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Date
Jul-07
Target
Nikho
Jul-07
Dishman Pharma
May-07
May-07
Apr-07
Taro pahramceuticals
Negma Labs
Hollister-Steir
Sun Pharma
Wockhardt Ltd.
Jubiliant Organosys
Country
Brazil
Israel
France
USA
Acquirers name
Cadilla Healthcare
Value ($ mn.)
Sales ($ mn.)
26
26
16.5
22.6
454
265
112.5
298
150
55
FY 2005
12,310.4
5,673.7
1,256.8
1,076.2
1,436.7
1,163.6
832.0
822.9
FY 2005
5,005.0
4,406.4
934.4
10,345.8
7,846.6
6,287.5
93.7
6,738.7
2,774.1
10,345.8
* It had 80.345 million equity shares outstanding as of March 2007 and its average market capitalization d
March 2007 was Rs. 47.05 billion. Lupin was listed in the leading national stock exchanges in Ind
Source: Data provided by Lupin Ltd.
ees millions)
FY 2006
17,335.5
5,673.7
1,256.8
1,629.5
2,968.7
2,665.7
2,264.8
1,790.0
FY 2007
22,155.2
5,673.7
1,256.8
1,916.9
4,761.3
4,390.4
3,926.7
2,979.8
FY 2006
6,439.5
9,123.5
956.1
16,519.1
FY 2007
8,884.1
8,645.5
1,027.2
18,556.8
8,602.7
6,676.1
95.0
13,141.7
3,391.2
16,521.6
10,342.6
7,963.6
58.6
14,755.3
4,220.7
18,556.8
UK
US
Germany
France
Japan
Sales (value)
Sales (volume)
24.00%
60.90%
12.80%
68.60%
21.80%
63.70%
15.90%
39.80%
6.20%
17.20%
Source: Provided by the company and credited to the Japan Generic Medicines Association Website
Data concerning the US, UK Germany and France are of 2008. Japan data are of 2007
2001
2002
2003
2004
2005
2006
2007
Sales (value)
Sales (volume)
4.70%
10.80%
4.80%
12.20%
5.20%
16.40%
5.20%
16.80%
5.10%
17.10%
5.70%
16.90%
6.20%
17.20%
Source: Provided by the company and credited to the Japan Generic Medicines Association Website
80.00%
70.00%
60.00%
50.00%
Sales (valu
Sales
(volume)
40.00%
30.00%
20.00%
10.00%
0.00%
UK
US
Germany
France
Japan
20.00%
18.00%
16.00%
14.00%
12.00%
Sales
(value
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2001
2002
2003
2004
2005
2006
2007
Sales (value)
Sales
(volume)
apan
Sales
(value)
2007
7,468
7,835
7,125
4,600
3,500
4,211
2,628
3,384
3,890
3,340
3,200
2,590
3,204
158,819
350,351
95560
2.1%
2.2%
2.0%
1.3%
1.0%
1.2%
0.8%
1.0%
1.1%
1.0%
0.9%
0.7%
0.9%
45.3%
100%
27.3%
8,679
9,013
7,433
5,700
4,145
4,729
4,567
4,003
4,250
3,840
3,800
3,167
3,287
160,872
387,209
117661
(1) Sales form OEM, OTC are excluded, (2) Teva announced acquisition of Taisho Pharm Ind on December 24,2009
Source: MHLW "2005 IYAKUHIN SANGYOU ZITTAI CHOUSA", Total Planning Center "2008 Generics IYAKUHIN NO SI
10,042
9,680
7,673
7,500
4,500
4,754
4,400
4,320
4,380
4,070
4,000
3,738
3,430
157,787
403,902
128378
2.5%
2.4%
1.9%
1.9%
1.1%
1.2%
1.1%
1.1%
1.1%
1.0%
1.0%
0.9%
0.8%
39.1%
100%
31.8%
11,462
11,422
9,102
9,000
5,100
4,973
4,711
4,697
4,690
4,316
4,300
4,120
3,570
166,149
448,897
153843
2.6%
2.5%
2.0%
2.0%
1.1%
1.1%
1.0%
1.0%
1.0%
1.0%
1.0%
0.9%
0.8%
37.0%
100%
34.3%
Supplier
Koa Shoji
Uji Pharma.
Nihon Bulk Pharma.
Daito
Miat
MG Pharama.
Kaken Pharma.
Valent pharma.
Sumitomo Chemical
Karinco s.p.a
Total
Manufacturer
Kyorin Rimedo
Daito
Tatsumi kagaku
4
5
6
7
8
9
10
Pharma Pack
Toyo Capsule
Seiko Eiyo Yakuhin
Maruko Pharma.
Taiyo Yakuhin
Meguro Kako
Kanae
Total
Brand Name
Flutcasone nasal solution
Omeperazole
Pravastatin Na
Flunitrezapem
Lunapron
Kashilon
Lansaprazole
Sulpride
Calfina
Mestinon
Simvastatin
Akriden
Amel
Majoprin
Carbamazepine
Neuomil
Eparose
Nifeslow
Tamsulosin
Milmag
Total
Category
API/Finished products
Finished products
API/Pharmaceutical vehicle
API/Interim product
API
Finished products
API
API/Preparation
API
API
Major product
Tanus aqua spray, Fluticason nasal solution
Sulpiride tablet , Loxipain tablet
Flunitrazepam tablet, Lupnapron fine granule
Amount (JPY
mn.)
526.4
466.9
430.0
313.3
201.3
120.3
83.2
80.5
76.4
76.2
2,374.6
Amount (JPY
mn.)
386.5
113.3
70.1
Rhinojet
Eparose
Lucus tablet, Alfospan tablet
Droxipoda capsule
Nitopress tablet
Toccata tablet, Majoprin tablet
Aspizone
37.5
25.9
10.3
6.2
5.9
5.7
1.8
663.3
735
314
268
102
1,343
2,762
251
9
25
285
168
92
260
1,010
1,374
1,694
-34
2,027
65
6,136
895
375
214
34
21
0
1,539
3,825
10
7,142
FY2003
98
25
1,873
55
224
2,177
4,005
497
1,110
27
5,639
7,914
3
9
10
11
13
14
15
16
17
18
19
20
21
22
23
24
Sales
Cost of goods sold
Gross profit
SG&A:
Sales Cost
R&D Expense
Administrative Expenses
Operating Profit
Non-operating revenue
Interest and dividend received
Non-operating expense
Interest paid*
Ordinary income
Extraordinary loss
Net income before tax
Income tax**
Net income after tax
Dep
WC change
investment
FY2003
6,768
4,391
2,378
2,031
346
80
1
138
77
288
70
218
58
161
NPV
WACC
* Included in non-operating expense
** Kyowa faced 42% tax rate
Source: Provided by Lupin Ltd.
7%
FY2004
FY2005
FY2006
FY2007
FY2008
FY2009
386
424
391
543
362
459
760
298
485
122
1,343
3,008
718
280
559
91
1,343
2,991
678
302
555
95
1,343
2,973
3,011
3,163
3,260
216
8
28
252
147
6
23
176
80
5
46
131
131
131
131
168
91
259
168
107
275
168
115
283
283
283
283
1,215
1,362
2,101
-36
1,535
50
6,227
1,206
1,356
2,710
-41
1,757
23
7,011
747
1,578
2,549
-41
2,146
20
6,999
901
307
143
11
18
59
1,439
3,790
56
7,365
910
244
221
76
20
3
1,474
4,669
42
8,153
949
316
127
110
25
32
1,559
5,008
28
8,423
4,497
28
7,950
5,173
28
8,778
5,834
28
9,536
FY2004
FY2005
FY2006
98
98
98
98
98
98
25
1,963
55
98
2,141
25
1,983
55
155
2,218
25
2,023
55
197
2,300
-880
2,023
55
197
1,395
-52
2,023
55
197
2,223
706
2,023
55
197
2,981
4,646
4,660
4,530
4,530
4,530
4,530
501
966
11
6,124
8,363
499
1,538
8
6,705
9,021
509
1,414
4
6,457
8,855
FY2004
6,783
4,435
2,349
2,224
950
896
378
125
70
1
92
85
103
60
42
9
34
FY2005
7,241
4,466
2,775
2,370
1,043
831
495
405
42
1
129
90
318
152
166
69
97
FY2006
7595
4,887
2,708
2,299
927
815
557
409
55
2
130
120
334
90
244
110
134
Firm value
Debt
Equity
Synergy
E+S
509
1,414
4
6,457
8,778
509
1,414
4
6,457
9,536
1
FY2007
8,086
5,078
3,008
2,417
986
868
563
591
2
FY2008
9,301
5,813
3,488
2,701
1,135
998
568
787
3
FY2009
10,490
6,504
3,986
2,979
1,280
1,126
574
1,007
591
787
20
767
322
445
391
676
543
-383
-334
1,007
20
987
415
572
362
662
459
-186
-152
591
248
343
386
-511
424
816
762
10,018
JPY
509
1,414
4
6,457
7,950
USD
10,933
5,944
4,989
11,147.39
16,135.94
99.39
54.04
45.35
101.34
146.69
FY2010
FY2011
FY2012
FY2013
FY2014
FY2015
3,260
3,260
3,260
3,260
3,260
3,260
131
131
131
131
131
131
283
283
283
283
283
283
6,301
28
10,003
7,164
28
10,866
7,544
28
11,246
7,897
28
11,599
8,505
28
12,207
9,160
28
12,862
98
98
98
98
98
98
1,173
2,023
55
197
3,448
2,036
2,023
55
197
4,311
2,416
2,023
55
197
4,691
2,769
2,023
55
197
5,044
3,377
2,023
55
197
5,652
4,032
2,023
55
197
6,307
4,530
4,530
4,530
4,530
4,530
4,530
509
1,414
4
6,457
10,003
509
1,414
4
6,457
10,866
509
1,414
4
6,457
11,246
509
1,414
4
6,457
11,599
509
1,414
4
6,457
12,207
509
1,414
4
6,457
12,862
4
FY2010
11,330
7,024
4,305
3,178
1,382
1,216
580
1,128
5
FY2011
12,882
7,987
4,895
3,539
1,572
1,382
585
1,356
6
FY2012
13,565
8,410
5,155
3,702
1,655
1,455
591
1,453
7
FY2013
14,935
9,260
5,675
4,022
1,822
1,602
597
1,653
8
FY2014
16,085
9,972
6,112
4,291
1,962
1,726
603
1,821
9
FY2015
17,323
10,740
6,583
4,581
2,113
1,859
609
2,001
1,128
20
1,108
465
643
0
467
0
176
134
1,356
20
1,336
561
775
0
863
0
-88
-63
1,453
20
1,433
602
831
0
380
0
451
300
1,653
20
1,633
686
947
0
353
0
15,102
9,371
1,821
20
1,801
756
1,044
0
608
0
2,001
20
1,981
832
1,149
0
655
0
g
r
3%
7.06%
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
3,260
3,260
3,260
3,260
3,260
3,260
3,260
131
131
131
131
131
131
131
283
283
283
283
283
283
283
9,865
28
13,567
10,625
28
14,327
11,443
28
15,145
12,324
28
16,026
13,273
28
16,975
13,406
28
17,108
13,540
28
17,242
98
98
98
98
98
98
98
4,737
2,023
55
197
7,012
5,497
2,023
55
197
7,772
6,315
2,023
55
197
8,590
7,196
2,023
55
197
9,471
8,145
2,023
55
197
10,420
8,278
2,023
55
197
10,553
8,412
2,023
55
197
10,687
4,530
4,530
4,530
4,530
4,530
4,530
4,530
509
1,414
4
6,457
13,567
509
1,414
4
6,457
14,327
509
1,414
4
6,457
15,145
509
1,414
4
6,457
16,026
509
1,414
4
6,457
16,975
509
1,414
4
6,457
17,108
509
1,414
4
6,457
17,242
10
FY2016
18,657
11,567
7,090
4,893
2,276
2,002
615
2,196
11
FY2017
20,094
12,458
7,636
5,229
2,451
2,156
621
2,407
12
FY2018
21,641
13,417
8,224
5,590
2,640
2,322
628
2,634
13
FY2019
23,307
14,450
8,857
5,978
2,843
2,501
634
2,878
14
FY2020
25,102
15,563
9,539
6,396
3,062
2,693
640
3,143
15
FY2021
25,353
15,719
9,634
6,460
3,093
2,720
647
3,174
16
FY2022
25,606
15,876
9,730
6,525
3,124
2,748
653
3,206
2,196
20
2,176
914
1,262
0
705
0
2,407
20
2,387
1,002
1,384
0
760
0
2,634
20
2,614
1,098
1,516
0
818
0
2,878
20
2,858
1,201
1,658
0
881
0
3,143
20
3,123
1,311
1,811
0
949
0
3,174
20
3,154
1,325
1,829
0
133
0
3,206
20
3,186
1,338
1,848
0
134
0
FY2023
FY2024
FY2025
FY2026
FY2027
FY2028
FY2029
3,260
3,260
3,260
3,260
3,260
3,260
3,260
131
131
131
131
131
131
131
283
283
283
283
283
283
283
13,675
28
17,377
13,812
28
17,514
13,950
28
17,652
14,090
28
17,792
14,230
28
17,932
14,373
28
18,075
14,517
28
18,219
98
98
98
98
98
98
98
8,547
2,023
55
197
10,822
8,684
2,023
55
197
10,959
8,822
2,023
55
197
11,097
8,962
2,023
55
197
11,237
9,102
2,023
55
197
11,377
9,245
2,023
55
197
11,520
9,389
2,023
55
197
11,664
4,530
4,530
4,530
4,530
4,530
4,530
4,530
509
1,414
4
6,457
17,377
509
1,414
4
6,457
17,514
509
1,414
4
6,457
17,652
509
1,414
4
6,457
17,792
509
1,414
4
6,457
17,932
509
1,414
4
6,457
18,075
509
1,414
4
6,457
18,219
17
FY2023
25,862
16,035
9,828
6,590
3,155
2,775
660
3,238
18
FY2024
26,121
16,195
9,926
6,656
3,187
2,803
666
3,270
19
FY2025
26,382
16,357
10,025
6,722
3,219
2,831
673
3,303
20
FY2026
26,646
16,521
10,126
6,790
3,251
2,859
680
3,336
21
FY2027
26,913
16,686
10,227
6,857
3,283
2,888
686
3,369
22
FY2028
27,182
16,853
10,329
6,926
3,316
2,917
693
3,403
23
FY2029
27,454
17,021
10,432
6,995
3,349
2,946
700
3,437
3,238
20
3,218
1,351
1,866
0
135
0
3,270
20
3,250
1,365
1,885
0
137
0
3,303
20
3,283
1,379
1,904
0
138
0
3,336
20
3,316
1,393
1,923
0
140
0
3,369
20
3,349
1,407
1,943
0
141
0
3,403
20
3,383
1,421
1,962
0
142
0
3,437
20
3,417
1,435
1,982
0
144
0
FY2030
3,260
131
283
14,662
28
18,364
98
9,534
2,023
55
197
11,809
4,530
509
1,414
4
6,457
18,364
24
FY2030
27,728
17,191
10,537
7,065
3,383
2,975
707
3,471
3,471
20
3,451
1,450
2,002
0
145
0
Exhibit 10: Kyowa Pharmaceuticals and Major Comparables FY 2006 (figures JPY million)
Kyowa
Sawei
Nichi-lko
Towa
Pharma.
Pharma.
Pharma.
Pharma.
7,595
26,225
27,774
23,072
68.33
94.21
162.54
61.55
(50.89)
(25.33)
147.87
111.41
45.55
156.96
95.22
(26.81)
(34.49)
190.88
n.a.
n.a.
47.3%
88%
11.59%
45.1%
70.40%
12.73%
18.27%
7.70%
34.54%
4.58%
58.83%
24.60%
16.57%
n.a.
34.34%
7.59%
s JPY million)
Fuji Pharma.
11,241
24.79
125.94
150.73
75.78
(8.81)
(48.15)
169.55
92%
7.51%
44.0%
70.00%
11.40%
18.60%
n.a
31.25%
6.68%
e)
f)
g)
Selling cost as a percentage of sales will remain at the same level as in FY2006 i.e. 12.20%
R & D expenses as a percentage of sales will remain at the same level as in FY2006 i.e. 10.73%
Total administrative expenses are expected to grow at a rate of 1% per year (steady growth) from FY20
The non-operating expenses (including interest paid) was expected to be 131 and 159 million during FY20
Extraordinary loss from disposal of inventories of JPY 20 million were expected for the next six year starting
The number of days of sales of key working capital items are below:
d 2009 respectively. Thereafter, it can be assumed that Kyowa sales will grow at the same rate as that of Generics Market (Scenario II)
d 62.50% during FY2007 and FY2008 respectively.
to FY2007 amount. Assuming year has 365 days. Lupin is optimistic about reducing days inventory to 96 in FY2013 and thereafter.
pected to be: 424 mn (386 mn) for FY2007, 543 mn (391mn) for FY2008 and 459 mn (362 mn) for FY2009 respectively. Thereafter, a re
uding interest and dividend received) was expected to remain at 50 million during FY2007 - FY2009. These cash flows may be ignore
009 respectively. Thereafter, a reasonable assumption to make is that the investments in fixed assets would be equal to the extent of that
Exhibit 12: Generic Drugs: Growth Rate and Share in Total Pharmaceutical Market
Scenario I
Year
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
Generic: Growth
rate
10.4%
18.1%
14.7%
17.3%
8.0%
13.7%
5.3%
10.1%
7.7%
7.7%
7.7%
7.7%
7.7%
7.7%
7.7%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
Scenario II
Generic: Share in
total Pharma.
market
8.4%
9.5%
10.8%
12.0%
13.3%
14.5%
15.4%
16.5%
17.6%
18.7%
20.0%
21.3%
22.7%
24.3%
25.9%
25.9%
25.9%
25.9%
25.9%
25.9%
25.9%
25.9%
25.9%
25.9%
25.9%
Generic: Growth
rate
5.8%
11.3%
9.8%
13.6%
5.4%
10.6%
4.2%
9.0%
6.6%
6.6%
6.6%
6.6%
6.6%
6.6%
6.6%
6.6%
6.6%
6.6%
6.6%
6.6%
6.6%
6.6%
1.0%
1.0%
1.0%
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Colu
mn C
16.0%
14.0%
12.0%
Colu
mn C
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
armaceutical Market
Scenario II
Generic: Share in
total Pharma.
market
7.5%
8.1%
8.7%
9.5%
10.2%
10.8%
11.4%
12.0%
12.7%
13.4%
14.1%
14.9%
15.7%
16.6%
17.5%
18.5%
19.5%
20.6%
21.7%
22.9%
24.2%
25.5%
25.5%
25.5%
25.5%
Colu
mn C
Market
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
FY2013
FY2014
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
FY2027
FY2028
FY2029
FY2030
FY2031
1.07E+06
1.18E+06
1.39E+06
1.60E+06
1.87E+06
2.02E+06
2.30E+06
2.42E+06
2.67E+06
2.87E+06
3.09E+06
3.33E+06
3.59E+06
3.86E+06
4.16E+06
4.48E+06
4.53E+06
4.57E+06
4.62E+06
4.66E+06
4.71E+06
4.76E+06
4.80E+06
4.85E+06
4.90E+06
4.95E+06
Sales - Kyowo
7,595
8,086
9,301
10,490
11,330
12,882
13,565
14,935
16,085
17,323
18,657
20,094
21,641
23,307
25,102
25,353
25,606
25,862
26,121
26,382
26,646
26,913
27,182
27,454
27,728
27,728
COGS
0.71%
0.69%
0.67%
0.66%
0.60%
0.64%
0.59%
0.62%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.57%
0.57%
0.57%
0.57%
0.57%
0.57%
0.57%
0.57%
0.57%
0.57%
0.56%
4.89E+03
5.08E+03
5.81E+03
6.50E+03
7.02E+03
7.99E+03
8.41E+03
9.26E+03
9.97E+03
1.07E+04
1.16E+04
1.25E+04
1.34E+04
1.45E+04
1.56E+04
1.57E+04
1.59E+04
1.60E+04
1.62E+04
1.64E+04
1.65E+04
1.67E+04
1.69E+04
1.70E+04
1.72E+04
1.72E+04
20 21 22 23 24 25
Colu
mn C
Savings-Proc
64.34%
0.628
0.625
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
0.62
Sales Cost
R&D Expense
Administrative Exp Operating Profit
Non-operating revenue
927
815
557
409
986
868
563
591
1,135
998
568
787
1,280
1,126
574
1,007
1,382
1,216
580
1,128
1,572
1,382
585
1,356
1,655
1,455
591
1,453
1,822
1,602
597
1,653
1,962
1,726
603
1,821
2,113
1,859
609
2,001
2,276
2,002
615
2,196
2,451
2,156
621
2,407
2,640
2,322
628
2,634
2,843
2,501
634
2,878
3,062
2,693
640
3,143
3,093
2,720
647
3,174
3,124
2,748
653
3,206
3,155
2,775
660
3,238
3,187
2,803
666
3,270
3,219
2,831
673
3,303
3,251
2,859
680
3,336
3,283
2,888
686
3,369
3,316
2,917
693
3,403
3,349
2,946
700
3,437
3,383
2,975
707
3,471
3,383
2,975
714
3,464
Interest paid*
Ordinary income
409
591
787
1,007
1,128
1,356
1,453
1,653
1,821
2,001
2,196
2,407
2,634
2,878
3,143
3,174
3,206
3,238
3,270
3,303
3,336
3,369
3,403
3,437
3,471
3,464
Extraordinary
90
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
Phase
Phase 1
Molecules
Qty (Kg)
Pravastatin$
152
11000
1.67
Amlodipine$
250
2000
0.5
60
9000
0.54
130
1750
0.23
180
2500
0.45
60
10000
0.6
0.112
3000000
0.34
780
200
0.16
60
3500
0.21
300000
0.3
80
2000
0.16
Risperidone$
Lansoprazole
Omeprazole
Simvastatin
Beraprost Na
Zonisamide#
Phase 1
Potential
Savings $ Mn
Savings/Kg
Epinastine
Tamsulosine
Zopiclone
Tax benefits
$
Full saving potential occurs in 2011-12.
#
Panel A: Savings from site variation to India ($0.0075 / tablet, net of freight charges of $0.0021/tablet)
No of units to be shifted to India (million)
0
Projected cost savings
0
Panel B: Savings from capacity increase at existing facility ($0.0015 # / tablet)
No of units with possible savings
100
Projected cost savings
0.15
0.37
0.37
0.28
#
Current Manufacturing cost / unit was $ 0.0114/ tablet and expected savings was 13% i.e. $0.0015 per tabl
2010-11
(50%)
2009-10
2011-12
(100%)
2012-13
(102%)
0.84
1.67
1.70
0.25
0.50
0.51
0.27
0.54
0.55
0.12
0.23
0.23
0.23
0.45
0.46
0.30
0.60
0.61
0.17
0.34
0.08
0.16
0.11
0.21
0.15
0.30
0
0.22
0
0.26
0.08
0.44
0.16
0.52
API in FY 2010
ities to India was expected to be USD 0.22 mn, 0.26mn, 0.44 mn and 0.52 mn respectively for FY2010 to FY2013
save amounts similar to FY2013 during future years
5
2010-11
6
2011-12
2012-13
7
Over
years
usd to jpy
500 3.75
500
750 0.75
1.125
7.64
10.6348
7.64 150.7293539
5.08
93.53
6.38
2.48
r
g
11,147.39
0 to FY2013
110
7.06%
0%
WACC
rccf
E
D/E
rf
mrp
T
beta u
beta l
re
Rate
1.698%
5.80%
3.95%
2.43%
1.41%
110
2.73
1.41%
7.06%
7.46%
0.6
1.698%
5.80%
42%
0.535
0.892
10.82%
D/V
0.40 E/V
0.6
0.6666666667
0.3858173077