valuation report dcf power company

7/23/2019 Valuation Report DCF Power Company

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Client NameValue Of Equity Under Dierent Approaches

INCOME APPROACH VALUE

1 Valuation under Discounted Cash Flos usin! FCFF "#"

" Valuation under Discounted Cash Flos usin! FCFE $"%

$ Valuation under Discounted Cash Flos usin! NO&A' 1(#

) Valuation under Discounted Cash Flos usin! Cash & )*(

+ Valuation under Capitalisation of Earnin! usin! &A' 1"$

MARKET APPROACH

( Valuation usin! &,E -atio +(

# Valuation under &rice to .oo/ Value Approach #00 Valuation under &rice to Cash E& Approach +)

% Valuation under EV to E.2'DA 1*(

NET ASSET APPROACH

1* Valuation of hare as per .oo/ Value ##

11 Valuation of hare as per E3cess Earnin! Approach "+1



Client NameValue Of Equity Under 2ncome Approach

4No4 Value 'erminal N&V 'otal De5t 'otal No4 of Value of Control Final

Value Value of Value of Equity Equity &remium Value

Firm Equity hares hare "+6 of hare

A . C D E 7 C 8 D F 9 7 E , F : 9 ; :

1 Valuation of hare Discounted Cash Flos usin! FCFF

FCFF<"*1*8"*1+= ### 97183

FCFF<"*1+= 23865 503807 316593 413776 84810 328966 1513 "1# 54.37 "#"

'erminal Value of Firm 7 FCFF<"*1)=,>ACC 8 9

" Valuation of hare under Discounted Cash Flos FCFE

FCFE<"*1*8"*1+= ### 90549

FCFE<"*1+= 24546 518189 307160 397710 0 397710 1513 "($ 65.74 $"%

'erminal Value of Firm 7 FCFE<"*1)=,>ACC 8 9

$ Valuation of hare under Discounted Cash Flos usin! NO&A'

NO&A' <"*1*8"*1+= 68786 53067

NO&A' <"*1+= 15665 248023 155858 208925 6532 202393 1513 1$) 33.45 1(#'erminal Value of Firm 7 NO&A'<"*1+= <18 !,r= , >ACC 8 !

) Valuation of hare under Discounted Cash Flos usin! Cash &ro?ts

Cash &ro?ts "*1*8"* ### 108994

Cash &ro?t <"*1+= 27929 619092 389038 498032 6532 491500 1513 $"+ 81.24 )*(

'erminal Value <9ordon 9roth Formula=

Value of Firm 7 N&V 88 Cash &ro?ts ; N&V 88Cash &ro?t<"*1)=@<1;!=,<>ACC 8!=



+ Valuation of hare under Capitalisation of Earnin! usin! &A'

&A' <"*1*8"*1+= 47428 35225

&A' <"*1+= 10884 180609 113495 148720 0 148720 1513 %0 24.58 1"$

'erminal Value of Equity 7 &A' , <e 8 9=

&arameters used >ACC *41* E3pected -ate of -eturn <As per 2nBestor= *4"*

9roth *4*+ Cost Of Equity *411



Client NameValue Of Equity Under ar/et Approach

4No4

Control/t4

lient Name&remiu

utiple Value "+6

1 Usin! &,E -atios

Competitor 1 6.6 # )+ 11

Competitor " 155.7 # 1*+% 265

Competitor $ 19.0 # 1"% 32

" Under &rice to .oo/ Value Approach

Competitor 1 0.8 #04( (" 16

Competitor " 1.9 #04( 1)% 37

Competitor $ 2.0 #04( 1+# 39

$ Under &rice to Cash E& Approach

Competitor 1 4.6 %4+ )$ 11

Competitor " 156.1 %4+ 1)#0 370

Competitor $ 13.9 %4+ 1$" 33

) Under EV to E.2'DA

Competitor 1 5.9 1)4$ 0+ 21

Competitor " 132.8 1)4$ 10%0 475Competitor $ 12.5 1)4$ 1#0 45

Note Considerin! the a5oBe companies CEC is found to 5e most compara5le

Balues deriBed usin! CEC data only are considered for ?nal decision ma/in!4



FinalValue

of hare

+(

1$"$

1("

#0

10(

1%#

+)

10)0

1(+

1*(

"$#$""$

and therefore



Client NameValue Of Equity Under Net Asset Approach

4No4 Value of Control Final

Equity &remium Value

hare "+6 of hare

9 2 9 ; : ; 2

1 Valuation of hare as per .oo/ Value

Value of all the assets 220394

Less

ecured Loans 79810

Unsecured Loans 5000

Current Lia5ilities

&roBisions 40867

isc4 E3penses 1021 126698

Value of Net Assets 93696

No4 of hares 1+1$ (" 15.49 ##

" Valuation of hare as per E3cess Earnin! Approach

Value of all the assets 220394

Less

ecured Loans 79810

Unsecured Loans 5000

Current Lia5ilities

&roBisions 40867

isc4 E3p 1021 126698

Value of Net Assets 8 A 93696

'otal .usiness Earnin! 92399

Estimated -equired -ate of -eturn 0.20

.usiness Earnin! attri5uta5le 18739

to Net 'an!i5le Assets

E3cess Earnin!s 8 1 73660

Capitaliation -ate for E3cess Earnin!s 0.25

Value of E3cess Earnin!s <1= , <"= 88 . 294640

Net Value of the Firm A ; . 388336

Less De5t 84810

Net Value of the Equity 303526

No4 of shares 1513



Value of hare "*1 50.17 "+1



Certificate Course on Valuation

Client NameCO&A-A'2VE &-OGEC'ED .ALANCE :EE'

Projected Projected Projected

"*1* "*11 "*1" "*1$ "*1) "*1+ E "*1( E

Share Capital 15125.12 15125.12 15125.12 15125.12 15125.12 15125.12 15125.12

Reserves S!rpl!s 77949.71 92769.46 98574.61 103213.33 104786.02 105562.83 108940.72

Sec!red "oas 59931.29 54271.79 65555.84 79019.80 79810.00 80209.05 82615.32

$sec!red "oas 198.91 0.00 2500.00 5000.00 5000.00 5000.00 5000.00

%e&ered 'a( "ia)ilit* 10739.48 7490.48 7798.72 7960.93 8876.58 12409.65 16545.86

'otal Funds Employed 1($%))4+1 1(%(+(40+ HHH "1*$1%410 "1$+%#4#1 "10$*(4() ""0""#4*"

+i(ed ,ssets

-ross loc/ 189680.75 190326.02 191250.78 192802.34 194650.32 344631.73 347394.47

"ess %epreciatio 85469.35 94556.41 103376.25 112196.32 120998.64 137420.90 153981.30

'otal +i(ed ,ssets 1*)"114)* %+#(%4(1 0#0#)4+$ 0*(*(4*" #$(+14(0 "*#"1*40$ 1%$)1$41#

Capital or/ i Proress 8770.10 22166.41 72399.58 117579.03 137579.03 7000.00 17000.00

ies developet e(pedit!re 14791.15 13474.77 10882.52 11454.42 9163.54 7330.83 5864.66 ter %ivisio ,cco!t 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1"###"4(+ 1$1)1*4#% HHH "*%($%4)# ""*$%)4"+ ""1+)14(( "1("##40)

vestets 13571.80 26071.80 14050.50 6221.28 6532.34 6858.96 7201.91

C!rrets ,ssets "oas ,dvaces

terest accr!ed 520.66 682.56 276.77 143.72 150.91 158.45 166.37

vetories 8601.72 8113.15 8369.94 8968.78 7175.02 9327.53 10726.66

S!dr* %e)tors 10929.18 10709.44 16712.30 17906.45 14325.16 18622.71 21416.11

Cash a/ alace 10309.98 6811.46 2696.83 343.35 1133.82 460.03 13554.70

"oas ,dvaces 17260.27 5680.69 4990.35 4665.07 3732.06 4851.67 5579.42

'otal Current Assets <C= )#("1401 $1%%#4$* $$*)(41% $"*"#4$# "(+1(4%# $$)"*4$% +1))$4"0

"ess C!rret "ia)ilities 17967.91 16675.21 22061.31 31995.74 35387.29 37156.65 39014.49

"ess Provisios 8245.43 4424.16 7914.05 6849.53 5479.62 7123.51 8192.04 'otal C!rret "ia)ilties "("1$4$) "1*%%4$# "%%#+4$( $00)+4"# )*0((4%1 ))"0*41( )#"*(4+"

Net Current Assets "1)*04)# 1*0%#4%$ $*#*40$ 8(01#4%* 81)$)%4%) 81*0+%4## )"$(4#+

isc. (pedit!re 1191.59 1276.33 1276.33 1276.33 1021.06 765.79 510.52

'otal Application of Funds 1($%))4+1 1(%(+(40+ HHH "1*$1%410 "1$+%#4#1 "10$*(4() ""0""#4*"




%e)t!it* Ratio 0.65 0.50 0.60 0.71 0.71 0.71 0.71



Strictly Private and

Certificate Course on Valuation A Case Study- by B

Rs i "acs

"*1% E

15125.12

127681.8096546.20

5000.00

20928.36

"(+"014)%

353685.22

153981.30

1%%#*$4%$

47000.00

3002.71

0.00

")%#*(4($

8337.11

192.60

13256.54

26467.10

16337.64

6895.33

($1)%4"" ### ### ### ### ### ###

45164.14 ### ### ### ### ### ###

10124.13 6300.87 :7577.22 :4928.21 :3780.54 :2913.34 :2229.12

++"004"#

#0(*4%)

0.00

"(+%*)4(%



Strict

Certificate Course on Valuation A Ca

0.71




Client NameCO&A-A'2VE 2NCOE 'A'EEN'

Projected Projected Projected

"*1* "*11 "*1" "*1$ "*1) "*1+ E "*1( E

Sale o; lectrical er* 75659.32 79558.02 93554.57 115499.01 92399.21 120118.97 138136.82

<ther coe 4262.50 8721.05 2659.66 1618.82 1295.06 1554.07 1864.88

'O'AL 2NCOE #%%"140" 00"#%4*# %("1)4"$ 11#11#40$ %$(%)4"( 1"1(#$4*) 1)***14#*

-eeratio (peses 40018.60 46621.87 64600.67 90608.48 69299.41 90089.23 103602.61

plo*ee Cost 1440.85 2072.26 2363.04 2282.02 1847.98 2402.38 2762.74

,di. <ther (peses 5715.71 7157.29 1263.28 1542.52 923.99 1201.19 1381.37

Prior period ites :167.29 0.00 0.00 50.41 0.00 0.00 0.00

Resetti prei! paid :147.97 72.18 0.00 0.00 0.00 0.00 0.00

pairet o; ,ssets isc (p =o& 279.60 102.40 0.00 47.02 0.00 0.00 0.00

'O'AL D2-EC' CO' )#1$%4+* +(*"(4** (0""(4%% %)+$*4)+ #"*#14$0 %$(%"40* 1*##)(4#"

E.2D'A $"#0"4$" $""+$4*# "#%0#4") ""+0#4$0 "1(""400 "#%0*4") $""+)4%0

%epreciatio 9137.84 8984.66 8830.79 8788.25 8923.19 16422.26 16560.40

E.2' "$())4)0 "$"(04)1 1%1+(4)+ 1$#%%41$ 1"(%%4(% 11++#4%0 1+(%)4+0

terest +iace Chs. 6395.20 5118.03 5131.51 2955.92 2983.72 3025.95 3155.44

E.' 1#")%4"0 101+*4$0 1)*")4%) 1*0)$4"1 %#1+4%# 0+$"4*$ 1"+$%41)

&roBision for 'a3 5750.00 3070.00 2715.00 2107.00 3400.98 395.49 1198.38

&roBision for F.' 17.81 37.81 52.06 42.24 0.00 0.00 0.00

&roBision for Deered 'a3 0.00 :3249.00 308.24 162.21 915.65 3533.07 4136.21

AdI4 for earlier years 0.00 0.00 0.00 0.00 191.00 0.00 0.00

'otal 'a3 &roBisions 5767.81 :141.19 3075.30 2311.45 4316.63 3928.56 5334.59EA' 11)014)# 10"%14+# 1*%)%4() 0+$14#( +$%%4$+ )(*$4)# #"*)4++

Proposed %ivided 1890.64 756.26 3781.28 3327.53 3327.53 3327.53 3327.53

Corporate %ivided 'a( 265.16 446.73 642.63 565.51 499.13 499.13 499.13

.alance C,o to -eserBes 9325.67 17088.58 6525.73 4638.72 1572.69 776.81 3377.89

E& 8 12 7 6 4 3 5




Cash E& 14 18 13 11 9 14 16



Client Name&roIected Cash Flo tatement

Rs i "acs

Projected Projected Projected Projected Projected Projected

"*1$ "*1) "*1+ E "*1( E "*1# E "*10 E "*1% E

>et pro?t@"ossA )e;ore 'a(es @'A 10843.21 9715.97 8532.03 12539.14 15493.49 17621.67 18950.85

AdIustment for

'a( Provisios :2311.45 :4316.63 :3928.56 :5334.59 :6442.68 :7334.93 :8067.35%ivided %ivided 'a( :3893.04 :3826.66 :3826.66 :3826.66 :3826.66 :3826.66 :3826.66

%epreciatio 8788.25 8923.19 16422.26 16560.40 16712.35 16874.93 17045.65

isc (p 0.00 255.27 255.27 255.27 255.25 255.27 0.00

AdIusted &ro?t 1$)"(4%# 1*#+141+ 1#)+)4$) "*1%$4+( ""1%14#( "$+%*4"% ")1*"4)%

crease %ecrease i >o Cash C!rret ,ssets :1334.66 6300.87 :7577.22 :4928.21 :3780.54 :2913.34 :2229.12

crease %ecrease i C!rret "ia)ilities Provi 9032.12 2937.29 6946.32 7062.57 5541.15 4290.32 3255.97

@>et o; %e&ered 'a(A

Net Cash Flo, from operatin! actiBities "11")4)$ 1%%0%4$1 1(0"$4)+ ""$"#4%" "$%+"4$# ")%(#4"# "+1"%4$)

Cash Jo from 2nBestin! actiBities

P!rchase o; ,ssets Capital P ies :47271.09 :19677.97 :17569.67 :11296.57 :28578.42 :29188.33 :26294.97

vestets 7829.22 :311.06 :326.62 :342.95 :360.10 :378.10 :397.01

Sec!red "oa 13463.96 790.20 399.05 2406.27 4543.84 3922.16 5464.88

$sec!red "oa 2500.00 0.00 0.00 0.00 0.00 0.00 0.00

Net Cash Flo, <used in= inBestin! actiBitie HHH HHH HHH 8%"$$4"+ HHH HHH HHH

Cash Jo from Financin! ActiBity

crease@%ecreaseA i share Capital 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Net cash Jo, <used in= ?nancin! actiBities *4** *4** *4** *4** *4** *4** *4**

Net 2ncrease,<decrease= in cash and cash e 8"$+$4)0 #%*4)# 8(#$4#% 1$*%)4(# 8))"4$1 8(##4** $%*"4")

<pei Cash alace 2696.83 343.35 1133.82 460.03 13554.70 13112.40 12435.40

Cash and cash equiBalents $)$4$+ 11$$40" )(*4*$ 1$++)4#* 1$11"4)* 1")$+4)* 1($$#4()



Client NameNet &resent Values of &arameters

Projected Projected Projected Projected Projected Rs i "acs

"*11 "*1" "*1$ "*1) "*1+ E "*1( E "*1# E "*10 E "*1% E

P,' 18292 10950 8532 5399 4603 7205 9051 10287 10884

N&V of &A' +$%% )1)( +0)+ ((1$ (##* ()+1

P,' @,A 18292 10950 8532 5399 4603 7205 9051 10287 10884%epreciatio @A 8985 8831 8788 8923 16422 16560 16712 16875 17046

Cash Pro?ts @,AB@A "#"#( 1%#0* 1#$"* 1)$"$ "1*"( "$#(+ "+#($ "#1(" "#%"%

N&V of Cash &ro?ts 1)$"$ 1%1(* 1%#$+ 1%)%( 10#$* 1#++1

' @1A 23268 19156 13799 12700 11558 15695 18955 21580 23734

'a( o ' @2A 7911 6513 4692 4318 3930 5336 6445 7337 8070

NO&A' <1= 8 <"= 1+$+# 1"()$ %1*# 0$0" #("0 1*$+0 1"+1* 1)")$ 1+((+

N&V of NO&A' 0$0" (%+1 0(*" %)(# %0"" %0))

>' >S'>'

%epreciatio @aA 8985 8831 8788 8923 16422 16560 16712 16875 17046

>o Cash C Chae@)A :7012 :3712 :7535 :8323 4164 2002 1011 234 :404

Cape( Chae D 3638 39746 38483 10755 1147 :5264 11866 12313 9249

>et vestet @aA:@)A:D 1"$+% 8"#"*$ 8""1+% ()%1 11111 1%0"" $0$( )$"# 0"**

FCFF "##1( 81)++% 81$*+" 1)0#$ 10#$% $*101 1($)( 10+#* "$0(+

N&V Of FCFF 1)0#$ 1#*#( "+*($ 1"$(% 1"0*( 1)%%#

,dd >et "oas ta/e or repaid :5858 13784 15964 790 399 2406 4544 3922 5465

'otal "10+# 8##+ "%1" 1+(($ 1%1$0 $"+0# "*0%* "")%" "%$$*

"ess terest paid 5118 5132 2956 2984 3026 3155 3461 3958 4784

+C+ 1(#$% 8+%*# 8)) 1"(#% 1(11" "%)$" 1#)"0 10+$) ")+)(

N&V of FCFE 1"(#% 1)+1" "$0#( 1"#$+ 1"1%# 1)++*

>ote al!es o; the *ear eded 31:03:2010 are ot disco!ted as the ap )et=ee val!atio date ad 31:03:2010 is j!st oe oth th

the act!al val!es are ass!ed to )e disco!ted val!es to r!le o!t !ecesar* diEc!lt* o; disco!ti ;or 13 oths 25 oths i e(t



,lso this ass!ptio =o!ld a&ect ?al val!atio )* ver* isii?cat ao!t.



re;ore

ears.



Client Namear/et ultiples

&rice to Cash to E.2'DA, ar/et CEquity &,E .oo/ Valu E& EV ales

1 Competitor 1 12560 6.58 0.79 4.58 5.92 85.00

2 Competitor " 14000 155.7 1.89 156.09 132.79 117.70

3 Competitor $ 22144 19.03 2.00 13.90 12.47 2.33

4 d!str* ,verae 34.53 1.58 30.81 27.15 18.70

CSC is cosidered to )e the ost copara)le =ith <Client Name=



p,



Client Name9-O>': E'2A'E

"*1* "*11 "*1" "*1$ "*1) "*1+ E "*1( E "*1# E "*10 E "*1% E

9roth in ales <-s= 75659.32 79558.02 93554.57 ### 92399 120119 138137 151950 162587 1707166 a!e !roth +41+ 1#4+% "$4)( 8"* $* 1+ 1* # +

9roth in E.2'DA 32782.32 32253.07 27987.24 22587.38 21622.88 27980.24 32254.98 35666.97 38454.60 38454.60

6 a!e !roth 814(1 81$4"$ 81%4"% 8)4"# "%4)* 1+4"0 1*4+0 #40" *4**

9roth in E.2' 23644.48 23268.41 19156.45 13799.13 12699.69 11557.98 15694.58 18954.62 21579.66 23734.47

6 a!e !roth 814+% 81#4(# 8"#4%# 8#4%# 804%% $+4#% "*4## 1$40+ %4%%

9roth in E.' 17249.28 18150.38 14024.94 10843.21 9715.97 8532.03 12539.14 15493.49 17621.67 18950.85

6 a!e !roth +4"" 8""4#$ 8""4(% 81*4)* 81"41% )(4%# "$4+( 1$4#) #4+)

9roth in EA' 11481.47 18291.57 10949.64 8531.76 5399.35 4603.47 7204.55 9050.82 10286.74 10883.50

6 a!e !roth +%4$1 8)*41) 8""4*0 8$(4#1 81)4#) +(4+* "+4($ 1$4(( +40*



Client Name

Forecastin! of DepreciationRs i "acs

Kear Openin! Addition 'otal Openin! Dep of Closin! Openin! Addition Closin! 'otal

>DV >DV Dep this yr >DV 9ross 9ross Dep"*1" 95769.61 924.76 %((%)4$# 94456.41 8830.79 87863.58 190326.02 924.76 1%1"+*4#0 HHH

"*1$ 87863.58 1551.56 0%)1+41) 103287.20 8788.25 80626.89 191250.78 1551.56 1%"0*"4$) HHH

"*1) 80626.89 1847.98 0")#)40# 112075.45 8923.19 73551.68 192802.34 1847.98 1%)(+*4$" HHH Projected

"*1+ 73551.68 149981.41 HHH 120998.64 16422.26 207110.83 194650.32 149981.41 $))($14#$ HHH Projected

"*1( 207110.83 2762.74 HHH 137420.90 16560.40 193313.17 344631.73 2762.74 $)#$%)4)# HHH Projected

"*1# 193313.17 3039.01 HHH 153981.30 16712.35 179639.84 347394.47 3039.01 $+*)$$4)0 HHH Projected

"*10 179639.84 3251.74 HHH 170693.64 16874.93 166016.64 350433.48 3251.74 $+$(0+4"" HHH Projected

"*1% 166016.64 3414.33 HHH 187568.58 17045.65 152385.32 353685.22 3414.33 $+#*%%4++ HHH Projected

,ss!ptio %epreciatio rate has )ee ta/e at 5.F o Straiht "ie ethod as per Sched!le G o; Copaies ,ct



Client Name

Estimation of Deered 'a3Rs i "acs

Co4 Act Di8 Deerred Deerred

Kear Openin! Addition 'otal Dep of Closin! Dep of erence 'a3 AdI4 'a3

>DV >DV this yr >DV this yr for C ,O Kear

"*1$ 87863.58 1551.56 0%)1+41) 13354.09 76061.05 8788.25 4565.84 162.21 7960.93

"*1) 76061.05 1847.98 ##%*%4*) 11617.06 66291.98 8923.19 2693.87 915.65 8876.58

"*1+ 66291.98 149981.41 "1("#$4$% 26816.71 189456.68 16422.26 10394.45 3533.07 12409.65

"*1( 189456.68 2762.74 1%""1%4)" 28729.31 163490.11 16560.40 12168.91 4136.21 16545.86

"*1# 163490.11 3039.01 1((+"%41" 24865.41 141663.71 16712.35 8153.06 2771.22 19317.09

"*10 141663.71 3251.74 1))%1+4)( 21615.38 123300.08 16874.93 4740.44 1611.28 20928.36

"*1% 123300.08 3414.33 1"(#1)4)1 18879.12 107835.28 17045.65 1833.47 623.20 21551.56

,ss!ptio 50F o; the additio to +i(ed ,ssets is ;or less tha 180 da*s attracti hal; the rate o; depreciatio



Client NameEstimation of >ACC

>ei!hted ABera!e Cost of Capital *41*

Calculation of >ACC

C,P odel

%isco!ti Rate H Ris/ +ree Rate B eta@!it* Ris/ Prei!A

Ris/ +ree Rate ;ro -ovt Sec!rit* ods ;ro >S 0.0850

eta @ Re;er eta SheetA 1.4033(pected Rate o; Ret!r @re;er C,-R sheetA 0.1030

!it* Ris/ Prei! (pe(ted Rate o; Ret!r: Ris/ ;ree retr! 0.0180

Cost Of Equity <CA&= *411*$

Cost of De5t < 'a/en from opportunity cost of .an/ Loan= 0.12

'a( Savi rate 0.34

Net Cost of De5t *4*#%"

Equity >ei!hted >ei!hted >ei!hted

;-eserBe De5t 'otal Cost of Cost of Cost of Cost of Cost of

Equity Equity De5t De5t Capital

### ### ### 0.1103 0.0645 0.0792 0.0329 0.10



Client Name

estimation of 5eta

AVE-A9E .E'A 14)*$

Iear

CSC "td 141+ 14*$

14)*$$$$

Copetitor 1 140) 14+"

Copetitor 2 14$% 141)

Copetitor 3 "41" 1400,"4*$

Copetitor 4 *4#0 *40%

Copetitor 5 141) 14"

d!str* ,verae 14)*$$$$

ource 4topstoc/4research4com

onthlyfour yearran!e

.eta ason+,1#,"*1)

Name



Client Nameestimation of E3pected rate of return

BSE INDEX Value (Rs.)

Apr-09 13736 Apr-14 22484

CAGR 0.10357705

Thus espected rate of return based on CAGR is 0103

Source: www.se!"#!a.co$



Client Name

Estimate of &roBision for 'a3

Rs i "acs

Co4 Act 2ncome 'a3 &roBision

Kear E.' Dep of E.'DA Dep of E.' For 'a3

this yr this yr 4$$%%

"*1) 12699.69 8923.19 HHH 11617.06 10005.83 3400.98

"*1+ 11557.98 16422.26 HHH 26816.71 1163.54 395.49

"*1( 15694.58 16560.40 HHH 28729.31 3525.67 1198.38

"*1# 18954.62 16712.35 HHH 24865.41 10801.56 3671.45"*10 21579.66 16874.93 HHH 21615.38 16839.22 5723.65

"*1% 23734.47 17045.65 HHH 18879.12 21900.99 7444.15



Client NameCommon ie 2ncome tatements

Projected Projected Projected Projected Projected Projected

"*1* "*11 "*1" "*1$ "*1) "*1+ E "*1( E "*1# E "*10 E "*1% E

Sale o; lectrical er* 100 100 100 100 100 100 100 100 100 100

<ther coe 5.634 10.962 2.843 1.402 1.402 1.294 1.350 1.473 1.652 2

'O'AL 2NCOE 1*( 111 1*$ 1*1 1*1 1*1 1*1 1*1 1*" 1*"

-eeratio (peses 53 59 69 78 75 75 75 75 75 75

plo*ee Cost 2 3 3 2 2 2 2 2 2 2

,di. <ther (peses 8 9 1 1 1 1 1 1 1 1

Prior period ites :0.2 0.00 0.00 0.04 0.0 0.0 0.0 0.0 0.0 0.0

Resetti prei! paid :0.2 0.09 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0

pairet o; ,ssets 0.4 0.13 0.00 0.04 0.0 0.0 0.0 0.0 0.0 0.0

'O'AL D2-EC' CO' (" #* #$ 0" #0 #0 #0 #0 #0 #0

E.2D'A 43 43 37 30 23 23 23 23 24 24

%epreciatio 12 12 12 12 12 22 22 22 22 23

E.2' $1 $1 "+ 10 1" " 1 1 1 1

terest 8 7 7 4 4 4 4 5 5 6

E.' "$ ") 1% 1) 0 8" 8$ 8$ 8) 8+



Client Name9-A&: DE&2C'2N9 2NCOE

Rs i "acs

Kear "*1* "*11 "*1" "*1$ "*1) "*1+ E "*1( E "*1# E "*10 E "*1% E

ales 75659 79558 93555 115499 92399 120119 138137 151950 162587 170716

E.2'DA 32782 32253 27987 22587 21623 27980 32255 35667 38455 40780

E.2' 23644 23268 19156 13799 12700 11558 15695 18955 21580 23734E.' 17249 18150 14025 10843 9716 8532 12539 15493 17622 18951

EA' 11481 18292 10950 8532 5399 4603 7205 9051 10287 10884

2011 2012 2013 2014 201! " 2016 " 2017 " 2018 " 2019 "

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40000

60000

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180000

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Certificate Course on Valuation A Case Study - by BRIMS Group

Client Name9-A&: DE&2C'2N9 9-O>': 2N 6A9E

Kear "*1* "*11 "*1" "*1$ "*1) "*1+ E "*1( E "*1# E "*10 E "*1% E

ales 0 5 18 23 :20 30 15 10 7 5

E.2'DA 0.00 : 1.61 :13.23 :19.29 :4.27 29.40 15.28 10.58 7.82 0.00

E.2' 0.00 :1.59 :17.67 :27.97 :7.97 :8.99 35.79 20.77 13.85 9.99

E.' 0.00 5.22 :22.73 :22.69 :10.40 :12.19 46.97 23.56 13.74 7.54EA' 0.00 59.31 :40.14 :22.08 :36.71 :14.74 56.50 25.63 13.66 5.80

000 !931 -4014 -2208 -3671 -1474 !6!0 2!63 1366 !80

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-4000

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Client NameC<P,R,' R,'< ,>,"ISS

"*1* "*11 "*1" "*1$ "*1) "*1+ E *1( E "*1# E

>et orth @'otal !it*A 91883 ### ### 117062 118890 119922 ### 129035

Capital plo*ed ### ### ### 202358 204721 205897 ### 221449

' 23644 23268 19156 13799 12700 11558 15695 18955

,' 11481 18292 10950 8532 5399 4603 7205 9051

>et +i(ed ,ssets ### ### ### 209639 220394 221542 ### 228144

'otal ,ssets ### ### ### 241667 246911 254962 ### 282925

'otal "ia)ilities 26213 21099 29975 38845 40867 44280 47207 49976

ActiBity -atios

Capital '!rover Ratio 0.49 0.49 0.51 0.57 0.45 0.58 0.65 0.69

+i(ed ,ssets '!rover R 0.59 0.61 0.55 0.55 0.42 0.54 0.64 0.67or/i Capital '!rov 3.53 7.30 30.47 :16.94 :6.44 :11.06 32.60 31.62

C!rret ,ssets '!rover 1.59 2.49 2.83 3.61 3.48 3.59 2.69 2.77

%e)tors '!rover Ratio 6.92 7.43 5.60 6.45 6.45 6.45 6.45 6.45

%e)tors Collectio Perio 52.73 49.13 65.20 56.59 56.59 56.59 56.59 56.59

Cash a/ '!rover R 7.34 11.68 34.69 336.39 81.49 261.11 10.19 11.59

&ro?ta5ility -atios

<perati ari 0.43 0.41 0.30 0.20 0.23 0.23 0.23 0.23

Pro?t ari 0.15 0.23 0.12 0.07 0.06 0.06 0.04 0.05

Ret!r o !it* Ratio 7 11 6 4 3 2 3 4

Ret!r o ,ssets Ratio 0.09 0.14 0.06 0.04 0.02 0.02 0.03 0.04

Liquidity -atios

C!rret Ratio 1.82 1.52 1.10 0.82 0.65 0.65 0.75 1.09

-is/ -atios

'otal "ia)ilities 'otal 0.29 0.20 0.27 0.33 0.34 0.37 0.38 0.39

'otal ,ssets 'otal !i 1.91 1.53 1.82 2.06 2.08 2.13 2.17 2.19



"*10 E "*1% E

135750 143430

231831 244353

21580 23734

10287 10884

240457 249707

297475 312856

52655 55288

0.70 0.70

0.68 0.6837.27 21.72

2.85 2.70

6.45 6.45

56.59 56.59

13.07 10.45

0.23 0.24

0.06 0.06

4 4

0.04 0.04

1.10 1.08

0.39 0.39

2.19 2.18

valuation report dcf power company

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