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3/31/2014

3/31/2013

3/31/2012

3/31/2011

Revenue

$2,328,336.60

$1,887,926.90

$1,640,512.50

$1,209,902.60

Revenue Growth (CAGR: 20.818% )

23.33%

15.08%

35.59%

33.77%

EBITDA

$225,326.30

$210,196.50

$175,582.60

$129,981.70

EBITDA Growth (CAGR: 20.419% )

7.20%

19.71%

35.08%

46.06%

Depreciation

$73,723.20

$54,435.10

$43,445.70

$36,636.60

EBIT

$188,689.70

$136,473.30

$121,147.50

$86,536.00

EBIT Growth (CAGR: 29.23% )

38.26%

12.65%

40.00%

65.29%

Taxes

$150,661.00

($3,436.90)

$22,221.40

($29,123.10)

Income Available to Common Incl. Extra Items

$139,910.20

$98,926.10

$115,659.10

$73,401.80

Income Growth (CAGR: 29.762% )

41.43%

-14.47%

57.57%

93.02%

plus: Depreciation

$73,723.20

$54,435.10

$43,445.70

$36,636.60

less: Capital Expenditures

$185,674.20

$138,744.50

$82,098.00

$81,727.30

Current Assets

$958,453.30

$741,535.50

$653,230.20

$437,821.10

Cash

$297,117.90

$211,148.20

$0.00

$0.00

Current Liabilities

$923,561.30

$865,456.60

$724,602.60

$548,823.00

non-cash Working Capital

($262,225.90)

($335,069.30)

($71,372.40)

($111,001.90)

less: Change in non-cash Working Capital

$72,843.40

($263,696.90)

$39,629.50

$74,437.50

Long Term Debt

$25,968.60

$32,840.60

$287,148.10

$201,471.30

plus: Change in Long Term Debt

($6,872.00)

($254,307.50)

$85,676.80

$2,573.90

Free Cash Flow To Equity (FCFE)

($51,756.20)

$24,006.10

$123,054.10

($43,552.50)

FCFE Exponential Moving Average

$6,754.92

$45,762.33

$67,518.57

($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 Equ

 

3/31/2015

3/30/2016

3/30/2017

Free Cash Flow To Equity (FCFE)

$4,947.00

$11,374.06

$14,759.20

Stub Rate

0.5644

1.5644

2.5644

Discount Factor

0.8849

0.7125

0.5737

Present Value for Terminal

Present Value

$4,377.56

$8,104.07

$8,467.36

Value of Equity

Tata Motors Ltd's Past Free Cash Flow To Equity

 

3/31/2014

3/31/2013

3/31/2012

Revenue

$2,328,336.60

$1,887,926.90

$1,640,512.50

Revenue Growth (CAGR: 20.818% )

23.33%

15.08%

35.59%

EBITDA

$225,326.30

$210,196.50

$175,582.60

EBITDA Growth (CAGR: 20.419% )

7.20%

19.71%

35.08%

Depreciation

$73,723.20

$54,435.10

$43,445.70

EBIT

$188,689.70

$136,473.30

$121,147.50

EBIT Growth (CAGR: 29.23% )

38.26%

12.65%

40.00%

Taxes

$150,661.00

($3,436.90)

$22,221.40

Income Available to Common Incl. Extra Items

$139,910.20

$98,926.10

$115,659.10

Income Growth (CAGR: 29.762% )

41.43%

-14.47%

57.57%

plus: Depreciation

$73,723.20

$54,435.10

$43,445.70

less: Capital Expenditures

$185,674.20

$138,744.50

$82,098.00

Current Assets

$958,453.30

$741,535.50

$653,230.20

Cash

$297,117.90

$211,148.20

$0.00

Current Liabilities

$923,561.30

$865,456.60

$724,602.60

non-cash Working Capital

($262,225.90)

($335,069.30)

($71,372.40)

less: Change in non-cash Working Capital

$72,843.40

($263,696.90)

$39,629.50

Long Term Debt

$25,968.60

$32,840.60

$287,148.10

plus: Change in Long Term Debt

($6,872.00)

($254,307.50)

$85,676.80

Free Cash Flow To Equity (FCFE)

($51,756.20)

$24,006.10

$123,054.10

FCFE Exponential Moving Average

$6,754.92

$45,762.33

$67,518.57

Methodology for Discounting All Future Cash Flow to the Pre

Stub RateThe first year FCFE calculation is slightly different because we introduced a new mechanism c today’s date to the end of the fiscal year as the percentage of 365 days. In this new methodology, we ha multiplying annual FCFE to the stub rate because we can only include “future” cash flow in our calculati

the end of the fiscal year, but the new approach allow users to discount all future cash flow to the day yo

rate and cost of capital available, we can calculate a discount factor by using the equation 1/(1+R e ) Stub Ra rather than fiscal year end.Beta CalculationAt Nvest, we believe in building something that people can t using Yahoo beta and calculate the beta ourselves. Here are the steps we took to arrive to beta: Beta i is year of daily return (252 entries) for stocks in the exchange and ran it against the market return.Termina use to account for the risk of the stock in the very long run. According to the research academic rese approaches market risks. Thus, the adjustments for long-term beta is to use beta x 2/3 + 1/3. With term equity based recent market risk premium because we believe the current period is a good reflection of t readily available, cost of equity can be calculated through Beata x (Market return - Risk free rate) + Ris looking at the percentage of change of market index from a year ago. Risk free rate is US 10-year trea present value of all perpetual cash flows discounted to the one year prior to the starting day of the cas data to calculate terminal value; using the equation FCFE t /(R e – Growth), we arrive at the present value discount factor for 2018 to discount everything to the pres

ity

3/30/2018

3/30/2019

Terminal

$19,151.84

$24,851.81

$24,851.81

3.5644

4.5644

4.5644

0.4619

0.3719

0.3719

 

$146,534.32

$8,846.94

$9,243.54

$54,502.88

 

$93,542.35M

3/31/2011

3/31/2010

3/31/2014

3/31/2013

3/31/2012

$1,209,902.60

$904,465.90

$2,328,336.60

$1,887,926.90

$1,640,512.50

33.77%

23.33%

15.08%

35.59%

$129,981.70

$88,989.30

$225,326.30

$210,196.50

$175,582.60

46.06%

7.20%

19.71%

35.08%

$36,636.60

$73,723.20

$54,435.10

$43,445.70

$86,536.00

$52,352.70

$188,689.70

$136,473.30

$121,147.50

65.29%

38.26%

12.65%

40.00%

($29,123.10)

($21,049.10)

$150,661.00

($3,436.90)

$22,221.40

$73,401.80

$38,028.70

$139,910.20

$98,926.10

$115,659.10

93.02%

41.43%

-14.47%

57.57%

$36,636.60

$73,723.20

$54,435.10

$43,445.70

$81,727.30

$185,674.20

$138,744.50

$82,098.00

$437,821.10

$368,994.50

$958,453.30

$741,535.50

$653,230.20

$0.00

$0.00

$297,117.90

$211,148.20

$0.00

$548,823.00

$554,433.90

$923,561.30

$865,456.60

$724,602.60

($111,001.90)

($185,439.40)

($262,225.90)

($335,069.30)

($71,372.40)

$74,437.50

$72,843.40

($263,696.90)

$39,629.50

$201,471.30

$198,897.40

$25,968.60

$32,840.60

$287,148.10

$2,573.90

($6,872.00)

($254,307.50)

$85,676.80

($43,552.50)

($51,756.20)

$24,006.10

$123,054.10

($43,552.50)

$6,754.92

$45,762.33

$67,518.57

sent

alled the stub rate, which is the period between ve to account for partial FCFE in the first year by on. Traditional models discount all cash flows to u are using Nvest FCFE.Discount FactorWith stub

te , so the cash flow is discounted to the present rust. Because of this, we restrain ourselves from defined as Covariance i,m /Variance m . We took a l Beta and R e Terminal beta is a methodology we arches, the risks of all stocks in the long run inal beta, we then arrive to the terminal cost of he long run market.Cost of EquityWith the beta k free rate. The market return is calculated by sury yield.Terminal ValueTerminal value is the h flow. For example, most stocks we used 2019

of all perpetual cash flow for 2018. Then we use

ent.

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)

(Rs crore)

TATA MOTORS LTD Profit loss a

 

Mar ' 19

Mar ' 18

Mar ' 17

Mar ' 16

Mar ' 15

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

 

ccount

Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10
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

4,032.83

-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

-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

Income

 

Operating income

72977.03

65863.75

59443.82

53649.65

48420.26

 

Income growth

0.11

0.11

0.11

0.11

0.11

 

Industry growth

10.8% (http://markets.ft.com/research/Marke

Expenses

 

Material consumed

Manufacturing expenses

Personnel expenses

Selling expenses

Adminstrative expenses

Expenses capitalised

Cost of sales

64467.23

58183.42

52512.11

47393.60

42774.01

COGS growth

 

10.8

% (Assumed)

Operating profit

8509.81

7680.33

6931.71

6256.05

5646.26

Operating profit growth

 

Other recurring income

1374.19

1240.24

1119.35

1010.24

911.77

 

10.8

% (Assumed)

Adjusted PBDIT

9883.99

8920.57

8051.06

7266.30

6558.03

Adjusted PBDIT growth

 

Financial expenses

293.74

265.11

239.27

215.95

194.90

 

10.8

% (Assumed)

Depreciation

3673.43

3279.84

2928.43

2614.67

2334.53

Depreciation growth

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

Adjusted PAT growth

 

Non recurring items

 

Other non cash adjustments

 

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

Dividend growth

12% (Assumed)

 

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

NWC ratio

42% of sales (Assumed)

Change in NWC

2987.58

2696.37

2433.55

2196.34

18511.31

Future Cash Flow DFCF

4827.62

4346.41

3913.23

3523.30 -13356.76

Discount Rate ®

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

0.09

Profit loss account

Mar ' 14

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

 
 

43700.60

43587.90

35587.10

36618.40

29317.70

 

0.00

0.22

-0.03

0.25

ts/Tearsheets/Forecasts?s=MARUTI:NSI)

 

Assumption:

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

3737.90

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

0.24

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

0.12

0.01

0.01

0.01

-

-

-

-

-

61.60

41.10

35.10

35.10

28.80

0.16

17724.80

15543.50

13241.20

12086.70

10299.70

0.14

0.17

0.10

0.17

1825.20

1862.50

1825.20 1862.50 0.04 0.04

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

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

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

Treasury stock - common

       

Unrealized gain (loss)

       
         

Other equity, total

       

Total equity

35274.62

  • 31201.02 27498.96

 

24134.96

Total liabilities & shareholders' equity

35274.62

  • 31201.02 27498.96

 

24134.96

Total common shares outstanding

       
Treasury shares - common primary issue
Treasury shares - common primary issue
   

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

0

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

0

 

448

485

272

 

9,915

8,489

7,425

  • 0.17 0.14

 

151.00

151

151

145

424.60

425

425

425

  • 20502.91 20,921

 

18,492

15,150

 

--

 

--

 

--

 

--

       
 

0

-40.2

-44.1

  • 21078.51 21,496

 

19,028

15,675

  • 0.13 0.21

  • 21078.51 31,411

 

27,517

23,099

 

30.2

30.2

28.9

 

0

0

__

Mahindra and Mahindra

(Rs crore)

Profit loss account

 
 

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

Expenses

Material consumed

29,614.77

30,587.96

23,661.61

16,402.65

12,437.87

Manufacturing expenses

221.35

206.39

175.78

143.93

217.89

Personnel expenses

2,163.72

1,866.45

1,701.78

1,431.52

1,199.85

Selling expenses

-

-

-

-

802.02

Adminstrative expenses

3,787.45

3,071.06

2,543.63

2,027.83

901.45

Expenses capitalised

-

-

-

-

-59.55

Cost of sales

35,787.29

35,731.86

28,082.80

20,005.93

15,499.53

Operating profit

4,721.21

4,709.30

3,770.72

3,454.33

3,016.80

Other recurring income

717.99

549.17

465.79

434.15

317.99

Adjusted PBDIT

5,439.20

5,258.47

4,236.51

3,888.48

3,334.79

<a href= " id="pdf-obj-17-232" src="pdf-obj-17-232.jpg">

FINANCIAL expenses

259.22

191.19

162.75

72.49

156.85

Depreciation

863.34

710.81

576.14

413.86

370.78

Other write offs

-

-

-

-

-

Adjusted PBT

4,316.64

4,356.47

3,497.62

3,402.13

2,807.16

Tax charges

611.08

1,094.27

727

857.51

759

Adjusted PAT

3,705.56

3,262.20

2,770.62

2,544.62

2,048.16

Non recurring items

52.79

90.62

108.27

117.48

-32.9

Other non cash adjustments

-

-

-

-

72.49

Reported net profit

3,758.35

3,352.82

2,878.89

2,662.10

2,087.75

Earnigs before appropriation

13,710.27

11,257.36

9,087.43

7,250.47

5,453.07

Equity dividend

758.21

798.17

767.48

706.08

549.52

Preference dividend

-

-

-

-

-

Dividend tax

104.04

92.98

101.13

96.56

74.23

Retained earnings

12,848.02

10,366.21

8,218.82

6,447.83

4,829.32

Ashok Leyland

(Rs crore)

Profit loss account

 
 

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

Expenses

Material consumed

7,652.84

9,197.12

9,527.17

8,230.64

5,282.39

Manufacturing expenses

61.04

86

176.42

151.22

89.98

Personnel expenses

999.67

1,075.51

1,039.07

974.6

671.61

Selling expenses

-

-

872.64

761.38

571.69

Adminstrative expenses

1,063.31

1,246.10

463.02

95.81

74.36

Expenses capitalised

-

-

-25.09

-24.06

-15.25

Cost of sales

9,776.86

11,604.73

12,053.23

10,189.60

6,674.79

Operating profit

166.56

876.47

1,256.36

1,217.56

761.4

Other recurring income

66.52

62.35

36.87

38.7

36.39

Adjusted PBDIT

233.08

938.82

1,293.23

1,256.25

797.79

<a href= " id="pdf-obj-18-232" src="pdf-obj-18-232.jpg">

FINANCIAL expenses

452.92

376.89

255.25

188.92

101.85

Depreciation

377.04

380.78

352.81

267.43

204.11

Other write offs

-

-

-

-

-

Adjusted PBT

-596.88

181.15

685.16

799.9

491.83

Tax charges

-120.6

37

124

170.5

121.1

Adjusted PAT

-476.28

144.15

561.16

629.4

370.73

Non recurring items

505.66

289.56

4.81

1.9

52.95

Other non cash adjustments

-

-

-

-

-

Reported net profit

29.38

433.71

565.98

631.3

423.67

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

Retained earnings

1,134.20

1,182.00

1,051.09

942.68

673.28

Ashok Leyland (Rs crore) Profit loss account Mar ' 14 Mar ' 13 Mar ' 12 452.92 376.89 255.25 188.92 101.85 Depreciation 377.04 380.78 352.81 267.43 204.11 Other write offs - - - - - Adjusted PBT -596.88 181.15 685.16 799.9 491.83 Tax charges -120.6 37 124 170.5 121.1 Adjusted PAT -476.28 144.15 561.16 629.4 370.73 Non recurring items 505.66 289.56 4.81 1.9 52.95 Other non cash adjustments - - - - - Reported net profit 29.38 433.71 565.98 631.3 423.67 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 Retained earnings 1,134.20 1,182.00 1,051.09 942.68 673.28 Mutual Fund Selector Find the FUND that is right for you " id="pdf-obj-18-489" src="pdf-obj-18-489.jpg">