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  • Cipla

    Transféré par

    Shivam Goel
    81 vues9 pages
    The document contains financial information for a company including tax rates, WACC calculations, revenue growth rates, free cash flow projections, and calculations to determine intrinsic value per share. It provides profit before tax of ₹25,006,400,000 for 2019, a tax rate of 24.2%, and WACC of 9.46% for the next 15 years and 9.16% for terminal period. Free cash flow projections are provided until 2034 with a terminal value of ₹265,844,320,277.50 calculated. Based on this, the intrinsic value per share is estimated to be ₹690.20.

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    Cipla.xlsx

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    The document contains financial information for a company including tax rates, WACC calculations, revenue growth rates, free cash flow projections, and calculations to determine intrinsic value per share. It provides profit before tax of ₹25,006,400,000 for 2019, a tax rate of 24.2%, and WACC of 9.46% for the next 15 years and 9.16% for terminal period. Free cash flow projections are provided until 2034 with a terminal value of ₹265,844,320,277.50 calculated. Based on this, the intrinsic value per share is estimated to be ₹690.20.

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    81 vues9 pages

    Cipla

    Transféré par

    Shivam Goel
    The document contains financial information for a company including tax rates, WACC calculations, revenue growth rates, free cash flow projections, and calculations to determine intrinsic value per share. It provides profit before tax of ₹25,006,400,000 for 2019, a tax rate of 24.2%, and WACC of 9.46% for the next 15 years and 9.16% for terminal period. Free cash flow projections are provided until 2034 with a terminal value of ₹265,844,320,277.50 calculated. Based on this, the intrinsic value per share is estimated to be ₹690.20.

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    Téléchargez comme XLSX, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 9

    Signify Classified - Internal #

    Tax Rate Calculation


    Provision for Taxes ₹ 6,044,200,000.0
    PBT ₹ 25,006,400,000.0
    Tax Rate (t) 24.2%

    WACC Calculation
    Market Values
    Debt (Wd) ₹ 0.0
    Equity (We) ₹ 380,069,646,000.0
    Risk-Free-Rate 6.56%
    Beta (For Next 15 Years) 0.39
    Beta (Terminal Value) 0.35
    Market Risk Premium 7.43%
    Cost of Equity (Ke) (For Next 15 Years) 9.46%
    Cost of Equity (Ke) (Terminal Value) 9.16%
    Cost of Debt Before-Tax 0.00%
    Cost of Debt After-Tax (Kd) 0.00%
    WACC(Kc) (For Next 15 Years) 9.46%
    WACC(Kc) (Terminal) 9.16%

    Revenue growth rate


    Growth ( Next 5 Year) 10.17%
    Growth ( 10 Year, thereafter) 8.00%
    Growth (Terminal) 6.00%

    FCF for 2019 2018

    Free Cash Flow (FCF)


    PBT
    Capital Expenditure
    Fixed Assets ₹ 47,829,500,000.0
    Depreciation
    Changes in Working Capital ₹ 52,064,700,000.0
    FCF

    Present Value of Forecasted FCF for 2020 - 2024 2020F


    N 1
    PV of FCF 20,979,844,396.5

    Present Value of Forecasted FCF for 2025 - 2035 2025F


    N 6
    PV of FCF ₹ 19,233,125,046.5

    Present Value of Forecasted FCF for 2025 - 2035


    PV of Terminal Value ₹ 265,844,320,277.5

    Intrinsic Value Per Share


    Signify Classified - Internal #

    Cash ₹ 1,745,600,000.0
    Market Value of Equity ₹ 380,069,646,000.0
    Book Value of Debt ₹ 0.0
    No. of Shares Outstanding 804210000
    Value of Firm ₹ 553,322,771,160.79
    Value of Equity ₹ 555,068,371,160.79
    Intrinsic Value Per Share ₹ 690.20
    Signify Classified - Internal #

    Taken from Reuters

    2019

    25,006,400,000.0

    44,866,400,000.0
    17,959,900,000.0
    71,105,700,000.0
    20,844,200,000.0

    2021F 2022F 2023F 2024F


    2 3 4 5
    21,116,371,503.9 21,253,787,066.5 21,392,096,865.9 21,531,306,721.3

    2026F 2027F 2028F 2029F


    7 8 9 10
    ₹ 18,976,988,416.7 ₹ 18,724,262,879.7 ₹ 18,474,903,008.2 ₹ 18,228,863,980.2
    Signify Classified - Internal #

    2030F 2031F 2032F 2033F


    11 12 13 14
    ₹ 17,986,101,570.4 ₹ 17,746,572,142.5 ₹ 17,510,232,641.4 ₹ 17,277,040,585.3
    Signify Classified - Internal #

    2034F
    15
    ₹ 17,046,954,058.2
    Signify Classified - Internal #

    Particular
    PBT
    Capital Expenditure
    :- Fixed assets (2018) ₹ 47,829,500,000.00
    :- Fixed assets (2019) ₹ 44,866,400,000.00
    Depreciation
    Changes in Working Capital
    Net Current Assests (2018) ₹ 52,064,700,000.00
    Net Current Assests (2019) ₹ 71,105,700,000.00
    Tax Rate
    Provision for Taxes ₹ 6,044,200,000.00
    PBT ₹ 25,006,400,000.00
    Cash
    FCFF
    Growth ( Next 5 Year) 10.17%
    Growth ( 10 Year, thereafter) 8.00%
    Growth (Terminal) 6.00%
    Beta (Next 15 years) 0.39
    Beta (Terminal) 0.35
    WACC (Next 15 Years)
    WACC (Terminal)
    Cost of Equity (Next 15 years) 9.46%
    Cost of Debt 0.00%
    Cost of Equity (Terminal Case) 9.16%
    No. of Shares Outstanding 804210000
    Market Value of Equity ₹ 380,069,646,000.00
    Book Value of Debt ₹ 0.00
    Value of Firm
    Value of Equity
    Intrinsic Value Per Share
    Next 5 Years
    1 ₹ 20,979,844,396.51
    2 ₹ 21,116,371,503.91
    3 ₹ 21,253,787,066.47
    4 ₹ 21,392,096,865.85
    5 ₹ 21,531,306,721.33
    10 years, thereafter
    6 ₹ 19,233,125,046.48
    7 ₹ 18,976,988,416.71
    8 ₹ 18,724,262,879.68
    9 ₹ 18,474,903,008.24
    10 ₹ 18,228,863,980.24
    11 ₹ 17,986,101,570.44
    12 ₹ 17,746,572,142.54
    13 ₹ 17,510,232,641.42
    14 ₹ 17,277,040,585.30
    15 ₹ 17,046,954,058.16
    Terminal ₹ 265,844,320,277.50
    Signify Classified - Internal #

    Amount (in ₹ )
    ₹ 25,006,400,000.00
    -₹ 2,963,100,000.00

    ₹ 17,959,900,000.00
    ₹ 19,041,000,000.00 Total Current Assets
    Total Current Liabilities
    Net Current Assests
    24.17%

    ₹ 1,745,600,000.00
    ₹ 20,844,200,000.00

    risk premium 0.0743


    9.46%
    9.16%
    RF 0.0656

    Price per share ₹ 472.60

    ₹ 553,322,771,215.79
    ₹ 555,068,371,215.79
    ₹ 690.20
    ₹ 106,273,406,554.07

    ₹ 181,205,044,329.22
    ₹ 1.00
    ₹ 2.00
    ₹ 3.00
    ₹ 4.00
    ₹ 5.00
    ₹ 6.00
    ₹ 7.00
    ₹ 8.00
    ₹ 9.00
    ₹ 10.00
    ₹ 265,844,320,277.50
    Signify Classified - Internal #

    2018 2019
    ₹ 79,381,700,000.00 ₹ 94,786,500,000.00
    ₹ 27,317,000,000.00 ₹ 23,680,800,000.00
    ₹ 52,064,700,000.00 ₹ 71,105,700,000.00
    Signify Classified - Internal #

    Exhibit TN-2
    2019

    Retention ratio (1-Pay-out ratio) 0.8507

    Return on Equity 0.1196 1888.14 15781.91


    Estimated long-term growth rate 10.17%
    Source: created by the author

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