Apple Inc.

Company Overview
(all data in USD Mn, except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)

Company Information
Company Name Apple Inc.
Industry Technology

Current Market Price $171.17

Ticker AAPL
Market Capitalization ($mn) $2,706,634
Relative Index Nasdaq
Year end 30-Sep
Reporting currency USD

Per Share Data & Key Ratios

30-Sep-19H 30-Sep-20H 30-Sep-21H 30-Sep-22H

EPS diluted (reported) 11.89 3.28 5.61 6.11

EBITDA/sales (%) 30.83% 29.12% 33.40% 33.54%
EBIT/sales (%) 26.10% 25.15% 30.34% 30.74%
EV/Sales
EV/EBITDA
P/E
P/Sales
P/BV

Revenue Forecast

- - - - - - - - - -
-
Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep-
tem- tem- tem- tem- tem- tem- tem- tem- tem- tem-
ber-19 ber-20 ber-21 ber-22 ber-23 ber-24 ber-25 ber-26 ber-27 ber-28

Total Revenue % y/y Growth

 -
Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep-
tem- tem- tem- tem- tem- tem- tem- tem- tem- tem-
ber-19 ber-20 ber-21 ber-22 ber-23 ber-24 ber-25 ber-26 ber-27 ber-28

Total Revenue % y/y Growth

Revenue Data
September-19 September-20 September-21 September-22
Total Revenue 265,557 278,191 368,720 396,925
% y/y Growth 5% 33% 8%

30-Sep-19 30-Sep-20 30-Sep-21 30-Sep-22

Sales 265,557 278,191 368,720 396,925
Depreciation and Amortisation 12,547 11,056 11,284 11,104
EBITDA 81,860 81,020 123,136 133,138
EBIT 69,313 69,964 111,852 122,034
EPS 12 3 6 6
BV 90,488 65,339 63,090 50,672
EV 500,803 500,803 500,803 500,803
 Investor Relations
Site: http://www.apple.com/

Management Team
Chairman:
MD and CEO:

Company Description

Apple (ticker symbol: AAPL) is one of the world's leading consumer electronics and personal computer compan
The Cupertino, California-based company was established in 1977 as Apple Computer Inc. It dropped the
"Computer" from its name in early 2007. Apple's current place in the global marketplace is a far cry from its
humble beginnings, with Steve Jobs, Steve Wozniak and Ronald Wayne selling hand-made personal computer
in the late '70s.

30-Sep-23H 30-Sep-24P 30-Sep-25P 30-Sep-26P 30-Sep-27P 30-Sep-28P

6.13 6.62 7.58 8.68 9.96 11.45

33.41% 31.79% 31.76% 31.73% 31.70% 31.67%
30.43% 28.96% 29.06% 29.15% 29.24% 29.31%
1.15 x 1.01 x 0.89 x 0.78 x 0.68 x
3.61 x 3.18 x 2.80 x 2.46 x 2.16 x
25.85 x 22.59 x 19.71 x 17.18 x 14.95 x
6.20 x 5.47 x 4.81 x 4.22 x 3.70 x
17.96 x 15.19 x 9.20 x 6.33 x 4.66 x

Enterprise Value Added

1
0.8
0.6
0.4
0.2
0 $0.00 $0.00 $0.00 $0.00
Explicit First Stage Terminal Total En-
Forecast Valuation Valuation terprise
FCF Value
 Forecast Valuation Valuation terprise
FCF Value

September-23 September-24 September-25 September-26 September-27 September-28

386,653 436,766 495,105 562,743 641,232 732,393
-3% 13% 13% 14% 14% 14%

30-Sep-23 30-Sep-24 30-Sep-25 30-Sep-26 30-Sep-27 30-Sep-28

386,653 436,766 495,105 562,743 641,232 732,393
11,519 12,390 13,379 14,502 15,784 17,247
129,188 138,864 157,250 178,554 203,262 231,944
117,669 126,474 143,871 164,051 187,478 214,697
6 7 8 9 10 11
62,146 150,665 178,137 294,201 427,408 580,476
500,803 500,803 500,803 500,803 500,803 500,803
 Reccomendation
Target Price $28.41
Current Market Price $171.17
Upside/Downside (%) -83.4%
Rating Sell

M Cap @ Target Price ($mn) 449,194

ctronics and personal computer companies.

pple Computer Inc. It dropped the
lobal marketplace is a far cry from its
selling hand-made personal computer kits

.00 $0.00
minal Total En-
ation terprise
Value
ation terprise
Value

Number of shares 15,812,547,000

Explicit Forecast F $27.33

First Stage Valuati $27.33.22
Terminal Valuatio $27.33.2214)
Total Enterprise Value $28.41
Apple Inc.
Profit and Loss Account
(all data in USD Mn, except per share price data and number of shares)
(Red=Assumption,Blue=Actual,Black=Calculation)

Particulars Sep-19 Sep-20

-
Net Sales 260,174 274,515
Other income 5,383 3,676
Total income 265,557 278,191

Research & Development Exp. 16,217 18,752

Cost of Sales excluding Dep & Amortization 149,235 158,503
SG&A 18,245 19,916
Total expenses 183,697 197,171

EBITDA 81,860 81,020

Depreciation and Amortisation 12,547 11,056
EBIT 69,313 69,964
Interest 3,576 2,873
EBT 65,737 67,091
Income Tax 10,481 9,680
Profit for the Year 55,256 57,411
Proposed Dividend 14,129 14,087
Balance c/f to Balance Sheet 41,127 43,324

Earning Per Share ($)

Basic 11.97 3.31
Diluted 11.89 3.28

No. of Shares (in thousands)

Basic 4,617,834 17,352,119
Diluted 4,648,913 17,528,214

MAGIN CALCULATIONS (%)

Research & Development Exp. 6.23% 6.83%
Cost of Sales excluding Dep & Amortization 57.36% 57.74%
SG&A 7.01% 7.25%
EBITDA Margin (%) 30.83% 29.12%
EBIT Margin (%) 26.10% 25.15%
EAT Margin (%) 24.75% 24.12%
Effective Tax Rate (%) 15.94% 14.43%
Dividend Payout Ratio 25.57% 24.54%
 -1

Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27

365,817 394,328 383,285 433,461 491,594 559,012 637,266

2,903 2,597 3,368 3,306 3,511 3,731 3,966
368,720 396,925 386,653 436,766 495,105 562,743 641,232

21,914 26,251 29,915 29,056 32,953 37,472 42,718

201,697 212,442 202,618 240,114 272,317 309,662 353,011
21,973 25,094 24,932 28,732 32,586 37,054 42,241
245,584 263,787 257,465 297,902 337,855 384,189 437,970

123,136 133,138 129,188 138,864 157,250 178,554 203,262

11,284 11,104 11,519 12,390 13,379 14,502 15,784
111,852 122,034 117,669 126,474 143,871 164,051 187,478
2,645 2,931 3,933 3,695 3,385 3,067 2,714
109,207 119,103 113,736 122,779 140,486 160,985 184,764
14,527 19,300 16,741 18,072 20,678 23,696 27,196
94,680 99,803 96,995 104,707 119,808 137,289 157,568
14,431 14,793 14,996 16,188 18,523 21,226 24,361
80,249 85,010 81,999 88,519 101,285 116,063 133,207

5.67 6.15 6.16 6.65 7.61 8.72 10.01

5.61 6.11 6.13 6.62 7.58 8.68 9.96

16,701,272 16,215,963 15,744,231 15,744,231 15,744,231 15,744,231 15,744,231

16,864,919 16,325,819 15,812,547 15,812,547 15,812,547 15,812,547 15,812,547

5.99% 6.66% 7.80% 6.70% 6.70% 6.70% 6.70%

55.14% 53.87% 52.86% 55.39% 55.39% 55.39% 55.39%
6.01% 6.36% 6.50% 6.63% 6.63% 6.63% 6.63%
33.40% 33.54% 33.41% 31.79% 31.76% 31.73% 31.70%
30.34% 30.74% 30.43% 28.96% 29.06% 29.15% 29.24%
29.62% 30.01% 29.42% 28.11% 28.38% 28.61% 28.81%
13.30% 16.20% 14.72% 14.72% 14.72% 14.72% 14.72%
15.24% 14.82% 15.46% 15.46% 15.46% 15.46% 15.46%
 Sep-28

728,175
4,218
732,393

48,812
403,370
48,267
500,449

231,944
17,247
214,697
2,385
212,312
31,251
181,061
27,993
153,068

11.50
11.45

15,744,231
15,812,547

6.70%
55.39%
6.63%
31.67%
29.31%
28.99%
14.72%
15.46%
Apple Inc.
Balance Sheet
(all data in USD Mn, except per share price data and number of shares)
(Red=Assumption,Blue=Actual,Black=Calculation)

Particulars Sep-19 Sep-20

Non-current Assets
Property, Plant and Equipment 37,378 36,766
Long term Investments (Marketable Securities) 105,341 100,887
Other Non-current Assets 32,978 42,522
Total Non-current Assets 175,697 180,175

Current Assets
Cash and Cash Equivalents 48,844 38,016
Short term Investments (Marketable Securities) 51,713 52,927
Accounts Receivables 22,926 16,120
Inventories 4,106 4,061
Vendor non-trade Receivables 22,878 21,325
Other Current Assets 12,352 11,264
Total Current Assets 162,819 143,713

Total Assets 338,516 323,888

Shoreholders' Funds
Equity Capital 45,174 50,779
Retained Earnings 45,314 14,560
Net worth 90,488 65,339

Non-current Liabilities
Long Term Debt 91,807 98,667
Other non-current Liabilities 50,503 54,490
Total Non-current Liabilities 142,310 153,157

Current Liabilities
Accounts Payable 46,236 42,296
Other Current Liabilities (Accrued Expenses) 37,720 42,684
Commercial Paper 5,522 6,643
Other Current Liabilities 5,980 4,996
Term Debt 10,260 8,773
Total Current Liabilities 105,718 105,392

Total liabilities 338,516 323,888

check 0 0
Total Assets 338,516 323,888
Total Liabilities 338,516 323,888
Difference (Liabilities - Assets) 0 0
Check TRUE TRUE
 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27

39,440 42,117 43,715 39,994 36,447 33,125 30,087

127,877 120,805 100,544 105,571 110,850 116,392 122,212
48,849 54,428 64,758 Err:502 Err:502 Err:502 Err:502
216,166 217,350 209,017 216,925 226,199 235,962 246,286

34,940 23,646 29,965 101,759 44,233 133,559 241,746

27,699 24,658 31,590 34,749 38,224 42,046 46,251
26,278 28,184 29,508 35,736 38,258 45,884 50,037
6,580 4,946 6,331 7,033 8,123 9,111 10,536
25,228 32,748 31,477 34,655 39,303 44,693 50,950
14,111 21,223 14,695 16,022 17,468 19,045 20,764
134,836 135,405 143,566 229,954 185,609 294,339 420,283

351,002 352,755 352,583 446,879 411,808 530,301 666,570

57,365 64,849 73,812 73,812

5,725 -14,177 -11,666 76,853 178,137 294,201 427,408
63,090 50,672 62,146 150,665 178,137 294,201 427,408

109,106 98,959 95,281 85,338 74,563 62,298 52,512

53,325 49,142 49,848 49,848 49,848 49,848 49,848
162,431 148,101 145,129 135,186 124,411 112,146 102,360

54,763 64,115 62,611 69,998 79,386 90,273 102,910

47,493 60,845 58,829 63,986 0 0 0
7,612 7,912 8,061 8,709 9,636 10,710 11,958
6,000 9,982 5,985 8,392 9,463 10,705 12,148
9,613 11,128 9,822 9,943 10,775 12,265 9,786
125,481 153,982 145,308 161,028 109,260 123,954 136,801

351,002 352,755 352,583 446,879 411,808 530,301 666,570

0 0 0 0 0 0 0
351,002 352,583 446878.847 411808.486 530300.818 666569.550
351,002 352,583 446878.847 411808.486 530300.818 666569.550
0 0 0.000 0.000 0.000 0.000
TRUE TRUE TRUE TRUE TRUE TRUE
 Sep-28

27,403
128,322
Err:502
257,276

367,167
50,876
59,568
11,914
58,218
22,638
570,381

827,657

580,476
580,476

44,712
49,848
94,560

117,591
0
13,407
13,823
7,800
152,621

827,657
0
827656.843
827656.843
0.000
TRUE
Apple Inc.
Cashflow Statement
(all data in USD Mn, except per share price data and number of shares)
(Red=Assumption,Blue=Actual,Black=Calculation)

Particulars Sep-19 Sep-20

-
Net Income 55,256 57,411
Adjustments for:
Depreciation 12,547 11,056
Interest Expense 0 0
Net Income Adjustments 3,696 6,124
Changes in Operating Activities
(Increase)/Decrease in Accounts Receivable 245 6,917
(Increase)/Decrease in Inventories -289 -127
(Increase)/Decrease in Vendor Non-Trade Receivables 2,931 1,553
(Increase)/Decrease in Other Current Assets 873 -9,588
Increase/(Decrease) in Current Liabilities -7,248 6,935
Net Cash from Operating Activities 68,011 80,281

Cash flow from Investing Activities:

Capital Expenditure, Net -10,495 -7,309
Other Non Current Assets
Investments 56,391 3,020
Net Cash from Investing Activities 45,896 -4,289

Cash flow from Financing Activities:

Sale & Purchase of Stock -69,038 -75,238
Dividend Payments -14,119 -14,081
Net Borrowings -7,819 2,499
Other Non current Liabilities
Interest Expenses 0 0
Net Cash from Financing Activities -90,976 -86,820

Net Increase/(Decrease) in Cash & Cash Equivalents 22,931 -10,828

Cash and Cash Equivalents (Opening Balance) 25,913 48,844

Cash and Cash Equivalents (Closing Balance) 48,844 38,016

Balance Sheet Cash closing balance 48,844 38,016

Check 0 0
 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26

94,680 99,803 96,995 104,707 119,808 137,289

11,284 11,104 11,519 12,390 13,379 14,502

0 0 0 3,695 3,385 3,067
3,769 9,702 9,165 0 0 0

-10,125 -1,823 -1,688 -6,228 -2,522 -7,626

-2,642 1,484 -1,618 -702 -1,090 -988
-3,903 -7,520 1,271 -3,178 -4,648 -5,390
-8,042 -6,499 -5,684 -1,327 -1,446 -1,577
19,801 15,558 1,142 15,720 -51,768 14,694
104,822 121,809 111,102 125,077 75,097 153,971

-11,085 -10,708 -10,959 -8,669 -9,832 -11,180

-6,602 -7,543 -7,543
-3,460 -11,646 14,664 -8,186 -8,753 -9,365
-14,545 -22,354 3,705 -23,457 -26,128 -28,088

-91,551 -95,785 -83,562 0 -73,812 0

-14,467 -14,841 -15,025 -16,188 -18,523 -21,226
12,665 -123 -9,901 -9,943 -10,775 -12,265
0 0 0
0 0 0 -3,695 -3,385 -3,067
-93,353 -110,749 -108,488 -29,826 -106,495 -36,557

-3,076 -11,294 6,319 71,794 -57,526 89,326

38,016 34,940 23,646 29,965 101,759 44,233

34,940 23,646 29,965 101,759 44,233 133,559

34,940 23,646 29,965

0 0 0
 Sep-27 Sep-28

157,568 181,061

15,784 17,247
2,714 2,385
0 0

-4,153 -9,531
-1,425 -1,378
-6,256 -7,268
-1,719 -1,874
12,847 15,819
175,360 196,461

-12,745 -14,564
-7,543 -7,563
-10,024 -10,736
-30,312 -32,862

0 0
-24,361 -27,993
-9,786 -7,800
0 0
-2,714 -2,385
-36,861 -38,178

108,187 125,421

133,559 241,746
241,746 367,167
Apple Inc.
Revenue
(all data in USD Mn, except per share price data and number of shares)
(Red=Assumption,Blue=Actual,Black=Calculation)

Particulars Sep-23 Sep-24

Net Sales 383,285 433,461

Other income 3,368 3,306
Total income 386,653 436,766

Net Sales Revenue by Product 383,285 433,461

iPhone 200,583 235,886
Mac (Desktop+Portables) 29,357 32,366
ipad 28,300 33,300
Wearables, Home and Accessories 39,845 39,845
Services 85,200 92,064

383,285

Revenue Growth (%) -2.80% 13.09%

iPhone -2.39% 17.60%
Mac (Desktop+Portables) -26.93% 10.25%
ipad -3.39% 17.67%
Wearables, Home and Accessories -3.38% 0.00%
Services 9.05% 8.06%

Products
iPhone
Units sold 236.70 265.10
Growth in units sold 1.94% 12.00%
Average Realisation ($) 847 890
Growth in average realisation -4.243% 5.00%

Mac (Desktop+Portables)
Units sold 19.07 20.02
Growth in units sold -26.93% 5.00%
Average Realisation ($) 1,539 1,616
Growth in average realisation 0.00% 5.00%

ipad
Units sold 59.71 63.87
Growth in units sold -3.39% 6.97%
Average Realisation ($) 474 521
Growth in average realisation 0.00% 10.00%
 Sep-25 Sep-26 Sep-27 Sep-28

491,594 559,012 637,266 728,175

3,511 3,731 3,966 4,218
495,105 562,743 641,232 732,393

491,594 559,012 637,266 728,175

277,401 326,224 383,640 451,160
35,684 39,341 43,374 47,819
39,184 46,107 54,254 63,840
39,845 39,845 39,845 39,845
99,480 107,494 116,154 125,511

13.41% 13.71% 14.00% 14.27%

17.60% 17.60% 17.60% 17.60%
10.25% 10.25% 10.25% 10.25%
17.67% 17.67% 17.67% 17.67%
0.00% 0.00% 0.00% 0.00%
8.06% 8.06% 8.06% 8.06%

296.92 332.55 372.45 417.15

12.00% 12.00% 12.00% 12.00%
934 981 1,030 1,082
5.00% 5.00% 5.00% 5.00%

21.03 22.08 23.18 24.34

5.00% 5.00% 5.00% 5.00%
1,697 1,782 1,871 1,965
5.00% 5.00% 5.00% 5.00%

68.32 73.09 78.18 83.63

6.97% 6.97% 6.97% 6.97%
574 631 694 763
10.00% 10.00% 10.00% 10.00%
Apple Inc.
Working Capital Schedule
(all data in USD Mn, except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)

Particulars Sep-23 Sep-24 Sep-25 Sep-26 Sep-27

-
Current assets (Excluding Cash and Bank Balance) 52,503 93,446 103,152 118,733 132,286
Accounts Receivable 29,508 35,736 38,258 45,884 50,037
Inventories 6,331 7,033 8,123 9,111 10,536
Vendor Non-Trade Receivable 31,477 34,655 39,303 44,693 50,950
Other Current Assets 14,695 16,022 17,468 19,045 20,764
Current liabilities excluding commercial papers and short term
debt 127,425 142,376 88,849 100,979 115,058
Accounts Payable 62,611 69,998 79,386 90,273 102,910
Advances from customers and dealers 58,829 63,986 0 0 0
Other current liabilities 5,985 8,392 9,463 10,705 12,148

MAJOR DRIVERS OF WORKING CAPITAL

Net Sales 383,285 433,461 491,594 559,012 637,266
Growth % 4.78% 13.09% 28.26% 28.96% 29.63%

Cost of Sales 202,618 240,114 272,317 309,662 353,011

Growth % 0.46% 18.51% 34.40% 28.96% 29.63%

Accounts Receivable
Days Sales Outstanding (Receivable Days) 27.47 27.47 27.47 27.47 27.47
Receivables Turnover 13.29 13.29 13.29 13.29 13.29
Proportion to Sales 7.70% 7.34% 7.34% 7.34% 7.34%
Growth in Recievables 4.70% #DIV/0!

Inventories
Inventory Holding Period 10.16 10.16 10.16 10.16 10.16
Inventory Turnover 35.93 #DIV/0!
Proportion to Sales 1.65% 1.55% 1.55% 1.55% 1.55%
Growth in Inventories 28.00% #DIV/0!

Vendor Non-Trade Receivable

Growth -3.9% -4% -4% -4% -4%
Proportion to Sales 8.21% 8.00% 8.00% 8.00% 8.00%

Other Current Assets

Growth in Other Current Assets -30.8% 9.03% 9.03% 9.03% 9.03%

Accounts Payable
Days Payables Outstanding 114.14 103.82 103.82 103.82 103.82
Payables Turnover 3.20 3.20 3.20 3.20 3.20
Growth in Trade Payables -2.35% 9% 9% 9% 9%
Proportion to Sales 16.34% 16.15% 16.15% 16.15% 16.15%

Advances from customers and dealers

Proportion to Sales 15.35% #DIV/0!
 Sep-28

152,338
59,568
11,914
58,218
22,638

131,414
117,591
0
13,823

728,175
30.26%

403,370
30.26%

27.47
13.29
7.34%

10.16
1.55%

-4%
8.00%

9.03%

103.82
3.20
9%
16.15%
Apple Inc.
Depreciation and Amortisation Schedule
(all data in USD Mn, except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)

Particulars Sep-23 Sep-24 Sep-25 Sep-26 Sep-27

-
Beginning Gross PPE (Tangible and Intangible) 103,640 114,599 123,268 133,100 144,280
Capex 10,959 8,669 9,832 11,180 12,745
Less: Accumulated Depreciation and Amortisation 70,884 83,274 96,653 111,155 126,939
Net PPE 43,715 39,994 36,447 33,125 30,087
Check 43,715

ASSUMPTIONS:
Capex Amount 10,959 8,669 9,832 11,180 12,745
Incremental Capex 251 #DIV/0!
Capex Growth 2.34% 2.34% 2.34% 2.34% 2.34%
% of Revenue 2.86% 2.00% 2.00% 2.00% 2.00%

Depreciation
Depreciation expense 11,519 12,390 13,379 14,502 15,784
As a % of Gross block post capex addition 10.05% 10.05% 10.05% 10.05% 10.05%
 Sep-28

157,026
14,564
144,186
27,403

14,564

2.34%
2.00%

17,247
10.05%
Apple Inc.
Investment Schedule
(all data in USD Mn, except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)

Particulars Sep-23 Sep-24

Long Term Investments 100,544 105,571

Growth in Non Current Investments (%) -16.77% 5.00%

Short Term Investments 31,590 34,749

Growth in Short term Investments 28.11% 10.00%

Total Investments 132,134 140,320

Interest and Dividend Income 3,368 3,306

as % of Opening Total Investments 2.43% 2.43%
 Sep-25 Sep-26 Sep-27 Sep-28

110,850 116,392 122,212 128,322

5.00% 5.00% 5.00% 5.00%

38,224 42,046 46,251 50,876

10.00% 10.00% 10.00% 10.00%

149,074 158,439 168,463 179,198

3,511 3,731 3,966 4,218

2.43% 2.43% 2.43% 2.43%
Apple Inc.
Debt Schedule
(all data in USD Mn, except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)

Particulars Sep-23 Sep-24 Sep-25 Sep-26 Sep-27

Net Sales 383,285 433,461 491,594 559,012 637,266

BORROWINGS

Long Tem Debt (Non-current portion beginning) 98,959 95,281 85,338 74,563 62,298
Net Additions -3,678 0 0 0 0
Total Long Term Debt 105,103 95,281 85,338 74,563 62,298
Current Portion of Long Term Debt 9,822 9,943 10,775 12,265 9,786
Long Term Debt (Non-current portion) 95,281 85,338 74,563 62,298 52,512

Commercial Papers 8,061 8,709 9,636 10,710 11,958

Net Change 149 648 927 1,075 1,247

Total borrowings 113,164 103,990 94,974 85,273 74,256

Interest Expense 3,933 3,695 3,385 3,067 2,714

as % of Average Total Borrowings 3.40% 3.40% 3.40% 3.40% 3.40%
 Sep-28

728,175

52,512
0
52,512
7,800
44,712

13,407
1,449

65,919

2,385
3.40%
Apple Inc.
Valuation
(all data in USD Mn, except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)

Growth Assumptions Enterpsire Value (EV)

Long term World GDP growth rate 4% Current Market Price
No. of Shares
Market Capitalisation ($mn)
CAPM Assumptions Total Debt
Ke 10.0% Less: Cash & Cash Equivalents
RFR 1.7% Net Debt
Beta 1.18 Current Enterprise Value (EV)
Rp 7%

Explicit Forecast Period

Particulars Sep-24 Sep-25 Sep-26
Projection year 1 2 3
-
Revenue 436,766 495,105 562,743
EBITDA 138,864 157,250 178,554
EBIT 126,474 143,871 164,051
Tax expense 18,072 20,678 23,696
Net Operating Profit After Tax 108,402 123,193 140,356
Depreciation and Amortisation 12,390 13,379 14,502
Cashflow due to Working Capital Changes 4,285 (61,475) (887)
Operating Cashflow 125,077 75,097 153,971
Cashflow due to Capex (including CWIP) (23,457) (26,128) (28,088)
Free Cashflow to Firm (FCFF) 101,620 48,969 125,884

Present Value of FCFF 92,654 40,709 95,417

Y/Y Growth Analysis

Revenues 13.36% 13.66%
EBITDA 13.24% 13.55%
EBIT 13.76% 14.03%
Depreciation & Amortisation 7.98% 8.40%

Margin Analysis (As % of Revenues)

EBITDA Margin 31.76% 31.73%
EBIT Margin 29.06% 29.15%
Depreciation & Amortisation 2.70% 2.58%
Capex -5.28% -4.99%

Tax Rate (Tax Expense/EBIT) 14.37% 14.44%

Terminal Value Calculated Equity Value
Sum of PV of FCF for explicit and first stage forecast 530,407.31 Enterprise Value
WACC 9.68% - Debt
Long term growth in EBIT 4% + Cash
Present Value of terminal value (29,604.39) Net Debt
Terminal Value as % of Total Value -6% Equity Value

Sensitivity Analysis

Term
28.41 3.0%
10.00% 157
10.50% 146
11.00% 135

WACC
11.50% 126
12.00% 118
12.50% 111
erpsire Value (EV) Debt Equity Weightage
rent Market Price $171.17 E/(D+E) 95.99%
15,812,547,000 D/(D+E) 4.01%
rket Capitalisation ($mn) 2,706,634
113,164 Interest Rate (%) 3.40%
s: Cash & Cash Equivalents 61,555 Tax Rate (@) 14.72%
51,609
rent Enterprise Value (EV) 2,758,243 WACC Calculation
WACC 9.68%

recast Period Second Stage Valuation

Sep-27 Sep-28 Sep-29 Sep-30 Sep-31 Sep-32 Sep-33
4 5 6 7 8 9 10

641,232 732,393 824,044 913,132 996,302 1,070,084 1,131,108

203,262 231,944 260,969 - - - -
187,478 214,697 241,564 - - - -
27,196 31,251 35,161 - - - -
160,283 183,446 206,402 - - - -
15,784 17,247 19,406 - - - -
(706) (4,233) (4,233) (4,233) (4,233) (4,233) (4,233)
175,360 196,461 221,576 (4,233) (4,233) (4,233) (4,233)
(30,312) (32,862) (36,975) - - - -
145,048 163,599 184,601 (4,233) (4,233) (4,233) (4,233)

100,243 103,088 106,059 (2,217) (2,022) (1,843) (1,681)

13.95% 14.22% 12.51% 10.81% 9.11% 7.41% 5.70%

13.84% 14.11% 12.51% -100.00% #DIV/0! #DIV/0! #DIV/0!
14.28% 14.52% 12.51% -100.00% #DIV/0! #DIV/0! #DIV/0!
8.83% 9.27% 12.51% -100.00% #DIV/0! #DIV/0! #DIV/0!

31.70% 31.67% 31.67% 0.00% 0.00% 0.00% 0.00%

29.24% 29.31% 29.31%
2.46% 2.35% 2.35%
-4.73% -4.49% -4.49%

14.51% 14.56% 14.56% 14.56% 14.56% 14.56% 14.56%

culated Equity Value Intrinsic Value
erprise Value 500,803 Equity Value 449,194
113,164 Diluted Shares 15,812.55
61,555
51,609 Intrinsic Value 28.41
449,194

Terminal Growth Rate (%)

3.5% 4.0% 4.5% 5.0%
166 177 189 204
153 162 172 184
142 149 158 167
132 138 145 153
123 128 134 141
115 120 125 131
 Next Stage
(Perpetual
Valuation)
Terminal Year

1,176,353
-
-
-
-
-
(4,233)
(4,233)
-
(4,233)

4.00%
#DIV/0!
#DIV/0!
#DIV/0!

0.00%

14.56%