Mean Equity

Risk Free Reversion Required Risk

Serial Month Bse200 Rate Period (Y) Rtn Equity Premium Effective Date
1 1991-01 133 27-Apr-01
2 1991-02 143 28-May-01
3 1991-03 160 5-Mar-02
4 1991-04 169 27-Jun-02
5 1991-05 169 29-Oct-02
6 1991-06 168 3-Mar-03
7 1991-07 191 25-Aug-03
8 1991-08 218 27-Oct-04
9 1991-09 229 29-Apr-05
10 1991-10 222 26-Oct-05
11 1991-11 232 24-Jan-06
12 1991-12 227 8-Jun-06
13 1992-01 249 25-Jul-06
14 1992-02 301 8-Dec-08
15 1992-03 455 5-Jan-09
16 1992-04 561 5-Mar-09
17 1992-05 429 21-Apr-09
18 1992-06 370 19-Mar-10
19 1992-07 338 20-Apr-10
20 1992-08 337 2-Jul-10
21 1992-09 390 27-Jul-10
22 1992-10 378 16-Sep-10
23 1992-11 323 2-Nov-10
24 1992-12 314 25-Jan-11
25 1993-01 303 17-Mar-11
26 1993-02 308 3-May-11
27 1993-03 260 16-Jun-11
28 1993-04 237 26-Jul-11
29 1993-05 243 16-Sep-11
30 1993-06 255 25-Oct-11
31 1993-07 247 17-Apr-12
32 1993-08 292 29-Jan-13
33 1993-09 322 19-Mar-13
34 1993-10 317 3-May-13
35 1993-11 336 20-Sep-13
36 1993-12 399 29-Oct-13
37 1994-01 482 28-Jan-14
38 1994-02 483 15-Jan-15
39 1994-03 456 4-Mar-15
40 1994-04 462 2-Jun-15
41 1994-05 451 29-Sep-15
42 1994-06 487 5-Apr-16
43 1994-07 489 4-Oct-16
44 1994-08 513 6-Apr-17
45 1994-09 520
46 1994-10 488
47 1994-11 470
48 1994-12 446
49 1995-01 410
50 1995-02 388
51 1995-03 383
52 1995-04 371
53 1995-05 353
54 1995-06 361
55 1995-07 353
56 1995-08 355
57 1995-09 348
58 1995-10 356
59 1995-11 323
60 1995-12 310
61 1996-01 299
62 1996-02 345
63 1996-03 343
64 1996-04 373
65 1996-05 387
66 1996-06 395
67 1996-07 377
68 1996-08 351
69 1996-09 337
70 1996-10 312
71 1996-11 301
72 1996-12 295
73 1997-01 333
74 1997-02 333
75 1997-03 360
76 1997-04 353
77 1997-05 363
78 1997-06 383
79 1997-07 407
80 1997-08 409
81 1997-09 384
82 1997-10 385
83 1997-11 355
84 1997-12 339
85 1998-01 336
86 1998-02 330
87 1998-03 364
88 1998-04 405
89 1998-05 390
90 1998-06 328
91 1998-07 328
92 1998-08 311
93 1998-09 317
94 1998-10 301
95 1998-11 299
96 1998-12 300
97 1999-01 333
98 1999-02 335
 99 1999-03 369
100 1999-04 349
101 1999-05 372
102 1999-06 399
103 1999-07 443
104 1999-08 474
105 1999-09 495
106 1999-10 518
107 1999-11 507
108 1999-12 553
109 2000-01 624
110 2000-02 738
111 2000-03 660
112 2000-04 577
113 2000-05 455
114 2000-06 500
115 2000-07 504
116 2000-08 461
117 2000-09 474
118 2000-10 413
119 2000-11 430
120 2000-12 448
121 2001-01 464
122 2001-02 475
123 2001-03 394
124 2001-04 351
125 2001-05 379
126 2001-06 366
127 2001-07 346
128 2001-08 343
129 2001-09 303
130 2001-10 300
131 2001-11 324
132 2001-12 345
133 2002-01 352
134 2002-02 380
135 2002-03 398
136 2002-04 404
137 2002-05 400
138 2002-06 391
139 2002-07 390
140 2002-08 370
141 2002-09 364
142 2002-10 355
143 2002-11 364
144 2002-12 392
145 2003-01 393
146 2003-02 385
147 2003-03 375
148 2003-04 359
149 2003-05 378
150 2003-06 433
151 2003-07 460
152 2003-08 513
153 2003-09 555
154 2003-10 605
155 2003-11 628
156 2003-12 704
157 2004-01 776
158 2004-02 747
159 2004-03 734
160 2004-04 778
161 2004-05 690
162 2004-06 623
163 2004-07 651
164 2004-08 669
165 2004-09 710
166 2004-10 749
167 2004-11 785
168 2004-12 846
169 2005-01 848
170 2005-02 885
171 2005-03 899
172 2005-04 853
173 2005-05 862
174 2005-06 902
175 2005-07 949
176 2005-08 1,004
177 2005-09 1,049
178 2005-10 1,046
179 2005-11 1,078
180 2005-12 1,162
181 2006-01 1,221
182 2006-02 1,262
183 2006-03 1,353
184 2006-04 1,452
185 2006-05 1,439
186 2006-06 1,227
187 2006-07 1,252
188 2006-08 1,349
189 2006-09 1,450
190 2006-10 1,530
191 2006-11 1,611
192 2006-12 1,644
193 2007-01 1,690
194 2007-02 1,695
195 2007-03 1,535
196 2007-04 1,613
197 2007-05 1,707 6.00% 16 6.2% 0.17%
198 2007-06 1,759 6.00% 16 6.2% 0.22%
199 2007-07 1,871 6.00% 16 6.1% 0.09%
200 2007-08 1,781 6.00% 16 6.7% 0.65%
201 2007-09 1,964 6.00% 16 6.3% 0.28%
202 2007-10 2,223 6.00% 16 5.8% -0.24%
203 2007-11 2,411 6.00% 16 5.5% -0.45%
204 2007-12 2,547 6.00% 16 5.5% -0.49%
205 2008-01 2,553 6.00% 17 6.1% 0.13%
206 2008-02 2,232 6.00% 17 7.2% 1.23%
207 2008-03 2,005 6.00% 17 8.1% 2.12%
208 2008-04 2,011 6.00% 17 8.3% 2.32%
209 2008-05 2,111 6.00% 17 8.2% 2.24%
210 2008-06 1,827 6.00% 17 9.3% 3.33%
211 2008-07 1,668 6.00% 17 10.1% 4.05%
212 2008-08 1,798 6.00% 17 9.7% 3.74%
213 2008-09 1,695 6.00% 17 10.3% 4.26%
214 2008-10 1,252 6.00% 17 12.3% 6.27%
215 2008-11 1,112 6.00% 17 13.1% 7.05%
216 2008-12 1,126 6.00% 17 13.0% 6.99%
217 2009-01 1,113 5.00% 18 13.0% 8.02%
218 2009-02 1,079 4.00% 18 13.2% 9.22%
219 2009-03 1,058 4.00% 18 13.3% 9.33%
220 2009-04 1,282 3.50% 18 12.2% 8.68%
221 2009-05 1,527 3.25% 18 11.2% 7.95%
222 2009-06 1,814 3.25% 18 10.3% 7.03%
223 2009-07 1,785 3.25% 18 10.5% 7.25%
224 2009-08 1,892 3.25% 18 10.3% 7.03%
225 2009-09 2,005 3.25% 18 10.1% 6.83%
226 2009-10 2,072 3.25% 18 10.0% 6.78%
227 2009-11 2,071 3.25% 18 10.2% 6.93%
228 2009-12 2,139 3.25% 18 10.1% 6.88%
229 2010-01 2,163 3.25% 19 10.3% 7.08%
230 2010-02 2,047 3.25% 19 10.8% 7.52%
231 2010-03 2,179 3.25% 19 10.5% 7.30%
232 2010-04 2,229 3.50% 19 10.6% 7.05%
233 2010-05 2,148 3.75% 19 10.9% 7.14%
234 2010-06 2,196 3.75% 19 10.9% 7.14%
235 2010-07 2,274 3.75% 19 10.8% 7.07%
236 2010-08 2,326 4.50% 19 10.8% 6.33%
237 2010-09 2,445 4.50% 19 10.7% 6.18%
238 2010-10 2,565 5.00% 19 10.6% 5.55%
239 2010-11 2,526 5.00% 19 10.8% 5.78%
240 2010-12 2,468 5.25% 19 11.0% 5.80%
241 2011-01 2,387 5.25% 20 11.4% 6.19%
242 2011-02 2,206 5.50% 20 12.0% 6.48%
243 2011-03 2,256 5.50% 20 12.0% 6.45%
244 2011-04 2,393 5.75% 20 11.7% 5.98%
245 2011-05 2,275 5.75% 20 12.1% 6.36%
246 2011-06 2,258 6.25% 20 12.2% 5.99%
247 2011-07 2,306 6.50% 20 12.2% 5.71%
248 2011-08 2,056 7.00% 20 12.9% 5.91%
249 2011-09 2,069 7.00% 20 12.9% 5.94%
250 2011-10 2,066 7.25% 20 13.0% 5.76%
251 2011-11 2,036 7.50% 20 13.1% 5.65%
252 2011-12 1,922 7.50% 20 13.5% 6.01%
253 2012-01 2,000 7.50% 21 13.3% 5.83%
254 2012-02 2,198 7.50% 21 12.9% 5.39%
255 2012-03 2,165 7.50% 21 13.0% 5.53%
256 2012-04 2,148 7.50% 21 13.1% 5.62%
257 2012-05 2,018 7.00% 21 13.5% 6.50%
258 2012-06 2,064 7.00% 21 13.4% 6.42%
259 2012-07 2,117 7.00% 21 13.3% 6.33%
260 2012-08 2,150 7.00% 21 13.3% 6.29%
261 2012-09 2,223 7.00% 21 13.2% 6.17%
262 2012-10 2,310 7.00% 21 13.0% 6.02%
263 2012-11 2,295 7.00% 21 13.1% 6.11%
264 2012-12 2,405 7.00% 21 12.9% 5.92%
265 2013-01 2,468 7.00% 22 12.9% 5.86%
266 2013-02 2,405 6.75% 22 13.0% 6.30%
267 2013-03 2,330 6.75% 22 13.3% 6.50%
268 2013-04 2,294 6.50% 22 13.4% 6.88%
269 2013-05 2,440 6.50% 22 13.1% 6.61%
270 2013-06 2,343 6.25% 22 13.4% 7.11%
271 2013-07 2,365 6.25% 22 13.4% 7.11%
272 2013-08 2,194 6.25% 22 13.8% 7.52%
273 2013-09 2,312 6.25% 22 13.5% 7.29%
274 2013-10 2,409 6.50% 22 13.4% 6.87%
275 2013-11 2,444 6.75% 22 13.3% 6.59%
276 2013-12 2,497 6.75% 22 13.3% 6.52%
277 2014-01 2,491 6.75% 23 13.3% 6.57%
278 2014-02 2,427 7.00% 23 13.5% 6.49%
279 2014-03 2,584 7.00% 23 13.2% 6.22%
280 2014-04 2,713 7.00% 23 13.0% 6.04%
281 2014-05 2,861 7.00% 23 12.8% 5.84%
282 2014-06 3,081 7.00% 23 12.5% 5.55%
283 2014-07 3,130 7.00% 23 12.5% 5.54%
284 2014-08 3,162 7.00% 23 12.6% 5.56%
285 2014-09 3,300 7.00% 23 12.4% 5.43%
286 2014-10 3,226 7.00% 23 12.6% 5.61%
287 2014-11 3,444 7.00% 23 12.4% 5.37%
288 2014-12 3,416 7.00% 23 12.5% 5.48%
289 2015-01 3,542 7.00% 24 12.4% 5.42%
290 2015-02 3,635 6.75% 24 12.4% 5.63%
291 2015-03 3,587 6.75% 24 12.5% 5.76%
292 2015-04 3,577 6.50% 24 12.6% 6.10%
293 2015-05 3,475 6.50% 24 12.8% 6.29%
294 2015-06 3,422 6.50% 24 12.9% 6.43%
295 2015-07 3,563 6.25% 24 12.8% 6.55%
296 2015-08 3,540 6.25% 24 12.9% 6.64%
297 2015-09 3,300 6.25% 24 13.3% 7.02%
298 2015-10 3,433 5.75% 24 13.1% 7.39% 12
299 2015-11 3,335 5.75% 24 13.3% 7.57%
300 2015-12 3,297 5.75% 24 13.4% 7.67%
301 2016-01 3,224 5.75% 25 13.6% 7.81% 10
302 2016-02 3,025 5.75% 25 13.8% 8.08%

8
 12

10

303 2016-03 3,188 5.75% 25 13.6% 7.85%

304 2016-04 3,286 5.75% 25 13.5% 7.72%
8
305 2016-05 3,329 6.00% 25 13.4% 7.44%
306 2016-06 3,444 6.00% 25 13.3% 7.31%
307 2016-07 3,608 6.00% 25 13.1% 7.12%
308 2016-08 3,704 6.00% 25 13.0% 7.05% 6
309 2016-09 3,788 6.00% 25 13.0% 7.01%
310 2016-10 3,754 6.00% 25 13.1% 7.11%
311 2016-11 3,550 5.75% 25 13.4% 7.66% 4
312 2016-12 3,502 5.75% 25 13.5% 7.77%
313 2017-01 3,633 5.75% 25 13.4% 7.65%
314 2017-02 3,828 5.75% 25 13.2% 7.48%
315 2017-03 3,909 5.75% 25 13.2% 7.47% 2
316 2017-04 4,018 5.75% 25 13.2% 7.49%
317 2017-05 4,114 6.00% 25 13.3% 7.30%
318 2017-06 4,182 6.00% 25 13.4% 7.36% 0
319 2017-07 4,269 6.00% 25 13.4% 7.38%
RBI Reverse
Repo Rate %
6.75%
6.50%
6.00%
5.75%
5.50%
5.00%
4.50%
4.75%
5.00%
5.25%
5.50%
5.75%
6.00%
5.00%
4.00%
3.50%
3.25%
3.50%
3.75%
4.00%
4.50%
5.00%
5.25%
5.50%
5.75%
6.25%
6.50%
7.00%
7.25%
7.50%
7.00%
6.75%
6.50%
6.25%
6.50%
6.75%
7.00%
6.75%
6.50%
6.25%
5.75%
6.00%
5.75%
6.00%
Equity Risk Premium
Week Date Stock Price Stock Returns BSE200 Index BSE200 Returns Beta Moving Avg
1 20-Jul-13 425
2 27-Jul-13 367 (13.5%)
3 3-Aug-13 308 (16.0%) 2,238 (4.1%)
4 10-Aug-13 283 (8.4%) 2,204 (1.5%)
5 17-Aug-13 258 (8.7%) 2,188 (0.7%)
6 24-Aug-13 259 0.5% 2,170 (0.8%)
7 31-Aug-13 243 (6.2%) 2,168 (0.1%)
8 7-Sep-13 293 20.3% 2,246 3.6%
9 14-Sep-13 281 (4.0%) 2,312 2.9%
10 21-Sep-13 356 26.7% 2,373 2.6%
11 28-Sep-13 305 (14.5%) 2,316 (2.4%)
12 5-Oct-13 315 3.5% 2,346 1.3%
13 12-Oct-13 347 10.2% 2,413 2.9%
14 19-Oct-13 346 (0.2%) 2,444 1.3%
15 26-Oct-13 355 2.6% 2,434 (0.4%)
16 2-Nov-13 378 6.4% 2,501 2.8%
17 9-Nov-13 354 (6.4%) 2,446 (2.2%)
18 16-Nov-13 350 (1.0%) 2,416 (1.2%)
19 23-Nov-13 345 (1.6%) 2,394 (0.9%)
20 30-Nov-13 369 7.0% 2,464 2.9%
21 7-Dec-13 392 6.3% 2,495 1.3%
22 14-Dec-13 366 (6.6%) 2,455 (1.6%)
23 21-Dec-13 370 1.2% 2,508 2.2%
24 28-Dec-13 374 0.9% 2,531 0.9%
25 4-Jan-14 371 (0.9%) 2,498 (1.3%)
26 11-Jan-14 343 (7.4%) 2,478 (0.8%)
27 18-Jan-14 352 2.5% 2,495 0.7%
28 25-Jan-14 348 (1.1%) 2,492 (0.1%)
29 1-Feb-14 308 (11.4%) 2,426 (2.6%)
30 8-Feb-14 309 0.3% 2,420 (0.2%)
31 15-Feb-14 300 (2.8%) 2,410 (0.4%)
32 22-Feb-14 306 1.8% 2,450 1.7%
33 1-Mar-14 305 (0.4%) 2,495 1.8%
34 8-Mar-14 376 23.3% 2,589 3.8%
35 15-Mar-14 356 (5.3%) 2,578 (0.4%)
36 22-Mar-14 360 1.2% 2,587 0.3% 3.9
37 29-Mar-14 405 12.4% 2,670 3.2% 3.9
38 5-Apr-14 422 4.3% 2,684 0.5% 3.6
39 12-Apr-14 443 4.9% 2,722 1.4% 4.0
40 19-Apr-14 417 (5.9%) 2,719 (0.1%) 3.6
41 26-Apr-14 468 12.3% 2,725 0.2% 3.4
42 3-May-14 444 (5.2%) 2,691 (1.2%) 3.4
43 10-May-14 484 9.1% 2,751 2.2% 3.4
44 17-May-14 544 12.4% 2,898 5.3% 3.2
45 24-May-14 564 3.7% 3,014 4.0% 3.0
46 31-May-14 569 0.9% 2,951 (2.1%) 2.8
47 7-Jun-14 581 2.0% 3,109 5.4% 2.4
48 14-Jun-14 527 (9.2%) 3,074 (1.1%) 2.5
49 21-Jun-14 541 2.6% 3,062 (0.4%) 2.5
50 28-Jun-14 533 (1.5%) 3,080 0.6% 2.5
 51 5-Jul-14 557 4.5% 3,186 3.4% 2.4
52 12-Jul-14 510 (8.5%) 3,039 (4.6%) 2.2
53 19-Jul-14 554 8.6% 3,133 3.1% 2.3
54 26-Jul-14 539 (2.7%) 3,161 0.9% 2.3
55 2-Aug-14 536 (0.5%) 3,103 (1.8%) 2.3
56 9-Aug-14 521 (2.8%) 3,084 (0.6%) 2.2
57 16-Aug-14 540 3.6% 3,161 2.5% 2.2
58 23-Aug-14 584 8.1% 3,227 2.1% 2.2
59 30-Aug-14 572 (2.1%) 3,234 0.2% 2.1
60 6-Sep-14 612 7.0% 3,303 2.1% 2.1
61 13-Sep-14 633 3.5% 3,329 0.8% 2.1
62 20-Sep-14 582 (8.0%) 3,319 (0.3%) 2.2
63 27-Sep-14 574 (1.5%) 3,247 (2.2%) 2.1
64 4-Oct-14 558 (2.7%) 3,243 (0.1%) 1.9
65 11-Oct-14 572 2.5% 3,208 (1.1%) 1.8
66 18-Oct-14 598 4.5% 3,173 (1.1%) 1.7
67 25-Oct-14 621 3.9% 3,278 3.3% 1.6
68 1-Nov-14 684 10.2% 3,392 3.5% 1.6
69 8-Nov-14 676 (1.1%) 3,408 0.5% 1.6
70 15-Nov-14 694 2.6% 3,439 0.9% 1.6
71 22-Nov-14 703 1.4% 3,472 1.0% 1.6
72 29-Nov-14 710 1.0% 3,510 1.1% 1.6
73 6-Dec-14 753 6.0% 3,514 0.1% 1.5
74 13-Dec-14 700 (7.1%) 3,387 (3.6%) 1.4
75 20-Dec-14 727 3.8% 3,381 (0.2%) 1.5
76 27-Dec-14 742 2.1% 3,380 (0.0%) 1.5
77 3-Jan-15 793 6.9% 3,474 2.8% 1.9
78 10-Jan-15 765 (3.5%) 3,431 (1.2%) 1.8
79 17-Jan-15 803 5.0% 3,526 2.8% 1.8
80 24-Jan-15 875 9.0% 3,640 3.2% 1.9
81 31-Jan-15 863 (1.5%) 3,641 0.0% 1.9
82 7-Feb-15 810 (6.1%) 3,571 (1.9%) 2.0
83 14-Feb-15 835 3.1% 3,642 2.0% 1.9
84 21-Feb-15 824 (1.3%) 3,654 0.3% 2.0
85 28-Feb-15 821 (0.4%) 3,674 0.5% 2.0
86 7-Mar-15 857 4.4% 3,705 0.8% 2.0
87 14-Mar-15 803 (6.3%) 3,598 (2.9%) 2.1 2.3
88 21-Mar-15 832 3.6% 3,569 (0.8%) 2.0 2.2
89 28-Mar-15 816 (2.0%) 3,476 (2.6%) 1.9 2.2
90 4-Apr-15 847 3.8% 3,579 3.0% 1.8 2.2
91 11-Apr-15 842 (0.6%) 3,669 2.5% 1.7 2.1
92 18-Apr-15 810 (3.8%) 3,595 (2.0%) 1.6 2.1
93 25-Apr-15 824 1.7% 3,463 (3.7%) 1.4 2.1
94 2-May-15 840 1.9% 3,425 (1.1%) 1.4 2.0
95 9-May-15 826 (1.6%) 3,415 (0.3%) 1.5 2.0
96 16-May-15 850 2.9% 3,466 1.5% 1.5 1.9
97 23-May-15 867 2.0% 3,536 2.0% 1.5 1.9
98 30-May-15 883 1.8% 3,533 (0.1%) 1.4 1.9
99 6-Jun-15 822 (6.8%) 3,399 (3.8%) 1.5 1.9
100 13-Jun-15 806 (2.0%) 3,339 (1.8%) 1.5 1.9
101 20-Jun-15 830 3.0% 3,445 3.2% 1.4 1.8
102 27-Jun-15 858 3.4% 3,504 1.7% 1.4 1.8
103 4-Jul-15 872 1.6% 3,551 1.3% 1.4 1.8
104 11-Jul-15 809 (7.2%) 3,510 (1.2%) 1.4 1.8
105 18-Jul-15 825 1.9% 3,615 3.0% 1.4 1.8
106 25-Jul-15 809 (1.9%) 3,577 (1.1%) 1.4 1.7
107 1-Aug-15 829 2.5% 3,589 0.3% 1.3 1.7
108 8-Aug-15 822 (0.8%) 3,625 1.0% 1.3 1.7
109 15-Aug-15 797 (3.1%) 3,594 (0.9%) 1.3 1.7
110 22-Aug-15 692 (13.2%) 3,512 (2.3%) 1.3 1.7
111 29-Aug-15 676 (2.2%) 3,380 (3.8%) 1.2 1.7
112 5-Sep-15 646 (4.4%) 3,241 (4.1%) 1.2 1.6
113 12-Sep-15 711 10.1% 3,286 1.4% 1.3 1.6
114 19-Sep-15 770 8.3% 3,356 2.1% 1.4 1.6
115 26-Sep-15 721 (6.4%) 3,318 (1.1%) 1.4 1.6
116 3-Oct-15 728 1.0% 3,357 1.2% 1.4 1.6
117 10-Oct-15 725 (0.4%) 3,446 2.7% 1.2 1.6
118 17-Oct-15 773 6.6% 3,468 0.6% 1.3 1.6
119 24-Oct-15 770 (0.4%) 3,488 0.6% 1.3 1.6
120 31-Oct-15 759 (1.5%) 3,404 (2.4%) 1.3 1.6
121 7-Nov-15 758 (0.1%) 3,355 (1.4%) 1.3 1.5
122 14-Nov-15 737 (2.8%) 3,287 (2.0%) 1.3 1.5
123 21-Nov-15 732 (0.8%) 3,331 1.3% 1.5 1.5
124 28-Nov-15 762 4.1% 3,365 1.0% 1.6 1.5
125 5-Dec-15 739 (3.0%) 3,312 (1.6%) 1.6 1.5
126 12-Dec-15 681 (7.9%) 3,230 (2.5%) 1.6 1.5
127 19-Dec-15 719 5.6% 3,304 2.3% 1.7 1.5
128 26-Dec-15 725 0.9% 3,343 1.2% 1.7 1.6
129 2-Jan-16 732 1.0% 3,391 1.4% 1.6 1.5
130 9-Jan-16 694 (5.3%) 3,254 (4.0%) 1.6 1.5
131 16-Jan-16 663 (4.5%) 3,151 (3.2%) 1.6 1.5
132 23-Jan-16 684 3.1% 3,133 (0.6%) 1.6 1.5
133 30-Jan-16 747 9.3% 3,191 1.9% 1.7 1.5
134 6-Feb-16 777 4.1% 3,162 (0.9%) 1.7 1.5
135 13-Feb-16 714 (8.2%) 2,946 (6.8%) 1.7 1.5
136 20-Feb-16 714 0.1% 3,032 2.9% 1.5 1.5
137 27-Feb-16 686 (3.9%) 2,958 (2.4%) 1.5 1.5
138 5-Mar-16 759 10.7% 3,153 6.6% 1.6 1.5
139 12-Mar-16 800 5.3% 3,160 0.2% 1.6 1.5
140 19-Mar-16 814 1.8% 3,193 1.0% 1.5 1.5
141 26-Mar-16 848 4.2% 3,245 1.6% 1.5 1.5
142 2-Apr-16 856 0.9% 3,254 0.3% 1.5 1.5
143 9-Apr-16 850 (0.7%) 3,199 (1.7%) 1.5 1.5
144 16-Apr-16 870 2.3% 3,315 3.6% 1.3 1.5
145 23-Apr-16 876 0.7% 3,341 0.8% 1.3 1.5
146 30-Apr-16 944 7.7% 3,322 (0.6%) 1.3 1.4
147 7-May-16 910 (3.6%) 3,279 (1.3%) 1.4 1.4
148 14-May-16 949 4.3% 3,316 1.1% 1.4 1.4
149 21-May-16 978 3.0% 3,283 (1.0%) 1.4 1.4
150 28-May-16 1,027 5.0% 3,436 4.7% 1.3 1.4
151 4-Jun-16 1,049 2.2% 3,461 0.7% 1.3 1.4
152 11-Jun-16 1,062 1.2% 3,448 (0.4%) 1.3 1.4
153 18-Jun-16 1,070 0.8% 3,447 (0.0%) 1.3 1.4
154 25-Jun-16 1,080 0.9% 3,418 (0.8%) 1.3 1.4
155 2-Jul-16 1,130 4.6% 3,539 3.5% 1.3 1.4
156 9-Jul-16 1,119 (1.0%) 3,542 0.1% 1.2 1.4
157 16-Jul-16 1,179 5.3% 3,625 2.3% 1.2 1.4
158 23-Jul-16 1,158 (1.7%) 3,641 0.4% 1.2 1.4
159 30-Jul-16 1,217 5.1% 3,692 1.4% 1.2 1.4
160 6-Aug-16 1,258 3.4% 3,706 0.4% 1.2 1.4
161 13-Aug-16 1,291 2.6% 3,700 (0.2%) 1.1 1.4
162 20-Aug-16 1,337 3.5% 3,721 0.6% 1.2 1.4
163 27-Aug-16 1,326 (0.8%) 3,690 (0.8%) 1.1 1.4
164 3-Sep-16 1,388 4.6% 3,774 2.3% 1.2 1.4
165 10-Sep-16 1,277 (7.9%) 3,811 1.0% 1.0 1.4
166 17-Sep-16 1,168 (8.5%) 3,768 (1.1%) 1.3 1.4
167 24-Sep-16 1,232 5.5% 3,800 0.8% 1.2 1.4
168 1-Oct-16 1,254 1.8% 3,720 (2.1%) 0.9 1.4
169 8-Oct-16 1,275 1.7% 3,779 1.6% 1.0 1.4
170 15-Oct-16 1,260 (1.2%) 3,734 (1.2%) 1.0 1.4
171 22-Oct-16 1,317 4.5% 3,782 1.3% 1.0 1.4
172 29-Oct-16 1,272 (3.4%) 3,754 (0.7%) 1.0 1.4
173 5-Nov-16 1,196 (5.9%) 3,649 (2.8%) 1.2 1.4
174 12-Nov-16 1,216 1.6% 3,578 (1.9%) 1.2 1.4
175 19-Nov-16 1,180 (2.9%) 3,473 (2.9%) 1.2 1.4
176 26-Nov-16 1,168 (1.0%) 3,500 0.8% 1.3 1.3
177 3-Dec-16 1,150 (1.5%) 3,492 (0.2%) 1.2 1.3
178 10-Dec-16 1,219 6.0% 3,570 2.2% 1.3 1.3
179 17-Dec-16 1,181 (3.1%) 3,507 (1.8%) 1.4 1.3
180 24-Dec-16 1,125 (4.8%) 3,429 (2.2%) 1.5 1.3
181 31-Dec-16 1,156 2.8% 3,511 2.4% 1.5 1.3
182 7-Jan-17 1,247 7.9% 3,556 1.3% 1.6 1.3
183 14-Jan-17 1,318 5.7% 3,626 2.0% 1.6 1.3
184 21-Jan-17 1,359 3.1% 3,612 (0.4%) 1.6 1.3
185 28-Jan-17 1,399 3.0% 3,739 3.5% 1.6 1.3
186 4-Feb-17 1,397 (0.2%) 3,790 1.4% 1.5 1.3
187 11-Feb-17 1,411 1.0% 3,819 0.8% 1.5 1.3
188 18-Feb-17 1,441 2.1% 3,828 0.2% 1.5 1.3
189 25-Feb-17 1,445 0.3% 3,875 1.2% 1.4 1.3
190 4-Mar-17 1,435 (0.6%) 3,853 (0.6%) 1.4 1.3
191 11-Mar-17 1,480 3.1% 3,860 0.2% 1.4 1.3
192 18-Mar-17 1,508 1.9% 3,970 2.8% 1.4 1.3
193 25-Mar-17 1,529 1.4% 3,954 (0.4%) 1.3 1.3
194 1-Apr-17 1,549 1.3% 3,992 1.0% 1.3 1.3
195 8-Apr-17 1,553 0.3% 4,011 0.5% 1.4 1.3
196 15-Apr-17 1,617 4.1% 4,004 (0.2%) 1.3 1.3
197 22-Apr-17 1,543 (4.5%) 4,002 (0.0%) 1.2 1.3
198 29-Apr-17 1,631 5.7% 4,083 2.0% 1.4 1.3
199 6-May-17 1,609 (1.3%) 4,071 (0.3%) 1.4 1.3
200 13-May-17 1,484 (7.8%) 4,123 1.3% 1.3 1.3
201 20-May-17 1,430 (3.6%) 4,109 (0.3%) 1.3 1.3
202 27-May-17 1,493 4.4% 4,153 1.1% 1.3 1.3
203 3-Jun-17 1,482 (0.7%) 4,190 0.9% 1.2 1.3
204 10-Jun-17 1,486 0.3% 4,204 0.3% 1.3 1.3
205 17-Jun-17 1,442 (3.0%) 4,177 (0.6%) 1.5 1.3
206 24-Jun-17 1,437 (0.4%) 4,158 (0.5%) 1.5 1.3
207 1-Jul-17 1,462 1.8% 4,149 (0.2%) 1.4 1.3
208 8-Jul-17 1,503 2.8% 4,218 1.7% 1.3 1.3
209 15-Jul-17 1,565 4.1% 4,304 2.0% 1.3 1.3
210 22-Jul-17 1,579 0.9% 4,316 0.3% 1.1 1.3
211 29-Jul-17 1,844 16.8% 4,358 1.0% 1.3 1.3
Beta Forecast
0.8
0.8
0.8
0.9
0.9
0.9
1.0
1.0
1.0
1.0
1.0
1.0
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.1
1.1
1.1
1.1
1.1
1.1
1.1 Beta Moving Avg
2.5
1.1
1.1
1.1 2.3
1.1
2.1 Beta Moving Avg
1.1
1.1
1.1 1.9
1.1
1.1 1.7
1.1
1.1 1.5
1.1
1.1 1.3
1.1
1.1 1.1
1.1
1.1 0.9
1.1
1.1 0.7
1.1
1.1
0.5
Mar-15
Apr-15
Apr-15
May-15
Jun-15
Jul-15
Jul-15
Aug-15
Sep-15
Sep-15
Oct-15
Nov-15
Dec-15
Dec-15
Jan-16
Feb-16
Feb-16
Mar-16
Apr-16
May-16
May-16
Jun-16
Jul-16
Aug-16
Aug-16
Sep-16
Oct-16
Oct-16
Nov-16
Dec-16
Jan-17
Jan-17
Feb-17
Mar-17
Mar-17
Apr-17
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
0.5
0.7
0.9

Mar-15
Apr-15
Apr-15
May-15
Jun-15
Jul-15
Jul-15
Aug-15
Sep-15
Sep-15
Oct-15
Nov-15
Dec-15
Dec-15
Jan-16
Feb-16
Feb-16
Mar-16
Apr-16
May-16
May-16
Jun-16
Jul-16
Aug-16
Aug-16
Sep-16
Oct-16
Oct-16
Nov-16
Dec-16
Jan-17
Jan-17
Feb-17
Mar-17
Mar-17
Apr-17
Sep-16
Oct-16
Oct-16
Nov-16
Dec-16
Jan-17
Jan-17
Feb-17
Mar-17
Mar-17
Apr-17
May-17
Jun-17
Jun-17
Jul-17
Sep-16
Oct-16
Oct-16
Nov-16
Dec-16
Jan-17
Jan-17
Feb-17
Mar-17
Mar-17
Apr-17
May-17
Jun-17
Jun-17
Jul-17
 Company Yes Bank Ltd Inputs to the model.
Sust
Financial Year Book Ret on Div + Shares Price / EPS Growth
Ph Ended Value Equity Buyback Earnings Out Book Growth Rate
Mar-12 132 23% 4.0 27.7 35.3 2.3 20%
Mar-13 162 25% 6.0 36.3 35.9 2.5 31% 21%
Mar-14 197 25% 8.0 44.7 36.1 1.9 23% 20%
Mar-15 279 21% 9.0 47.8 41.8 2.3 7% 17%
Mar-16 327 20% 10.0 60.2 42.1 2.4 26% 17%
Mar-17 483 17% 12.0 73.2 45.6 2.5 22% 14%
1 Mar-18 570 18% 13.7 93.5 46.5 6.2 28% 15%
1 Mar-19 679 19% 15.8 115.5 47.4 6.2 24% 16%
1 Mar-20 814 19% 18.3 143.7 48.4 6.2 24% 17%
1 Mar-21 982 20% 21.4 179.6 49.4 6.2 25% 18%
2 Mar-22 1,140 20% 26.9 206.9 49.4 5.9 15% 17%
2 Mar-23 1,320 19% 33.7 233.7 49.4 5.5 13% 16%
2 Mar-24 1,520 19% 41.9 262.7 49.4 5.2 12% 16%
2 Mar-25 1,741 18% 51.8 293.4 49.4 4.8 12% 15%
2 Mar-26 1,982 18% 63.6 325.8 49.4 4.5 11% 14%
2 Mar-27 2,244 17% 77.7 359.3 49.4 4.2 10% 13%
2 Mar-28 2,526 17% 94.2 393.6 49.4 3.9 10% 13%
2 Mar-29 2,825 16% 113.4 428.1 49.4 3.6 9% 12%
2 Mar-30 3,140 16% 135.6 462.3 49.4 3.3 8% 11%
2 Mar-31 3,467 15% 161.0 495.5 49.4 3.0 7% 10%
2 Mar-32 3,801 14% 189.7 526.9 49.4 2.7 6% 9%
2 Mar-33 4,138 14% 221.9 555.8 49.4 2.5 5% 8%
3 Mar-34 4,472 14% 240.5 602.8 49.4 2.3 8% 8%
3 Mar-35 4,835 14% 260.8 651.5 49.4 2.2 8% 8%
3 Mar-36 5,225 14% 282.6 704.2 49.4 2.0 8% 8%
3 Mar-37 5,647 14% 306.3 761.1 49.4 1.8 8% 8.4%
Growth Rates
Last 3 Years 35% 19% 14% 18% 8.1% 16%
High Growth Phase 19% 19% 16% 25% 16%
Slowdown Phase 13% 17% 22% 10% 13%
Perpetual 8% 14% 8% 8% 8%

High
Growth Slowdown Perpetual Intrinsic Value DDM RIM
Years 4 12 Exit PE 12
ROE 20% 14% Terminal Value 9,235 1,452
Div Growth Factor 100% 107.0% PV of Term Val 2,099 330
Dilution Rate 2.0% Intrinsic Value 3,048 1,776
Discount Rate 14.5% 11.6% Term Val / IV 69% 19%

Equity Risk Premiu 7.38% 6% Current Fair

Risk Free Rate 6.00% 5% P/E 22.8 37.6
Beta 1.1 1.1 P/B 3.6 6.0
CAPM Disc Rate 14.5% 11.6% P/S 3.8 6.2
Div Dist Tax 10% Div Yield 0.7% 0.4%
Key ratios Checklist
Eco
Payout Disc PV PV of Value PV of
Ratio Rate Factor Div Added EVA P/E Avg Price Ann Rtn High Growth Phase
14% 9.9 303
17% 15.3 10.0 402 33%
18% 18.8 7.7 379 -6%
19% 16.2 10.8 640 69%
17% 16.5 11.8 772 21% Slowdown Phase
16% 10.3 14.6 1,203 56%
15% 14.5% 0.47 26.0 17.3 36.5 37.6 3,515 193% Perpetual Phase
14% 14.5% 0.54 26.1 25.2 46.4 36.3 4,197 20%
13% 14.5% 0.62 26.5 35.8 57.5 35.1 5,039 20%
12% 14.5% 0.71 27.0 49.7 69.8 33.8 6,068 21%
13% 14.2% 0.82 29.6 56.0 68.5 32.5 6,726 11%
14% 14.0% 0.94 32.4 61.7 66.0 31.2 7,301 9%
16% 13.7% 1.07 35.4 67.5 63.4 30.0 7,872 8%
18% 13.5% 1.21 38.6 73.3 60.6 28.7 8,421 8% Overall Valuation
20% 13.3% 1.36 42.0 78.8 57.8 27.4 8,933 7%
22% 13.0% 1.53 45.6 83.9 54.7 26.1 9,394 6%
24% 12.8% 1.72 49.4 88.5 51.5 24.9 9,789 5%
26% 12.6% 1.91 53.3 92.2 48.2 23.6 10,103 4% 19%
29% 12.3% 2.13 57.4 95.0 44.7 22.3 10,322 4%
32% 12.1% 2.35 61.7 96.6 41.1 21.1 10,432 3%
36% 11.8% 2.59 66.0 96.7 37.4 19.8 10,422 2%
40% 11.6% 2.84 70.4 95.3 33.6 18.5 10,284 1%
40% 11.6% 3.16 68.4 103.3 32.7 17.2 10,386 3%
40% 11.6% 3.53 66.5 111.7 31.6 16.0 10,395 3%
Last 3 Years Hi
40% 11.6% 3.94 64.5 120.7 30.6 14.7 10,339 2%
40% 11.6% 4.40 62.7 130.5 29.7 13.4 10,204 2%

Growth Rates
17% -18% 12
13% 48% 36
24% 6% 26
18%
40% 2% 13 14%

Curr / In 4 4 Year In 20 20 Yr
CAPM TTM Years CAGR Years CAGR
Sales (Rs Cr) 17,329 36,357 Err:502 209,135 13% Last 3 Years Hi
Profits (Rs Cr) 3,564 8,863 Err:502 37,565 12%
Book Value (Rs C 23,095 48,455 Err:502 278,724 13%
8,478 Shares (Cr) 45.7 49.4 Err:502 49.4 0.4%
26%
EPS 81.0 179.6 Err:502 761.1 12%
BVPS 505 982 Err:502 5,647 13%
Terminal SPS 491 954 Err:502 5,490 13%
7%
12 Mcap Rs. Cr 84,275 299,512 Err:502 455,822 9%
1.6 Price 1,844 6,068 #VALUE! 9,235 Err:504
(1,844) 9,541 Jan-15 Jan-16
3.3% 10/4/2023
High Growth Phase
Years >= 8 0
Growth Rate >= 25% <= 0%
Discount Rate <= 11% >= 19%
Payout Ratio <= 10% >= 50%
Slowdown Phase
Years >= 16 <= 0
Perpetual Phase
ROE >= 17% <= 10%
Growth Rate >= 8.6% <= 2%
Discount Rate <= 9% >= 16%
Terminal Value / Present Value >= 75% <= 30%
Payout Ratio <= 30% >= 70%
Exit PE >= 15 <= 9
Overall Valuation
DDM / RIM Ratio >= 1.5 < 1

Ret on Equity

19% 19%
17%
14%

Last 3 Years High Growth Slowdown Phase Perpetual

Phase

Growth Rates Sust Growth Rate

Earnings
Div + Buyback
25%
22%
18%
14% 16%
10% 8% 8%

Last 3 Years High Growth Slowdown Phase Perpetual

Phase

EPS Growth
26% 28%
24% 24%
22%

7%

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20