Historical Financial Statement -

Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
# Income Statement
Sales ₹ 4,686.48 ₹ 6,439.43 ₹ 8,583.76 ₹ 11,897.70 ₹ 15,033.20 ₹ 20,004.52 ₹ 24,870.20 ₹ 24,143.06 ₹ 30,976.27 ₹ 42,839.56
Sales Growth - 37.40% 33.30% 38.61% 26.35% 33.07% 24.32% -2.92% 28.30% 38.30%

COGS ₹ 4,240.6 ₹ 5,835.9 ₹ 7,773.2 ₹ 10,706.0 ₹ 13,413.8 ₹ 18,009.5 ₹ 22,394.3 ₹ 22,012.9 ₹ 28,028.5 ₹ 37,130.9
COGS % Sales 90.49% 90.63% 90.56% 89.98% 89.23% 90.03% 90.04% 91.18% 90.48% 86.67%

Gross Profit ₹ 445.87 ₹ 603.50 ₹ 810.58 ₹ 1,191.69 ₹ 1,619.44 ₹ 1,994.99 ₹ 2,475.93 ₹ 2,130.17 ₹ 2,947.81 ₹ 5,708.70
Gross Margin 9.51% 9.37% 9.44% 10.02% 10.77% 9.97% 9.96% 8.82% 9.52% 13.33%
Selling & General Expenses ₹ 104.59 ₹ 147.24 ₹ 146.12 ₹ 222.51 ₹ 266.58 ₹ 361.68 ₹ 347.62 ₹ 385.34 ₹ 445.46 ₹ 2,071.67
S&G Expenses % sales 2.23% 2.29% 1.70% 1.87% 1.77% 1.81% 1.40% 1.60% 1.44% 4.84%

EBITDA ₹ 341.28 ₹ 456.26 ₹ 664.46 ₹ 969.18 ₹ 1,352.86 ₹ 1,633.31 ₹ 2,128.31 ₹ 1,744.83 ₹ 2,502.35 ₹ 3,637.03
EBITDA MARGIN 7.28% 7.09% 7.74% 8.15% 9.00% 8.16% 8.56% 7.23% 8.08% 8.49%

Interest ₹ 55.68 ₹ 72.36 ₹ 91.34 ₹ 121.98 ₹ 59.54 ₹ 47.21 ₹ 69.12 ₹ 41.65 ₹ 53.79 ₹ 67.41
Interest % Sales 1.19% 1.12% 1.06% 1.03% 0.40% 0.24% 0.28% 0.17% 0.17% 0.16%

Depreciation ₹ 57.01 ₹ 81.54 ₹ 98.43 ₹ 127.82 ₹ 159.00 ₹ 212.49 ₹ 374.41 ₹ 414.16 ₹ 498.08 ₹ 638.87
Depreciation% Sales 1.22% 1.27% 1.15% 1.07% 1.06% 1.06% 1.51% 1.72% 1.61% 1.49%

Earning Before Tax ₹ 228.59 ₹ 302.36 ₹ 474.69 ₹ 719.38 ₹ 1,134.32 ₹ 1,373.61 ₹ 1,684.78 ₹ 1,289.02 ₹ 1,950.48 ₹ 2,930.75
EBIT % Of Sales 4.88% 4.70% 5.53% 6.05% 7.55% 6.87% 6.77% 5.34% 6.30% 6.84%

Tax ₹ 83.48 ₹ 110.92 ₹ 171.47 ₹ 268.28 ₹ 415.79 ₹ 519.48 ₹ 443.79 ₹ 384.02 ₹ 571.72 ₹ 681.75
Effective Tax Rate 36.52% 36.68% 36.12% 37.29% 36.66% 37.82% 26.34% 29.79% 29.31% 23.26%

Net Profit ₹ 145.11 ₹ 191.44 ₹ 303.22 ₹ 451.10 ₹ 718.53 ₹ 854.13 ₹ 1,240.99 ₹ 905.00 ₹ 1,378.76 ₹ 2,249.00
Net Margin 3.10% 2.97% 3.53% 3.79% 4.78% 4.27% 4.99% 3.75% 4.45% 5.25%

No. of Equity Shares ₹ 54.68 ₹ 56.15 ₹ 56.15 ₹ 62.41 ₹ 62.41 ₹ 62.41 ₹ 64.78 ₹ 64.78 ₹ 64.78 ₹ 64.83

Earning Per Share ₹ 2.65 ₹ 3.41 ₹ 5.40 ₹ 7.23 ₹ 11.51 ₹ 13.69 ₹ 19.16 ₹ 13.97 ₹ 21.28 ₹ 34.69
EPS Growth% 28.47% 58.39% 33.85% 59.28% 18.87% 39.98% -27.07% 52.35% 62.99%

Divident Per Share ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
Divident Payout ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Retained Earnings 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

# Balance Sheet
Equity Share Capital ₹ 546.75 ₹ 561.54 ₹ 561.54 ₹ 624.08 ₹ 624.08 ₹ 624.08 ₹ 647.77 ₹ 647.77 ₹ 647.77 ₹ 648.26
Reserves ₹ 408.82 ₹ 637.65 ₹ 958.90 ₹ 3,217.70 ₹ 4,044.97 ₹ 4,963.37 ₹ 10,431.97 ₹ 11,535.94 ₹ 13,029.87 ₹ 15,430.44
Borrowings ₹ 640.82 ₹ 904.26 ₹ 1,192.34 ₹ 1,497.32 ₹ 439.25 ₹ 700.15 ₹ 333.19 ₹ 392.71 ₹ 646.94 ₹ 642.98
Other Liabilities ₹ 211.26 ₹ 251.36 ₹ 388.78 ₹ 480.18 ₹ 539.92 ₹ 717.90 ₹ 663.23 ₹ 1,078.63 ₹ 1,146.40 ₹ 1,384.61
Total Liabilities ₹ 1,807.65 ₹ 2,354.81 ₹ 3,101.56 ₹ 5,819.28 ₹ 5,648.22 ₹ 7,005.50 ₹ 12,076.16 ₹ 13,655.05 ₹ 15,470.98 ₹ 18,106.29

Fixed Asset Net Block ₹ 1,171.69 ₹ 1,528.08 ₹ 2,093.52 ₹ 2,577.75 ₹ 3,399.97 ₹ 4,400.37 ₹ 5,948.03 ₹ 7,008.80 ₹ 9,260.02 ₹ 11,340.48
Capital Work in Progress ₹ 88.78 ₹ 98.12 ₹ 81.69 ₹ 152.89 ₹ 147.07 ₹ 376.84 ₹ 364.40 ₹ 1,019.59 ₹ 1,129.34 ₹ 829.16
Investments ₹ 15.54 ₹ 15.23 ₹ 29.33 ₹ 25.69 ₹ 68.18 ₹ 16.53 ₹ 14.68 ₹ 2.95 ₹ 5.94 ₹ 202.20
Other Assets ₹ 88.36 ₹ 128.66 ₹ 181.81 ₹ 209.76 ₹ 275.85 ₹ 319.67 ₹ 3,674.22 ₹ 1,886.27 ₹ 1,967.55 ₹ 1,020.48
Total Non- Current Assets ₹ 1,364.37 ₹ 1,770.09 ₹ 2,386.35 ₹ 2,966.09 ₹ 3,891.07 ₹ 5,113.41 ₹ 10,001.33 ₹ 9,917.61 ₹ 12,362.85 ₹ 13,392.32

Receivables ₹ 9.54 ₹ 7.07 ₹ 8.42 ₹ 21.00 ₹ 33.52 ₹ 64.37 ₹ 19.55 ₹ 43.58 ₹ 66.89 ₹ 62.16
Inventory ₹ 378.33 ₹ 539.61 ₹ 671.69 ₹ 947.90 ₹ 1,163.45 ₹ 1,608.65 ₹ 1,947.40 ₹ 2,248.28 ₹ 2,742.66 ₹ 3,243.48
Cash & Bank ₹ 55.41 ₹ 38.04 ₹ 35.10 ₹ 1,884.29 ₹ 560.18 ₹ 219.07 ₹ 107.88 ₹ 1,445.58 ₹ 298.58 ₹ 1,408.33
Total Current Assets ₹ 443.28 ₹ 584.72 ₹ 715.21 ₹ 2,853.19 ₹ 1,757.15 ₹ 1,892.09 ₹ 2,074.83 ₹ 3,737.44 ₹ 3,108.13 ₹ 4,713.97

Total Assets ₹ 1,807.65 ₹ 2,354.81 ₹ 3,101.56 ₹ 5,819.28 ₹ 5,648.22 ₹ 7,005.50 ₹ 12,076.16 ₹ 13,655.05 ₹ 15,470.98 ₹ 18,106.29

check TRUE

# Cash Flow Statement

Cash Flow Statement Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Cash from Operating Activity + 198 222 433 455 730 807 1,280 1,375 1,372
Cash from Investing Activity + - 270 - 474 - 633 - 2,482 464 - 958 - 4,657 - 1,110 - 1,289
Cash from Financing Activity + 65 234 196 2,025 - 1,159 209 3,357 - 180 - 179
Net Cash Flow -7 - 17 -3 -1 34 57 - 19 86 - 96

Sales EBITDA Net Profit

₹ 49,000.00 ₹ 4,000.00
₹ 44,000.00 ₹ 3,500.00
₹ 2,100.00
₹ 39,000.00 ₹ 3,000.00
₹ 34,000.00 ₹ 2,500.00 ₹ 1,600.00
₹ 29,000.00
₹ 2,000.00
₹ 24,000.00 ₹ 1,100.00
₹ 1,500.00
₹ 19,000.00
₹ 1,000.00
₹ 14,000.00 ₹ 600.00
₹ 9,000.00 ₹ 500.00

₹ 4,000.00 ₹ 0.00 ₹ 100.00

 Ratio Anyalsis - AVENUE SUPERMART
Years Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Trend Mean Median

Sales Growth 40.28% 37.40% 33.30% 38.61% 26.35% 33.07% 24.32% -2.92% 28.30% 27.3% 33.1%
EBITDA Growth 58.99% 33.69% 45.63% 45.86% 39.59% 20.73% 30.31% -18.02% 43.42% 30.2% 39.6%
EBIT Growth 81.03% 32.27% 56.99% 51.55% 57.68% 21.10% 22.65% -23.49% 51.31% 33.8% 51.3%
Net Profit Growth 83.71% 31.93% 58.39% 48.77% 59.28% 18.87% 45.29% -27.07% 52.35% 36.0% 48.8%
Divident Growth 30.96% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.0% 0.0%

Gross Margin 9.51% 9.37% 9.44% 10.02% 10.77% 9.97% 9.96% 8.82% 9.52% 13.33% 10.07% 9.74%
EBITDA Margin 6.43% 7.28% 7.09% 7.74% 8.15% 9.00% 8.16% 8.56% 7.23% 8.08% 7.92% 8.08%
EBIT Margin 5.05% 6.07% 5.82% 6.59% 7.07% 7.94% 7.10% 7.05% 5.51% 6.47% 6.63% 6.59%
EBT Margin 3.78% 4.88% 4.70% 5.53% 6.05% 7.55% 6.87% 6.77% 5.34% 6.30% 6.00% 6.05%
Net Profit Margin 2.36% 3.10% 2.97% 3.53% 3.79% 4.78% 4.27% 4.99% 3.75% 4.45% 3.96% 3.79%

Sales Expenses% Sales 2.42% 2.23% 2.29% 1.70% 1.87% 1.77% 1.81% 1.40% 1.60% 1.44% 1.79% 1.77%
Depreciation% Sales 1.37% 1.22% 1.27% 1.15% 1.07% 1.06% 1.06% 1.51% 1.72% 1.61% 1.29% 1.22%
Operating Income % Sales 5.05% 6.07% 5.82% 6.59% 7.07% 7.94% 7.10% 7.05% 5.51% 6.47% 6.63% 6.59%

Return on Capital Employed 12.84% 17.81% 17.81% 20.87% 15.76% 23.37% 22.60% 15.37% 10.58% 13.99% 17.57% 17.81%
Retained Earnings 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Return on Equity % 10.00% 15.19% 15.96% 19.94% 11.74% 15.39% 15.29% 11.20% 7.43% 10.08% 13.58% 15.19%
Self Sustained Growth Rate 10.00% 15.19% 15.96% 19.94% 11.74% 15.39% 15.29% 11.20% 7.43% 10.08% 13.58% 15.19%
Interest Coverage ratio 3.96x 5.11x 5.18x 6.20x 6.90x 20.05x 30.10x 25.37x 31.95x 37.26x 1867.89% 2005.14%

Debtor Turnover ratio 251.38 X 491.25 X 910.81 X 1019.45 X 566.56 X 448.48 X 310.77 X 1272.13 X 553.99 X 463.09 X 670.73 X 553.99 X
Creditor Turnover Ratio 18.93 X 22.18 X 25.62 X 22.08 X 24.78 X 27.84 X 27.87 X 37.50 X 22.38 X 27.02 X 26.36 X 25.62 X
Inventory Turnover ratio 12.09 X 12.39 X 11.93 X 12.78 X 12.55 X 12.92 X 12.44 X 12.77 X 10.74 X 11.29 X 12.20 X 12.44 X
Fixed Asset Turnover 3.61 X 4.00 X 4.21 X 4.10 X 4.62 X 4.42 X 4.55 X 4.18 X 3.44 X 3.35 X 4.10 X 4.18 X
Capital Turnover Ratio 4.23 X 4.90 X 5.37 X 5.65 X 3.10 X 3.22 X 3.58 X 2.24 X 1.98 X 2.26 X 3.59 X 3.22 X

Debtor Days 1 1 0 0 1 1 1 0 1 1 1 days 1 days

Payable Days 19 Days 16 Days 14 Days 17 Days 15 Days 13 Days 13 Days 10 Days 16 Days 14 Days 14 days 14 days
Inventory Days 30 Days 29 Days 31 Days 29 Days 29 Days 28 Days 29 Days 29 Days 34 Days 32 Days 30 days 29 days
Cash Conversion Cycle 12 Days 14 Days 17 Days 12 Days 15 Days 16 Days 17 Days 19 Days 18 Days 20 Days 17 days 17 days

CFO/Sales 3.80% 4.22% 3.45% 5.04% 3.82% 4.86% 4.03% 5.15% 5.70% 4.43% 4.45% 4.33%
CFO/Total Assets 8.51% 10.95% 9.43% 13.96% 7.82% 12.92% 11.52% 10.60% 10.07% 8.87% 10.47% 10.33%
CFO/Total Debt 24.16% 30.90% 24.55% 36.32% 30.39% 166.19% 115.26% 384.17% 350.13% 212.08% 137.41% 75.79%
 Common Size Income Statement-Avenue Supermart

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 87.20% 87.72% 86.62% 87.05% 85.46% 87.21% 86.21% 86.38% 86.81% 86.10%
Change in Inventory 2.18% 2.50% 1.54% 2.32% 1.41% 2.22% 1.36% 1.25% 1.60% 1.17%
Power and Fuel 0.97% 0.92% 0.92% 0.84% 0.81% 0.76% 0.76% 0.72% 0.67% 0.00%
Other Mfr. Exp 2.64% 2.41% 2.81% 2.80% 2.49% 2.50% 2.60% 3.09% 2.60% 0.00%
Employee Cost 1.86% 2.08% 1.74% 1.62% 1.88% 1.78% 1.84% 2.23% 1.99% 1.74%
Selling and admin 8.96% 9.05% 7.54% 0.60% 0.64% 0.68% 0.48% 0.45% 0.46% 0.00%
Other Expenses -6.73% -6.76% -5.84% 1.27% 1.13% 1.13% 0.92% 1.15% 0.98% 4.84%
Other Income 0.35% 0.31% 0.20% 0.23% 0.58% 0.24% 0.24% 0.81% 0.37% 0.30%
Depreciation 1.22% 1.27% 1.15% 1.07% 1.06% 1.06% 1.51% 1.72% 1.61% 1.49%
Interest 1.19% 1.12% 1.06% 1.03% 0.40% 0.24% 0.28% 0.17% 0.17% 0.16%
Profit before tax 5.22% 5.01% 5.73% 6.28% 8.13% 7.11% 7.02% 6.14% 6.66% 7.14%
Tax 1.78% 1.72% 2.00% 2.25% 2.77% 2.60% 1.78% 1.59% 1.85% 1.59%
Net profit 3.44% 3.29% 3.73% 4.02% 5.36% 4.51% 5.23% 4.55% 4.82% 5.55%
Dividend Amount 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA 7.63% 7.40% 7.94% 8.38% 9.58% 8.41% 8.80% 8.03% 8.45% 8.79%

Common Size Balance Sheet - Avenue SuperMart

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 30.25% 23.85% 18.11% 10.72% 11.05% 8.91% 5.36% 4.74% 4.19% 3.58%
Reserves 22.62% 27.08% 30.92% 55.29% 71.61% 70.85% 86.38% 84.48% 84.22% 85.22%
Borrowings 35.45% 38.40% 38.44% 25.73% 7.78% 9.99% 2.76% 2.88% 4.18% 3.55%
Other Liabilities 11.69% 10.67% 12.53% 8.25% 9.56% 10.25% 5.49% 7.90% 7.41% 7.65%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 64.82% 64.89% 67.50% 44.30% 60.20% 62.81% 49.25% 51.33% 59.85% 62.63%
Capital Work in Progress 4.91% 4.17% 2.63% 2.63% 2.60% 5.38% 3.02% 7.47% 7.30% 4.58%
Investments 0.86% 0.65% 0.95% 0.44% 1.21% 0.24% 0.12% 0.02% 0.04% 1.12%
Other Assets 4.89% 5.46% 5.86% 3.60% 4.88% 4.56% 30.43% 13.81% 12.72% 5.64%
Receivables 0.53% 0.30% 0.27% 0.36% 0.59% 0.92% 0.16% 0.32% 0.43% 0.34%
Inventory 20.93% 22.92% 21.66% 16.29% 20.60% 22.96% 16.13% 16.46% 17.73% 17.91%
Cash & Bank 3.07% 1.62% 1.13% 32.38% 9.92% 3.13% 0.89% 10.59% 1.93% 7.78%

EBITDA Margin Net profit

12.00% 6.00%

5.00%
10.00%
4.00%
8.00%
3.00%
6.00%
2.00%
4.00%
1.00%
2.00%
0.00%
0.00%
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
 AVENUE SUPERMARTS LTD-Sales Avenue Supermart -EBITDA Forecasting Avenue Supermart-Earning Per Share Forecasting
Year wise Year Sales Sales Growth Year wise Year EBITDA EBITDA Growth Year wise Year EPS EPS Growth
1 2012A 2,209.0 1 2014A 357.5 1 2014A 2.65
2 2013A 3,341.0 2 2015A 476.5 33.27% 2 2015A 3.41 28.47%
3 2014A 4,686.0 40.26% 3 2016A 681.5 43.02% 3 2016A 5.40 58.39%
4 2015A 6,439.0 37.41% 4 2017A 996.8 46.27% 4 2017A 7.23 33.85%
5 2016A 8,584.0 33.31% 5 2018A 1,440.6 44.52% 5 2018A 11.51 59.28%
6 2017A 11,898.0 38.61% 6 2019A 1,681.7 16.74% 6 2019A 13.69 18.87%
7 2018A 15,033.0 26.35% 7 2020A 2,188.4 30.13% 7 2020A 19.16 39.98%
8 2019A 20,005.0 33.07% 8 2021A 1,939.3 -11.38% 8 2021A 13.97 -27.07%
9 2020A 24,870.0 24.32% 9 2022A 2,616.1 34.90% 9 2022A 21.28 52.35%
10 2021A 24,143.0 -2.92% 10 2023E 2,802.2 7.11% 10 2023E 22.60 6.20%
11 2022A 30,976.0 28.30% 11 2024E 3,087.6 10.18% 11 2024E 24.94 10.34%
12 2023E 31,353.6 1.22% 12 2025E 3,372.9 9.24% 12 2025E 27.28 9.37%
13 2024E 34,273.4 9.31% 13 2026E 3,658.3 8.46% 13 2026E 29.61 8.57%
14 2025E 37,193.2 8.52% 14 2027E 3,943.6 7.80% 14 2027E 31.95 7.89%
15 2026E 40,112.9 7.85% 15 2028E 4,229.0 7.24% 15 2028E 34.28 7.31%
16 2027E 43,032.7 7.28%
17 2028E 45,952.5 6.79%

Sales EBITA Forecasting EPS Forecasting

50,000.0 4,500.0 40.00
45,000.0
4,000.0 35.00
40,000.0
35,000.0 3,500.0 30.00
30,000.0 3,000.0 25.00
25,000.0
20,000.0 2,500.0 20.00
15,000.0 2,000.0 15.00
10,000.0
1,500.0 10.00
5,000.0
0.0 1,000.0 5.00
2012A
2013A
2014A
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023E
2024E
2025E
2026E
2027E
2028E

500.0 0.00

2014A
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023E
2024E
2025E
2026E
2027E
2028E
0.0
Sales
RM Anyalsis

Year Annual
2000 -14.65%
2001 -16.18%
2002 3.25%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77% Average Return 15.41%
1
2008 -51.79% Divident Yield 1.39
2009 75.76% Total Market Return 15.41%
2010 17.95%
2011 -24.62% Annual
2012 27.70%
100.00%
2013 6.76%
2014 31.39% 80.00%
2015 -4.06% 60.00%
2016 3.01%
40.00%
2017 28.65%
2018 3.15% 20.00%
2019 12.02%
0.00%
2020 14.17%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2021 24.12% -20.00%
2022 4.32% -40.00%

-60.00%
Regression Beta
Avenue Super mart Return Nifty Retrun Beta Drifting

Date Closing Price Weekly Return Closing Price Return Levered Raw Beta 1.24
2/22/2021 2,994.2 14,529.2 Beta weight 75.00%
3/1/2021 3,286.1 9.75% 14,938.1 2.81% Market Beta 1.00
3/8/2021 3,129.4 -4.77% 15,031.0 0.62% Market Beta Weight 25.00%
3/15/2021 2,960.3 -5.40% 14,744.0 -1.91%
3/22/2021 2,855.2 -3.55% 14,507.3 -1.61%
3/29/2021 2,912.7 2.01% 14,867.3 2.48% Adjusted Beta 1.18
4/5/2021 2,947.8 1.20% 14,834.8 -0.22%
4/12/2021 2,919.9 -0.94% 14,617.8 -1.46% SUMMARY OUTPUT
4/19/2021 2,713.7 -7.06% 14,341.3 -1.89%
4/26/2021 2,852.9 5.13% 14,631.1 2.02% Regression Statistics
5/3/2021 2,895.5 1.49% 14,823.2 1.31% Multiple R 0.511575914
5/10/2021 2,844.6 -1.76% 14,677.8 -0.98% R Square 0.261709916
5/17/2021 3,034.1 6.66% 15,175.3 3.39% Adjusted R Square 0.254471778
5/24/2021 3,022.1 -0.40% 15,435.7 1.72% Standard Error 0.042276477
5/31/2021 3,197.0 5.79% 15,670.3 1.52% Observations 104
6/7/2021 3,175.6 -0.67% 15,799.3 0.82%
6/14/2021 3,317.7 4.48% 15,683.3 -0.73% ANOVA
6/21/2021 3,315.4 -0.07% 15,860.3 1.13% df SS MS F Significance F
6/28/2021 3,314.3 -0.03% 15,722.2 -0.87% Regression 1 0.064623563 0.064623563 36.15707702 2.85864E-08
7/5/2021 3,377.6 1.91% 15,689.8 -0.21% Residual 102 0.182304655 0.001787301
7/12/2021 3,349.2 -0.84% 15,923.4 1.49% Total 103 0.246928218
7/19/2021 3,413.2 1.91% 15,856.0 -0.42%
7/26/2021 3,500.8 2.57% 15,763.0 -0.59% Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
8/2/2021 3,529.2 0.81% 16,238.2 3.01% Intercept 4.22412E-05 0.004169766 0.010130343 0.991937081 -0.008228469 0.008313
8/9/2021 3,594.6 1.85% 16,529.1 1.79% X Variable 1 1.243249386 0.206757654 6.013075505 2.85864E-08 0.833146559 1.653352
8/16/2021 3,643.1 1.35% 16,450.5 -0.48%
8/23/2021 3,833.1 5.21% 16,705.2 1.55%
8/30/2021 3,938.9 2.76% 17,323.6 3.70%
9/6/2021 3,950.5 0.29% 17,369.3 0.26%
9/13/2021 4,239.6 7.32% 17,585.2 1.24% Beta 1 1.24
9/20/2021 4,422.4 4.31% 17,853.2 1.52%
9/27/2021 4,235.6 -4.22% 17,532.1 -1.80% Beta2 1.24
10/4/2021 4,408.0 4.07% 17,895.2 2.07%
10/11/2021 5,323.8 20.78% 18,338.6 2.48% Beta 3 1.24
10/18/2021 4,521.5 -15.07% 18,114.9 -1.22%
10/25/2021 4,635.5 2.52% 17,671.7 -2.45%
11/1/2021 4,783.7 3.20% 17,916.8 1.39%
11/8/2021 5,078.5 6.16% 18,102.8 1.04%
11/15/2021 5,080.9 0.05% 17,764.8 -1.87%
11/22/2021 4,718.8 -7.13% 17,026.4 -4.16%
11/29/2021 4,799.0 1.70% 17,196.7 1.00%
12/6/2021 4,796.6 -0.05% 17,511.3 1.83%
12/13/2021 4,697.8 -2.06% 16,985.2 -3.00%
12/20/2021 4,628.9 -1.47% 17,003.8 0.11%
12/27/2021 4,671.5 0.92% 17,354.1 2.06%
1/3/2022 4,731.4 1.28% 17,812.7 2.64%
1/10/2022 4,322.7 -8.64% 18,255.8 2.49%
1/17/2022 4,299.8 -0.53% 17,617.2 -3.50%
1/24/2022 4,076.0 -5.20% 17,101.9 -2.92%
1/31/2022 4,081.9 0.14% 17,516.3 2.42%
2/7/2022 4,142.3 1.48% 17,374.8 -0.81%
2/14/2022 4,073.1 -1.67% 17,276.3 -0.57%
2/21/2022 4,190.8 2.89% 16,658.4 -3.58%
2/28/2022 4,110.2 -1.92% 16,245.3 -2.48%
3/7/2022 4,199.0 2.16% 16,630.4 2.37%
3/14/2022 4,192.8 -0.15% 17,287.1 3.95%
3/21/2022 4,001.3 -4.57% 17,153.0 -0.78%
3/28/2022 4,082.2 2.02% 17,670.4 3.02%
4/4/2022 4,146.3 1.57% 17,784.3 0.64%
4/11/2022 4,090.9 -1.33% 17,475.7 -1.74%
4/18/2022 4,028.9 -1.52% 17,171.9 -1.74%
4/25/2022 3,944.3 -2.10% 17,102.6 -0.40%
5/2/2022 3,666.2 -7.05% 16,411.3 -4.04%
5/9/2022 3,230.6 -11.88% 15,782.2 -3.83%
5/16/2022 3,630.4 12.38% 16,266.2 3.07%
5/23/2022 3,613.9 -0.46% 16,352.5 0.53%
5/30/2022 3,820.1 5.71% 16,584.3 1.42%
6/6/2022 3,755.6 -1.69% 16,201.8 -2.31%
6/13/2022 3,460.6 -7.86% 15,293.5 -5.61%
6/20/2022 3,412.0 -1.40% 15,699.3 2.65%
6/27/2022 3,388.8 -0.68% 15,752.0 0.34%
7/4/2022 3,941.7 16.32% 16,220.6 2.97%
7/11/2022 3,926.8 -0.38% 16,049.2 -1.06%
7/18/2022 3,963.4 0.93% 16,719.4 4.18%
7/25/2022 4,243.9 7.08% 17,158.3 2.62%
8/1/2022 4,232.3 -0.27% 17,397.5 1.39%
8/8/2022 4,336.7 2.47% 17,698.2 1.73%
8/15/2022 4,382.0 1.04% 17,758.4 0.34%
8/22/2022 4,409.6 0.63% 17,558.9 -1.12%
8/29/2022 4,576.8 3.79% 17,539.4 -0.11%
9/5/2022 4,386.1 -4.17% 17,833.3 1.68%
9/12/2022 4,327.5 -1.33% 17,530.8 -1.70%
9/19/2022 4,367.0 0.91% 17,327.3 -1.16%
9/26/2022 4,386.5 0.45% 17,094.3 -1.34%
10/3/2022 4,471.5 1.94% 17,314.7 1.29%
10/10/2022 4,306.1 -3.70% 17,185.7 -0.74%
10/17/2022 4,215.5 -2.10% 17,576.3 2.27%
10/24/2022 4,307.4 2.18% 17,786.8 1.20%
10/31/2022 4,167.4 -3.25% 18,117.2 1.86%
11/7/2022 4,128.4 -0.94% 18,349.7 1.28%
11/14/2022 3,910.6 -5.27% 18,307.7 -0.23%
11/21/2022 3,904.4 -0.16% 18,512.8 1.12%
11/28/2022 4,005.8 2.59% 18,696.1 0.99%
12/5/2022 4,002.4 -0.08% 18,496.6 -1.07%
12/12/2022 3,990.0 -0.31% 18,269.0 -1.23%
12/19/2022 3,875.6 -2.87% 17,806.8 -2.53%
12/26/2022 4,068.8 4.98% 18,105.3 1.68%
1/2/2023 3,842.5 -5.56% 17,859.4 -1.36%
1/9/2023 3,863.7 0.55% 17,956.6 0.54%
1/16/2023 3,513.8 -9.06% 18,027.7 0.40%
1/23/2023 3,562.4 1.38% 17,604.3 -2.35%
1/30/2023 3,470.4 -2.58% 17,854.1 1.42%
2/6/2023 3,498.9 0.82% 17,856.5 0.01%
2/13/2023 3,545.0 1.32% 17,944.2 0.49%
2/20/2023 3,525.6 -0.55% 17,826.7 -0.65%
Weighted Average Cost of Capital

All figures are in INR unless stated otherwise

Peer Comps
Debt/ Debt/ Levered Unlevered
1 Equity Capital
Name of the Comp Country Total Debt Total Equity Tax rate Beta 2 Beta 3
Avenue Super. India 710.8 228,379.50 30.00% 0.31% 0.31% 1.24 1.24
Trent India 4,526.00 47,567.80 30.00% 9.51% 8.69% 1.26 1.18
Vedant Fashions India 248.9 28,378.30 30.00% 0.88% 0.87% 0.97 0.96
Aditya Bir. Fas. India 4,617.60 23,395.70 30.00% 19.74% 16.48% 1.24 1.09
Metro Brands India 805.5 23,076.60 30.00% 3.49% 3.37% 1.1 1.07

Average 30.00% 7.61% 5.94% 1.16 1.11

Median 30.00% 3.49% 3.37% 1.24 1.09

Cost of Equity
Cost of Debt
Risk Free Rate 7.39%
Pre-Tax Cost of Debt 9.72% 9.72% Equity Risk Premium 8.02%
Tax Rate 30% Levered Beta 4 1.68
Post Tax cost of debt 6.80% Cost of Equity 20.87%

Levered Beta
Capital Structure
Comps Median Unlevered Beta 1.09
Current Target Target Debt/Equity 6.32%
Tar Rate 30.00%
Total Debt 710.8 0.31% 5.94% Levered Beta 1.12
Market Capitalization 228,379.5 99.69% 94.06%

Total Capital 229090.3 100.00% 100%

Debt/Equity 0.31% 6.32% Weighted Average Cost of Capital

Cost of Equity 20.87%

Equity Weight 94.06%

Cost of Debt 6.80%

Debt Weight 5.94%
Notes
1. Tax Rate Considered as Marginal Tax rate for the country WACC 20.03%
2. Levered Beta is based on 5 year monthly data
3. Unlevered Beta= Levered Beta/(1+(1-TaxRate)*Debt/Equity)
4. levered Beta= Levered Beta/(1+(1-TaxRate)*Debt/Equity)
 Calaculation of ROIC Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Current Assets
Inventories 1,163.0 1,609.0 1,947.0 2,248.0 2,743.0
Trade receivables 34.0 64.0 20.0 44.0 67.0
Loans n Advances 159.0 178.0 267.0 336.0 349.0
Other asset items 117.0 141.0 3,408.0 1,550.0 1,618.0
Total Current Assets 1,473.0 1,992.0 5,642.0 4,178.0 4,777.0

Current Liabilities
Trade Payables 317.0 463.0 433.0 578.0 589.0
Other liability items 222.0 254.0 229.0 500.0 557.0

Total Current Liabilities 539.0 717.0 662.0 1,078.0 1,146.0

# Net Working Capital 934.0 1,275.0 4,980.0 3,100.0 3,631.0

Non-Current Assets
Land 1,438.0 2,028.0 2,740.0 3,483.0 4,527.0
Building 1,757.0 2,173.0 3,139.0 3,649.0 4,938.0
Plant Machinery 124.0 191.0 272.0 352.0 491.0
Equipments 21.0 29.0 39.0 50.0 73.0
Computers 53.0 76.0 95.0 119.0 153.0
Furniture n fittings 265.0 357.0 476.0 581.0 772.0
Vehicles 2.0 3.0 4.0 4.0 3.0
Intangible Assets 78.0 78.0 78.0 78.0 78.0
Other fixed assets 61.0 74.0 82.0 81.0 91.0

Gross Block 3,799.0 5,009.0 6,925.0 8,397.0 11,126.0

Accumlated Depreciation (401.0 (609.0 (979.0 (1,387.0 (1,867.0
# Net Non- Current Assets 3,398.0 4,400.0 5,946.0 7,010.0 9,259.0

# Invested Capital 4,332.0 5,675.0 10,926.0 10,110.0 12,890.0

EBIT 1,193.9 1,420.8 1,753.9 1,330.7 2,004.3

# ROIC 27.56% 25.04% 16.05% 13.16% 15.55%

Calaculation of Reinvestment Rate Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Net CAPEX 909 1,409 1,706 2,027 2,389

Change in Working Capital 341 3,705 -1,880 531

EBIT 1,194 1,421 1,754 1,331 2,004

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 895 1,066 1,315 998 1,503

Reinvestment 1,750 5,411 147 2,920

Reinvestment Rate 164.2% 411.3% 14.7% 194.2%

4 Year Average 196.14%

4 Year Median 179.24%

# Calaculation of Growth Rate Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Reinvestment Rate 164.23% 411.35% 14.73% 194.25%

ROIC 25.04% 16.05% 13.16% 15.55%

Intrinsic Growth 41.12% 66.03% 1.94% 30.20%

4 Year Average 34.82%

4 Year Median 35.66%
Date Adj Close ReturnsSorted Returns Replication
Simulated Return Calculation of Value of Risk - Avenue Supermart

EBIT 2,118.06 3,109.26 3,767.18 4,564.31 5,530.12

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%

EBIT(1-T) 1,588.55 2,331.94 2,825.38 3,423.23 4,147.59

Less Reinvestment Rate 179.24% 107.45% 71.31% 35.33% 35.33%

Free Cash Flow to Firm -1,258.73 -173.63 810.60 2,213.81 2,682.25

Mid Year Convention 1.5 2.5 3.5 4.5

Discounting Factor 0.759 0.631 0.525 0.437

PV of FCFF -131.74 511.63 1,162.38 1,171.56 -

Expected Growth 21.16%

Terminal Growth 5.38%
WACC 20.21%

Calculation of Terminal Value Sensitivity Analysis - Value of Operating Assets

11,526.00 18.00% 20.21% 22.00% 24.50%
FCFF(n+1) 3,249.81 2.00% 10,826.1 9,749.4 9,051.7 8,263.2
WACC 20.21% 3.50% 11,743.8 10,449.1 9,627.2 8,713.8
Terminal Growth Rate 5.38% 5.38% 13,202.2 11,526.0 10,495.1 9,378.4
6.00% 13,783.3 11,943.6 10,826.1 9,627.2
Terminal Value 21,913.76

Calculation of Equity Value Per Share Sensitivity Analysis - Equity Value of Share
183.77 18.00% 20.21% 22.00% 24.50%
PV of FCFF 1,954.41 2.00% 172.9 156.2 145.3 133.1
Present Value of Terminal Value 9571.59 3.50% 187.2 167.0 154.3 140.1
Value of Operating Assets 11,526.00 5.38% 209.8 183.8 167.7 150.4
6.00% 218.8 190.3 172.9 154.3
Add : Cash 298.58
Less : Debt
Value of Equity 11,824.58
No of Share 64.35
Equity Value per share 183.77

Share Price 3,502

Discount / Premium 19.06x
Date Adj Close Returns Sorted Returns Replication
Simulated Return Calculation of Value of Risk - Avenue Supermart

Amount In Crores
Comparable Company Valuation
Shares Enterprise
Company Ticker Share Price Outstanding Net Debt Value Revenue EBITDA Net Income EV/Revenue V/EBITDA P/EBITDA
Avenue Super. 3,501 65.04 -765 226,933 42,840 3,734 2,378 5.3X 60.8X 95.7X
Trent 1,562 35.55 4,378 59,921 8,242 1,418 394 7.3X 42.3X 141.1X
Vedant Fashions 1,265 24.28 283 30,999 1,355 711 429 22.9X 43.6X 71.6X
Metro Brands 971 27.17 371 26,755 2,127 714 365 12.6X 37.5X 72.2X
Medplus Health 804 11.93 616 10,206 4,558 282 50 2.2X 36.2X 191.4X

High 22.88X 60.78X 191.42X

75th Percentile 12.58X 43.59X 141.08X
Average 10.05X 44.07X 114.41X
Median 7.27X 42.26X 95.74X
25th Percentile 5.30X 37.47X 72.21X
Low 2.24X 36.23X 71.58X

Avenue Supermart Comparable Valuation EV/Revenue V/EBITDA P/E

Implied Enterprise Value 311,452 157,773 226,934

Net Debt -765 -765 -765
Implied Market Value 312,218 158,538 227,699
Shares Outstandings 65.04 65.04 65.04
Implied Value per Share 4800.4 2437.5 3500.9
Source The Valuation School ,Screnner.in
Undervalued Overvalued Overvalued
 Football Field Anyalsis Vluation Summarry (Rs)
Football Field Anyalsis of Avenue Supermart
5,000.0 4,609.00 4,609.00
OpenLow Low Open High High
4,500.0 Comps 2,046.3 2,046.3 4,609.0 4,609.0
4,000.0 DCF bear 134.0 134.0 165.0 165.0
3,500.0 DCF Base 154.9 154.9 210.9 210.9
3,000.0 3,292.0 DCF Bull 180.5 180.5 250.1 250.1
2,500.0 52W H/L 3,292.0 3,292.0 4,609.0 4,609.0
2,000.0
1,500.0 2,046.3

1,000.0
500.0 165.00 210.90 250.10

0.0
134.0 154.90 180.5
Comps DCF bear DCF Base DCF Bull 52W H/L
Date Adj Close Returns Sorted Returns Replication Simulated Return Calculation of Value of Risk - Avenue Supermart
9/23/2019 1917 0.088462442 0.088462442 Mean 0.12%
9/20/2019 1761.199951 -0.290882362 0.087596861 Standard Deviation 2.06%
2/10/2020 2483.649902 1.225392942 0.085891026 Min -11.09%
9/26/2017 1116.050049 -0.781900067 0.084596743 Max 8.85%
10/13/2021 5117.149902 0.084268228 0.079795295 CMP 3,501
10/11/2021 4719.450195 2.226974492 0.070667768 Percentile Confidence VAR% Stock Price VAR(INR)
11/2/2018 1462.5 0.109551648 0.070565863 5.0% 95.0% -3.04% 3607.47 -106.47
5/20/2019 1318.099976 -0.066303023 0.067935974 1.0% 99.0% -5.01% 3676.44 -175.44
10/12/2018 1411.699951 -0.250670141 0.064550167 0.50% 99.5% -5.76% 3702.54 -201.54
12/17/2019 1883.949951 0.258021361 0.064138006
5/25/2018 1497.550049 0.264128661 0.062167546
10/10/2017 1184.650024 -0.578716208 0.060801454
2/1/2021 2812 0.158775315 0.060531774
12/1/2020 2426.699951 -0.210444135 0.060064653
3/2/2021 3073.5 1.851906968 0.056748458
9/5/2017 1077.699951 -0.485412823 0.05589568
10/19/2020 2094.300049 -0.314759672 0.055488409
5/18/2021 3056.300049 0.846762826 0.054369235
12/28/2018 1654.949951 -0.47494409 0.054007532
2/23/2021 3151.949951 0.101021728 0.053247961
1/22/2021 2862.75 1.217037754 0.052810659
10/29/2018 1291.25 0.234287598 0.052706689
8/28/2017 1046.150024 -0.23777776 0.051829931
10/9/2018 1372.5 0.025823125 0.051804717
10/31/2018 1337.949951 -0.647574021 0.050526049
5/30/2022 3796.399902 0.903863899 0.050513939
3/26/2020 1994.050049 -0.124936896 0.049997406
4/8/2020 2278.75 -0.071546475 0.04999424
5/20/2020 2454.350098 0.02578739 0.049989347
4/9/2020 2392.649902 0.259886226 0.049983501
3/25/2020 1899.099976 -0.124939534 0.049980664
4/7/2020 2170.25 0.132639229 0.049977044
3/20/2020 1916.099976 -0.277515967 0.049975314
12/8/2020 2652.100098 0.837970954 0.049733875
2/1/2019 1442.949951 -0.374926907 0.049532659
5/28/2020 2308.449951 0.704030438 0.049200074
2/27/2018 1354.699951 -0.049500122 0.04917906
7/15/2019 1425.25 -0.321632556 0.04844047
3/13/2020 2101 0.615843107 0.048141681
2/23/2018 1300.25 -0.030712999 0.048039314
3/26/2018 1341.449951 0.172903741 0.047107935
10/25/2017 1143.699951 -0.712117414 0.046481769
5/31/2022 3972.800049 2.131517734 0.046465112
10/12/2017 1268.650024 -0.165114683 0.045791814
6/6/2018 1519.550049 -0.572409413 0.045262287
4/3/2023 3553.75 -0.152001432 0.044897884
2/25/2022 4190.75 3.484003967 0.043864372
7/10/2017 934.599976 -0.584419042 0.043720993
2/5/2020 2248.899902 0.816852329 0.04342776
2/21/2018 1237.800049 -0.404817965 0.042972698
3/27/2020 2079.699951 -0.580730998 0.042952734
11/10/2021 4960.299805 2.57511981 0.042704121
6/26/2019 1387.449951 -0.065973276 0.04268585
5/15/2018 1485.449951 -0.608267418 0.04227477
7/6/2022 3792 -0.060595574 0.042030186
12/26/2022 4036.600098 1.636491276 0.041541954
8/26/2019 1531.050049 -0.520452885 0.041388995
6/3/2021 3192.699951 -0.122655663 0.041256279
7/5/2022 3639.050049 3.133874927 0.0410671
7/6/2017 880.299988 -0.834646633 0.040482242
10/14/2021 5323.75 1.273989374 0.040374056
8/25/2020 2341.149902 0.097096912 0.040372329
1/31/2020 2133.949951 -0.487364006 0.040291474
2/10/2022 4162.700195 -0.003733483 0.040128956
12/29/2022 4178.299805 0.372386638 0.039960128
2/15/2021 3044.550049 0.050406286 0.039485865
1/4/2021 2898.449951 -0.013058464 0.039206141
4/28/2021 2936.800049 0.431677463 0.038858169
1/30/2020 2051.300049 0.759941626 0.038817018
2/8/2018 1165.550049 -0.744872486 0.038213178
10/26/2021 4568.5 0.07756539 0.038153865
9/17/2021 4239.649902 1.84063645 0.037985041
11/30/2018 1492.5 -0.098132831 0.037827707
7/31/2018 1654.900024 0.173771186 0.037652474
5/24/2018 1409.900024 -0.384538155 0.037644912
11/4/2020 2290.800049 -0.447707181 0.037006857
7/28/2022 4147.799805 0.671051294 0.036703747
2/12/2020 2482.149902 -0.475565201 0.036604678
10/27/2021 4733 0.09046503 0.036007442
2/28/2022 4340.350098 0.736834773 0.035697691
6/5/2020 2499 0.877324084 0.035125528
4/24/2019 1331.150024 -0.525985926 0.0350686
4/26/2021 2808.25 0.890568167 0.034841748
6/29/2018 1485.400024 -0.328511388 0.034797502
4/17/2020 2212.100098 -0.124423543 0.034731154
12/7/2020 2526.449951 0.87651799 0.034624699
10/4/2018 1346.349976 -0.384525725 0.034539689
3/31/2020 2187.5 -0.501316502 0.034499042
9/30/2022 4386.549805 1.02602633 0.034429498
8/4/2020 2165.100098 0.613338374 0.034374125
6/18/2019 1342 -0.169913997 0.034296724
8/17/2018 1616.699951 -0.448018026 0.033993093
4/15/2021 2928.899902 0.388104219 0.033960516
7/22/2020 2110 -0.357901483 0.033908246
3/5/2021 3286.100098 1.20713984 0.033787444
4/10/2018 1488.849976 0.197402242 0.033564718
1/5/2018 1243.400024 -0.448603094 0.03349684
5/8/2020 2255 1.353739396 0.033408138
8/22/2017 958.049988 -0.173845584 0.033383683
11/10/2017 1159.650024 -0.054581733 0.033372014
10/26/2018 1226.599976 -0.702570326 0.033274367
3/8/2022 4124 0.731536333 0.03315674
6/2/2020 2381.699951 1.208447364 0.033051378
9/29/2017 1078.449951 -0.776004252 0.033047561
12/8/2021 4814.600098 1.607913786 0.033031916
11/27/2019 1846.150024 0.865740297 0.032984599
8/23/2017 989.5 -0.550870325 0.03282711
9/30/2020 2203.149902 0.914617186 0.032766859
12/4/2017 1150.699951 0.399793161 0.032573516
6/20/2017 822.049988 -0.507208599 0.032207387
12/18/2018 1668.150024 -0.442304773 0.032111384
1/5/2021 2991.149902 0.323839858 0.031982595
8/18/2020 2259.449951 -0.143190342 0.031830095
12/18/2020 2637.050049 0.482696565 0.03168952
12/12/2019 1778.550049 -0.491188657 0.03164156
7/4/2022 3495.5 -0.26275491 0.031501291
11/3/2021 4741.299805 0.715624416 0.03137882
12/31/2020 2763.600098 -0.155920706 0.031078628
6/14/2021 3274.100098 1.336473263 0.031034009
4/5/2018 1401.300049 -0.557628541 0.031012047
3/3/2021 3167.699951 -0.21501236 0.030649081
7/21/2022 4035.350098 3.803702346 0.030622316
7/3/2017 840.049988 -0.28093303 0.030609757
10/24/2018 1168.25 -0.393305975 0.030475479
10/17/2019 1925.599976 -0.201029045 0.029457352
8/26/2020 2410.100098 0.07584151 0.029451423
10/28/2020 2240.199951 0.670481987 0.029409062
5/24/2019 1341.050049 -0.040256207 0.029083394
1/23/2019 1397.300049 -0.527915265 0.029015409
2/4/2021 2959.850098 1.505481151 0.028797392
12/29/2017 1181.349976 -0.733431883 0.028736884
9/22/2022 4431.700195 0.212553204 0.028546892
4/5/2023 3654.850098 0.167366684 0.028448849
2/16/2021 3130.850098 0.664858694 0.028345748
1/9/2020 1880.550049 0.598699286 0.028156693
1/22/2018 1176.300049 -0.222358093 0.027919844
2/6/2019 1512.650024 0.026952764 0.027825015
2/20/2019 1472.949951 -0.389880714 0.027663365
6/4/2020 2414.199951 0.672231096 0.027625208
11/28/2018 1443.699951 -0.66856448 0.027581054
9/20/2021 4355.899902 1.644908518 0.027419717
9/18/2019 1646.900024 0.079297463 0.02735409
7/2/2018 1525.900024 0.095405617 0.027265383
7/8/2019 1393 -0.670342681 0.027172492
2/1/2022 4225.600098 1.00960679 0.027039507
9/25/2020 2102.699951 -0.077115501 0.027034936
9/3/2020 2278.399902 -0.37697569 0.027023351
5/17/2022 3657 1.498633547 0.026929853
7/16/2019 1463.599976 -0.068749433 0.026907543
7/24/2018 1571.650024 0.138423069 0.026149157
5/22/2018 1380.550049 -0.589060858 0.026088
6/15/2021 3359.5 0.452097395 0.026083473
5/11/2020 2313.550049 -0.433196534 0.025964545
2/15/2022 4081.75 -0.000673277 0.025629751
9/16/2021 4084.5 1.603582275 0.025586275
9/9/2019 1568.800049 -0.35293873 0.025560632
2/19/2020 2424.5 -0.407241693 0.025201954
12/19/2022 4090.199951 0.607688269 0.02511277
2/13/2020 2544.149902 0.874419664 0.024978346
4/2/2018 1357.300049 -0.441934049 0.024532004
Date Adj Close Returns Sorted Returns Replication Simulated Return Calculation of Value of Risk - Avenue Supermart
5/16/2022 3561.100098 0.8576422 0.102302975 1 0.003631419 Historical Approach
9/23/2019 1917 0.088462442 0.088462442 2 -0.025895012 Mean 0.12%
9/20/2019 1761.199951 -0.290882362 0.087596861 3 -0.009051316 Standard Deviation 2.08%
2/10/2020 2483.649902 1.225392942 0.085891026 4 0.024481493 Min -11.09%
9/26/2017 1116.050049 -0.781900067 0.084596743 5 -0.017646631 Max 10.23%
10/13/2021 5117.149902 0.084268228 0.079795295 6 0.019573419 CMP 3,501
10/11/2021 4719.450195 2.226974492 0.070667768 8 -0.016526227
11/2/2018 1462.5 0.109551648 0.070565863 9 0.007184513 Monto Carlo Simulation
5/20/2019 1318.099976 -0.066303023 0.067935974 10 -0.005343303 Mean 0.15%
10/12/2018 1411.699951 -0.250670141 0.064550167 11 -0.002564291 Standard Deviation 2.08%
12/17/2019 1883.949951 0.258021361 0.064138006 12 0.008533261 Min -6.65%
5/25/2018 1497.550049 0.264128661 0.062167546 13 0.004958894 Max 7.18%
10/10/2017 1184.650024 -0.578716208 0.060801454 14 0.021033324 CMP 3,501
2/1/2021 2812 0.158775315 0.060531774 15 0.010334334
12/1/2020 2426.699951 -0.210444135 0.060064653 16 -0.035260971 Percentile Confidence VAR% Stock Price VAR(INR)
3/2/2021 3073.5 1.851906968 0.056748458 17 -0.010293949 5.0% 95.0% -3.35% 3618.29 -117.29
9/5/2017 1077.699951 -0.485412823 0.05589568 18 -0.043311316 1.0% 99.0% -4.44% 3656.59 -155.59
10/19/2020 2094.300049 -0.314759672 0.055488409 19 -0.029624301 0.50% 99.5% -4.88% 3671.89 -170.89
5/18/2021 3056.300049 0.846762826 0.054369235 20 0.019219908
12/28/2018 1654.949951 -0.47494409 0.054007532 21 -0.019698225
2/23/2021 3151.949951 0.101021728 0.053247961 22 0.010636264
1/22/2021 2862.75 1.217037754 0.052810659 23 -0.004734345
10/29/2018 1291.25 0.234287598 0.052706689 24 -0.021374297
8/28/2017 1046.150024 -0.23777776 0.051829931 25 0.004210476
10/9/2018 1372.5 0.025823125 0.051804717 26 -0.028299421
10/31/2018 1337.949951 -0.647574021 0.050526049 27 -0.025638612
5/30/2022 3796.399902 0.903863899 0.050513939 28 0.029098853
3/26/2020 1994.050049 -0.124936896 0.049997406 29 0.014797153
4/8/2020 2278.75 -0.071546475 0.04999424 30 0.028480064
5/20/2020 2454.350098 0.02578739 0.049989347 31 -0.006337006
4/9/2020 2392.649902 0.259886226 0.049983501 32 0.047633666
3/25/2020 1899.099976 -0.124939534 0.049980664 33 0.013878866
4/7/2020 2170.25 0.132639229 0.049977044 34 -0.033490129
3/20/2020 1916.099976 -0.277515967 0.049975314 35 -0.021152528
12/8/2020 2652.100098 0.837970954 0.049733875 36 -0.022551795
2/1/2019 1442.949951 -0.374926907 0.049532659 37 0.028575844
5/28/2020 2308.449951 0.704030438 0.049200074 38 -0.000640507
2/27/2018 1354.699951 -0.049500122 0.04917906 39 -0.040375657
7/15/2019 1425.25 -0.321632556 0.04844047 40 0.025061912
3/13/2020 2101 0.615843107 0.048141681 41 0.011686887
2/23/2018 1300.25 -0.030712999 0.048039314 42 0.031396991
3/26/2018 1341.449951 0.172903741 0.047107935 43 -0.015678337
10/25/2017 1143.699951 -0.712117414 0.046481769 44 -0.00473307
5/31/2022 3972.800049 2.131517734 0.046465112 45 -0.014467407
10/12/2017 1268.650024 -0.165114683 0.045791814 46 0.006257872
6/6/2018 1519.550049 -0.572409413 0.045262287 47 -0.021046456
4/3/2023 3553.75 -0.152001432 0.044897884 48 -0.030580715
2/25/2022 4190.75 3.484003967 0.043864372 49 0.00928265
7/10/2017 934.599976 -0.584419042 0.043720993 50 -0.0140333
2/5/2020 2248.899902 0.816852329 0.04342776 51 0.012874856
2/21/2018 1237.800049 -0.404817965 0.042972698 52 -0.003955798
3/27/2020 2079.699951 -0.580730998 0.042952734 53 0.003309756
11/10/2021 4960.299805 2.57511981 0.042704121 54 -0.028660688
6/26/2019 1387.449951 -0.065973276 0.04268585 55 -0.015450016
5/15/2018 1485.449951 -0.608267418 0.04227477 56 -0.03347241
7/6/2022 3792 -0.060595574 0.042030186 57 -0.019300089
12/26/2022 4036.600098 1.636491276 0.041541954 58 0.014912849
8/26/2019 1531.050049 -0.520452885 0.041388995 59 -0.015471301
6/3/2021 3192.699951 -0.122655663 0.041256279 60 0.034692737
7/5/2022 3639.050049 3.133874927 0.0410671 61 -0.015922011
7/6/2017 880.299988 -0.834646633 0.040482242 62 0.025608103
10/14/2021 5323.75 1.273989374 0.040374056 63 0.004571223
8/25/2020 2341.149902 0.097096912 0.040372329 64 -0.012033122
1/31/2020 2133.949951 -0.487364006 0.040291474 65 0.017978335
2/10/2022 4162.700195 -0.003733483 0.040128956 66 0.010838852
12/29/2022 4178.299805 0.372386638 0.039960128 67 -0.033505065
2/15/2021 3044.550049 0.050406286 0.039485865 68 -0.035111916
1/4/2021 2898.449951 -0.013058464 0.039206141 69 0.016229403
4/28/2021 2936.800049 0.431677463 0.038858169 70 -0.039288707
1/30/2020 2051.300049 0.759941626 0.038817018 71 -0.010962097
2/8/2018 1165.550049 -0.744872486 0.038213178 72 -0.001125516
10/26/2021 4568.5 0.07756539 0.038153865 73 0.026057209
9/17/2021 4239.649902 1.84063645 0.037985041 74 0.0092386
11/30/2018 1492.5 -0.098132831 0.037827707 75 0.003787835
7/31/2018 1654.900024 0.173771186 0.037652474 76 0.000765354
5/24/2018 1409.900024 -0.384538155 0.037644912 77 0.01531049
11/4/2020 2290.800049 -0.447707181 0.037006857 78 -0.021188523
7/28/2022 4147.799805 0.671051294 0.036703747 79 -0.000260783
2/12/2020 2482.149902 -0.475565201 0.036604678 80 -0.009695199
10/27/2021 4733 0.09046503 0.036007442 81 -0.040754182
2/28/2022 4340.350098 0.736834773 0.035697691 82 0.015013817
Avenue Supermart Ltd
(DMART| BSE Code: 540376)
INR 3536.75
52 Week(High-INR4609 & Low-3292)
About the company
Avenue Supermarts Limited, DMart, is an Indian retail corporation that operates a chain
of hypermarkets in India.It was founded by Radhakishan Damani in 2002 when its first store was opened
in Powai, Mumbai. As of March 2023, it has 324 stores across 14 states in India. The company has its
headquarters in Mumbai. As of 31March 2022, Dmart had a total of 10,713 permanent employes and

Financial Summary

Revenue(INR Crs). Net Profit(INR Crs). AverageTotal Assets(INR Crs).

2,379
42,840 16,789
14,563
12,866
30,976 1,493
24,870 24,143 1,301 9,541
1,100

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Return on Equity(%) Return on Asset(%) . Finance Leverage

15.61% 15.99% 13.64% 14.17% 1.1x

11.54% 10.25% 1.1x 1.1x

9.45% 8.55%
1.1x

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Recent Updates
• DMart Q4 Results: Net profit rises 8% YoY to Rs 505 crore; misses estimates.
• DMart's margins decreased to 7.6% vs 8.6% on a YoY basis while EBITDA was up 5.5% at Rs 783 crore.
• The retailer's earnings per share or EPS rose to 7.2% from 7.8% in the corresponding quarter of the
previous year.
• These same stores grew at 11.0% in the second half of FY 2023 vis-a-vis second half of FY 2022.
• In FY23, over 56% of its revenue came from the foods division, 21% from FMCG and around 23% from
general merchandise and apparel.
• With the discretionary product mix being impacted, gross margins for the quarter came in below our
estimate at 14.0%
• Opex too grew at a faster clip (~25%) than the revenue growth (21%). Subsequently EBITDA margins
declined by 110 bps YoY to 7.3%
• Higher depreciation expenses (up 12% YoY) further impacted profitability. Ensuing PBT stood at Rs
624.9 crore (I-direct estimate: Rs 659.1 crore, up 3% YoY). Lower tax rate 26% vs 30% in Q4FY22
enabled the company to report a PAT of Rs 460 crore during the quarter

Page 379
 DUPONT ANALYSIS - Return on Equity & Return on Asset
Return on Equity(ROE)
Return on Equity (ROE)
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 478.8 806.3 902.5 1,301.1 1,099.5 1,492.6 2,378.5
Average of Shareholder Equity 2,681.1 4,255.4 5,128.3 8,333.6 11,631.7 12,930.7 14,878.2
Return on Equity 17.86% 18.95% 17.60% 15.61% 9.45% 11.54% 15.99%

ROE- Duopoint Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 478.8 806.3 902.5 1,301.1 1,099.5 1,492.6 2,378.5
Revenue 11,897.7 15,033.2 20,004.5 24,870.2 24,143.1 30,976.3 42,839.6
Net Profit Margin (A) 4.02% 5.36% 4.51% 5.23% 4.55% 4.82% 5.55%

Revenue 11,897.7 15,033.2 20,004.5 24,870.2 24,143.1 30,976.3 42,839.6

Average Total Asset 4,460.4 5,733.8 6,326.9 9,540.8 12,865.6 14,563.0 16,788.6
Asset Turnover Ratio (B) 2.7x 2.6x 3.2x 2.6x 1.9x 2.1x 2.6x

Average Total Asset 4,460.4 5,733.8 6,326.9 9,540.8 12,865.6 14,563.0 16,788.6
Average of Shareholder Equity 2,681.1 4,255.4 5,128.3 8,333.6 11,631.7 12,930.7 14,878.2
Equity Multiplier(C) 1.7x 1.3x 1.2x 1.1x 1.1x 1.1x 1.1x

Return on Equity (A*B*C) 17.86% 18.95% 17.60% 15.61% 9.45% 11.54% 15.99%

Return on Assets
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 478.8 806.3 902.5 1,301.1 1,099.5 1,492.6 2,378.5
Average Total Asset 4,460.4 5,733.8 6,326.9 9,540.8 12,865.6 14,563.0 16,788.6
Return on Assets 10.73% 14.06% 14.26% 13.64% 8.55% 10.25% 14.17%

ROA- Duopont Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 478.8 806.3 902.5 1,301.1 1,099.5 1,492.6 2,378.5
Revenue 11,897.7 15,033.2 20,004.5 24,870.2 24,143.1 30,976.3 42,839.6
Net Profit Margin (A) 4.02% 5.36% 4.51% 5.23% 4.55% 4.82% 5.55%

Revenue 11,897.7 15,033.2 20,004.5 24,870.2 24,143.1 30,976.3 42,839.6

Average Total Asset 4,460.4 5,733.8 6,326.9 9,540.8 12,865.6 14,563.0 16,788.6
Asset Turnover Ratio (B) 2.7x 2.6x 3.2x 2.6x 1.9x 2.1x 2.6x

Return on Asset (A*B) 10.73% 14.06% 14.26% 13.64% 8.55% 10.25% 14.17%

Dupont Summary
• ROE of Avenue Supermart has been decreased to 15.61% during COVID and made a low of 9.4% in FY2021 which now has rose to
precovid levels and currently at 15.99% as of 31st March 2023
• ROE has been decreased significantly in past 7 years from 17.86% to 15.99%. While the company was able to increase the net
margin from 4.02% in FY2017 to 5.55% in FY23. Asset efficinecy of the company is constantly maintained throughout the period,
the reason for fall in ROE is reduction of financial leverage in the company from 1.66x in FY2017 to 1.13x in FY2023.
• ROA of Avenue Supermart has been increased from 10.73% in FY2017 to 14.17% in FY2023. While asset efficency remains
constant, the reason for increase in ROA is increased net margin of the company

Disclaimer: This report is made as part of educational assignment and is meant for educational purpose only. The author of the report is not liable for any losses
due to actions taken on basis report. It is advisable to consult SEBI registered research analyst before making any investments

Page 380
Avenue Supermart Ltd
(DMART| BSE Code: 540376)
INR 3536.75
52 Week(High-INR4609 & Low-3292)

Altman's Z Score Analysis

Avenue Supermarts Limited, DMart, is an Indian retail corporation that operates a chain of hypermarkets in India.It was
founded by Radhakishan Damani in 2002 when its first store was opened in Powai, Mumbai. As of March 2023, it has 324
stores across 14 states in India. The company has its headquarters in Mumbai. As of 31March 2022, Dmart had a total of
10,713 permanent employes and 58,597 hired on contract basis

Financial Summary

Working Capital/ Total Assets Retained Earning / Total Assets. EBIT / Total Assets.
12.42 16.56%
42.11% 10.28 % 14.52%
33.28% % 12.96%
8.91%
25.40% 9.74%
24.02% 6.63%

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Market Cap /Long-term Liabilities Sales/Total Assets Altman's Z Score

42528.5 47160.0 40085.2

% % % 34264.1 526.6
205.94 176.81 200.22 236.60
%
% % % %
501.1
487.4
482.4

2020 2021 2022 2023 2020 2021 2022 2023

2020 2021 2022 2023

Recent Updates
• DMart Q4 Results: Net profit rises 8% YoY to Rs 505 crore; misses estimates.
• DMart's margins decreased to 7.6% vs 8.6% on a YoY basis while EBITDA was up 5.5% at Rs 783 crore.
• The retailer's earnings per share or EPS rose to 7.2% from 7.8% in the corresponding quarter of the previous year.
• These same stores grew at 11.0% in the second half of FY 2023 vis-a-vis second half of FY 2022.
• In FY23, over 56% of its revenue came from the foods division, 21% from FMCG and around 23% from general
merchandise and apparel.
• With the discretionary product mix being impacted, gross margins for the quarter came in below our estimate at
14.0%
• Opex too grew at a faster clip (~25%) than the revenue growth (21%). Subsequently EBITDA margins declined by 110
bps YoY to 7.3%
• Higher depreciation expenses (up 12% YoY) further impacted profitability. Ensuing PBT stood at Rs 624.9 crore (I-
direct estimate: Rs 659.1 crore, up 3% YoY). Lower tax rate 26% vs 30% in Q4FY22 enabled the company to report a
PAT of Rs 460 crore during the quarter

Page 381
 Altman's Z Score Analysis Calculation-
Working Capital/Total Assets
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Working Capital 2,582.8 1,493.1 1,493.9 5,085.8 4,545.1 3,929.3 4,349.8
Total Assets 5,819.3 5,648.2 7,005.5 12,076.2 13,655.1 15,471.0 18,106.3
Working Capital/Total Assets (A) 44.38% 26.43% 21.32% 42.11% 33.28% 25.40% 24.02%

Retained Earnings/ Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Retained Earnings/ Total Assets 451.1 718.5 854.1 1,241.0 905.0 1,378.8 2,249.0
Total Assets 5,819.3 5,648.2 7,005.5 12,076.2 13,655.1 15,471.0 18,106.3
Retained Earnings/ Total Assets (B) 7.75% 12.72% 12.19% 10.28% 6.63% 8.91% 12.42%

EBIT/ Total Assets

EBIT 841.4 1,193.9 1,420.8 1,753.9 1,330.7 2,004.3 2,998.2
Average Total Asset 5,819.3 5,648.2 7,005.5 12,076.2 13,655.1 15,471.0 18,106.3
EBIT/ Total Assets (C) 14.46% 21.14% 20.28% 14.52% 9.74% 12.96% 16.56%

Market Cap/ Long term Liabilities

Market Cap 39,807.2 82,678.7 91,809.1 141,700.7 185,202.0 259,326.9 220,311.4
Long-term Liabilities 1,497.3 439.3 700.2 333.2 392.7 646.9 643.0
Market Cap / Long term Liabilities (D) 2658.6% 18822.7% 13112.8% 42528.5% 47160.0% 40085.2% 34264.1%

Sales / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Total Sales 11,897.7 15,033.2 20,004.5 24,870.2 24,143.1 30,976.3 42,839.6
Total Assets 5,819.3 5,648.2 7,005.5 12,076.2 13,655.1 15,471.0 18,106.3
Sales/ Total Assets (E) 204.45% 266.16% 285.55% 205.94% 176.81% 200.22% 236.60%

Altman's Z Score
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Final Score 33.7 301.8 225.8 526.6 501.1 482.4 487.4
Financial Stability Strong Strong Strong Strong Strong Strong Strong

Disclaimer: This report is made as part of educational assignment and is meant for educational purpose only. The author of the report is not liable for any losses due to actions taken on basis
report. It is advisable to consult SEBI registered research analyst before making any investments

Page 382