 0% 18,157.00
11/10/2022 744.80 -3% 18,028.20
11/11/2022 753.15 1% 18,349.70
11/14/2022 748.95 -1% 18,329.15
11/15/2022 756.60 1% 18,403.40
11/16/2022 756.90 0% 18,409.65
11/17/2022 748.25 -1% 18,343.90
11/18/2022 742.75 -1% 18,307.65
11/21/2022 738.00 -1% 18,159.95
11/22/2022 724.40 -2% 18,244.20
11/23/2022 731.45 1% 18,267.25
11/24/2022 732.35 0% 18,484.10
11/25/2022 737.50 1% 18,512.75
11/28/2022 818.40 11% 18,562.75
11/29/2022 788.85 -4% 18,618.05
11/30/2022 791.65 0% 18,758.35
12/1/2022 790.10 0% 18,812.50
12/2/2022 792.80 0% 18,696.10
12/5/2022 803.85 1% 18,701.05
12/6/2022 792.30 -1% 18,642.75
12/7/2022 783.35 -1% 18,560.50
12/8/2022 766.15 -2% 18,609.35
12/9/2022 768.60 0% 18,496.60
12/12/2022 763.50 -1% 18,497.15
12/13/2022 755.85 -1% 18,608.00
12/14/2022 751.80 -1% 18,660.30
12/15/2022 749.15 0% 18,414.90
12/16/2022 741.00 -1% 18,269.00
12/19/2022 736.20 -1% 18,420.45
12/20/2022 751.60 2% 18,385.30
12/21/2022 728.60 -3% 18,199.10
12/22/2022 707.30 -3% 18,127.35
12/23/2022 656.45 -7% 17,806.80
12/26/2022 686.35 5% 18,014.60
12/27/2022 697.00 2% 18,132.30
12/28/2022 708.25 2% 18,122.50
12/29/2022 705.55 0% 18,191.00
12/30/2022 714.45 1% 18,105.30
1/2/2023 718.95 1% 18,197.45
1/3/2023 717.75 0% 18,232.55
1/4/2023 716.85 0% 18,042.95
1/5/2023 703.30 -2% 17,992.15
1/6/2023 692.90 -1% 17,859.45
1/9/2023 701.15 1% 18,101.20
1/10/2023 728.60 4% 17,914.15
1/11/2023 727.15 0% 17,895.70
1/12/2023 725.30 0% 17,858.20
1/13/2023 732.45 1% 17,956.60
1/16/2023 717.55 -2% 17,894.85
1/17/2023 704.60 -2% 18,053.30
1/18/2023 712.10 1% 18,165.35
1/19/2023 703.55 -1% 18,107.85
1/20/2023 698.00 -1% 18,027.65
1/23/2023 670.95 -4% 18,118.55
1/24/2023 670.95 0% 18,118.30
1/25/2023 663.90 -1% 17,891.95
1/27/2023 646.65 -3% 17,604.35
1/30/2023 628.65 -3% 17,648.95
1/31/2023 646.80 3% 17,662.15
2/1/2023 637.40 -1% 17,616.30
2/2/2023 634.55 0% 17,610.40
2/3/2023 623.50 -2% 17,854.05
2/6/2023 618.75 -1% 17,764.60
2/7/2023 611.05 -1% 17,721.50
2/8/2023 613.95 0% 17,871.70
2/9/2023 627.10 2% 17,893.45
2/10/2023 632.35 1% 17,856.50
2/13/2023 616.45 -3% 17,770.90
2/14/2023 615.00 0% 17,929.85
2/15/2023 604.20 -2% 18,015.85
2/16/2023 652.80 8% 18,035.85
2/17/2023 675.20 3% 17,944.20
2/20/2023 665.20 -1% 17,844.60
2/21/2023 646.45 -3% 17,826.70
2/22/2023 658.00 2% 17,554.30
2/23/2023 646.25 -2% 17,511.25
2/24/2023 655.25 1% 17,465.80
2/27/2023 676.60 3% 17,392.70
2/28/2023 675.20 0% 17,303.95
3/1/2023 661.60 -2% 17,450.90
3/2/2023 649.25 -2% 17,321.90
3/3/2023 648.90 0% 17,594.35
3/6/2023 647.25 0% 17,711.45
3/8/2023 644.65 0% 17,754.40
3/9/2023 640.85 -1% 17,589.60
3/10/2023 634.35 -1% 17,412.90
3/13/2023 620.00 -2% 17,154.30
3/14/2023 608.80 -2% 17,043.30
3/15/2023 604.30 -1% 16,972.15
3/16/2023 586.35 -3% 16,985.60
3/17/2023 591.75 1% 17,100.05
3/20/2023 573.60 -3% 16,988.40
3/21/2023 563.40 -2% 17,107.50
3/22/2023 567.05 1% 17,151.90
3/23/2023 556.55 -2% 17,076.90
3/24/2023 538.90 -3% 16,945.05
3/27/2023 509.80 -5% 16,985.70
3/28/2023 523.05 3% 16,951.70
3/29/2023 529.20 1% 17,080.70
Returns (%) Daily Slope Beta 0.66
Daily Regression Beta #REF!
0% YahooFinance (5Y) 1.79
-1% Trendlyne (2Y) 1.17
2% Median Beta #REF!
0% Average Beta #REF!
0%
0%
0% Trendlyne (2Y) 1.17
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
0%
0%
0%
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1%
0%
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1%
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0%
-1%
-1%
-1%
-1%
0%
-1%
1%
1%
1%
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0%
1%
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-1%
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1%
0%
 0%
1%
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-1%
1%
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0%
1%
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0%
1%
1%
0%
1%
0%
-1%
1%
0%
0%
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1%
0%
0%
0%
1%
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-1%
1%
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-1%
1%
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0%
 0%
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0%
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1%
0%
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-2%
-3%
0%
0%
2%
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2%
0%
1%
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-1%
1%
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-1%
2%
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2%
0%
2%
0%
0%
1%
 0%
-1%
1%
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1%
1%
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1%
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1%
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 0%
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2%
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 0%
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4%
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2%
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1%
0%
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0%
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 0%
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0%
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0%
-2%
0%
0%
0%
-1%
1%
-1% 15%
2%
1%
0% 10%
-1%
-1%
-1% 5%

0%
 10%

5%
-1%
0%
0%
0%
1%
-1%
-5%
1%
0%
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-10%
-1%
0%
0% -15%
1%

-20%

-25%
18 18 18 18 18 18 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 21 21 21 21 21 21 21 22 22 22 22 22 2
/ 20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20
04 05 07 08 10 12 01 03 04 06 08 09 11 12 02 04 05 07 09 10 12 01 03 05 06 08 09 11 01 02 04 05 07 09 10
 Nifty
Tanla

1 21 21 22 22 22 22 22 22 22 22 23
0 0 0 0 0 0 0 0 0 0 0
/2 1/2 1/2 2/2 4/2 5/2 7/2 9/2 0/2 2/2 1/2
1 0 0 0 0 0 0 1 1 0
Parameter value
Total messages sent per day in India (in billion) 1
Total messages sent per year (in billion) 487
Messages processed by Tanla Platforms 300
Market share 62%
Number of mobile users in India (in million) 750
Number of messages per mobile user per year 649
Number of messages per mobile user per day 2
Number of messages per mobile user per month 53
Number of messages processed by Tanla per mobile user per year 302
Number of messages processed by Tanla per mobile user per month 33
Number of messages processed by Tanla per mobile user per day 1
Platform Business
Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23
Revenue 555 624 658 687 680 751
Gross Profit 533 578 598 650 653 724
Gross Margin 96% 93% 91% 95% 96% 96%
QoQ growth 12% 5% 4% -1% 10%
Cost of Services 22 46 60 37 27 27

Enterprise Business
Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23
Revenue 5,709 7,792 8,191 7,844 7,321 7,759
Gross Profit 1,202 1,724 2,012 1,784 1,197 1,332
Gross Margin 21% 22% 25% 23% 16% 17%
QoQ growth 36% 5% -4% -7% 6%
Cost of Services 4,507 6,068 6,179 6,060 6,124 6,427
Total Revenue
Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23
Gross Profit 1,735 2,302 2,610 2,434 1,850 2,056
Gross Margin 28% 27% 29% 29% 23% 24%
Revenue 6,264 8,416 8,849 8,531 8,001 8,510
QoQ Growth 34% 5% -4% -6% 6%
Cost of Services 4,529 6,114 6,239 6,097 6,151 6,454

FY2018 FY2019 FY2020 FY2021 FY2022 FY2023E

Net Income 19.12 30.12 -207.77 356.16 539.28 333.4423

FY2018 FY2019 FY2020 FY2021 FY2022 FY2023E

EBITDA 65.20 96.75 185.03 433.47 700.18 445.05
EBITDA Margin 8% 10% 10% 19% 22% 13%

FY2020 FY2021 FY2022 FY2023E FY2024E FY2025E

RoA -17% 22% 23% 12% 11% 10%
RoCE 26% 49% 52% 26% 23% 21%
 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023E

FY2019 FY2020 FY2021 FY2022 FY2023E

FCF 564.46 422.97 71.13 183.94 320.57
FCFE 628.81 583.79 189.79 328.29 474.14

FY2020 FY2021 FY2022 FY2023E FY2024E FY2025E

EPS -14.77 25.27 39.77 24.55393 24.36423 26.06274
Q3FY23 Q4FY23
782 815
751 781
96% 96%
4% 4%
31 34

Q3FY23 Q4FY23
7,914 7,520
1,417 1,508
18% 20%
2% -5%
6,497 6,012

This chart isn't available in your version of Excel.

Editing this shape or saving this workbook into a different file format will
permanently break the chart.
 This chart isn't available in your version of Excel.
Q3FY23 Q4FY23 Editing this shape or saving this workbook into a different file format will
2,168 2,289 permanently break the chart.
25% 27%
8,696 8,335
2% -4%
6,528 6,046

FY2024E FY2025E
330.8662 353.932

FY2024E FY2025E
468.16 500.44
12% 11%
FY2024E FY2025E
396.47 508.18
0 0
ormat will
ormat will
 Revenue (in INR Cr.)
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-
FY2019 FY2020 FY2021 FY2022 FY2023 FY2024E FY2025E FY2026E

Enterprise Business
9,000 30%
8,000
25% 25%
7,000 23%
22%
21%
6,000 20% 20%
17% 18%
5,000 16%
15%
4,000
3,000 10%
2,000
5%
1,000
0 0%
Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23

Revenue Gross Profit Gross Margin

Revenue
3,500 3,206
3,000
2,500 2,341
1,943
2,000
1,500
1,004
1,000 792
500
-
FY2019 FY2020 FY2021 FY2022 FY2023

Global CPaaS Revenue (in USD Bn)

35 33.29

30
29%
26.22
25 R
C AG
20.64
20
 Global CPaaS Revenue (in USD Bn)
35 33.29

30
29%
26.22
25 R
C AG
20.64
20
16.25
15 12.6

10 8.19
7.14
5

0
2021 2022 2023 2024E 2025E 2026E 2027E

FY2018 FY2019 FY2020 FY2021 FY2022

19.12 30.12 -207.77 356.16 539.28

Tanla's Net Profits

600
500 539.28
400
300 356.16

200
100
0 19.12 30.1200000000001
FY2018 FY2019 FY2020 FY2021 FY2022
-100
-207.77
-200
-300

RoA & RoCE

60%
50%
40%
30%
20%
10%
0%
FY2020 FY2021 FY2022 FY2023E FY2024E FY2025E
-10%
-20%
-30%

RoA RoCE
 EBITDA & EBITDA Margins
800.00 25%

700.00
20%
600.00

500.00 15%
400.00

300.00 10%

200.00
5%
100.00

0.00 0%
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023E FY2024E FY2025E
 Tanla's QoQ Revenue
10,000 40.00%
9,000 35.00%
8,000 30.00%
7,000 25.00%
6,000 20.00%
5,000 15.00%
4,000 10.00%
3,000 5.00%
2,000 0.00%
1,000 -5.00%
0 -10.00%
Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23

Revenue QoQ Growth

QoQ Gross Profit & Gross Margin

3,000 35%

2,500 30%

25%
2,000
20%
1,500
15%
1,000
10%
500 5%

0 0%
Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23

Gross Profit Gross Margin

Platform Business
900 97%
800 96%
700 95%
600 94%
500 93%
400 92%
300 91%
200 90%
100 89%
0 88%
Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23

Revenue Gross Profit Gross Margin

EPS
50
 EPS
50

40

30

20

10

0
FY2020 FY2021 FY2022 FY2023E FY2024E FY2025E
-10

-20

FCF & FCFE

1400.00

1200.00

1000.00

800.00

600.00

400.00

200.00

0.00
FY2019 FY2020 FY2021 FY2022 FY2023E

FCF FCFE

FCF
600
FY2024E FY2025E
500

400

300

200

100
 400

300

200

ns 100
25%
0
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023E FY2024E FY2025E
20%

15%

10%

5%

0%
023E FY2024E FY2025E
2023E FY2024E FY2025E