Particulars ( In Cr ) Mar '09 Mar '10

Cash from Operating Activity (CFO) 13,590 26,866

Capital Expenditure ( Capex ) -3,151 -2,116
FCF ( free Cash Flow ) 1,044 2,475
Average FCF (3 Years)

Mohnish Pabrai's Valuation M

Year

1 FY19
2 FY20

3 FY21

4 FY22

5 FY23

6 FY24

7 FY25

8 FY26
9 FY27

10 FY28

10 Exit Value
Intrinsic Value ( Sum of PV )
Current Market Capital
No of Shares Outstanding
 Mar '11 Mar '12 Mar '13 Mar '14

22,881 23,598 18,904 29,630

-3,641 -5,650 -6,076 -9,415

1,924 1,795 1,283 2,022

ai's Valuation Model ( Modified) FCF Growth Rates

FCF ( estimated ) PV of FCF

Year 1-3 12.7%
Year 4-6 11.0%
3,032 2,700 Year 7-10 10%
3,418 2,710 Discount Rate 12.3%
Exit Rate
3,852 2,720 19.99
4,275 2,688

4,746 2,657 TARGET Price

5,268 2,626 ( For a VERY Stable Comp
5,794 2,572 ENTRY Price
6,374 2,520
7,011 2,468 ( For an Average Compan
7,712 2,418 ENTRY Price
154,170 48,328
e ( Sum of PV ) 74,408
arket Capital ###
s Outstanding 19.97
 Mar '15 Mar '16 Mar '17 Mar '18

21,855 37,964 40,072 40,172

-12,329 -17,080 -12,381 -8,024

953 2,088 2,769 3,215

2,691

ARGET Price 3,726

r a VERY Stable Company 2.5/3 Times of Target Price )

ENTRY Price 3,105

r an Average Company 2/3 Times of Target Price )

ENTRY Price 2,484

 Particulars ( In Cr ) Mar '09 Mar '10
10 9
Cash from Operating Activity (CFO) 13590 26866
Capex -3151 -2116
FCF 1044 2475
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15 Mar '16 Mar '17
8 7 6 5 4 3 2

22881 23598 18904 29630 21855 37964 40072

-3641 -5650 -6076 -9415 -12329 -17080 -12381

1924 1795 1283 2022 953 2088 2769
Mar '18
1

40172

-8024
3215