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    DCF 2 Completed

    Uploaded by

    Pragathi T N
    This document contains financial projections for a company from 2020 to 2027 including income statements, balance sheets, and other supporting schedules. Key metrics such as sales growth, expenses, capital expenditures, working capital, debt, and cash flows are forecasted.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    DCF 2 Completed

    Uploaded by

    Pragathi T N
    66 views4 pages
    This document contains financial projections for a company from 2020 to 2027 including income statements, balance sheets, and other supporting schedules. Key metrics such as sales growth, expenses, capital expenditures, working capital, debt, and cash flows are forecasted.

    Copyright

    © © All Rights Reserved

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    XLSX, PDF, TXT or read online from Scribd

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    This document contains financial projections for a company from 2020 to 2027 including income statements, balance sheets, and other supporting schedules. Key metrics such as sales growth, expenses, capital expenditures, working capital, debt, and cash flows are forecasted.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    66 views4 pages

    DCF 2 Completed

    Uploaded by

    Pragathi T N
    This document contains financial projections for a company from 2020 to 2027 including income statements, balance sheets, and other supporting schedules. Key metrics such as sales growth, expenses, capital expenditures, working capital, debt, and cash flows are forecasted.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    Historical --> Forecast -->

    USD millions, except per share data 2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

    Assumptions & Drivers

    Income Statement
    Sales Growth 6.5% 7.4% 6.0% 6.0% 6.0% 6.0% 6.0%
    COGS (% of Revenue) 46.8% 43.5% 42.6% 45.0% 45.0% 45.0% 45.0% 45.0%
    Distribution Expense (% of Sales) 7.2% 7.4% 6.6% 7.5% 7.5% 7.5% 7.5% 7.5%
    Marketing & Admin Expense (Fixed Cost) 23,507 26,569 30,830 32,063 33,346 34,680 36,067 37,509
    Other expenses (% of Sales) 2.2% 2.2% 2.2% 2.3% 2.3% 2.3% 2.3% 2.3%
    Depreciation (% of PP&E) 15.4% 13.8% 13.7% 14.91% 14.42% 14.42% 14.42% 14.42%
    Interest Expense (Average Debt) 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2%
    Tax Rate (% of EBT) 34.7% 24.3% 15.3% 30.0% 30.0% 30.0% 30.0% 30.0%

    Balance Sheet
    Receivable Days (Sales Basis) 57 59 58 60 60 60 60 60
    Inventory Days (COGS Basis) 69 74 74 75 75 75 75 75
    Payable Days (COGS Basis) 96 102 102 100 100 100 100 100
    Income Tax Payable (% of tax) 39.4% 36.8% 37.0% 37.0% 37.0% 37.0% 37.0% 37.0%
    Capex 3911 3711 5199 4740 5024 5326 5645
    Debt Issuance/Repayment - - - - - - -
    Share Capital Issuance/Repayment - - - - - - -
    Dividend Payout Ratio 83.2% 55.8% 33.7% 70.0% 70.0% 70.0% 70.0% 70.0%

    Income Statement

    Revenues 81,422 86,698 93,086 98,671 104,591 110,867 117,519 124,570


    Cost of Goods Sold 38,121 37,756 39,639 44,402 47,066 49,890 52,883 56,056
    Gross Profit 43,301 48,942 53,447 54,269 57,525 60,977 64,635 68,513
    Distribution Expenses 5,884 6,421 6,166 7,400 7,844 8,315 8,814 9,343
    Marketing and Administration 23,507 26,569 30,830 32,063 33,346 34,680 36,067 37,509
    Other expenses 1,764 1,931 2,026 2,269 2,406 2,550 2,703 2,865
    Depreciation 2,960 2,803 2,907 3,157 3,347 3,548 3,761 3,986
    EBIT (Operating Profit) 9,186 11,218 11,518 9,379 10,583 11,884 13,291 14,810
    Interest 1,240 1,240 1,240 1,240 1,240 1,240 1,240 1,240
    Income Before Taxes 7,946 9,978 10,278 8,139 9,343 10,644 12,051 13,570
    Taxes 2,761 2,429 1,570 2,442 2,803 3,193 3,615 4,071
    Net Income 5,185 7,549 8,708 5,697 6,540 7,451 8,436 9,499

    Common Dividends 4,312 4,209 2,931 3,988 4,578 5,216 5,905 6,649

    © Management Development Associates (NA) Inc. - 21317


    Balance Sheet

    ASSETS
    Current Assets:
    Cash 5,289 5,918 10,159 8,650 8,562 8,627 8,860 9,278
    Trade and Other Receivables 12,685 14,074 14,721 16,220 17,193 18,225 19,318 20,477
    Inventories 7,168 7,691 8,036 9,124 9,671 10,251 10,866 11,518
    Total Current Assets 25,142 27,683 32,916 33,994 35,426 37,103 39,045 41,274
    Non-Current Assets:
    Property Plant and Equipment 19,263 20,371 21,175 23,217 24,610 26,086 27,651 29,311
    TOTAL ASSETS 44,405 48,054 54,091 57,211 60,036 63,190 66,697 70,584

    LIABILITIES AND SHAREHOLDERS' EQUITY


    Current Liabilities:
    Trade and Other Payables 10,001 10,504 11,077 12,165 12,895 13,669 14,489 15,358
    Income Taxes Payable 1,088 894 581 903 1,037 1,182 1,338 1,506
    Total Current Liabilities: 11,089 11,398 11,658 13,068 13,932 14,850 15,826 16,864
    Non-Current Liabilities:
    Long-Term Debt 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
    Shareholder's Equity:
    Common Stock and Additional Paid-In Capital 7,627 7,627 7,627 7,627 7,627 7,627 7,627 7,627
    Retained Earnings 5,689 9,029 14,806 16,515 18,477 20,713 23,243 26,093
    Total Shareholders' Equity 13,316 16,656 22,433 24,142 26,104 28,340 30,870 33,720
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 44,405 48,054 54,091 57,211 60,036 63,190 66,697 70,584

    Supporting Schedules

    Working Capital Schedule


    Trade and Other Receivables 12,685 14,074 14,721 16,220 17,193 18,225 19,318 20,477
    Inventories 7,168 7,691 8,036 9,124 9,671 10,251 10,866 11,518
    Trade and Other Payables 10,001 10,504 11,077 12,165 12,895 13,669 14,489 15,358
    Income Taxes Payable 1,088 894 581 903 1,037 1,182 1,338 1,506
    Net Working Capital (NWC) 8,764 10,367 11,099 12,275 12,932 13,626 14,358 15,132
    Change in NWC 1,603 732 1,176 657 694 732 773

    Depreciation Schedule
    PP&E opening 19,263 20,371 21,175 23,217 24,610 26,086 27,651
    Plus: Capex 3,911 3,711 5,199 4,740 5,024 5,326 5,645
    Less: Depreciation 2,803 2,907 3,157 3,347 3,548 3,761 3,986
    PP&E closing 19,263 20,371 21,175 23,217 24,610 26,086 27,651 29,311

    Retained Earnings (RE)


    Beginning of Period 5,689 9,029 14,806 16,515 18,477 20,713 23,243
    Net Income 7,549 8,708 5,697 6,540 7,451 8,436 9,499
    Dividends 4,209 2,931 3,988 4,578 5,216 5,905 6,649
    RE End of Period 5,689 9,029 14,806 16,515 18,477 20,713 23,243 26,093

    © Management Development Associates (NA) Inc. - 21317


    Debt & Interest Schedule
    Debt opening 20,000 20,000 20,000 20,000 20,000 20,000 20,000
    Additions (Repayments) - - - - - - -
    Debt closing 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
    Interest expense 1,240 1,240 1,240 1240 1240 1240 1240 1240

    DCF Model

    Assumptions
    Tax Rate 30%
    Discount Rate 10%
    Perpetual Growth Rate 3%
    Current Price 7.00
    Shares Outstanding 15,000

    2023 2024 2025 2026 2027


    EBIT 9,379 10,583 11,884 13,291 14,810
    Cash Taxes 2,814 3,175 3,565 3,987 4,443
    NOPAT 6,565 7,408 8,319 9,304 10,367
    Add: Depn & Amort 3,157 3,347 3,548 3,761 3,986
    Less: Change in WC 1,176 657 694 732 773
    Less: Capex 5,199 4,740 5,024 5,326 5,645
    FCFF 3,347 5,358 6,149 7,006 7,935
    Terminal Value 116,753
    FCFF including TV 3347 5358 6149 7006 124687

    Computation of Intrinsic Value Per Share


    Enterprise value ₹ 94,297.19
    Less: Net Debt 9,841
    Equity Value ₹ 84,455.97

    Equity Value Per share ₹ 5.63

    © Management Development Associates (NA) Inc. - 21317


    2023 2024 2025 2026 2027
    Sales Growth 6.0% 6.0% 6.0% 6.0% 6.0%
    COGS (% of Revenue) 45.0% 45.0% 45.0% 45.0% 45.0%
    Distribution Expense (% of Sales) 7.5% 7.5% 7.5% 7.5% 7.5%
    Marketing & Admin Expense (Fixed Cost) 32,063 33,346 34,680 36,067 37,509
    Other expenses (% of Sales) 2.3% 2.3% 2.3% 2.3% 2.3%
    Depreciation (% of PP&E) 14.91% 14.42% 14.42% 14.42% 14.42%
    Interest Expense (Average Debt) 6.2% 6.2% 6.2% 6.2% 6.2%
    Tax Rate (% of EBT) 30.0% 30.0% 30.0% 30.0% 30.0%

    Receivable Days (Sales Basis) 60 60 60 60 60


    Inventory Days (COGS Basis) 75 75 75 75 75
    Payable Days (COGS Basis) 100 100 100 100 100
    Income Tax Payable (% of tax) 37.0% 37.0% 37.0% 37.0% 37.0%
    Capex 5199 4740 5024 5326 5645
    Debt Issuance/Repayment - - - - -
    Share Capital Issuance/Repayment - - - - -
    Dividend Payout Ratio 70.0% 70.0% 70.0% 70.0% 70.0%

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