CEAT

EAT LIMITED
SUBMITTED BY:
AKANKSHA ARORA
PGDBM
ROLL NO.203

CONSOLIDATED MAN

All Amoun

PARTICULARS

L
Shareholders Fund
Net Deferred Tax Liabilities
Preference Share Issued By Subsidiaries
Minority Interest
Debt
TOTAL
Intangibles
Net Fixed Asset
Capital WIP
Investments
Net Working Capital
Long Term Working Capital
TOTAL

WOR
1. Shareholder's Fund
Share Capital
Reserves & Surplus
Money Received Against Share Warrants
Total

1 (a). Share Capital

Authorised
Issued
Subscribed
Paid-Up

1 (b). Reserves & Surplus

Capital Reserve
Share Premium
Capital Redemption Reserve
Revaluation Reserve
General Reserve
Cash Flow Hedging Reserve

Foreign Currency Translation Reserve

Surplus In The Statement Of Profit And Loss (Retained Earnings)

Total

2. Debt
Long Term Debt
Short Term Debt
Total

2 (a). Long Term Debts

Secured Term Loans
Unsecured Term Loans

Total

2 (b). Short Term Debts

Secured Term Loan
Unsecured Loans

Total

3. Deferred Tax Liabilities (Net)

Deferred Tax Assets
Deferred Tax Liabilities
Difference Between Book And Tax Depreciation
Less : Deferred Tax On Revaluation Surplus
Net Deferred Tax Liability

4. Net Fixed Assets

Tangible Assets
Freehold Land
Leasehold Land
Building
Plant & Equipments
Leased Plant & Equipments

Furniture & Fixtures

Office Equipments
Vehicles
Net Fixed Assets
Intangible Assets
Software

Brand
Technical Knowhow
Goodwill On Consolidation
Intangible Assets under Development
Add: Capital WIP
Total

Total Investments
Non-Current Investments
Current Investments
Total

5. Investments
Operating Investment
Non-operating Investment
Total

5 (a). Operating Investments

Investment in Associates
Total

5 (b). Non-operating Investments

Investment in Mutual Funds
Total

6. Long Term Working Capital

Non-Current Assets:
a)Long Term Loans & Advances
b) Other Non-Current Assets

Total
Non-Current Liabilities
a) Other Long Term Liabilities
b) Long Term Provisions

Total
Long Term Working Capital (NCA-NCL)

7. Net Working Capital

Current Assets:
Inventories
Trade Receivables

Cash & Bank Balances

Short Term Loans & Advances
Other Current Assets

Total
Current Liabilities:
Trade Payables
Other Current Liabilities
Short term provisions

Total
Net Working Capital (CA-CL)

CONSOLIDATED MANAGERIAL BALANCE SHEET

All Amounts In Rupees Lakhs

2008-2009

2009-2010

LIABILITIES
48838.15
1630.38
0
0
55717.91
106186.44
ASSETS
235.01
77303.58
1956.1
4266.71
22425.04
0
106186.44

2010-2011

2011-2012

62920.77
2040.42
88.78
1040.99
59736.2
125827.16

65349.81
2555.37
23.03
0
92344.87
160273.08

67761.26
2479.07
15.16
0
109517.05
179772.54

438.90
79647.85
23400.83
4342.17
17997.41
0
125827.16

8,410.80
133075.06
10995.78
4295.54
2351.3
1144.6
160273.08

8,502.72
150152.73
1759.74
3090.82
16486.23
-219.71
179772.53

WORKING NOTES
2008-2009
3424.35
45413.8
0
48838.15

2008-2009
6000
3424.42
3424.35
3424.35

2008-2009
271.45
16523.65
390
468.32
16915.98
0

2009-2010
3424.35
59496.42
0
62920.77

2009-2010
6000
3424.42
3424.35
3424.35

2009-2010
271.45
16523.65
390
0
18530.98
0

2010-2011
3424.35
61320.04
605.42
65349.81

2010-2011
6000
3424.42
3424.35
3424.35

2010-2011
271.45
16523.65
390
58.52
18700.98
0

2011-2012
3424.35
63972.94
363.97
67761.26

2011-2012
6000
3424.42
3424.35
3424.35

2011-2012
876.87
16523.65
390
901.19
18700.98

0
10844.4

-94.27
23874.61

-185.09
25560.53

-395.24
26975.49

45413.8

59496.42

61320.04

63972.94

2008-2009

2009-2010

55717.91
8796.51
64514.42

2008-2009

2010-2011

59736.2
7626.37
67362.57

2009-2010

60468.75
31876.12
92344.87

2010-2011

33072.65
22645.26

27177.7
32558.5

49282.63
11186.12

55717.91

59736.2

60468.75

2008-2009

2009-2010

2010-2011

6739.78
2056.73

5387.85
2238.52

1042.49
30833.63

8796.51

7626.37

31876.12

2008-2009

2009-2010

2010-2011

2011-2012
57163.95
52353.1
109517.05

2011-2012
44199.86
12964.09
57163.95

2011-2012
1227.87
51125.23
52353.1

2011-2012

2999.12

6895.85

0
0
0

0
0
0

5511.43
43.06

9331.46
43.46
2479.07

2008-2009

2009-2010

40798.45
2442.18
9496.08
23868.53
193.34
164.56
0
340.44
77303.58

41471.19
2399
9448.46
25768.81

235.01

2555.37

2010-2011

2011-2012

142.06
0
256.64
79647.85

42294.22
5898.2
17249.56
66934.98
130.04
185.72
0
382.34
133075.06

43173.71
5925.97
18539.63
81515.8
98.42
342.76
224.64
331.8
150152.73

111.17

118.87

389.38

161.69

0
0
0
0
1956.1
79494.69

2008-2009

0
0
327.73
0
23400.83
103487.58

2009-2010

160.05
4106.66
4266.71

2008-2009

2010-2011

41.77
4300.4
4342.17

2009-2010

0
4266.71
4266.71

2008-2009

2009-2010

2008-2009

2008-2009

41.78
4253.76
4295.54

2010-2011
0
0

2009-2010

4266.71
4266.71

41.78
4253.76
4295.54

2010-2011

0
4342.17
4342.17

0
0

5512.51
614
2048.03
117.39
10995.78
152481.64

41.78
41.78

2010-2011

4342.17
4342.17

2009-2010

4253.76
4253.76

2010-2011

0
0

0
0

2207.86
0

2207.86

0
0

0
0

111.54
951.72

0
0

0
0

1063.26
1144.6

2008-2009
21941.63
31870.85

2009-2010
41719.9
39032.95

2010-2011
58693.96
50173.51

5231.02
832.29
2048.03
2
1759.74
160415.19

2011-2012
58.86
3031.96
3090.82

2011-2012
58.86
3031.96
3090.82

2011-2012
58.86
58.86

2011-2012
3031.96
3031.96

2011-2012
891.72
0
891.72

142.2
969.23
1111.43
-219.71

2011-2012
60268.47
63664.69

20151.84
7942.64
0

14097.79
10983.29
0

4890.36
12348.08
224.19

81906.96

105833.93

126330.1

29496.17
28205.46
1780.29

65465.59
18451.8
3919.13

76039.32
45969.88
1969.6

59481.92
22425.04

87836.52
17997.41

123978.8
2351.3

3595.97
13710.34
579.75
141819.22

66894.25
56886.56
1552.18
125332.99
16486.23

2012-2013

2013-2014

WORKING NOTE

78546.59
7863.39
8.12
0
82882.89
169300.99

102861.06
11483.56
0
3629.4
102019.26
219993.28

1
3

8,272.12
149005.28
2737.33
58.86
1669
7558.4
169300.99

8,490.62
148016.18
8231.47
0.43
48241.55
7013.03
219993.28

4
4
4
5
7
6

2012-2013
3424.35
74758.27
363.97
78546.59

2012-2013
6000
3424.42
3424.35
3424.35

2012-2013
876.87
16523.65
390
901.19
19800.97
-1.90

2013-2014
3595.57
99265.49
0
102861.06

2013-2014
6000
3595.64
3595.57
3595.57

2013-2014
1176.87
17808.3
390
901.19
22,338.97
-536.89

-20.56
36,288.05

589.83
56,597.22

74758.27

99265.49

2012-2013
42404.05
40478.84
82882.89

2012-2013
30520.14
11883.91
42404.05

2012-2013

2013-2014
42333.2
59686.06
102019.26

2013-2014
32861.66
9471.54
42333.2

2013-2014

39865.49

50126.19

613.35
40478.84

9559.87
59686.06

2012-2013

2013-2014

5792.75

3324.46

13656.14
0
7863.39

14808.02
0
11483.56

2012-2013

2013-2014

43320.1
5813.08
18465.44
80224.17
138.50
437.24
206.91
399.84
149005.28

43527.03
5769.9
18236.63
79329.1
41.25
471.92
254.76
385.59
148016.18

362.25

748.79

4949.53
804.02
2156.32
0.00
2737.33
160014.73

2012-2013

4668.04
803.05
2270.74
0.00
8231.47
164738.27

2013-2014

58.86
0
58.86

2012-2013

0.43
0
0.43

2013-2014

58.86
0
58.86

2012-2013

0.43
0
0.43

2013-2014

58.86
58.86

2012-2013

0.43
0.43

2013-2014
0
0

2012-2013

0
0

2013-2014

8066.15
1057.28

8608.44
1004.81

9123.43

9613.25

142.2
1422.83

142.2
2458.02

1565.03
7558.4

2600.22
7013.03

2012-2013
55882.37
66284.96

2013-2014
75357.8
75453.22

11207.65
10454.99
1672.88

16787.32
9245.91
3420.74

145502.85

180264.99

79250.15
57729.2
6854.5

69428.9
55417.88
7176.66

143833.85
1669

132023.44
48241.55

COMMON SIZE ST
PARTICULARS

LIABILITIE
Shareholders Fund
Net Deferred Tax Liabilities
Preference Share Application Money Pending Allotment
Minority Interest
Debt
TOTAL

ASSETS
Intangibles
Net Fixed Asset
Capital WIP
Investments
Net Working Capital
Long Term Working Capital
TOTAL

40238
32565.55
5387.85
27177.7
34797.02
2238.52
32558.5
7626.37
59736.2
67362.57

COMMON SIZE STATEMENT

2008-2009
LIABILITIES
45.99%
1.54%
0.00%
0.00%
52.47%
100.00%
ASSETS
0.22%
72.80%
1.84%
4.02%
21.12%
0.00%
100.00%

2009-2010

2010-2011

2011-2012

50.01%
1.62%
0.07%
0.83%
47.47%
100.00%

40.77%
1.59%
0.01%
0.00%
57.62%
100.00%

37.69%
1.38%
0.01%
0.00%
60.92%
100.00%

0.35%
63.30%
18.60%
3.45%
14.30%
0.00%
100.00%

5.25%
83.03%
6.86%
2.68%
1.47%
0.71%
100.00%

4.73%
83.52%
0.98%
1.72%
9.17%
-0.12%
100.00%

2012-2013

2013-2014

46.39%
4.64%
0.00%
0.00%
48.96%
100.00%

46.76%
5.22%
0.00%
1.65%
46.37%
100.00%

4.89%
88.01%
1.62%
0.03%
0.99%
4.46%
100.00%

3.86%
67.28%
3.74%
0.00%
21.93%
3.19%
100.00%

CONSOLIDATED MANAGER

All Amo

PARTICULARS
Gross Revenues From Operations
less: Excise Duty
Net Sales
Other Operating Income
Total Operating Income
less: Cost of Goods Sold
Gross Profit
less: Selling, General & Administrative Expenses
EBIDTA
less: Depreciation & Ammortisation
EBIT
less: Interest
add: Non Operating Income
less: Non Operating Expense
Profit Before Tax And Exceptional Items
less: Exceptional Items
Profit Before Tax
less: Provision for Tax
Current Tax
MAT Credit Utilised/Available For Set-Off
Short / (Excess) Provision of Earlier Years
Deferred Tax
Fringe Benefit Tax
Total Tax
Profit After Tax
less: Dividend On Subsidiary's Preference Share
less: Minority Interest
Profit After Tax, Minority Interest & Income from Associates

WO
1. Other Operationg Income
Sale of Scrap
Royalty
Government Grants
Others
TOTAL

2. COGS
Cost Of Raw Materials Consumed
Salaries, Wages and Bonus
Provident Fund, Gratuity fund etc
Welfare Expenses
Conversion Charges
Stores and Spares Consumed
Power and Fuel
Rent
Rates and Taxes
Insurance
Repairs : Machine
Factory Expenses
TOTAL

3. SGA
Provision for Obsolescence of Stores
Freight and Delivery Charges
Lease Rent
Repairs : Building
Repairs : Others
Travelling and Conveyance
Printing and Stationery
Directors Fees
Auditors Remuneration
Advertisement and Sales Promotion Expenses
Rebates and Discounts
Commission
Communication Expenses
Bad Debts Written off
Advances Written Off
Provision for Doubtful Debts
Cost Audit Fees
Legal Charges
Finance Charges
Professional and Consultancy Charges
Commission to Directors
Training and Conference Expenses
Bank Charges
General Expenses

TOTAL

4. NOI
Foreign Exchange Fluctuation (Net)
Profit on Sale of Assets
Profit on Sale of Investment
Interest
Provisions No Longer Required Written Back
Provision For Bad Debts Written Back
Dividend On Investments
Miscellaneous
TOTAL

5. NOE
Foreign Exchange Fluctuations (Net)
Loss On Assets Sold
Premium on sale and purchase of forward contract
Voluntary Retirement Compensation
TOTAL

LIDATED MANAGERIAL PROFIT AND LOSS STATEMENT

All Amount In Rupees Lakhs

2008-2009

2009-2010

2010-2011

2011-2012

275843.13
24473.88
251369.25
1100.04
252469.29
216834.9
35634.39
33592.09
2042.3
2561.73
-519.43
6552.56
3395.72
40.95
-3717.22
0
-3717.22

303292.28
18249.6
285042.68
1138.97
286181.65
233012.77
53168.88
22500.74
30668.14
2749.33
27918.81
5727.59
2967.53
678.35
24480.4
0
24480.4

388508.49
28269.36
360239.13
2693.37
362932.5
319151.21
43781.29
29621.6
14159.69
3593.99
10565.7
7995.84
2519.76
903.16
4186.46
0
4186.46

497065.37
35278.72
461786.65
3113.06
464899.71
405285.51
59614.2
35204.4
24409.7999999999
7280.21
17129.5899999999
15600.78
1357.83
459.65
2426.99
0
2426.99

9.94
0
-1188.55
-1100.03
172.58
-2106.06
-1611.16
0
0
-1611.16

7489.34
0
30.28
443.12
0
7962.74
16517.66
137.52
132.4
16247.74

982.57
0
-11.86
471.4
0
1442.11
2744.35
10.17
87.57
2646.61

679.78
0
5.03
-76.3
0
608.51
1818.48
5.53
0
1812.95

WORKING NOTES
2008-2009
934.15
165.89

1100.04

2009-2010
1004.07
134.9
0
0
1138.97

2010-2011
1186.1
135.81
1371.46
0
2693.37

2011-2012
1516.76
181.32
1196.9
218.08
3113.06

2008-2009
179913.24
13066.07
1535.43
1467.77
7500.26
1608.92
9053.99
710.97
503.03
171.05
1068.95
235.22
216834.9

2008-2009
217.59
7914.16
0
322.79
103.03
1199.59
122.92
8.1
44.9
2219
14178.72
3497.69
398.29
15.99
0
219.17
0
95.94
1441.41
643.94
0
0
0
948.86

2009-2010
189177.48
16122.74
1735.21
1775.12
7499.48
2106.39
11126.71
533.88
387.08
223.29
2098.32
227.07
233012.77

2009-2010
2.83
6431.48
263.93
167.82
91.35
1230.26
112.34
10.35
51.85
2243.79
3388.47
3655.34
567.02
9.31
0
86.97
0
116.44
1552.48
717.29
200
0
0
1601.42

2010-2011
267505.09
17625.77
1777.91
1960.25
10567.55
2815.88
12868.59
483.7
132.46
236.88
2660.7
516.43
319151.21

2010-2011
0
7785.85
234.34
381.41
84.82
1328.97
141.96
8.75
51.91
4657.24
4656.94
4195.83
573.28
41.28
0
57.08
0
126.01
2206.29
971.83
35
0
0
2082.81

2011-2012
344927.16
20055.72
1780.98
2536.06
12115.59
3454.87
15754.9
408.12
117.15
285.71
3022.95
826.3
405285.51

2011-2012
32.72
8624.11
185.98
346.05
68.13
1750.81
184.03
8.45
63.63
4413.84
5997.3
5123.11
494.19
454.22
0
271.45
0
229.15
3979.42
614.58
0
518.72
0
1844.51

33592.09

2008-2009
50.67
9.55
0
1141.22
202.45
2.03
103.54
1886.26
3395.72

2008-2009
0
40.95
0
0
40.95

22500.74

2009-2010
0.62
0.38
0.07
1709.39
257.95
0
115.92
883.2
2967.53

2009-2010
627.18
51.17
0
0
678.35

29621.6

2010-2011
0
9.32
0
1247.88
40.17
55.32
36.27
1130.8
2519.76

2010-2011
73.38
47.55
0
782.23
903.16

35204.4

2011-2012
0
0
0
595.53
0
0
135.52
626.78
1357.83

2011-2012
89.67
54.34
0
315.64
459.65

2012-2013

2013-2014

547732.63
46832.53
500900.1
4321.37
505221.47
416247.66
88973.8099999999
48191.85
40781.96
8062
32719.9599999999
15011.58
1767.12
2825.72
16649.7799999999
0
16649.7799999999

604975.69
54198.98
550776.71
4621.15
555397.86
436204.88
119192.98
56071.77
63121.2100000001
8654.34
54466.8700000001
14184.66
1399.49
354.3
41327.4000000001
1003.93
40323.4700000001

3702.45
-3178.05
-159.19
4265.58
0
4630.79
12018.9899999999
3.9
0
12015.0899999999

9629.66
0
-5.34
3620.17
0
13244.49
27078.9800000001
0
-44.52
27123.5000000001

2012-2013
1582.52
184.92
2294.18
259.75
4321.37

2013-2014
1456.37
216.49
2140.32
807.97
4621.15

CAGR
18.84%
31.28%
17.90%
41.93%
18.03%
16.97%
22.36%
25.64%
19.78%
33.20%
18.18%
25.45%
-17.13%
-14.99%
13.99%
13.29%

13.56%
13.15%

13.67%

2012-2013
347576.04
22231.72
3367.46
2704.71

14823.85
4098.43
17320.89
443.71
271.92
333.19
3075.74
0
416247.66

2012-2013
572.71
16113.18
181.02
459.55
50.79
2106.13
182.07
8.1
71.09
7425.25
6054.99
523.71
540.43
36.4
0
354.96
0
126.96
4745.81
2432.76
170
701.7
0
5334.24

2013-2014
356574.97
25962.6
1876.1
3252.91
21610.8
4099.73
18077.76
616.53
219.48
416.32
3497.68
0
436204.88

2013-2014
4.18
19935.73
140.84
560.23
39.35
2741.68
216.72
8.4
63.62
7540.74
9039.74
435.37
676.06
17.16
1.42
402.36
2.2
175.08
3019.83
1473.41
380
1077.6
1498.69
6621.36

48191.85

2012-2013
288.7
0
0.48
706.21
0
0
158.71
613.02
1767.12

2012-2013
0
56.16
0
2769.56
2825.72

56071.77

2013-2014
0
0
26.78
605.02
0
0
54.73
712.96
1399.49

2013-2014
163.36
58.14
132.8
0
354.3

COMMON SIZE STAT

PARTICULARS
Gross Revenues From Operations
less: Excise Duty
Net Sales
Other Operating Income
Total Operating Income
less: Cost of Goods Sold
Gross Profit
less: Selling, General & Administrative Expenses
EBIDTA
less: Depreciation & Ammortisation
EBIT
less: Interest
add: Non Operating Income
less: Non Operating Expense
Profit Before Tax And Exceptional Items
less: Exceptional Items
Profit Before Tax
less: Provision for Tax
Current Tax
MAT Credit Utilised/Available For Set-Off
Short / (Excess) Provision of Earlier Years
Deferred Tax
Fringe Benefit Tax
Total Tax
Profit After Tax
less: Dividend On Subsidiary's Preference Share
less: Minority Interest
Profit After Tax, Minority Interest & Income from Associates

COMMON SIZE STATEMENT

2008-2009

2009-2010

2010-2011

2011-2012

109.26%
9.69%
99.56%
0.44%
100.00%
85.89%
14.11%
13.31%
0.81%
1.01%
-0.21%
2.60%
1.35%
0.02%
-1.47%
0.00%
-1.47%

105.98%
6.38%
99.60%
0.40%
100.00%
81.42%
18.58%
7.86%
10.72%
0.96%
9.76%
2.00%
1.04%
0.24%
8.55%
0.00%
8.55%

107.05%
7.79%
99.26%
0.74%
100.00%
87.94%
12.06%
8.16%
3.90%
0.99%
2.91%
2.20%
0.69%
0.25%
1.15%
0.00%
1.15%

106.92%
7.59%
99.33%
0.67%
100.00%
87.18%
12.82%
7.57%
5.25%
1.57%
3.68%
3.36%
0.29%
0.10%
0.52%
0.00%
0.52%

0.00%
0.00%
-0.47%
-0.44%
0.07%
-0.83%
-0.64%
0.00%
0.00%
-0.64%

2.62%
0.00%
0.01%
0.15%
0.00%
2.78%
5.77%
0.05%
0.05%
5.68%

0.27%
0.00%
0.00%
0.13%
0.00%
0.40%
0.76%
0.00%
0.02%
0.73%

0.15%
0.00%
0.00%
-0.02%
0.00%
0.13%
0.39%
0.00%
0.00%
0.39%

2012-2013

2013-2014

108.41%
9.27%
99.14%
0.86%
100.00%
82.39%
17.61%
9.54%
8.07%
1.60%
6.48%
2.97%
0.35%
0.56%
3.30%
0.00%
3.30%

108.93%
9.76%
99.17%
0.83%
100.00%
78.54%
21.46%
10.10%
11.37%
1.56%
9.81%
2.55%
0.25%
0.06%
7.44%
0.18%
7.26%

0.73%
-0.63%
-0.03%
0.84%
0.00%
0.92%
2.38%
0.00%
0.00%
2.38%

1.73%
0.00%
0.00%
0.65%
0.00%
2.38%
4.88%
0.00%
-0.01%
4.88%

CONSOLIDATED OPERATIONAL BALAN

All Amounts in Rupees Lakhs

PARTICULARS

2008-2009

2009-2010

Equity
less: Non Operating Investment
less: Excess Cash
Core Equity
Minority Interest
Debt
TOTAL

50468.53
4266.71
403.04
45798.78
0
55717.91
101516.69

LIABILITIES
65049.97
4342.17
281.96
60425.84
1040.99
59736.2
121203.03

Intangibles
Net Fixed Asset
Capital WIP
Operating Investment
Operating Working Capital
Long Term Working Capital
TOTAL

235.01
77303.58
1956.1
0
22022.00
0
101516.69

ASSETS
438.90
79647.85
23400.83
0
17715.45
0
121203.03

OPERATIONAL BALANCE SHEET

mounts in Rupees Lakhs

2010-2011

2011-2012

2012-2013

2013-2014

LIABILITIES
67928.21
4253.76
97.81
63576.64
0
92344.87
155921.51

70255.49
3031.96
71.92
67151.61
0
109517.05
176668.7

86418.1
0
224.15
86193.95
0
82882.89
169076.84

114344.62
0
335.75
114008.87
3629.4
102019.26
219657.53

8,410.80
133075.06
10995.78
41.78
2253.49
1144.6
155921.51

8,502.72
150152.73
1759.74
58.86
16414.31
-219.71
176668.7

8,272.12
149005.28
2737.33
58.86
1444.85
7558.4
169076.84

8,490.62
148016.18
8231.47
0.43
47905.80
7013.03
219657.53

ASSETS

DU PONT ANALYSIS
PARTICULARS

2008-2009

2009-2010

Core Equity
Increase in Deferred Tax Liability
Debt
Total Capital Employed

55717.91
101516.69

60425.84
410.04
59736.2
121203.03

Intangibles
Fixed Assets
Operating Working Capital
Total Assets

235.01
77303.58
22022.00
101516.69

438.90
79647.85
17715.45
121203.03

Sales
EBIT
PBT
PAT
Interest
Tax
Tax Rate

45798.78

251369.25
-519.43
-3717.22
-1611.16
6552.56
-2106.06

285042.68
27918.81
24480.4
16517.66
5727.59
7962.74

56.66%

32.53%

RETURN ON CAPITAL EMPLOYED

NOPAT
Adjusted NOPAT
ROCE

-225.14

Adjusted NOPAT / Sales

Sales / Total Capital Employed
ROCE (Verification)

18837.66
19247.70
15.88%
0.0675256714
2.3517784178
15.88%

RETURN ON EQUITY
Operating PAT
Adjusted Operating PAT
ROE
Adjusted Operating Profit / Sales
Sales / Total Capital Employed
Capital Employed / Core Equity
ROE (Verification)

-3065.2227762683

14973.0816059051
16407.61
27.15%
0.0576
2.3518
2.0058
27.15%

Return on Assets

-1.59%

13.63%

OTHER RATIOS
Sales/Intangibles
Sales/Net Fixed Asset
Sales/ Working Capital
Sales/ Capital WIP
Sales/Trade Receivables
Sales/Cash Balance
Sales/inventories

1069.6109
3.2517
11.2093
128.5053
7.8871
12.4738
11.4563

649.4479
3.5788
15.8380
12.1809
7.3026
20.2190
6.8323

ONT ANALYSIS
2010-2011

2011-2012

2012-2013

2013-2014

63576.64
514.95
92344.87
155921.51

67151.61
-76.30
109517.05
176668.66

86193.95
5384.32
82882.89
169076.84

114008.87
3620.17
102019.26
219657.53

8,410.80
133075.06
2253.49
155921.51

8,502.72
150152.73
16414.31
176668.65

8,272.12
149005.28
1444.85
169076.84

8,490.62
148016.18
47905.80
219657.53

360239.13
10565.7
4186.46
2744.35
7995.84
1442.11

461786.65
17129.5899999999
2426.99
1818.48
15600.78
608.51

500900.1
550776.71
32719.9599999999 54466.8700000001
16649.7799999999 41327.4000000001
12018.9899999999 27078.9800000001
15011.58
14184.66
4630.79
13244.49

34.45%

25.07%

27.81%

32.05%

6926.13
7441.08
4.77%

12834.75
12758.45
7.22%

23619.58
29003.90
17.15%

37011.48
40631.65
18.50%

0.0206559543
2.3103876016
4.77%

0.0276284575
2.613857197
7.22%

0.0579035694
2.9625589696
17.15%

0.0737715458
2.5074337355
18.50%

CAPITAL EMPLOYED

RN ON EQUITY
1684.6202498053
3576.51
5.63%

1145.4972656665
7516.94
11.19%

0.0099
2.3104
2.4525
5.63%

0.0163
2.6139
2.6309
11.19%

12783.1624283443 27372.6795789501
17314.65
29795.23
20.09%
26.13%
0.0346
2.9626
1.9616
20.09%

0.0541
2.5074
1.9267
26.13%

1.76%

1.03%

7.11%

12.33%

HER RATIOS
42.8305
2.7070
153.2085
32.7616
7.1799
73.6631
6.1376

54.3105
3.0754
28.0104
262.4175
7.2534
128.4178
7.6622

60.5528
3.3616
300.1199
182.9886
7.5568
44.6927
8.9635

64.8688
3.7211
11.4171
66.9111
7.2996
32.8091
7.3088

CASH FLOW

All Amounts in Rupees La

PARTICULARS
Net Fixed Assets
Net Intangible Assets
Operating Working Capital
Long Term Working Capital
Total Debt
Operating Investments

2008-2009
77303.58
235.01
22022.00
0
55717.91
0

REINVESTMENT
PARTICULARS
EBIT(1-Tax)
Increase in DTL
Adjusted NOPAT

2008-2009
-225.1372904482

Increase in NFA
Increase in Net Intangible Assets
Increase in Operating Working Capital
Increase in LT WC
Increase in Operating Investment
Total
Reinvestment Ratio
FCFF
FCFF

PARTICULARS

2008-2009

CFBH
Interest*(1-Tax Rate)
Increase in Debt
FCFE

PARTICULARS
Adjusted Operating PAT
Total Reinvestments
Increase in Debts
Reinvestments in Equity

2008-2009

FCFE
Growth (RR*ROC)

CASH FLOW
All Amounts in Rupees Lakhs
2009-2010
79647.85
438.9
17715.45
0
59736.2
0

2010-2011
133075.06
8410.8
2253.49
1144.6
92344.87
41.78

2011-2012
150152.73
8502.72
16414.31
-219.71
109517.05
58.86

2012-2013
149005.28
8272.12
1444.85
7558.4
82882.89
58.86

REINVESTMENT
2009-2010

2010-2011

18837.658338287
410.04
19247.698338287

6926.1330085561
514.95
7441.0830085561

12834.7528515567
-76.3
12758.4528515567

23619.5836846132
5384.32
29003.9036846132

2344.27
203.89
-4306.55
0
0
-1758.39

53427.21
7971.9
-15461.96
1144.6
41.78
47081.75

17077.67
91.92
14160.82
-1364.31
17.08
29966.10

-1147.45
-230.6
-14969.46
7778.11
0
-8569.40

-0.0913558062

6.3272709827

2.3487250491

-0.2954569045

21006.09

-39640.67

-17207.64

37573.31

21006.09

-39640.67

-17207.64

37573.31

2009-2010
2840.09
4018.29
22184.29

2009-2010
16407.61
-1758.39
4018.29
-5776.68

2010-2011
3864.58
32608.67
-10896.57

2010-2011
3576.51
47081.75
32608.67
14473.08

2011-2012

2011-2012
5241.51
17172.18
-5276.98

2011-2012
7516.94
29966.10
17172.18
12793.92

2012-2013

2012-2013
11689.26
-26634.16
-750.11

2012-2013
17314.65
-8569.40
-26634.16
18064.76

22184.29

-10896.57

-5276.98

-750.11

-1.45%

30.20%

16.96%

-5.07%

2013-2014
148016.18
8490.62
47905.80
7013.03
102019.26
0.43

2013-2014
37011.4792653713
3620.17
40631.6492653713
-989.10
218.5
46460.96
-545.37
-58.43
45144.99
1.1110793536
-4513.34
-4513.34

2013-2014
10836.42
19136.37
3786.61

2013-2014
29795.23
45144.99
19136.37
26008.62

3786.61
20.55%

BETA
Date
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13

CEAT LIMITED
Close
162.2
148.95
143.95
145.5
133.05
135.7
149.2
145.1
132.9
133.95
134.25
145.55
176.3
156.05
139.3
133.65
112.8
96.8
103.1
106.6
98.8
106.45
104.65
85.55
77.3
72.85
73.25
73.55
85.6
87.65
88.45
107.8
92.7
98.15
98.05
111.4
112.65
119.7
104.45
105.25
105.3
91.55

Returns (Y)
-8.896%
-3.473%
1.065%
-9.357%
1.953%
9.048%
-2.826%
-9.180%
0.784%
0.223%
7.764%
17.442%
-12.977%
-12.024%
-4.227%
-18.484%
-16.529%
6.111%
3.283%
-7.895%
7.186%
-1.720%
-22.326%
-10.673%
-6.108%
0.546%
0.408%
14.077%
2.339%
0.904%
17.950%
-16.289%
5.553%
-0.102%
11.984%
1.110%
5.890%
-14.600%
0.760%
0.047%
-15.019%

Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14

93.7
105.1
107.75
105.8
127.65
104.2
122.25
184.15
285.8
320.65
298.3
282.05
440.75
388.55
422.6
685.55
523.45
587.4
Mean (Y')

0.0106

Standard Deviation
Ceat Limited
Monthly
Yearly
Covariance
Variance
Beta
Cost Of Equity

2.295%
10.847%
2.459%
-1.843%
17.117%
-22.505%
14.765%
33.614%
35.567%
10.869%
-7.492%
-5.761%
36.007%
-13.435%
8.057%
38.356%
-30.968%
10.887%

13.97%
48.38%
0.0034051951
0.0024121052
1.4117108333
7.543%

Sensex
4.87%
16.88%

BETA
S&P BSE SENSEX
Close
Returns (X)
17126.84
15896.28
-7.741%
16926.22
6.085%
17464.81
3.084%
16357.96
-6.766%
16429.55
0.436%
17527.77
6.266%
17558.71
0.176%
16944.63
-3.624%
17700.9
4.272%
17868.29
0.937%
17971.12
0.572%
20069.12
10.454%
20032.34
-0.184%
19521.25
-2.618%
20509.09
4.817%
18327.76
-11.902%
17823.4
-2.830%
19445.22
8.340%
19135.96
-1.616%
18503.28
-3.419%
18845.87
1.818%
18197.2
-3.565%
16676.75
-9.117%
16453.76
-1.355%
17705.01
7.067%
16123.46
-9.809%
15454.92
-4.326%
17193.55
10.112%
17752.68
3.150%
17404.2
-2.002%
17318.81
-0.493%
16218.53
-6.784%
17429.98
6.950%
17236.18
-1.124%
17429.56
1.109%
18762.74
7.105%
18505.38
-1.391%
19339.9
4.315%
19426.71
0.447%
19894.98
2.354%
18861.54
-5.479%

(Y-Y')
-0.0106
-0.0996
-0.0453
0.0001
-0.1042
0.0089
0.0799
-0.0389
-0.1024
-0.0028
-0.0084
0.0670
0.1638
-0.1404
-0.1308
-0.0529
-0.1954
-0.1759
0.0505
0.0222
-0.0896
0.0613
-0.0278
-0.2339
-0.1173
-0.0717
-0.0051
-0.0065
0.1302
0.0128
-0.0016
0.1689
-0.1735
0.0449
-0.0116
0.1092
0.0005
0.0483
-0.1566
-0.0030
-0.0101
-0.1608

(X-X')
-0.0062
-0.0837
0.0546
0.0246
-0.0739
-0.0019
0.0564
-0.0045
-0.0425
0.0365
0.0031
-0.0005
0.0983
-0.0081
-0.0324
0.0419
-0.1253
-0.0345
0.0772
-0.0224
-0.0404
0.0119
-0.0419
-0.0974
-0.0198
0.0644
-0.1043
-0.0495
0.0949
0.0252
-0.0263
-0.0112
-0.0741
0.0633
-0.0175
0.0048
0.0648
-0.0202
0.0369
-0.0018
0.0173
-0.0610

18835.77
19504.18
19760.3
19395.81
19345.7
18619.72
19379.77
21164.52
20791.93
21170.68
20513.85
21120.12
22386.27
22417.8
24217.34
25413.78
25894.97
26638.11

-0.137%
3.427%
1.296%
-1.879%
-0.259%
-3.899%
3.922%
8.433%
-1.792%
1.789%
-3.202%
2.871%
5.656%
0.141%
7.431%
4.708%
1.858%
2.790%

Mean (X')

0.0123
0.0979
0.0140
-0.0290
0.1606
-0.2357
0.1370
0.3255
0.3451
0.0981
-0.0855
-0.0682
0.3495
-0.1449
0.0700
0.3730
-0.3203
0.0983

0.0062

Total

Returns
Ceat Limited
1.06%
12.72%

Monthly
Yearly

-0.0076
0.0280
0.0067
-0.0250
-0.0088
-0.0452
0.0330
0.0781
-0.0242
0.0116
-0.0383
0.0225
0.0503
-0.0048
0.0681
0.0408
0.0123
0.0216

Sensex
0.62%
7.50%

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.50534065
0.2553691725
0.2423054738
0.1236413319
59
ANOVA
df

Regression
Residual
Total

1
57
58

SS
0.2988337621
0.8713691999
1.170202962

MS
0.2988337621
0.0152871789

Intercept
X Variable 1

Coefficients
0.0015503484
1.4484667161

Standard Error
0.016226424
0.3276101613

t Stat
0.0955446739
4.4213119344

(Y-Y')^2
0.0001
0.0099
0.0021
0.0000
0.0109
0.0001
0.0064
0.0015
0.0105
0.0000
0.0001
0.0045
0.0268
0.0197
0.0171
0.0028
0.0382
0.0309
0.0026
0.0005
0.0080
0.0038
0.0008
0.0547
0.0138
0.0051
0.0000
0.0000
0.0169
0.0002
0.0000
0.0285
0.0301
0.0020
0.0001
0.0119
0.0000
0.0023
0.0245
0.0000
0.0001
0.0259

(X-X')^2
0.0000
0.0070
0.0030
0.0006
0.0055
0.0000
0.0032
0.0000
0.0018
0.0013
0.0000
0.0000
0.0097
0.0001
0.0011
0.0018
0.0157
0.0012
0.0060
0.0005
0.0016
0.0001
0.0018
0.0095
0.0004
0.0042
0.0109
0.0025
0.0090
0.0006
0.0007
0.0001
0.0055
0.0040
0.0003
0.0000
0.0042
0.0004
0.0014
0.0000
0.0003
0.0037

(X-X')*(Y-Y')
0.0001
0.0083
-0.0025
0.0000
0.0077
0.0000
0.0045
0.0002
0.0044
-0.0001
0.0000
0.0000
0.0161
0.0011
0.0042
-0.0022
0.0245
0.0061
0.0039
-0.0005
0.0036
0.0007
0.0012
0.0228
0.0023
-0.0046
0.0005
0.0003
0.0123
0.0003
0.0000
-0.0019
0.0129
0.0028
0.0002
0.0005
0.0000
-0.0010
-0.0058
0.0000
-0.0002
0.0098

0.0002
0.0096
0.0002
0.0008
0.0258
0.0555
0.0188
0.1060
0.1191
0.0096
0.0073
0.0047
0.1221
0.0210
0.0049
0.1391
0.1026
0.0097

0.0001
0.0008
0.0000
0.0006
0.0001
0.0020
0.0011
0.0061
0.0006
0.0001
0.0015
0.0005
0.0025
0.0000
0.0046
0.0017
0.0002
0.0005

-0.0001
0.0027
0.0001
0.0007
-0.0014
0.0107
0.0045
0.0254
-0.0083
0.0011
0.0033
-0.0015
0.0176
0.0007
0.0048
0.0152
-0.0039
0.0021

1.1703

0.1425

0.2064

F
Significance F
19.547999221 4.4614120056E-005

Average
Yearly

P-value
0.9242173245
4.461412006E-005

Lower 95%
-0.0309425053
0.7924386839

Upper 95%
0.0340432021
2.1044947483

Lower 95.0%
-0.0309425053
0.7924386839

90 DAYS T-BILL
Risk-Free Returns
0.3435%
0.3435%
0.3435%
0.4817%
0.4817%
0.4817%
0.2554%
0.2554%
0.2554%
0.2775%
0.2775%
0.2775%
0.2751%
0.2751%
0.2751%
0.5341%
0.5341%
0.5341%
0.5693%
0.5693%
0.5693%
0.6298%
0.6298%
0.6298%
0.6388%
0.6388%
0.6388%
0.6915%
0.6915%
0.6915%
0.7000%
0.7000%
0.7000%
0.7176%
0.7176%
0.7176%
0.7047%
0.7047%
0.7047%
0.6690%
0.6690%
0.6690%

Y
(Ri-Rfr)
-0.343%
-9.239%
-3.817%
0.584%
-9.839%
1.471%
8.793%
-3.081%
-9.435%
0.506%
-0.054%
7.486%
17.167%
-13.252%
-12.300%
-4.762%
-19.018%
-17.063%
5.541%
2.714%
-8.464%
6.557%
-2.350%
-22.956%
-11.312%
-6.747%
-0.093%
-0.284%
13.386%
1.647%
0.205%
17.250%
-16.989%
4.835%
-0.820%
11.266%
0.405%
5.185%
-15.305%
0.091%
-0.622%
-15.688%

X
(Rm-Rfr)
-0.343%
-8.085%
5.741%
2.602%
-7.248%
-0.046%
6.010%
-0.079%
-3.879%
3.995%
0.659%
0.295%
10.179%
-0.459%
-2.893%
4.282%
-12.436%
-3.364%
7.771%
-2.185%
-3.989%
1.188%
-4.194%
-9.747%
-1.994%
6.428%
-10.448%
-5.017%
9.421%
2.458%
-2.702%
-1.193%
-7.484%
6.233%
-1.842%
0.392%
6.401%
-2.095%
3.610%
-0.222%
1.685%
-6.148%

1
(Ri-Rfr)-3.516%
-0.806%
-9.701%
-4.279%
0.122%
-10.301%
1.009%
8.331%
-3.543%
-9.897%
0.044%
-0.516%
7.024%
16.705%
-13.714%
-12.762%
-5.224%
-19.480%
-17.525%
5.079%
2.252%
-8.926%
6.095%
-2.812%
-23.418%
-11.774%
-7.209%
-0.555%
-0.746%
12.924%
1.185%
-0.258%
16.788%
-17.451%
4.373%
-1.282%
10.804%
-0.057%
4.723%
-15.767%
-0.371%
-1.084%
-16.150%

0.6932%
0.6932%
0.6932%
0.6572%
0.6572%
0.6572%
0.6361%
0.6361%
0.6361%
0.6650%
0.6650%
0.6650%
0.7508%
0.7508%
0.7508%
0.7334%
0.7142%
0.7142%

1.601%
10.154%
1.766%
-2.500%
16.460%
-23.162%
14.129%
32.978%
34.931%
10.204%
-8.157%
-6.426%
35.256%
-14.185%
7.306%
37.623%
-31.682%
10.173%

-0.830%
2.734%
0.603%
-2.536%
-0.916%
-4.556%
3.286%
7.797%
-2.428%
1.124%
-3.867%
2.206%
4.905%
-0.610%
6.680%
3.974%
1.144%
2.076%

0.5805%
6.97%

0.462%
5.54%

0.034%
0.41%

1.139%
9.692%
1.304%
-2.962%
15.998%
-23.624%
13.667%
32.516%
34.469%
9.741%
-8.620%
-6.888%
34.794%
-14.647%
6.844%
37.161%
-32.144%
9.711%

Upper 95.0%
0.0340432021
2.1044947483

2
(Rm-Rfr)-3.738%
-0.378%
-8.119%
5.707%
2.568%
-7.282%
-0.080%
5.976%
-0.113%
-3.913%
3.961%
0.625%
0.261%
10.145%
-0.493%
-2.927%
4.248%
-12.470%
-3.398%
7.737%
-2.219%
-4.023%
1.154%
-4.228%
-9.781%
-2.028%
6.394%
-10.482%
-5.051%
9.387%
2.424%
-2.736%
-1.227%
-7.518%
6.199%
-1.876%
0.358%
6.367%
-2.129%
3.576%
-0.256%
1.651%
-6.182%

1x2
0.003%
0.788%
-0.244%
0.003%
0.750%
-0.001%
0.498%
0.004%
0.387%
0.002%
-0.003%
0.018%
1.695%
0.068%
0.374%
-0.222%
2.429%
0.595%
0.393%
-0.050%
0.359%
0.070%
0.119%
2.291%
0.239%
-0.461%
0.058%
0.038%
1.213%
0.029%
0.007%
-0.206%
1.312%
0.271%
0.024%
0.039%
-0.004%
-0.101%
-0.564%
0.001%
-0.018%
0.998%

-0.864%
2.700%
0.569%
-2.570%
-0.950%
-4.590%
3.252%
7.763%
-2.462%
1.090%
-3.901%
2.172%
4.871%
-0.644%
6.646%
3.940%
1.110%
2.042%

-0.010%
0.262%
0.007%
0.076%
-0.152%
1.084%
0.444%
2.524%
-0.849%
0.106%
0.336%
-0.150%
1.695%
0.094%
0.455%
1.464%
-0.357%
0.198%
20.431%

P\E RATIO & EV

(All Amounts In Rupees Lakhs)
PARTICULARS
PAT
No Of Shares (In Lacs)
EPS (Rs.)
MPS (As On 31st March)
P/E Ratio = MPS/EPS(Trailing)
P/E Ratio = MPS/EPS(Current)
P/E Ratio = MPS/EPS(Forward)
Book Value (Equity/No.Of Equity Shares)
Price/Book Value (Trailing)
Price/Book Value (Current)
Price/Book Value (Forward)
EBIDTA
Market Value Of Equity
Debt
Excess Cash
Non Operating Investment
Net Debt
Enterprise Value(EV)
EV/EBIDTA (Trailing)
EV/EBIDTA (Current)
EV/EBIDTA (Forward)

2008-2009
-1611.16
342.43534
-4.705
34.750
-7.39
0.73
147.38
0.24
0.18
2,042.30
11899.628065
55717.91
403.04
4266.71
51048.16
62947.79
30.8220
2.0525

2009-2010
16247.74
342.43534
47.448
149.200
-31.71
3.14
19.30
189.96
1.01
0.79
0.75
30,668.14
51091.352728
59736.2
281.96
4342.17
55112.07
106203.43
52.0019
3.4630
7.5004

O & EV

Rupees Lakhs)
2010-2011

2011-2012

2012-2013

2013-2014

2646.61
342.43534
7.729
103.1
2.17
13.34
19.47
198.37
0.54
0.52
0.50

1812.95
342.43534
5.294
88.45
11.44
16.71
2.52
205.16
0.45
0.43
0.35

12015.09
342.43534
35.087
93.7
17.70
2.67
1.24
252.36
0.46
0.37
0.29

27123.5
359.557
75.436
440.75
12.56
5.84

14,159.69
35305.083554
92344.87
97.81
4253.76
87993.30
123298.39
4.0204
8.7077
5.0512

24,409.80
30288.405823
109517.05
71.92
3031.96
106413.17
136701.58
9.6543
5.6003
3.3520

40,781.96
32086.191358
82882.89
224.15
0.00
82658.74
114744.93
4.7008
2.8136
1.8179

63,121.21
158474.74775
102019.26
335.75
0.00
101683.51
260158.26
6.3792
4.1216

318.02
1.75
1.39

CREDIT RATING & Z SCORE

CREDIT ANALYSIS
PARTICULARS
Total Debt/Capital
EBIT/Interest
EBIDTA/Interest
FCFF/Debt
ROC
Long Term Debt/ Total Capital

2008-2009
0.54885
-0.07927
0.31168
-0.22%
0.52472

ALTMAN Z SCORE
PARTICULARS
WC/Total Asset [A]
Retained Earnings/Total Asset [B]
EBIT/Total Asset [C]
MV of Equity/BV of Total Liability [D]
Sales/Total Asset [E]
ALTMAN Z SCORE = 1.2A+1.4B+3.3C+0.6D+1E

2008-2009
0.21119
0.10213
-0.00489
0.11206
2.36724
2.81474

T RATING & Z SCORE

CREDIT ANALYSIS
2009-2010
0.49286
4.87444
5.35446
0.37701
15.54%
0.47475

2010-2011
0.59225
1.32140
1.77088
-0.66360
4.44%
0.37729

2011-2012
0.61990
1.09800
1.56465
-0.18634
7.26%
0.31798

2012-2013
0.49021
2.17965
2.71670
0.34308
13.97%
0.25047

2013-2014
0.46445
3.83984
4.44996
-0.05445
16.85%
0.19243

ALTMAN Z SCORE
2009-2010
0.14303
0.18974
0.22188
0.40604
2.26535
3.67847

2010-2011
0.01467
0.15948
0.06592
0.22028
2.24766
2.83825

2011-2012
0.09171
0.15005
0.09528
0.16848
2.56873
3.30438

2012-2013
0.00986
0.21434
0.19327
0.18952
2.95864
4.02203

2013-2014
0.21929
0.25727
0.24758
0.72036
2.50361
4.37617

WEIGHTED AVERAGE COST OF CAPITAL

PARTICULARS
Interest
Average Debt
Cost of Debt
Net Cost of Debt( Add:Currency Depreciation @ 6%)
Beta
Cost of Equity
Total Capital
Weight of Debt
Weight of Equity
Tax Rate
WACC

2013-2014
14184.66
92451.08
10.43%
16.43%
1.45
19.61%
260494.01
0.392
0.608
32.05%
18.37%

VALUATION
High Growth
G
WACC
NOPAT Margin

Time
0
1
2
3
4
5
6
7
8
9
10
11
12
13

Sales
550776.71
688470.89
860588.61
1075735.76
1344669.70
1680837.13
2055423.69
2457699.47
2871997.38
3278179.86
3652828.99
3971146.94
4209415.76
4461980.71

Terminal Growth
25%
18.37%
6.72%

Growth
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
22.29%
19.57%
16.86%
14.14%
11.43%
8.71%
6.00%
6.00%

G
WACC

NOPAT
40631.65
46264.35
57830.44
72288.05
90360.06
112950.07
138121.80
165154.21
192994.49
220289.43
245465.36
266855.91
282867.27
299839.31

PVHG
PVTG
PV ENTPS
Add: Cash & Invts
Less: Debt
Equity
No. of Shares
Value / Share

Growth In NOPAT
13.86%
25.00%
25.00%
25.00%
25.00%
22.29%
19.57%
16.86%
14.14%
11.43%
8.71%
6.00%
6.00%

201884.77
243415.32
445300.09
16787.75
102019.26
360068.58
359.5571
1001.42

erminal Growth
6.00%
18.37%

NOPAT Margin
6.72%
6.72%
6.72%
6.72%
6.72%
6.72%
6.72%
6.72%
6.72%
6.72%
6.72%
6.72%
6.72%
6.72%

NFA

Increase In NFA
156247.65
190975.40
233536.77
285718.17
349716.86
418937.30
491539.89
574399.48
655635.97
730565.80
794229.39
841883.15
892396.14
945939.91

TV = FCFFn/(WACC-TGR)
TV/NOPAT

34727.75
42561.38
52181.40
63998.69
69220.44
72602.59
82859.58
81236.50
74929.83
63663.59
47653.76
50512.99
53543.77

1840905.89164232
6.1396416534

Sales/NFA
4.41
4.51
4.61
4.71
4.81
4.91
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00

Operating WC
47905.80
59882.25
74852.82
93566.02
116957.53
143022.35
171013.87
199841.92
228105.27
254174.45
276323.94
292903.37
310477.57
329106.23

Increase In Op WC
11976.45
14970.56
18713.20
23391.51
26064.82
27991.52
28828.05
28263.36
26069.17
22149.49
16579.44
17574.20
18628.65

Sales/Op WC
14.37
14.37
14.37
14.37
14.37
14.37
14.37
14.37
14.37
14.37
14.37
14.37
14.37
14.37

Goodwill
2270.74
2384.28
2503.49
2628.67
2760.10
2898.10
2898.10
2898.10
2898.10
2898.10
2898.10
2898.10
2898.10
2898.10

Growth In Goodwill
5.00%
5.00%
5.00%
5.00%
5.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Increase In Goodwill
114
119
125
131
138
0
0
0
0
0
0
0
0

Intangibles
6219.88
6344.28
6471.16
6600.59
6732.60
6867.25
6989.88
7099.72
7196.07
7278.31
7345.90
7398.37
7435.36
7472.54

Growth In Intangibles
2.00%
2.00%
2.00%
2.00%
2.00%
1.79%
1.57%
1.36%
1.14%
0.93%
0.71%
0.50%
0.50%

Increase In Intangibles
124.40
126.89
129.42
132.01
134.65
122.63
109.84
96.35
82.24
67.58
52.47
36.99
37.18

Sales/Intangibles
110.6887733365

FCFF
-677.78
52.40
1138.85
2706.42
17392.15
37405.06
53356.74
83398.28
119208.19
159584.70
202570.24
214743.09
227629.71

WACC
18.37%
18.37%
18.37%
18.37%
18.37%
18.37%
18.37%
18.37%
18.37%
18.37%
18.37%
18.37%
18.37%
18.37%

DCF
0.8448
0.7138
0.6030
0.5095
0.4304
0.3636
0.3072
0.2595
0.2193
0.1853
0.1565
0.1322
0.1117
Total

PV FCFF
-572.62
37.40
686.74
1378.80
7485.75
13601.56
16391.69
21645.52
26139.26
29563.43
31704.11
28394.58
25428.55
201884.77

Capital
219657.53
266599.67
324377.71
395526.91
483180.54
578738.47
679455.20
791252.68
900848.88
1001930.12
1087810.79
1152096.46
1220220.64
1292430.24

ROC
21.06%
21.69%
22.29%
22.85%
23.38%
23.87%
24.31%
24.39%
24.45%
24.50%
24.53%
24.55%
24.57%

Sales/Capital
3.13
3.23
3.32
3.40
3.48
3.55
3.62
3.63
3.64
3.65
3.65
3.65
3.66

RR
1.01
1.00
0.98
0.97
0.85
0.73
0.68
0.57
0.46
0.35
0.24
0.24
0.24