Académique Documents
Professionnel Documents
Culture Documents
Mar '18 Mar '17 Mar '16 Mar '15 Mar '14
12 mths 12 mths 12 mths 12 mths 12 mths
Income
Sales Turnover 43,434.93 39,383.12 36,713.05 36,869.21 27,850.93
Excise Duty 636.89 2,446.51 2,442.24 2,344.18 0
Net Sales 42,798.04 36,936.61 34,270.81 34,525.03 27,850.93
Other Income 723.91 1,145.34 976.91 304.51 728.44
Stock Adjustments 419.23 1,100.16 -191.7 -67.81 676.21
Total Income 43,941.18 39,182.11 35,056.02 34,761.73 29,255.58
Expenditure
Raw Materials 26,299.84 21,915.55 19,210.27 21,692.91 19,298.66
Power & Fuel Cost 6,000.12 5,898.67 6,508.06 5,200.77 3,557.61
Employee Cost 1,894.65 1,752.12 1,687.92 1,589.48 1,346.10
Miscellaneous Expenses 3,898.60 3,656.41 3,326.79 2,557.54 1,832.89
Total Expenses 38,093.21 33,222.75 30,733.04 31,040.70 26,035.26
Since the dividents don't seem to follow a trend if considered from 2006 onwards, let us compare the last 5 years where the di
Consider the last 5 years
CAGR 4.66%
e the last 5 years where the dividents have either remained stable or increased
ROE Approach
Calculating the divident growth rate using the ROE approach
uminium is going to reduce in the near future and the company is cutting down on its optimisation cost, th ediident will grow at a rate of 4 a
d then the growth rate will stagnate.
Time Divident growth rate PV
2019 1.240231256 3.35% 1.1809018067
2020 1.289840507 4.00% 1.1693869453
2021 1.347883329 4.50% 1.1635515967
However we cannot apply the Free cash flow modle if WACC < constant growth rate of FCF. Moreover such a high growth isn't
Hence we assume a growth rate of 6.5% in the 1st,2nd and 3rd year, 6% in the 4nd year,5.5% in the 5th year, 5% in 6th year, 4.5
Year FCFF PV
2019 1008.58 953.7901
2020 1074.138 960.6049
2021 1143.957 967.4684
2022 1212.594 969.8063
2023 1279.287 967.5643
2024 1343.251 960.7525
2025 1403.698 949.4458