Revenue

Revenue Growth (CAGR: 20.818% )

EBITDA
EBITDA Growth (CAGR: 20.419% )
Depreciation
EBIT
EBIT Growth (CAGR: 29.23% )
Taxes
Income Available to Common Incl. Extra
Items
Income Growth (CAGR: 29.762% )
plus: Depreciation
less: Capital Expenditures
Current Assets
Cash
Current Liabilities
non-cash Working Capital
less: Change in non-cash Working
Capital
Long Term Debt
plus: Change in Long Term Debt
Free Cash Flow To Equity (FCFE)
FCFE Exponential Moving Average

3/31/2014
3/31/2013
3/31/2012
3/31/2011
$2,328,336.60 $1,887,926.90 $1,640,512.50 $1,209,902.60
23.33%
15.08%
35.59%
33.77%
$225,326.30
$210,196.50
$175,582.60
$129,981.70
7.20%
19.71%
35.08%
46.06%
$73,723.20
$54,435.10
$43,445.70
$36,636.60
$188,689.70
$136,473.30
$121,147.50
$86,536.00
38.26%
12.65%
40.00%
65.29%
$150,661.00
$22,221.40
($3,436.90)
($29,123.10)
$139,910.20
$98,926.10
$115,659.10
$73,401.80
41.43%
$73,723.20
$185,674.20
$958,453.30
$297,117.90
$923,561.30
($262,225.90)
$72,843.40

-14.47%
$54,435.10
$138,744.50
$741,535.50
$211,148.20
$865,456.60
($335,069.30)

$25,968.60
($6,872.00)
($51,756.20)
$6,754.92

$32,840.60
($254,307.50)
$24,006.10
$45,762.33

($263,696.90)

57.57%
$43,445.70
$82,098.00
$653,230.20
$0.00
$724,602.60
($71,372.40)
$39,629.50

93.02%
$36,636.60
$81,727.30
$437,821.10
$0.00
$548,823.00
($111,001.90)
$74,437.50

$287,148.10
$85,676.80
$123,054.10
$67,518.57

$201,471.30
$2,573.90
($43,552.50)
($43,552.50)

3/31/2010
$904,465.90
$88,989.30

$52,352.70
($21,049.10)
$38,028.70

$368,994.50
$0.00
$554,433.90
($185,439.40)

$198,897.40

Tata Motors Ltd's Projected Future Free Cash Flow To Equity

Free Cash Flow To Equity (FCFE)

Stub Rate
Discount Factor
Present Value for Terminal
Present Value
Value of Equity
Tata Motors Ltd's Past Free Cash Flow To Equity
Revenue
Revenue Growth (CAGR: 20.818% )
EBITDA
EBITDA Growth (CAGR: 20.419% )
Depreciation
EBIT
EBIT Growth (CAGR: 29.23% )
Taxes
Income Available to Common Incl. Extra Items
Income Growth (CAGR: 29.762% )
plus: Depreciation
less: Capital Expenditures
Current Assets
Cash
Current Liabilities
non-cash Working Capital
less: Change in non-cash Working Capital
Long Term Debt
plus: Change in Long Term Debt
Free Cash Flow To Equity (FCFE)
FCFE Exponential Moving Average

3/31/2015
$4,947.00
0.5644
0.8849

3/30/2016
$11,374.06
1.5644
0.7125

3/30/2017
$14,759.20
2.5644
0.5737

$4,377.56

$8,104.07

$8,467.36

3/31/2014
3/31/2013
3/31/2012
$2,328,336.60 $1,887,926.90 $1,640,512.50
23.33%
15.08%
35.59%
$225,326.30
$210,196.50
$175,582.60
7.20%
19.71%
35.08%
$73,723.20
$54,435.10
$43,445.70
$188,689.70
$136,473.30
$121,147.50
38.26%
12.65%
40.00%
$150,661.00
$22,221.40
($3,436.90)
$139,910.20
$98,926.10
$115,659.10
41.43%
-14.47%
57.57%
$73,723.20
$54,435.10
$43,445.70
$185,674.20
$138,744.50
$82,098.00
$958,453.30
$741,535.50
$653,230.20
$297,117.90
$211,148.20
$0.00
$923,561.30
$865,456.60
$724,602.60
($262,225.90) ($335,069.30)
($71,372.40)
$72,843.40 ($263,696.90)
$39,629.50
$25,968.60
$32,840.60
$287,148.10
$85,676.80
($6,872.00) ($254,307.50)
$24,006.10
$123,054.10
($51,756.20)
$6,754.92
$45,762.33
$67,518.57

Methodology for Discounting All Future Cash Flow to the Present

Stub RateThe first year FCFE calculation is slightly different because we introduced a new mechanism called the stub rate, w
todays date to the end of the fiscal year as the percentage of 365 days. In this new methodology, we have to account for pa
multiplying annual FCFE to the stub rate because we can only include future cash flow in our calculation. Traditional mode
the end of the fiscal year, but the new approach allow users to discount all future cash flow to the day you are using Nvest FC
Stub Rate
rate and cost of capital available, we can calculate a discount factor by using the equation 1/(1+Re)
, so the cash flow i
rather than fiscal year end.Beta CalculationAt Nvest, we believe in building something that people can trust. Because of this,
using Yahoo beta and calculate the beta ourselves. Here are the steps we took to arrive to beta: Beta i is defined as Covarian
year of daily return (252 entries) for stocks in the exchange and ran it against the market return.Terminal Beta and ReTermin
use to account for the risk of the stock in the very long run. According to the research academic researches, the risks of a
approaches market risks. Thus, the adjustments for long-term beta is to use beta x 2/3 + 1/3. With terminal beta, we then a
equity based recent market risk premium because we believe the current period is a good reflection of the long run market.
readily available, cost of equity can be calculated through Beata x (Market return - Risk free rate) + Risk free rate. The mar
looking at the percentage of change of market index from a year ago. Risk free rate is US 10-year treasury yield.Terminal V
present value of all perpetual cash flows discounted to the one year prior to the starting day of the cash flow. For example,
data to calculate terminal value; using the equation FCFEt /(Re Growth), we arrive at the present value of all perpetual cash
discount factor for 2018 to discount everything to the present.

Flow To Equity

3/30/2018
$19,151.84
3.5644
0.4619

3/30/2019
$24,851.81
4.5644
0.3719

$8,846.94

$9,243.54

3/31/2011
3/31/2010
$1,209,902.60 $904,465.90
33.77%
$129,981.70
$88,989.30
46.06%
$36,636.60
$86,536.00
$52,352.70
65.29%
($29,123.10) ($21,049.10)
$73,401.80
$38,028.70
93.02%
$36,636.60
$81,727.30
$437,821.10 $368,994.50
$0.00
$0.00
$548,823.00 $554,433.90
($111,001.90) ($185,439.40)
$74,437.50
$201,471.30 $198,897.40
$2,573.90
($43,552.50)
($43,552.50)

w to the Present

Terminal
$24,851.81
4.5644
0.3719
$146,534.32
$54,502.88
$93,542.35M
3/31/2014
3/31/2013
3/31/2012
$2,328,336.60 $1,887,926.90 $1,640,512.50
23.33%
15.08%
35.59%
$225,326.30
$210,196.50
$175,582.60
7.20%
19.71%
35.08%
$73,723.20
$54,435.10
$43,445.70
$188,689.70
$136,473.30
$121,147.50
38.26%
12.65%
40.00%
$150,661.00
$22,221.40
($3,436.90)
$139,910.20
$98,926.10
$115,659.10
41.43%
-14.47%
57.57%
$73,723.20
$54,435.10
$43,445.70
$185,674.20
$138,744.50
$82,098.00
$958,453.30
$741,535.50
$653,230.20
$297,117.90
$211,148.20
$0.00
$923,561.30
$865,456.60
$724,602.60
($262,225.90) ($335,069.30)
($71,372.40)
$72,843.40 ($263,696.90)
$39,629.50
$25,968.60
$32,840.60
$287,148.10
$85,676.80
($6,872.00) ($254,307.50)
$24,006.10
$123,054.10
($51,756.20)
$6,754.92
$45,762.33
$67,518.57

echanism called the stub rate, which is the period between

ology, we have to account for partial FCFE in the first year by
our calculation. Traditional models discount all cash flows to
o the day you are using Nvest FCFE.Discount FactorWith stub
Stub Rate
/(1+R e)
, so the cash flow is discounted to the present
people can trust. Because of this, we restrain ourselves from
eta: Beta i is defined as Covariancei,m /Variancem . We took a
urn.Terminal Beta and ReTerminal beta is a methodology we
ademic researches, the risks of all stocks in the long run
3. With terminal beta, we then arrive to the terminal cost of
eflection of the long run market.Cost of EquityWith the beta
e rate) + Risk free rate. The market return is calculated by
10-year treasury yield.Terminal ValueTerminal value is the
y of the cash flow. For example, most stocks we used 2019
esent value of all perpetual cash flow for 2018. Then we use
to the present.

3/31/2011
3/31/2010
$1,209,902.60 $904,465.90
33.77%
$129,981.70
$88,989.30
46.06%
$36,636.60
$86,536.00
$52,352.70
65.29%
($29,123.10) ($21,049.10)
$73,401.80
$38,028.70
93.02%
$36,636.60
$81,727.30
$437,821.10 $368,994.50
$0.00
$0.00
$548,823.00 $554,433.90
($111,001.90) ($185,439.40)
$74,437.50
$201,471.30 $198,897.40
$2,573.90
($43,552.50)
($43,552.50)

TATA MOTORS LTD

Profit loss account

(Rs crore)
Mar ' 19
Income
Operating income
Income growth
Industry growth
Expenses
Material consumed
Manufacturing expenses
Personnel expenses
Selling expenses
Adminstrative expenses
Expenses capitalised
Cost of sales
COGS growth
Operating profit
Operating profit growth
Other recurring income
Adjusted PBDIT
Adjusted PBDIT growth
Financial expenses
Depreciation
Depreciation growth
Other write offs
Adjusted PBT
Tax charges
Adjusted PAT
Adjusted PAT growth
Non recurring items
Other non cash adjustments
Reported net profit
Earnigs before appropriation
Equity dividend
Preference dividend
Dividend tax
Retained earnings

Mar ' 18

Mar ' 17

Mar ' 16

Mar ' 15

TD
ofit loss account
Mar ' 14

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

34,319.28

44,765.72

54,306.56

47,088.44

35,373.29

-23.34%

-17.57%

15.33%

33.12%

26,343.94

33,620.80

40,457.95

34,692.83

24,759.49

820.83

910.42

550.89

471.28

1,652.22

2,877.69

2,837.00

2,691.45

2,294.02

1,836.13

1,583.24

5,156.80

5,679.52

6,428.72

4,965.17

2,249.92

-740.54

35,199.26

43,047.74

50,129.01

42,423.30

31,340.46

-18.23%

-14.13%

18.16%

35.36%

-879.98

1,717.98

4,177.55

4,665.14

-151.22%

-58.88%

-10.45%

15.68%

3,801.86

2,088.20

574.08

422.97

402.27

2,921.88

3,806.18

4,751.63

5,088.11

4,435.10

-23.23%

-19.90%

-6.61%

14.72%

1,337.52

1,387.76

1,218.62

1,383.70

1,246.25

2,070.30

1,817.62

1,606.74

1,360.77

1,033.87

13.90%

13.12%

18.08%

31.62%

144.03

4,032.83

-485.94

600.8

1,926.27

2,343.64

2,010.95

-1,360.32

-126.88

98.8

384.7

589.46

874.38

727.68

1,827.47

1,958.94

1,421.49

20.16%

-60.18%

-6.71%

37.81%

-539.86

-425.87

-585.24

-147.12

818.59

334.52

301.81

1,242.23

1,811.82

2,240.08

1,677.31

1,965.72

3,321.15

3,745.95

3,926.07

555.16

566.17

1,280.70

1,274.23

859.05

93.4

79.03

183.02

192.8

132.89

1,028.75

1,320.52

1,857.43

2,278.92

2,934.13

-22.10%

-28.91%

-18.50%

-22.33%

MARUTI SUZUKI INDIA LTD

(Rs crore)
Mar' 19

Mar'18

Mar'17

Mar'16

Mar'15

Operating income

72977.03

65863.75

59443.82

53649.65

48420.26

Income growth

0.11

0.11

0.11

0.11

0.11

Income

10.8% (http://markets.ft.com/research/Markets/Tearsheets/Forec

Industry growth

Expenses
Material consumed
Manufacturing expenses
Personnel expenses
Selling expenses
Adminstrative expenses
Expenses capitalised
Cost of sales

64467.23

52512.11

47393.60

42774.01

10.8 % (Assumed)

COGS growth
Operating profit

58183.42

8509.81

7680.33

6931.71

6256.05

5646.26

1374.19

1240.24

1119.35

1010.24

911.77

Operating profit growth

Other recurring income

10.8 % (Assumed)
Adjusted PBDIT

9883.99

8920.57

8051.06

7266.30

6558.03

293.74

265.11

239.27

215.95

194.90

2614.67

2334.53

Adjusted PBDIT growth

Financial expenses

10.8 % (Assumed)
Depreciation
Depreciation growth

3673.43

3279.84

2928.43

12% (Assuming no new equipments bought)

Other write offs

Adjusted PBT

5916.83

5375.62

4883.36

4435.68

4028.61

Tax charges

1775.05

1612.69

1465.01

1330.70

1208.58

30% (Assumed)
Adjusted PAT

4141.78

3762.93

3418.35

3104.98

2820.02

Reported net profit

4141.78

3762.93

3418.35

3104.98

2820.02

Earnigs before appropriation

35335.36

31193.58

27430.65

24012.30

20907.32

Equity dividend

530.29

473.47

422.74

377.45

337.01

Adjusted PAT growth

Non recurring items
Other non cash adjustments

12% (Assumed)

Dividend growth
Preference dividend
Dividend tax

106.06

94.69

84.55

75.49

67.40

Retained earnings

34699.02

30625.42

26923.36

23559.36

20502.91

0.13

0.14

0.14

0.15

0.16

plus: Depreciation 3673.43 3279.84 2928.43 2614.67 2334.53

OCF 7815.20 7042.78 6346.78 5719.65 5154.55
NWC (Current assets- Current liabilities) 30650.35 27662.77 24966.40 22532.85 20336.51
42% of sales (Assumed)
NWC ratio
Change in NWC 2987.58 2696.37 2433.55 2196.34 18511.31
Future Cash Flow 4827.62 4346.41 3913.23 3523.30 -13356.76
DFCF

Discount Rate

R= (S*Rs/(B+S))+ (B*Rb(1-t)/(B+S))
0.09

A LTD
Profit loss account
Mar ' 14

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

43700.60

43587.90

35587.10

36618.40

0.00

0.22

-0.03

0.25

29317.70

Assumption:

search/Markets/Tearsheets/Forecasts?s=MARUTI:NSI)

31513.50

32745.20

28199.40

28434.10

22435.40

594.10

493.70

229.50

210.20

1278.20

1368.10

1069.60

843.80

703.60

545.60

916.00

5129.00

5049.80

3801.40

3632.00

404.60

38604.70

39358.30

33074.10

32979.90

25579.80

-0.02

0.19

0.00

0.29

5095.90

4229.60

2513.00

3638.50

0.20

0.68

-0.31

-0.03

822.90

812.40

826.80

508.80

617.70

5918.80

5042.00

3339.80

4147.30

4355.60

0.17

0.51

-0.19

-0.05

175.90

189.80

55.20

25.00

33.50

2084.40

1861.20

1138.40

1013.50

825.00

0.12

0.63

0.12

0.23

3658.50

2991.00

2146.20

3108.80

3497.10

875.50

598.90

511.00

820.20

1094.90

0.24

0.20

0.24

0.26

0.31

2783.00

2392.10

1635.20

2288.60

2402.20

0.16

0.46

-0.29

-0.05

44.30

51.10

2783.00

2392.10

1635.20

2288.60

2497.60

18087.30

15826.30

13493.00

12338.50

10501.80

300.90

241.70

216.70

216.70

173.30

0.01

0.01

0.01

61.60

41.10

35.10

35.10

28.80

17724.80

15543.50

13241.20

12086.70

10299.70

0.14

0.17

0.10

0.17

3737.90

0.24

0.12

0.16

1825.20

1862.50

0.04

0.04

In millions of INR (except for per share items)

Annual data
Fiscal data as of Mar 31 2014

2019

2018

2017

2016

Common stock

151.00

151.00

151.00

151.00

Additional paid-in capital

424.60

424.60

424.60

424.60

Retained earnings (accumulated deficit)

34699.02

30625.42

26923.36

23559.36

Total equity

35274.62

31201.02

27498.96

24134.96

Total liabilities & shareholders' equity

35274.62

31201.02

27498.96

24134.96

ASSETS
Cash And Short Term Investments
Total Receivables, Net
Total Inventory
Prepaid expenses
Other current assets, total
Total current assets
Property, plant & equipment, net
Goodwill, net
Intangibles, net
Long term investments
Note receivable - long term
Other long term assets
Total assets

LIABILITIES
Accounts payable
Accrued expenses
Notes payable/short-term debt
Current portion long-term debt/capital leases
Other current liabilities, total
Total current liabilities
Total long term debt
Total debt
Deferred income tax
Minority interest
Other liabilities, total
Total liabilities

SHAREHOLDERS EQUITY

Treasury stock - common

Unrealized gain (loss)
Other equity, total

Total common shares outstanding

Treasury shares - common primary issue

are items)

2015

2014

2013

2012

9,654

6,065

7,217

3,130

3,210

2,181

1,763

1,887

1,838

__

__

6.4

13.9

6.1

14,554

11,175

11,242

13,489

11,764

8,477

__

184

224

212

1,521

3,021

1,791

1,651

1,320

1,335

1.1

0.6

32.3

31,411

27,517

23,099

5,000

4,277

3,466

37.2

22.8

16.9

1,296

923

1,229

139

159

1,759

1,648

1,806

8,231

6,871

6,676

627

705

170

2,062

1,628

1,557

596

418

307

12.2

10.6

448

485

272

9,915

8,489

7,425

151.00

151

151

145

424.60

425

425

425

20,921

18,492

15,150

20502.91

--

--

--

--

-40.2

-44.1

21078.51

21,496

19,028

15,675

21078.51

31,411

27,517

23,099

30.2

30.2

28.9

0.17

0.14

0.13

0.21

__

Mahindra and Mahindra

Profit loss account

(Rs crore)
Mar ' 14

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

Income
Operating income

40,508.50

40,441.16

31,853.52

23,460.26

18,516.33

29,614.77

30,587.96

23,661.61

16,402.65

12,437.87

221.35

206.39

175.78

143.93

217.89

2,163.72

1,866.45

1,701.78

1,431.52

1,199.85

802.02

3,787.45

3,071.06

2,543.63

2,027.83

901.45

Expenses
Material consumed
Manufacturing expenses
Personnel expenses
Selling expenses
Adminstrative expenses
Expenses capitalised

-59.55

35,787.29

35,731.86

28,082.80

20,005.93

15,499.53

4,721.21

4,709.30

3,770.72

3,454.33

3,016.80

717.99

549.17

465.79

434.15

317.99

5,439.20

5,258.47

4,236.51

3,888.48

3,334.79

FINANCIAL expenses

259.22

191.19

162.75

72.49

156.85

Depreciation

863.34

710.81

576.14

413.86

370.78

4,316.64

4,356.47

3,497.62

3,402.13

2,807.16

611.08

1,094.27

727

857.51

759

3,705.56

3,262.20

2,770.62

2,544.62

2,048.16

52.79

90.62

108.27

117.48

-32.9

72.49

3,758.35

3,352.82

2,878.89

2,662.10

2,087.75

13,710.27

11,257.36

9,087.43

7,250.47

5,453.07

758.21

798.17

767.48

706.08

549.52

Cost of sales
Operating profit
Other recurring income
Adjusted PBDIT

Other write offs

Adjusted PBT
Tax charges
Adjusted PAT
Non recurring items
Other non cash adjustments
Reported net profit
Earnigs before appropriation
Equity dividend
Preference dividend
Dividend tax
Retained earnings

104.04

92.98

101.13

96.56

74.23

12,848.02

10,366.21

8,218.82

6,447.83

4,829.32

Ashok Leyland
Profit loss account

(Rs crore)
Mar ' 14

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

Income
Operating income

9,943.43

12,481.20

13,309.59

11,407.15

7,436.18

7,652.84

9,197.12

9,527.17

8,230.64

5,282.39

61.04

86

176.42

151.22

89.98

999.67

1,075.51

1,039.07

974.6

671.61

Expenses
Material consumed
Manufacturing expenses
Personnel expenses
Selling expenses
Adminstrative expenses
Expenses capitalised
Cost of sales
Operating profit
Other recurring income

872.64

761.38

571.69

1,063.31

1,246.10

463.02

95.81

74.36

-25.09

-24.06

-15.25

9,776.86

11,604.73

12,053.23

10,189.60

6,674.79

166.56

876.47

1,256.36

1,217.56

761.4

66.52

62.35

36.87

38.7

36.39

Adjusted PBDIT

233.08

938.82

1,293.23

1,256.25

797.79

FINANCIAL expenses

452.92

376.89

255.25

188.92

101.85

Depreciation

377.04

380.78

352.81

267.43

204.11

-596.88

181.15

685.16

799.9

491.83

-120.6

37

124

170.5

121.1

-476.28

144.15

561.16

629.4

370.73

505.66

289.56

4.81

1.9

52.95

29.38

433.71

565.98

631.3

423.67

Other write offs

Adjusted PBT
Tax charges
Adjusted PAT
Non recurring items
Other non cash adjustments
Reported net profit
Earnigs before appropriation

1,134.20

1,341.64

1,317.16

1,208.75

905.98

Equity dividend

132.51

222.9

222.9

199.55

Preference dividend

Dividend tax

27.13

43.16

43.16

33.14

1,134.20

1,182.00

1,051.09

942.68

673.28

Retained earnings

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