05.06 valuation model calculator
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Profit & Loss Account
Rs. in lacs
Particulars FY1 FY2 FY3 FY4 FY5 FY6
Sales - - - - - -Other Income - - - - - -
Total Income - - - - - -
Operational Expenditure - - - - - -
Raw Material - - - - - -
Power & Fuel - - - - - -
Consumables - - - - - -
Wages - - - - - -
Other manufacturing Expenses 1.00% - - - - - -Repairs & Maintenance 0.50% - - - - - -
Depreciation - - - - - -
(+) Opening Stock of WIP - - - - - -
(-) Closing Stock of WIP - - - - - -
(+) Opening Stock of FG - - - - - -
(-) Closing Stock of FG - - - - - -
Cost of Goods Sold - - - - - -
S&M Exps 1.50% - - - - - -
EBIT - - - - - -
% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest - - - - - -
Interest on WC - - - - - -
Interest on Term Loan - - - - - -
Profit before tax & Amortisations - - - - - -% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Miscellaneous Exp w/o
Profit before tax & after Amortisations - - - - - -
Tax
Current - - - - - -
Deferred - - - - - -
( )
PAT - - - - - -
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% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Cash Accrual - - - - - -
Profit transferred to Balance Sheet - - - - - -
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BALANCE SHEET
(Rs. in lacs
Y/E March FY1 FY2 FY3 FY4 FY5 FY6
Equity Share Capital - - - - - -
Securities Premium - - - - - -
Reserves & Surplus - - - - - -
Misc. Exp. - - - - - -
Deffered Tax Liability - - - - - -
Networth - - - - - -
Debts - - - - - -
Term Loan - - - - - -
Working Capital - - - - - -
Unsecured Loan - - - - - -
Unsecured Loan (Quasi) - - - - - -
Other Unsecured Loan - - - - - -
Total Sources of Funds - - - - - -
Gross Block - - - - - -
Depreciation - - - - - -
Net Assets - - - - - -
CWIP - - - - - -
Total Fixed Assets - - - - - -
Investments - - - - - -
Current Assets - - - - - -
Inventories
- Finished Goods - - - - - -
- Raw Material - - - - - -
- WIP - - - - - -
Sundry debtors - - - - - -
Security Deposit - - - - - -
Cash & Bank - - - - - -
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Other Current Asset
(-) Current Liabilities - - - - - -
Sundry Creditors for goods - - - - - -Other Current Liablities
Net Current Assets - - - - - -
Total Application of Funds - - - - - -
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PL & BS Summary
(key Figures) Rs. in Lacs
Balance Sheet FY1 FY2 Rs. in Lacs
Equity Share Capital - - Particulars FY1 FY2
Reserve & Surplus - - Secured Loan - -Net Worth - - Term Loan - -
Secured Loan - - CC & WC loan - -
Unsecured Loan - - Unsecured Loan - -
Fixed Assets - - Unsecured Loan (Quas - -
Investment - - Other Unsecured Loan - -
C.A - -
Cash & Bank Balanc - - CAGR Analysis
C.L - -
Net Current Assets - - CAGR - SALES Sales Date
Profit & Loss Account FY2 - Err:502
Net Sales - - FY3 -
Total Income - -
EBDITA - - CAGR -EBIDTA EBIDTA Date
PBIT - - FY2 - Err:502
PBT - - FY3 -
PAT - -
EPS #DIV/0! #DIV/0! CAGR -PAT PAT Date
No. of shares #DIV/0! #DIV/0! FY2 - Err:502
FY3 -Ratios
FY1 FY2
Debt Equity Ratio #DIV/0! #DIV/0!
TOL/TNW #DIV/0! #DIV/0!
Current Ratio #DIV/0! #DIV/0!
EBDITA(%) #DIV/0! #DIV/0!
PBIT (%) #DIV/0! #DIV/0!
PBT (%) #DIV/0! #DIV/0!
PAT (%) #DIV/0! #DIV/0!
ROCE (%) #DIV/0! #DIV/0!RONW(%) #DIV/0! #DIV/0!
CAGR -Net Sales Err:502
CAGR -EBIDTA Err:502
CAGR -PAT Err:502
* In case there is non-liquidable investments then the same should be reduced from the networth
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UNLEVERED EQUITY BETA Rs.in Crores
Industry
DESCRIPTION Peer 1 Peer 2 Peer 3 Peer 4
DATA ( 310309 )
Amount of equity - - - -
Amount of debt - - - -
Tax rate #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Equity beta - Sensex - - - -
RESULT
% Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1+ (1-T)D/E #DIV/0! (#DIV/0! ) (#DIV/0! ) (#DIV/0! )
Unlevered equity beta #DIV/0! (#DIV/0! ) (#DIV/0! ) (#DIV/0! )
BETA ESTIMATES OF Company
DESCRIPTION DATA DESCRIPTION RESULT
Proposed % Debt 0% 1+ (1-T)D/E 1.00
Proposed % Equity 100% Unlevered Company beta (Avg.) #DIV/0!
Tax rate in perpituity 33.22% Company - Equity beta estimate #DIV/0!
COST OF EQUITY
DESCRIPTION DATA DESCRIPTION RESULT
Risk-free rate 0.00% Equity Risk Premium #DIV/0!Market risk premium 0.00% Cost Of Equity #DIV/0!
Cost of debt 0.00%
Cost Of Weights eighted Co
After-tax debt 0.0% 0.0% 0.0%
Equity #DIV/0! 100.0% #DIV/0!
Weighted average cost of capital #DIV/0!
Target Growth Rate 0.00%
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Peer Group Data
Rs. in crores
ParticularsPeer 1 Peer 2 Peer 3 Peer 4 Company
ParticularsPeer 1 Peer 2 Peer 3 Peer 4
Period Period Period Period Period Period Period Period PeriodEquity Paid Up - Secured Loan
Networth Term Loan
Capital Employed Working Capital
Gross Block Unsecured Loan
Net Working Capital ( Incl. Def. Tax) Quasi Equity
Current Assets ( Incl. Def. Tax) Other Unsecured Loan
Current Liabilities and Provisions ( Incl. Def. Tax)
Total Assets/Liabilities (excl Reval & W.off) No. of shares Outstanding
Gross Sales Book Value
Net Sales Closing Price
Other Income Equity Beta - Sensex
Value Of Output Enterprise Value/EBIDTA
Cost of Production P/E Ratio
Selling Cost
PBIDT
PBDT
PBIT
PBT
PAT
CP
Revenue earnings in forex
Revenue expenses in forex
Capital earnings in forex
Capital expenses in forex
Book Value (Unit Curr)
Market Capitalisation
CEPS (annualised) (Unit Curr)
EPS (annualised) (Unit Curr)
Dividend (annualised%)
Payout (%)
Cash Flow From Operating Activities
Cash Flow From Investing Activities
Cash Flow From Financing Activities
Rate of Growth (%) Peer 1 Peer 2 Peer 3 Peer 4 Company
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ROG-Net Worth (%)
ROG-Capital Employed (%)
ROG-Gross Block (%)
ROG-Gross Sales (%)
ROG-Net Sales (%)ROG-Cost of Production (%)
ROG-Total Assets (%)
ROG-PBIDT (%)
ROG-PBDT (%)
ROG-PBIT (%)
ROG-PBT (%)
ROG-PAT (%)
ROG-CP (%)
ROG-Revenue earnings in forex (%)ROG-Revenue expenses in forex (%)
ROG-Market Capitalisation (%)
Key Ratios Peer 1 Peer 2 Peer 3 Peer 4 Company
Debt-Equity Ratio #DIV/0!
Long Term Debt-Equity Ratio
Current Ratio #DIV/0!
Turnover Ratios
Fixed Assets Ratio
Inventory Ratio
Debtors Ratio
Interest Cover Ratio
PBIDT (%) #DIV/0!
PBIT (%)
PBDT (%)
CPM (%)
PAT (%) #DIV/0!
ROCE (%) #DIV/0!RONW (%) #DIV/0!
Debtors Velocity (Days)
Creditors Velocity (Days)
Assets Utilisation Ratio (times)
Value of Output/Total Assets
Value of Output/Gross Block
TOL/TNW #DIV/0!
Mkt Cap/EBIDTA #DIV/0! #DIV/0! #DIV/0! #DIV/0!
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PE Ratio - - - -
Price By Book Value #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBIDTA by Book Value #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
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Company
Period
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DCF Valuation Method
Rs. in lacs
Value of Firm FY1 FY2 FY3 FY4 FY5 FY6
EBIT A - - - - - -
EBIT (1-t) B - - - - - -
Depreciation C - - - - - -
Deferred Tax D - - - - - -
PAT E - - - - - -
Capital Expenditure F - - - - - -
Change in W cap G - - - - - -
Change in Debt H - - - - - -
Free Cash Flow to Fi (B+C+D-F-G) - - - - - -
Terminal Value #DIV/0!
Free Cash Flow to Firm - - - - - #DIV/0!
WACC #DIV/0!
Cost of Equity #DIV/0!
Growth Rate 0.00%
Value of Firm #DIV/0!
Value of Equity FY1 FY2 FY3 FY4 FY5 FY6
PAT A - - - - - -Depreciation B - - - - - -
Deferred Tax C - - - - - -
Capital Expenditure D - - - - - -
Change in W cap E - - - - - -
Change in Debt F - - - - - -
FCF to equity (A+B+C-D-E+F) - - - - - -
Terminal Value #DIV/0!
FCF to equity - - - - - #DIV/0!
Value of Equity #DIV/0!
Equity Value #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBIDTA - - - - - -
EV/EBIDTA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
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Comparable Company Method
Rs. in Crores
ParticularsPeer 1 Peer 2 Peer 3 Peer 4
Average
Period Period Period PeriodNo. of shares Outstanding - - - -
Closing Price - - - -
Net Income (PAT) NI - - - -
Operating Cash Flow (EBIDT OCF - - - -
Net Sales Sales - - - -
Market Capitalisation MC - - - -
MC/NI
Multipliers
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
MC/OCF #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
MC/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Valuation Analysis
Company
Particulars Value Weights
M C to net income #DIV/0! - #DIV/0! 1.00
M C to operating cash flows #DIV/0! - #DIV/0! 1.00
MC to Sales #DIV/0! Net Sales - #DIV/0! 1.00
Value #DIV/0!
0.25 #DIV/0!
Equity Value #DIV/0!
Illustration
Fair Market Value (FMV) based on guideline company approach 31/03/2010
in Crs Multiplier
Comparable Name Operating Cash Flows (OCF) Sales MC/NI MC/OCF MC/Sales
Jyoti Structures Limited 8.20 162.45 88.84 224.15 1,983.00 1,332.74 15.00 5.95 0.67
Multipliers
FinancialResults
Net Income
Operating CashFlow (EBIDTA)
Less: LiquidityDiscount
No. of sharesOutstanding
as on 31.03.10
Closing Price (Mar2010)
Net Income (NI)i.e. PAT
MarketCapitalisatio
n (MC)
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KEC International Limited 4.93 583.95 155.43 350.48 3,408.44 2,881.21 18.54
Sujana Towers limited 9.03 49.60 33.32 48.00 1,085.93 447.99 13.44
Mahindra Ugine Steel Company Limited 3.25 66.60 8.63 70.96 1,085.92 216.32 25.08
Ramsarup Industries 3.51 71.25 39.96 218.24 1,874.32 249.95 6.25
Note: All figures are in crores 15.66
Note: All figures are taken from respective Annual accounts of the company
31-Mar-10 15.66
(Rs. in crores)
Guideline Comparable Valuation Analysis
Comparable transactions BMW Industries Limited
Multiple Weights Results Average Value
Average
M C to net income 15.66 1 16.17 253.27
M C to operating cash flows 5.54 1 48.56 268.97
MC to Sales 0.45 1 502.31 227.29
Equity Value as at March 31, 2010 249.85
Less: Liquidity 25% 62.46
Fair Market Value 187.38
Equity Value 187.38No. of Shares 1.24
Price/per share 151.12
Average as atMarch 31,2010
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Enterprise Value by EBIDTA Method
Rs. in Crores
ParticularsPeer 1 Peer 2 Peer 3 Peer 4
Period Period Period Period
Enterprise Value/EBIDTA - - - -
Average of Enterprise Value/EBID -
EBIDTA of the Company (FY3 dat -
Enterprise Value -
Less: Debt -
Add: Cash (Opening) -Equity Value 0
Illustration
(Rs. in crores)
Valuation on the basis of EV/ETTM
EV/EBITDA
Jyoti Structures Limited 7.65KEC International Limited 8.71
Sujana Towers limited 6.53
Mahindra Ugine Steel Company Limited 6.67
Ramsarup Industries 14.16
Average EV/EBITDA 8.74
EBITDA of the Company -
Enterprise Value of BMW Industri -Less: Debt 246.13
Add; Cash 7.76
Equity Value (238.37)
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Enterprise Value/EBIDTA Method
Rs. in crores
ParticularsPeer 1 Peer 2 Peer 3 Peer 4
Period Period Period Period
PE Multiple (TTM) - - - -
Average PE Multiple (TTM) -
EPS of the Company (#DIV/0! )
Price per share #VALUE!
No. of Shares #DIV/0!
Equity Value of the Compan #DIV/0!
Illustration
Rs. in Crore
Valuation as per PE Multiple
Average PE multiple 17
Average Industry PE (a) 11.04
EPS of the Company (b) 13.04
Price per share (a*b) 143.99
No. of shares 1.24
Equity Value of the Compan 178.55
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Net Asset Value Method
Rs. in Crores
PARTICULARS FY1 FY2
Fixed Assets - -Investments - -
Current Assets - -
Current Liabilitie - -
Secured Loans - -
Unsecured Loan - -
Net Asset Value - -
No. Of Shares #DIV/0! #DIV/0!
NAV/per share #DIV/0! #DIV/0!
Illustration
2008 2009 2010
Fixed Assets 2,269,874 6,368,449 10,922,357
Investments - - 500,000
Current Assets 160,470,977 436,593,779 1,097,539,469
Current Liabilitie (2,838,809) (7,937,062) (19,738,364)
Secured Loans (96,224,645) (308,052,763) (848,420,946)
Unsecured Loan (14,031,472) (36,249,983) (89,166,637)
Net Asset Value 49,645,925 90,722,420 151,635,880
No. Of Shares 2000000 4710100 4710100
NAV/per share 24.82 19.26 32.19
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EBIDTA by Book Value Method
Rs. in crores
ParticularsPeer 1 Peer 2 Peer 3 Peer 4 Company
Period Period Period Period Period
EBIDTA by Book Value #DIV/0! ### #DIV/0! #DIV/0! #DIV/0!
Share Price /Book Value Method
Rs. in crores
ParticularsPeer 1 Peer 2 Peer 3 Peer 4
Period Period Period Period
Share Price by Book Value #DIV/0! ### #DIV/0! #DIV/0!
Average Share Price #DIV/0!
Book Value of the C -
Share Price of the c #DIV/0!