Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
(Rs crore)
Mar ' 14
Mar ' 13
Mar ' 12
Mar ' 11
Mar ' 10
2,385.94
2,150.04
3,491.32
2,916.08
2,307.08
Manufacturing
expenses
677.41
341.75
956.55
848.68
889.25
Personnel
expenses
108.48
118.55
127.12
89.9
90.5
Selling
expenses
53.71
56.92
366.55
300.24
297.68
143.99
225.45
Cost of sales
1,152.44
760.53
1,381.34
1,136.27
1,262.13
Operating
profit
1,233.50
1,389.50
2,109.98
1,779.81
1,044.95
Other
recurring
income
1,439.94
1,154.80
1,091.34
1,130.06
896.76
Adjusted
PBDIT
2,673.44
2,544.31
3,201.33
2,909.87
1,941.72
Financial
expenses
1,666.81
1,709.89
1,553.78
1,286.70
847.24
77.98
141.89
139.84
129.77
126.05
50.4
41.47
928.65
692.53
1,507.71
1,443.00
926.96
0.06
188.2
465.47
309.05
175.71
Adjusted PAT
928.59
504.33
1,042.24
1,133.95
751.24
Non recurring
items
-390.16
105.45
11.8
Income
Operating
income
Expenses
Material
consumed
Adminstrative
expenses
Expenses
capitalised
Depreciation
Other write
offs
Adjusted PBT
Tax charges
Other non
cash
adjustments
-11.59
-2.76
-0.45
30.16
2.01
Reported net
profit
526.84
501.56
1,041.79
1,269.56
765.06
Earnigs
before
appropriation
3,395.61
3,335.40
3,862.81
4,033.49
3,441.30
356.29
295.45
284.57
339.51
339.48
Preference
dividend
Dividend tax
60.49
55.1
11.38
3,039.32
2,979.46
3,523.13
3,693.97
3,090.44
Equity
dividend
Retained
earnings
Balance sheet
(Rs crore)
Mar ' 14
Mar ' 13
Mar ' 12
Mar ' 11
Mar ' 10
Sources of funds
Owner's fund
Equity share
capital
356.29
339.74
339.68
339.51
339.48
Share application
money
0.02
Preference share
capital
16,287.23
14,274.46
14,156.88
13,470.98
12,490.53
9,622.51
10,785.98
11,844.67
14,700.70
11,590.19
40.61
315.05
130.45
358.85
1,047.67
26,306.66
25,715.23
26,471.68
28,870.03
25,467.86
1,778.65
2,667.55
2,481.27
2,143.37
2,002.85
174.57
640.48
511.97
400.27
273.84
Net block
1,604.07
2,027.07
1,969.31
1,743.10
1,729.02
Capital work-inprogress
1,805.42
2,542.55
2,196.95
2,199.25
1,718.51
Investments
7,460.71
6,876.55
7,046.65
7,037.24
6,558.88
26,705.13
25,510.33
24,855.10
24,251.81
18,944.48
Reserves &
surplus
Loan funds
Secured loans
Unsecured loans
Total
Uses of funds
Fixed assets
Gross block
Less : revaluation
reserve
Less :
accumulated
depreciation
Current assets,
loans & advances
Less : current
liabilities &
provisions
11,268.68
11,241.27
9,596.33
6,361.36
3,483.03
15,436.45
14,269.06
15,258.77
17,890.45
15,461.45
26,306.66
25,715.23
26,471.68
28,870.03
25,467.86
7,460.71
6,691.13
7,046.65
7,037.24
6,558.88
Contingent
liabilities
11,337.81
10,887.85
12,730.36
10,141.63
7,423.38
Number of equity
sharesoutstanding
(Lacs)
17814.51
16987.19
16983.86
16975.72
16973.91
Miscellaneous
expenses not
written
Total
Notes:
Book value of
unquoted
investments
Market value of
quoted
investments
Mar ' 13
Mar ' 12
Mar ' 11
Mar ' 10
538.49
692.53
1,507.71
1,555.21
943.09
1,616.89
-74
419.15
1,515.13
395.24
883.1
2,756.93
1,158.71
1,949.99
2,420.00
2,355.03
2,723.40
1,354.43
419
1,434.95
144.96
-40.48
223.44
-15.86
-589.8
314.84
355.32
131.84
169.6
759.4
459.8
314.84
355.28
153.74
169.6
DCF method
DLF
(Rs. In Cr.)
cash from
operations
cash from
investments
Free cash flow
discount rate
(1.174)t
PV of FCF
total PV to 2013-14
CV
PV of CV
Mar '14
Mar '13
Mar '12
Mar '1
1616.89
-74.00
419.15
1515.1
883.10
2756.93
1158.71
-1949.9
733.79
-2830.93
-739.56
3465.1
1.90
1.62
1.38
1.1
386.28
-1749.54
-536.58
2951.5
4731.82
Enterprise Value
Book Value of net
debt
value of equity
Shares outstanding
value per share
4731.82
Mar ' 14
Mar ' 13
Mar ' 12
Mar ' 11
Mar ' 10
EBIT
Tax Rate
(1-tax)
EBIT*(1-tax)
Add: Depreciation
Less: Capex
Working Capital
Less: Change in WC
FCF
discount rate
(1.174)t
PV of FCF
CV
PV Of CV
Enterprise value
Book Value of net
debt
value of equity
Shares outstanding
value per share
Growth
0.10972
2,385.94
0.30
0.70
1,670.16
77.98
1,748.14
9,493.00
-7,744.86
15,436.45
1,167.39
-8,912.25
2,150.04
0.30
0.70
1,505.03
141.89
1,646.92
13,193.00
-11,546.08
14,269.06
-989.71
-10,556.37
3,491.32
0.30
0.70
2,443.92
139.84
2,583.76
5,758.00
-3,174.24
15,258.77
-2,631.68
-542.56
2,916.08
0.30
0.70
2,041.26
129.77
2,171.03
134,109.90
-131,938.87
17,890.45
2,429.00
-134,367.87
1.90
-4,691.54
-153,856.93
1.62
-6,523.95
1.38
-393.65
1.17
-114,453.04
2,307.08
0.30
0.70
1,614.96
126.05
1,741.01
1,741.01
15,461.45
1,741.01
-80,992.48
-207,054.65
144.30
-207,198.95
1,697,390,890.00
-1,220.69
DDM Method
(Rs. In
Cr.)
DLF
Dividend per share
discount rate
(1.174)t
Dividend growth
rate
PV
Total PV
CV
PV of CV
Vo
Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
1.90
1.62
1.38
1.17
0.00
1.05
0.00
1.24
0.00
1.45
0.00
1.70
5.44
11.49
6.05
11.49
AEG Method
EPS
DPS
Actual Earning
Normal Earnings (NE)
Cum dividend earnings
(CDE)
AEG
discount rate (1.174)t
PV of AEG
Total PV of AEG
CV
PV of CV
Total Earnings to
Capitalise
ke
0.174
Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
2.96
2.95
6.13
7.48
4.51
2.00
2.00
2.00
2.00
2.00
4.96
4.95
8.13
9.48
6.51
5.81
9.54
11.13
7.64
5.31
-0.50
1.90
-0.26
5.30
-4.25
1.62
-2.62
8.48
-2.65
1.38
-1.92
9.83
2.19
1.17
1.86
-2.95
-2.93
-1.54
-4.49
Mar' 11
EPS
4.51
7.48
DPS
2.00
2.00
BPS
75.59
81.07
G in EPS (note 1)
0.66
Growth in BV
0.07
0.05
RE
-5.67
G in RE
0.41
CV of RE
PV of CV
-28.29
ROCE
0.10
0.08
0.03
PV factor
@17.40%
0.85
0.73
0.62
PV of RE
-4.83
-5.79
-7.34
Total of PV of RE
-24.29
Value of Equity
23.01
Note 1 :We took Growth of EPS to forcast EPS for future year
Note 2 : Growth of book value is used for calculating continuing value of RE
Average G in EPS -0.01357
Average G in BV
0.03
0.03
0.03
0.03
0.53
-6.33
0.45
-5.49
0.38
-4.75
0.33
-4.11
0.025108
INTERPRETATION:
Few assumptions were taken into consideration for calculating the value of enterprise for DLF Ltd.
The cost of equity was derived using CAPM model which states Rf + Beta( Rm - Rf). Risk free rate of return was
considered using return on government bonds in India i.e. 8.52% Beta factor of real estate industry is given to be
1.37 and current market return by an investor was analyzed or expected to be 15% as a study declared by PWC
group. Thus , Ke value is 17.4%
ke=Rf + Beta (Rm-Rf)
Rf=
8.52%
beta of sector
1.37
Rm=
15%
ke=
17.40%
ke
0.174
DLF INFRASTRUCTURE
Price multiple method
Value
of
equity
(in lakhs)
year
2010
2011
2012
2013
2014
EPS
4.50
7.46
6.12
2.95
2.96
Net sales
32204300000.00
41587500000.00
45826658000.00
33048089000.00
38258788000.00
no. of shares
outsatanding
1697390890.00
1697571794.00
1698385719.00
1698719007.00
1698719007.00
Average=
mps
4.51
7.48
6.13
3.04
3.10
4.85
P/E
ratio
1.00
1.00
1.00
1.03
1.05
1.02
P/BV
ratio
2.25
3.74
3.07
1.52
1.55
2.43
sales
earnings
BV
DLF
38258788000.00
5268417000.00
3397438014.00
Book
Mar cap
shareholderfund value
7650588000.00 3394781780.00 2.00
12695793000.00 3395143588.00 2.00
10417930000.00 3396771438.00 2.00
5166714000.00 3397438014.00 2.00
38258788000.00 3397438014.00 2.00
P/S
ratio
0.24
0.31
0.23
0.16
1.00
0.39
multiples
0.39
1.02
2.43
Average
Valuation
No.
of
shareholder
value of equity
DLF valuation
14920927320.00
5373785340.00
8255774374.02
9516829011.34
1698719007.00
5.60235623
net income
7650588000.00
12695793000.00
10417930000.00
5166714000.00
5268417000.00
DLF
Cash Flow
Previous
Years
------------------in Rs. Cr. -----------------Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
12 mths
12 mths
12 mths
12 mths
12 mths
538.49
692.53
1507.71
1555.21
943.09
1616.89
-74
419.15
1515.13
395.24
883.1
2756.93
1158.71
-1949.99
-2420
-2355.03
-2723.4
-1354.43
419
1434.95
Net (decrease)/increase In
Cash and Cash Equivalents
144.96
-40.48
223.44
-15.86
-589.8
314.84
355.32
131.84
169.6
759.4
459.8
314.84
355.28
153.74
169.6
Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
12 mths
12 mths
12 mths
12 mths
12 mths
2,155.49
2,138.94
2,138.88
2,149.78
6,259.34
Sources Of Funds
Total Share Capital
356.29
339.74
339.68
339.51
339.48
0.02
1,799.20
1,799.20
1,799.20
1,810.26
5,919.86
27,038.58
25,388.75
25,097.04
24,182.32
24,154.39
18.99
Networth
29,194.09
27,527.69
27,235.92
26,332.10
30,432.72
Secured Loans
15,639.46
17,836.29
19,036.42
19,938.08
19,301.59
Reserves
Revaluation Reserves
Unsecured Loans
Total Debt
Minority Interest
Policy Holders Funds
Group Share in Joint Venture
Total Liabilities
943.85
1,240.96
1,186.49
1,714.08
2,375.06
16,583.31
19,077.25
20,222.91
21,652.16
21,676.65
202.29
402.02
420.66
575.2
627.78
45,979.69
47,006.96
47,879.49
48,559.46
52,737.15
Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
12 mths
12 mths
12 mths
12 mths
12 mths
21,738.95
22,977.02
22,889.61
21,191.18
19,152.45
2,904.32
3,128.43
2,550.78
1,935.02
1,326.46
18,834.63
19,848.59
20,338.83
19,256.16
17,825.99
5,978.69
7,834.32
8,992.81
10,234.44
11,128.82
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
891.23
1,333.71
1,126.76
995.77
5,505.20
18,488.62
17,645.53
16,175.57
15,038.76
12,480.59
Sundry Debtors
1,561.23
1,653.25
1,765.91
1,565.97
1,618.96
2,442.03
1,844.14
1,506.23
1,321.78
670.72
22,491.88
21,142.92
19,447.71
17,926.51
14,770.27
16,305.92
14,467.24
13,483.32
12,404.85
12,531.61
257.51
38,797.80
35,610.16
32,931.03
30,331.36
27,559.39
Inventories
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
17,940.86
16,887.09
14,706.79
11,563.29
5,142.10
581.79
732.71
803.17
694.95
4,140.16
18,522.65
17,619.80
15,509.96
12,258.24
9,282.26
Current Liabilities
Provisions
20,275.15
17,990.36
17,421.07
18,073.12
18,277.13
Minority Interest
Miscellaneous Expenses
Total Assets
45,979.70
47,006.98
47,879.47
48,559.49
52,737.14
Contingent Liabilities
12,379.20
10,326.26
11,432.17
3,070.08
7,027.16
153.78
151.46
149.77
144.45
144.3
Instrument
Authorized
Capital
Issued
Capital
(Rs. cr)
(Rs. cr)
Shares
(nos)
Face
Value
Capital
To
-PAIDUP-
2012
2013
Equity
Share
499.5
341.28
1.7E+09
339.74
2011
2012
Equity
Share
499.5
341.25
1.7E+09
339.68
2010
2011
Equity
Share
499.5
341.01
1.7E+09
339.51
2009
2010
Equity
Share
499.5
341.01
1.7E+09
339.48
2008
2009
Equity
Share
499.5
340.97
1.7E+09
340.97
2007
2008
Equity
Share
499.5
340.97
1.7E+09
340.97
2006
2007
Equity
Share
499.5
305.88
1.53E+09
305.88
2005
2006
Equity
Share
39.5
37.88
37767997
10
37.77
2004
2005
Equity
Share
4.5
3.62
3508007
10
3.51
2003
2004
Equity
Share
4.5
3.62
3508007
10
3.51
2002
2003
Equity
Share
4.5
3.62
3508007
10
3.51
2001
2002
Equity
Share
4.5
3.62
3508007
10
3.51
1999
2001
Equity
Share
4.5
3.62
3508007
10
3.51
1997
1999
Equity
Share
4.5
3.62
3508007
10
3.51
2.96
2.95
6.13
7.48
4.51