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Income Statement

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

Operating Profit 5,124.06 4,814.02 3,346.07 3,416.52 2,491.88


PBDIT 5,847.97 5,959.36 4,322.98 3,721.03 3,220.32
Interest 1,900.54 2,322.87 2,390.14 1,637.09 711.65
PBDT 3,947.43 3,636.49 1,932.84 2,083.94 2,508.67
Depreciation 1,617.31 1,427.97 1,282.02 837.03 823.29
Profit Before Tax 2,330.12 2,208.52 650.82 1,246.91 1,685.38
PBT (Post Extra-ord Items) 2,330.12 2,208.52 650.82 1,246.91 1,685.38
Tax 792.33 596.35 98.92 321.75 272.05
Reported Net Profit 1,436.49 1,556.89 551.9 925.16 1,413.33
Total Value Addition 11,793.37 11,307.20 11,522.77 9,347.79 6,736.60
Equity Dividend 291.17 238.78 223.49 206.52 206.46
Corporate Dividend Tax 0 0 0 39.29 0.9
Per share data (annualised)
Shares in issue (lakhs) 22,291.93 22,274.92 20,486.70 20,655.27 20,645.88
Earning Per Share (Rs) 6.44 6.99 2.69 4.48 6.85
Equity Dividend (%) 120 110 100 100 100
Book Value (Rs) 221.83 212.49 205.79 180.37 177.92
Income Statement
Balance She
Mar-18 Mar-17 Mar-16 Mar-15 Mar-14

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES


SHAREHOLDER'S FUNDS
Equity Share Capital 222.89 222.72 204.89 206.52 206.48
Total Share Capital 222.89 222.72 204.89 206.52 206.48
Reserves and Surplus 49,227.69 47,109.84 41,954.59 37,048.74 36,525.97
Total Reserves and Surplus 49,227.69 47,109.84 41,954.59 37,048.74 36,525.97
Total Shareholders Funds 49,450.58 47,332.56 42,159.48 37,255.26 36,732.45
Equity Share Application Money 0.16 0 0 0 0
NON-CURRENT LIABILITIES
Long Term Borrowings 17,198.94 18,391.95 23,904.29 22,973.85 22,108.58
Deferred Tax Liabilities [Net] 1,922.18 1,231.67 1,149.06 1,748.28 1,174.31
Other Long Term Liabilities 803.26 487.98 510.25 474.63 830.87
Long Term Provisions 404.1 490.01 409.35 455.9 341.96
Total Non-Current Liabilities 20,328.48 20,601.61 25,972.95 25,652.66 24,455.72
CURRENT LIABILITIES
Short Term Borrowings 3,092.96 4,229.98 4,540.49 5,675.53 4,258.37
Trade Payables 5,524.05 4,890.85 3,944.52 3,651.65 4,383.75
Other Current Liabilities 3,674.37 8,945.46 3,602.42 2,678.13 2,901.91
Short Term Provisions 658.31 634.53 221.66 1,087.41 1,037.75
Total Current Liabilities 12,949.69 18,700.82 12,309.09 13,092.72 12,581.78
Total Capital And Liabilities 82,728.91 86,634.99 80,441.52 76,000.64 73,769.95
ASSETS
NON-CURRENT ASSETS
Tangible Assets 33,999.59 34,017.71 32,096.38 26,035.87 18,024.98
Intangible Assets 355.55 357.31 146.98 24.02 29.73
Capital Work-In-Progress 736.25 711.54 3,078.41 10,743.61 17,277.13
Intangible Assets Under Development 0.48 0.01 0.33 0.02 0.1
Other Assets 9.03 9.26 9.48 0 0
Fixed Assets 35,100.90 35,095.83 35,331.58 36,803.52 35,331.94
Non-Current Investments 23,249.67 20,479.17 19,720.84 14,781.75 15,312.45
Long Term Loans And Advances 5.88 50.53 36.89 1,454.73 1,161.15
Other Non-Current Assets 2,415.82 2,674.64 994.32 31.44 12.52
Total Non-Current Assets 60,772.27 58,300.17 56,083.63 53,071.44 51,818.06
CURRENT ASSETS
Current Investments 3,775.59 8,852.78 7,590.42 6,468.93 6,595.01
Inventories 10,738.38 9,268.03 8,405.49 8,821.23 8,914.58
Trade Receivables 1,737.25 1,872.83 2,014.76 1,832.18 1,283.65
Cash And Cash Equivalents 1,821.35 4,335.18 326.47 984.18 1,163.17
Short Term Loans And Advances 54.57 179.82 32.27 3,879.67 3,226.40
OtherCurrentAssets 3,829.50 3,826.18 5,988.48 943.01 769.08
Total Current Assets 21,956.64 28,334.82 24,260.30 22,929.20 21,951.89
Total Assets 82,728.91 86,634.99 80,441.52 76,000.64 73,769.95
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 6,626.03 8,584.84 952.88 6,693.47 7,310.67
CIF VALUE OF IMPORTS
Raw Materials 0 0 15,089.62 17,571.39 15,757.47
Stores, Spares And Loose Tools 0 0 140.93 73.66 98.59
Trade/Other Goods 0 0 628.26 689.93 173.03
Capital Goods 0 0 1,438.85 140.64 351.78
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 20,980.00 16,387.00 -914.23 -19.13 -482.31
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign Currency - - 19.06 19.27 26.7
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods 18,573.00 - 12,489.85 13,334.45 8,291.95
Other Earnings - - 0.83 2.86 204.38
BONUS DETAILS
Bonus Equity Share Capital 49.18 49.18 49.18 49.18 49.18
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value 6,573.51 4,323.60 5,576.00 7,463.87 5,719.16
Non-Current Investments Unquoted Book Value 62.02 62.12 14,148.23 13,953.63 14,195.81
CURRENT INVESTMENTS
Current Investments Quoted Market Value 3,086.80 7,572.05 3,994.42 287.75 211.09
Current Investments Unquoted Book Value 686.08 1,264.15 3,581.65 6,192.17 6,384.16

Source : Dion Global Solutions Limited


Balance Sheet
Divident History

Annoncement DatEffective Date Dividend Type Dividend(%) Divident on 1 Rs FV


5/16/2018 9/12/2018 Final 120% 1.20
6/1/2017 9/5/2017 Final 110% 1.10
5/30/2016 9/6/2016 Final 100% 1.00
5/28/2015 9/7/2015 Final 100% 1.00
5/29/2014 9/8/2014 Final 100% 1.00
5/28/2013 8/30/2013 Final 140% 1.40
6/27/2012 8/31/2012 Final 155% 1.55
5/30/2011 9/14/2011 Final 150% 1.50
6/4/2010 8/24/2010 Final 135% 1.35
6/30/2009 9/10/2009 Final 135% 1.35
6/20/2008 8/28/2008 Final 185% 1.85
3/5/2007 3/16/2007 Interim 170% 1.70
4/29/2006 7/14/2006 Final 220% 2.20

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

Year Divident Divident yield


2014 1
2015 1 1
2016 1 1
2017 1.1 1.1
2018 1.2 1.0909090909

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

ROE = Net Profit/Totel equity


Year ROE(%)
2018 2.9
2017 3.3 Mean 2.77%
2016 1.3 We arrive at an ROE of 2.77 % using the arithmatic mean of 5 years
2015 2.5
2014 3.8

PR= Dividents Paid/EPS


RR = 1- PR
Year RR
2018 0.8136645963 Mean Retention Ratio 0.737918
2017 0.8426323319
2016 0.6282527881
2015 0.6282527881
2014 0.7767857143

Growth rate of Dividents = RR* ROE


Divident Growth rate using ROE Approach 2.04%

By Divident CAGR approach we get a growth rate of 4.46%


And by ROE approach the growth rate comes out to be 2.04%
We find the divident growth rate by taking the mean of growth rate arrived by 2 approaches
Divident growth rate(%) 3.35%
DDM Model
10 Year Treasury Yield
Date Price Open High Low Change %
Nov-18 7.815 7.853 7.853 7.707 -0.48% Sensex on 18 Nov 2014
Oct-18 7.853 7.923 8.21 7.797 -2.13% Sensex on 18 Nov 2018
Sep-18 8.024 7.94 8.231 7.917 0.92% Growth rate of Sensex
Aug-18 7.951 7.767 7.958 7.681 2.30% Risk Free Rate
Jul-18 7.772 7.889 7.917 7.723 -1.66% Long Term Beta
Jun-18 7.903 7.86 8 7.769 0.98% Expected Return using CAPM(k)
May-18 7.826 7.731 7.945 7.553 0.76%
Apr-18 7.767 7.333 7.797 7.123 4.99%
Mar-18 7.398 7.726 7.8 7.286 -4.25%
Feb-18 7.726 7.446 7.816 7.399 3.98%
Jan-18 7.43 7.349 7.587 7.243 1.53% Since the supply of Aluminium is going to redu
Dec-17 7.318 7.089 7.398 7.028 3.63% in the next 2 years and then the growth rate w
Nov-17 7.062 6.879 7.062 6.859 2.91%
Oct-17 6.862 6.643 6.885 6.632 2.92%
Sep-17 6.667 6.486 6.679 6.485 2.16%
Aug-17 6.526 6.444 6.57 6.431 0.93%
Jul-17 6.466 6.592 6.592 6.408 -0.69%
Jun-17 6.511 6.648 6.648 6.423 -2.30%
May-17 6.664 6.987 6.992 6.661 -4.31%
Apr-17 6.964 6.61 6.964 6.61 4.03%
Mar-17 6.694 6.925 6.931 6.682 -2.58%

Feb-17 6.871 6.398 6.942 6.398 7.21%


Jan-17 6.409 6.454 6.478 6.344 -1.64%
Dec-16 6.516 6.219 6.591 6.183 4.32%

Average Yield 7.208125


Hence 7% can be considered as the risk free rate of return
28209.03
35457.16
5.88% (Equal to market return)
7.00%
1.77
5.02%

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

Then the growth stops at 4.5%


Value of company @ t=3 280.8584098
PV 242.4492121

DDM Valuation 245.9631


nt will grow at a rate of 4 and 4.5%
FCFF Metho
Mar '18 Mar '17 Mar '16 Mar '15 Mar '14
Tax Rate 34.00% 27.00% 15.20% 25.80% 16.14%
EBIT(Cr) 4230.66 4531.39 3040.96 2884.00 2397.03
NOPAT 2792.07 3307.81 2578.76 2139.82 2010.11
Depreciation 1,617.31 1,427.97 1,282.02 837.03 823.29
Capital Expenditure 1,599.19 3,349.30 7,342.53 8,847.92 18,848.27
Change in Working Capital -627.05 -2,317.21 2,114.73 466.37
Change in Other Assets 2,490.22 295.21 -3,048.32 -6,757.51
Free Cash Flow to Firm 947.02 3408.48 -2548.16 420.07

Free Cah flow per share(Rs) 4.2482801842


Since the firm hasn't had very stable free cash flow generation over the years it will no be possible to have a look at growth fro

ROIC 8.21% 9.72% 8.03% 8.22% 11.15%


Average ROIC 9.07%
Retention Ratio 0.7379176437
Long term growth Rate of free cash flow to firm 6.69%

Required rate of return 5.02%


Portion of Equity 0.7090453336
Intrest Rate 7.50%
Portion of Debt 0.2909546664
WACC 5.74%

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

Constant growth period value 117871.5


Present Value @ 5.74% 79727

Total FCFF generated 86456.43 Cr Rs


Value of debt 20,291.90
Value of Equity 66,164.53
No. of shares outstanding 22,291.93 Lacs
Price according to FCFF 296.8093
FCFF Method (Figures in Cr INR)

have a look at growth from the time series

Total equity 49,450.58


Total debt 20,291.90
D/E 41.03%

such a high growth isn't sustianble in the long term.


h year, 5% in 6th year, 4.5% in the 7th year and thereafter

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