Historical Financial Statement - BATA INDIA LTD

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 LTM

(figures in INR crores)

# Income Statement
Sales ₹ 2,694.0 ₹ 2,422.7 ₹ 2,474.3 ₹ 2,634.2 ₹ 2,931.1 ₹ 3,056.1 ₹ 1,708.5 ₹ 2,387.7 ₹ 3,338.2
Sales Growth - -10.07% 2.13% 6.46% 11.27% 4.26% -44.10% 39.76% 39.81%

COGS ₹ 1,633.4 ₹ 1,484.2 ₹ 1,523.4 ₹ 1,574.9 ₹ 1,695.0 ₹ 1,754.8 ₹ 1,230.3 ₹ 1,524.8 ₹ 2,564.4
COGS % Sales 60.63% 61.26% 61.57% 59.79% 57.83% 57.42% 72.01% 63.86% 76.82%

Gross Profit ₹ 1,060.65 ₹ 938.55 ₹ 950.83 ₹ 1,059.24 ₹ 1,236.13 ₹ 1,301.28 ₹ 478.18 ₹ 862.96 ₹ 773.86
Gross Margins 39.37% 38.74% 38.43% 40.21% 42.17% 42.58% 27.99% 36.14% 23.18%

Selling & General Expenses ₹ 709.46 ₹ 644.79 ₹ 655.03 ₹ 695.59 ₹ 746.29 ₹ 455.09 ₹ 309.23 ₹ 435.60 ₹ 0.00
S&G Exp % Sales 26.33% 26.61% 26.47% 26.41% 25.46% 14.89% 18.10% 18.24% 0.00%

EBITDA ₹ 351.19 ₹ 293.76 ₹ 295.80 ₹ 363.65 ₹ 489.84 ₹ 846.19 ₹ 168.95 ₹ 427.36 ₹ 773.86
EBITDA Margins 13.04% 12.13% 11.96% 13.81% 16.71% 27.69% 9.89% 17.90% 23.18%

Other Income ₹ 74.80 ₹ 97.40 ₹ 18.09 ₹ 48.66 ₹ 66.17 ₹ 65.55 ₹ 87.28 ₹ 53.74 ₹ 0.00

Interest ₹ 17.77 ₹ 15.79 ₹ 14.99 ₹ 14.82 ₹ 14.28 ₹ 128.71 ₹ 108.12 ₹ 99.43 ₹ 105.19
Interest % Sales 0.66% 0.65% 0.61% 0.56% 0.49% 4.21% 6.33% 4.16% 3.15%

Depreciation ₹ 79.28 ₹ 78.82 ₹ 65.04 ₹ 60.45 ₹ 64.05 ₹ 295.80 ₹ 264.75 ₹ 241.96 ₹ 290.02
Depreciation%Sales 2.94% 3.25% 2.63% 2.29% 2.19% 9.68% 15.50% 10.13% 8.69%

Earnings Before Tax ₹ 328.94 ₹ 296.55 ₹ 233.86 ₹ 337.04 ₹ 477.68 ₹ 487.23 -₹ 116.64 ₹ 139.71 ₹ 378.65
EBT % Sales 12.21% 12.24% 9.45% 12.79% 16.30% 15.94% -6.83% 5.85% 11.34%

Tax ₹ 97.6 ₹ 79.2 ₹ 74.9 ₹ 116.5 ₹ 148.7 ₹ 158.3 (₹ 27.3) ₹ 36.7 ₹ 105.8
Effective Tax Rate 29.67% 26.69% 32.03% 34.57% 31.13% 32.49% 23.42% 26.28% 27.94%

Net Profit ₹ 231.4 ₹ 217.4 ₹ 159.0 ₹ 220.5 ₹ 329.0 ₹ 328.9 (₹ 89.3) ₹ 103.0 ₹ 272.9
Net Margins 8.59% 8.97% 6.42% 8.37% 11.22% 10.76% -5.23% 4.31% 8.17%

No of Equity Shares 12.85 12.85 12.85 12.85 12.85 12.85 12.85 12.85 12.85

Earnings per Share ₹ 18.00 ₹ 16.92 ₹ 12.37 ₹ 17.16 ₹ 25.60 ₹ 25.60 -₹ 6.95 ₹ 8.02 ₹ 21.23
EPS Growth % 0.00% -6.03% -26.88% 38.73% 49.20% -0.02% -127.15% -215.32% 164.91%

Dividend per Share ₹ 3.3 ₹ 3.5 ₹ 3.5 ₹ 4.0 ₹ 6.3 ₹ 4.0 ₹ 4.0 ₹ 54.5 ₹ 54.5
Dividend payout ratio 18.05% 20.69% 28.30% 23.31% 24.41% 15.63% -57.56% 680.03% 256.70%

Retained Earnings 81.95% 79.31% 71.70% 76.69% 75.59% 84.37% 0.00% 0.00% 0.00%
# Balance Sheet
Equity Share Capital ₹ 64.3 ₹ 64.3 ₹ 64.3 ₹ 64.3 ₹ 64.3 ₹ 64.3 ₹ 64.3 ₹ 64.3
Reserves ₹ 956.9 ₹ 1,156.7 ₹ 1,260.1 ₹ 1,410.4 ₹ 1,677.6 ₹ 1,829.7 ₹ 1,693.8 ₹ 1,750.4
Borrowings - - - - - ₹ 1,249.1 ₹ 1,032.3 ₹ 1,094.2
Other Liabilities ₹ 259.0 ₹ 183.0 ₹ 181.0 ₹ 187.0 ₹ 216.0 ₹ 86.0 ₹ 102.0 ₹ 160.0
Trade Payables ₹ 357.0 ₹ 329.0 ₹ 408.0 ₹ 480.0 ₹ 516.0 ₹ 503.0 ₹ 440.0 ₹ 456.0
Total Liabilities ₹ 1,637.2 ₹ 1,732.9 ₹ 1,913.3 ₹ 2,141.7 ₹ 2,473.8 ₹ 3,732.0 ₹ 3,332.4 ₹ 3,524.9

Fixed Assets Net Block ₹ 308.7 ₹ 304.1 ₹ 268.0 ₹ 296.4 ₹ 316.5 ₹ 1,369.4 ₹ 1,119.5 ₹ 1,225.9
Capital Work in Progress ₹ 48.2 ₹ 19.0 ₹ 29.8 ₹ 12.1 ₹ 17.3 ₹ 19.9 ₹ 33.6 ₹ 5.2
Investments - - - - - - - -
Other Assets ₹ 306.9 ₹ 311.1 ₹ 320.1 ₹ 387.1 ₹ 394.3 ₹ 442.3 ₹ 394.9 ₹ 382.7
Total Non Current Assets ₹ 663.8 ₹ 634.2 ₹ 617.9 ₹ 695.7 ₹ 728.0 ₹ 1,831.6 ₹ 1,548.0 ₹ 1,613.7

Receivables ₹ 58.4 ₹ 71.0 ₹ 69.4 ₹ 89.4 ₹ 66.4 ₹ 63.3 ₹ 79.4 ₹ 71.7

Inventory ₹ 704.7 ₹ 685.4 ₹ 713.8 ₹ 765.2 ₹ 839.4 ₹ 873.7 ₹ 608.3 ₹ 870.9
Cash & Bank ₹ 210.1 ₹ 342.5 ₹ 522.0 ₹ 591.2 ₹ 840.3 ₹ 963.9 ₹ 1,096.8 ₹ 968.8
Total Current Assets ₹ 973.2 ₹ 1,098.8 ₹ 1,305.3 ₹ 1,445.7 ₹ 1,746.0 ₹ 1,900.9 ₹ 1,784.5 ₹ 1,911.4

Total Assets ₹ 1,637.0 ₹ 1,733.1 ₹ 1,923.1 ₹ 2,141.4 ₹ 2,474.1 ₹ 3,732.5 ₹ 3,332.5 ₹ 3,525.2

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

# Cash Flow Statements

Operating Activities
Profit from operations 384 352 269 360 481 837 194 422
Receivables -8 -18 6 -22 23 0 -17 7
Inventory -122 19 -28 -51 -74 -34 265 -263
Payables 89 -23 82 71 34 4 -64 17
Loans Advances -39 4 0 3 -6 -13 0 0
Other WC items -43 -24 -7 -86 28 -24 35 35

Working capital changes -122 -41 53 -84 5 -68 220 -204

Direct taxes -144 -108 -65 -115 -141 -187 47 -7
Cash from Operating Activities ₹ 118.0 ₹ 203.0 ₹ 257.0 ₹ 161.0 ₹ 345.0 ₹ 582.0 ₹ 461.0 ₹ 211.0

Investing Activities
Fixed assets purchased -146 -40 -51 -78 -82 -86 -37 -49
Fixed assets sold 13 1 4 2 0 0 1 1
Investments purchased 0 0 0 0 0 0 0 0
Investments sold 0 0 0 0 0 0 0 3
Interest received 20 18 26 40 49 64 75 47
Other investing items 48 -93 -208 -76 -245 -167 -92 91
Cash from Investing Activities (₹ 65.0) (₹ 114.0) (₹ 229.0) (₹ 112.0) (₹ 278.0) (₹ 189.0) (₹ 53.0) ₹ 93.0

Financing Activities
Proceeds from borrowings 0 0 0 0 0 0 0 0
Repayment of borrowings 0 0 0 0 0 0 0 0
Proceeds from deposits 0 0 0 0 0 0 0 0
Interest paid fin -2 -2 -2 -2 -1 -1 -1 -1
Dividends paid -42 -42 -45 -45 -51 -80 -51 -51
Financial liabilities 0 0 0 0 0 -336 -315 -289
Other financing items -7 -8 -9 -9 -11 -18 -1 0
Cash from Financing Activities (₹ 51.0) (₹ 52.0) (₹ 56.0) (₹ 56.0) (₹ 63.0) (₹ 435.0) (₹ 368.0) (₹ 341.0)

Net Cash Flow ₹ 2.0 ₹ 37.0 (₹ 28.0) (₹ 7.0) ₹ 4.0 (₹ 42.0) ₹ 40.0 (₹ 37.0)
 RATIO ANALYSIS - BATA INDIA LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 LTM Mean Median

Sales Growth - -10.1% 2.1% 6.5% 11.3% 4.3% -44.1% 39.8% 39.8% 6.2% 5.4%
EBITDA Growth - -16.4% 0.7% 22.9% 34.7% 72.7% -80.0% 153.0% 81.1% 33.6% 28.8%
EBT Growth - -9.8% -21.1% 44.1% 41.7% 2.0% -123.9% 219.8% 171.0% 40.5% 21.9%
Net Profit Growth - -6.0% -26.9% 38.7% 49.2% 0.0% -127.2% 215.3% 164.9% 38.5% 19.4%
Dividend Growth - 7.7% 0.0% 14.3% 56.2% -36.0% 0.0% 1262.4% 0.0% 163.1% 3.8%

Gross Margin 39.4% 38.7% 38.4% 40.2% 42.2% 42.6% 28.0% 36.1% 23.2% 36.5% 38.7%
EBITDA Margin 13.0% 12.1% 12.0% 13.8% 16.7% 27.7% 9.9% 17.9% 23.2% 16.3% 13.8%
EBIT Margin 12.9% 12.9% 10.1% 13.4% 16.8% 20.2% -0.5% 10.0% 14.5% 12.2% 12.9%
EBT Margin 12.2% 12.2% 9.5% 12.8% 16.3% 15.9% -6.8% 5.9% 11.3% 9.9% 12.2%
net Profit Margin 8.6% 9.0% 6.4% 8.4% 11.2% 10.8% -5.2% 4.3% 8.2% 6.8% 8.4%

Sales Expense (%ofSales) 26.3% 26.6% 26.5% 26.4% 25.5% 14.9% 18.1% 18.2% 0.0% 20.3% 25.5%
Depriciation (%ofSales) 2.9% 3.3% 2.6% 2.3% 2.2% 9.7% 15.5% 10.1% 8.7% 6.4% 3.3%
Operating Income (%ofSales) 12.9% 12.9% 10.1% 13.4% 16.8% 20.2% -0.5% 10.0% 14.5% 12.2% 12.9%

ROCE 34.0% 25.6% 18.8% 23.9% 28.2% 19.6% -0.3% 8.2% 0.0% 17.5% 19.6%
Retained Earnings 81.9% 79.3% 71.7% 76.7% 75.6% 84.4% 0.0% 0.0% 0.0% 52.2% 75.6%
ROE 22.7% 17.8% 12.0% 15.0% 18.9% 17.4% -5.1% 5.7% 0.0% 11.6% 15.0%
Growth Rate 18.6% 14.1% 8.6% 11.5% 14.3% 14.7% 0.0% 0.0% 0.0% 9.1% 11.5%
Int Coverage Ratio 19.51x 19.78x 16.60x 23.74x 34.45x 4.79x -0.08x 2.41x 4.60x 13.98x 16.60x

Debtor Turnover Ratio 46.11x 34.12x 35.65x 29.48x 44.18x 48.30x 21.53x 33.29x 0.00x 32.52x 34.12x
Credtor Turnover Ratio 4.58x 4.51x 3.73x 3.28x 3.28x 3.49x 2.80x 3.34x 0.00x 3.22x 3.34x
Inv Turnover Ratio 2.32x 2.17x 2.13x 2.06x 2.02x 2.01x 2.02x 1.75x 0.00x 1.83x 2.02x
Fixed Asset Turnover Ratio 8.73x 7.97x 9.23x 8.89x 9.26x 2.23x 1.53x 1.95x 0.00x 5.53x 7.97x
Capital Turnover Ratio 2.64x 1.98x 1.87x 1.79x 1.68x 1.61x 0.97x 1.32x 0.00x 1.54x 1.68x

(In days)
Debtor Days 8 11 10 12 8 8 17 11 0 9 10
Payable Days 80 81 98 111 111 105 131 109 0 92 105
Inventory Days 157 169 171 177 181 182 180 208 0 158 177
Cash conversion Cycle 86 98 84 78 78 85 67 110 0 76 84

CFO/Sales 0.04 0.08 0.10 0.06 0.12 0.19 0.27 0.09 0.00 0.11 0.09
CFO/Total Assets 0.07 0.12 0.13 0.08 0.14 0.16 0.14 0.06 0.00 0.10 0.12
CFO/Total Debt 0.00 0.00 0.00 0.00 0.00 0.47 0.45 0.19 0.00 0.12 0.00
 SALES FORECASTING EBITDA FORECASTING EPS FORECASTING 18

# Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth Year Weight Year EPS EPS Growth
1 2010A 1275.0 1 2010A 163.0 1 2010A 6.9
2 2011A 1549.0 21.5% 2 2011A 239.0 46.6% 2 2011A 20.1 192.73%
3 2012A 1842.0 18.9% 3 2012A 287.0 20.1% 3 2012A 13.4 -33.52%
4 2013A 2065.0 12.1% 4 2013A 338.0 17.8% 4 2013A 14.9 10.98%
5 2014A 2379.5 15.2% 5 2014A 344.5 1.9% 5 2014A 16.4 10.57%
6 2015A 2694.0 13.2% 6 2015A 351.0 1.9% 6 2015A 18.0 9.56%
7 2016A 2423.0 -10.1% 7 2016A 294.0 -16.2% 7 2016A 16.9 -6.06%
8 2017A 2474.0 2.1% 8 2017A 296.0 0.7% 8 2017A 12.4 -26.85%
9 2018A 2634.0 6.5% 9 2018A 364.0 23.0% 9 2018A 17.2 38.72%
10 2019A 2931.0 11.3% 10 2019A 490.0 34.6% 10 2019A 25.6 49.18%
11 2020A 3056.0 4.3% 11 2020A 846.0 72.7% 11 2020A 25.6 -0.04%
12 2021A 1708.0 -44.1% 12 2021A 169.0 -80.0% 12 2021A -7.0 -127.16%
13 2022A 2388.0 39.8% 13 2022A 427.0 152.7% 13 2022A 8.0 -215.25%
14 2023E 2848.2 19.3% 14 2023E 504.9 18.2% 14 2023E 12.5 56.04%
15 2024E 2931.8 2.9% 15 2024E 526.4 4.3% 15 2024E 12.2 -2.28%
16 2025E 3015.4 2.9% 16 2025E 547.9 4.1% 16 2025E 11.9 -2.33%
17 2026E 3099.0 2.8% 17 2026E 569.3 3.9% 17 2026E 11.6 -2.39%
18 2027E 3182.6 2.7% 18 2027E 590.8 3.8% 18 2027E 11.4 -2.45%
# WEIGHTED AVERAGE COST OF DEBT

Cost of Debt Cost of Equity

Pre-tax Cost of Debt 10.20% Risk-free rate 7%
Tax Rate 30% Equity Risk premium 8%
Cost of Debt 7.14% Beta 0.983
Cost of Equity 14.86%

Capital Structure Current Target WACC Total Cost Total weight

Total debt 17500 48% 48% Debt 7% 48% ########################
Total Equity 19000 52% 52% Equity 15% 52% ########################
Total capital 36500 100% 100% WACC 11.2%

Debt/equity 0.92 0.92

 INTRINSIC GROWTH RATE

# Calculation of ROIC Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Current Assets
Inventories 765 839 874 608 871
Trade receivables 89 66 63 79 72
Loans n Advances 215 204 213 212 193
Other asset items 172 190 229 183 190
Total Current Assets 1241 1299 1379 1082 1326

Current Liabilities
Trade Payables 480 516 503 440 456
Advance from Customers 0 0 5 8 13
Other liability items 187 216 81 94 148
Total Current Liablities 667 732 589 542 617

# Net Working Capital 574 567 790 540 709

Non Current Assets

Land 25.23 25.23 25.23 25.23 25.23
Building 218.75 252.69 291.59 1129.92 1258.29
Plant Machinery 77.11 92.35 102.95 108.88 112.66
Equipments 5.84 6.32 6.32 6.28 6.05
Furniture n fittings 157.24 183.88 201.73 188.27 195.3
Vehicles 2.83 3.17 4.04 4.09 3.65
Intangible Assets 0 0 0 0 0
Other fixed assets 2.68 5.57 1043.06 11.88 25.2
Gross Block 489.68 569.21 1674.92 1474.55 1626.38
Accumulated Depriciation -193.26 -252.7 -305.48 -355.05 -400.48
# Net Non current Assets 296.42 316.51 1369.44 1119.5 1225.9

# Invested Capital 870.42 883.51 2159.44 1659.5 1934.9

EBIT 351.86 491.96 615.94 -8.52 239.14

# ROIC 40% 56% 29% -1% 12%

# Calculation of Reinvestment Rate Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Net CAPEX 76 82 86 36 48
Change in Working capital -7 223 -250 169

EBIT 351.86 491.96 615.94 -8.52 239.14

Marginal Tax Rate 25% 25% 25% 25% 25%
EBIT(1-Tax) 263.90 368.97 461.96 -6.39 179.36

Reinvestment 75 309 -214 217

Reinvestment Rate 20% 67% 3349% 121%

4 Year Average 889.3%

4 Year Median 93.9%

# Calculation of Growth Rate Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Reinvestment Rate 20% 67% 3349% 121%

ROIC 56% 29% -1% 12%

Intrinsic Growth 11.32% 19.08% -17.19% 14.95%

4 Year Average 7.0%

4 Year Median 13.1%
 BATA Ltd. Monthly Returns SENSEX Monthly Returns
Month Closing price % Change Month Closing price % Change
Jan-18 705.8 Jan-18 35965.02
Feb-18 731.55 3.6% Feb-18 34184.04 -5.0%
Mar-18 730 -0.2% Mar-18 32968.68 -3.6%
Apr-18 801.75 9.8% Apr-18 35160.36 6.6%
May-18 778.1 -2.9% May-18 35322.38 0.5%
Jun-18 859.05 10.4% Jun-18 35423.48 0.3%
Jul-18 908.25 5.7% Jul-18 37606.58 6.2%
Aug-18 1082.2 19.2% Aug-18 38645.07 2.8%
Sep-18 971.95 -10.2% Sep-18 36227.14 -6.3%
Oct-18 976 0.4% Oct-18 34442.05 -4.9%
Nov-18 1039.75 6.5% Nov-18 36194.3 5.1%
Dec-18 1133.4 9.0% Dec-18 36068.33 -0.3%
Jan-19 1118.5 -1.3% Jan-19 36256.69 0.5%
Feb-19 1288.8 15.2% Feb-19 35867.44 -1.1%
Mar-19 1408.5 9.3% Mar-19 38672.91 7.8%
Apr-19 1453.8 3.2% Apr-19 39031.55 0.9%
May-19 1323.65 -9.0% May-19 39714.2 1.7%
Jun-19 1445.35 9.2% Jun-19 39394.64 -0.8%
Jul-19 1307.4 -9.5% Jul-19 37481.12 -4.9%
Aug-19 1541.45 17.9% Aug-19 37332.79 -0.4%
Sep-19 1723.1 11.8% Sep-19 38667.33 3.6%
Oct-19 1806.75 4.9% Oct-19 40129.05 3.8%
Nov-19 1629.5 -9.8% Nov-19 40793.81 1.7%
Dec-19 1750.7 7.4% Dec-19 41253.74 1.1%
Jan-20 1801.25 2.9% Jan-20 40723.49 -1.3%
Feb-20 1644.4 -8.7% Feb-20 38297.29 -6.0%
Mar-20 1231.15 -25.1% Mar-20 29468.49 -23.1%
Apr-20 1364.2 10.8% Apr-20 33717.62 14.4%
May-20 1326.5 -2.8% May-20 32424.1 -3.8%
Jun-20 1305.7 -1.6% Jun-20 34915.8 7.7%
Jul-20 1267.5 -2.9% Jul-20 37606.89 7.7%
Aug-20 1299.15 2.5% Aug-20 38628.29 2.7%
Sep-20 1318 1.5% Sep-20 38067.93 -1.5%
Oct-20 1312.9 -0.4% Oct-20 39614.07 4.1%
Nov-20 1571.8 19.7% Nov-20 44149.72 11.4%
Dec-20 1578.85 0.4% Dec-20 47751.33 8.2%
Jan-21 1501.75 -4.9% Jan-21 46285.77 -3.1%
Feb-21 1437.95 -4.2% Feb-21 49099.99 6.1%
Mar-21 1404.65 -2.3% Mar-21 49509.15 0.8%
Apr-21 1367.3 -2.7% Apr-21 48782.36 -1.5%
May-21 1546.1 13.1% May-21 51937.44 6.5%
Jun-21 1596.85 3.3% Jun-21 52482.71 1.0%
Jul-21 1618.7 1.4% Jul-21 52586.84 0.2%
Aug-21 1776.25 9.7% Aug-21 57552.39 9.4%
Sep-21 1777.2 0.1% Sep-21 59126.36 2.7%
Oct-21 1979.95 11.4% Oct-21 59306.93 0.3%
Nov-21 1880.3 -5.0% Nov-21 57064.87 -3.8%
Dec-21 1873.8 -0.3% Dec-21 58253.82 2.1%
Jan-22 2063.3 10.1% Jan-22 58014.17 -0.4%
Feb-22 1812.7 -12.1% Feb-22 56247.28 -3.0%
Mar-22 1961.95 8.2% Mar-22 58568.51 4.1%
Apr-22 1948.7 -0.7% Apr-22 57060.87 -2.6%
May-22 1877.8 -3.6% May-22 55566.41 -2.6%
Jun-22 1668.05 -11.2% Jun-22 53018.94 -4.6%
Jul-22 1964.45 17.8% Jul-22 57570.25 8.6%
Aug-22 1942 -1.1% Aug-22 59537.07 3.4%
Sep-22 1820.5 -6.3% Sep-22 57426.92 -3.5%
Oct-22 1829.1 0.5% Oct-22 60746.59 5.8%
Nov-22 1718.6 -6.0% Nov-22 63099.65 3.9%
Dec-22 1650.65 -4.0% Dec-22 60840.74 -3.6%
Jan-23 1529 -7.4% Jan-23 59549.9 -2.1%
Feb-23 1412.2 -7.6% Feb-23 58962.12 -1.0%
Mar-23 1419 0.5% Mar-23 58991.52 0.0%
Apr-23 1475.15 4.0% Apr-23 61112.44 3.6%
BETA 0.983

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.61498
R Square 0.3782
Adjusted R Square
0.367837
Standard Error 0.069417
Observations 62

ANOVA
df SS MS F Significance F
Regression 1 0.175854 0.175854 36.49412 1.05E-07
Residual 60 0.289122 0.004819
Total 61 0.464977

Coefficients
Standard Error t Stat P-value Lower 95% Upper 95%Lower 95.0%
Upper 95.0%
Intercept 0.004372 0.008994 0.486113 0.628658 -0.01362 0.022362 -0.013618 0.022
-0.04951978 0.983115 0.162739 6.041036 1.05E-07 0.657588 1.308643 0.657588 1.309
# Calculation of PV of FCFF Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27

EBIT 239.1 270.6 306.1 346.3 391.8 443.3

Tax Rate 25% 25% 25% 25% 25% 25%

EBIT(1-Tax) 179.4 202.9 229.6 259.7 293.8 332.4

Less: Reinvestment Rate (as per industry) 35.4% 35.4% 35.4% 35.4% 35.4% 35.4%

FCFF 115.9 131.1 148.3 167.8 189.8 214.8

Mid Year Convention 0.5 1.5 2.5 3.5 4.5

Discounting Factor 0.948 0.853 0.768 0.691 0.621

PV of FCFF 124.3 126.5 128.8 131.1 133.4

Expected Growth 13.1%

Terminal Growth 5.8%
WACC 11.2%

# Calculation of Terminal Value

FCFF (n+1) 242.97

WACC 11.2%
Terminal Growth Rate 5.8%

Terminal Value 4532.0

# Calculation of Equity Value

PV of FCFF 644.1
PV of Terminal Value 2815.1
Enterprise Value 3459.3

Add: Cash 968.8

Less: Debt 1094.2
Equity Value 3333.8
No. of Shares 12.9

Equity Value per Share 259.4

Share Price 1491

Disc/Prem. 475%
# Comparable Company Valuation

Figures in crores
# MARKET DATA FINANCIALS VALUATION
Company Ticker Share Price Share O/s Equity Value Net Debt Enterprise Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
Relaxo Footwear 852 24.89 21198 166 21363 2716 434 154 7.9x 49.2x 137.6x
Bata India 1491 12.85 19160 250 19410 3338 480 320 5.8x 40.4x 59.8x
Campus Activewe. 359 30.47 10925 396 11321 1529 245 110 7.4x 46.2x 99.1x
Mirza Internatio 63 13.82 866 67 933 1996 236 158 0.5x 4.0x 5.5x
Sreeleathers 186 2.32 431 -4 427 187 24 23 2.3x 17.7x 19.1x
Liberty Shoes 244 1.70 415 121 536 615 46 14 0.9x 11.8x 30.5x
Khadim India 226 1.80 406 290 696 657 68 16 1.1x 10.3x 25.6x
Superhouse Ltd 258 1.10 283 127 411 780 69 35 0.5x 6.0x 8.0x
Bhartiya Intl. 184 1.22 225 464 688 808 42 -13 0.9x 16.5x -17.2x
AKI India 114 1.34 153 28 181 61 5 2 3.0x 36.5x 92.9x

High 7.9x 49.2x 137.6x

75th Percentile 5.11 39.43 84.63
Average 3.0x 23.8x 46.1x
Median 1.7x 17.1x 28.0x
25th Percentile 0.86 10.67 10.78
Low 0.5x 4.0x -17.2x

# Bata Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied EV 5591.3 8216.3 9231.8
Net Debt 250 250 250
Implied Mkt Value 5341.3 7966.2 8981.7
Shares O/s 12.85 12.85 12.85
Implied Value Per Share 415.7 619.9 699.0
Source- Screener.in
Overvalued Overvalued Overvalued