50
| Date post: | 11-Dec-2015 |
| Category: |
Documents |
| Upload: | sharadkulloli |
| View: | 237 times |
| Download: | 0 times |
Dash BoardT A T A C O N S U L T I N G S E R V I C E S
Share Price of DDM 2,261pointer 25end 3800Start 0Red 1000Yello 2500Green 1500End 5000
Summary Of the Company TCS Ltd CompanyCompany Overview(Rs. In Crores , except per share data)
Company Information Company Description
Industry Computers & Softwares
Sector Software-Top
Country India
BSE/NSE Code 532540 /TCS
Market Index BSE - 500 Products & Services
Year end 31-Mar
Reporting currency Rs.
ISIN: INE467B01029
Income StatementIntroduction Sheet Cash FlowsBalance Sheet
38001500
50
0
100
0
VALUATED SHARE PRICE
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 170
5000
10000
15000
20000
25000
1370
3914
2740
4893
4306
6538
7869
938511137
1316015231
17257
19132
20746
21990
23310Equity Dividend
they are a leader in the global marketplace and among the top 10 technology firms in the world. Our continued rapid growth is a testament to the certainty our clients experience every day. Building on more than 40 years of experience, we add real value to global organizations through domain expertise plus solutions with proven success in the field and world-class service. It’s how we keep you moving forward. 1.Application Development & Maintenance, 2.Corporate Performance Management, 3.Enterprise Quality
Services,4.Infrastructure Services ,5.Packages Application Services ,6.Product Engineering ,7.Systems Integration.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 160
10,00020,00030,00040,00050,00060,00070,00080,00090,000
100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000200,000210,000220,000230,000
22404 2304329275
3885848426
5907071094
84788
100616
118897
137606
155910
172854187432
198678210599Total Profit Net Cash
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 160
10,00020,00030,00040,00050,00060,00070,00080,00090,000
100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000200,000210,000220,000230,000
22404 2304329275
3885848426
5907071094
84788
100616
118897
137606
155910
172854187432
198678210599
year 9 10 11 12 13GDP Growth 5.04% 11.23% 7.75% 3.99% 5.68%Industry Growth 1.00% 0.08% 14.78% 20.59% 9.79%company Growth 1.5% 2.86% 27.04% 32.73% 24.62%
Year Total Profit Net Cash Sales Sales2009 4,696.21 479.93 22,403.65 22,403.652010 5,618.51 3332.30 23,043.07 23,043.072011 7,569.99 4806.67 29,274.54 29,274.542012 10,975.98 9107.72 38,858.28 38,858.282013 12,786.34 11202.32 48,426.14 48,426.142014 15,049.61 12915.69 59,069.55 59,069.55
2015 18,113.13 14031.27 71,093.83 71,093.832016 21,602.22 15779.90 84,788.45 84,788.452017 25,634.75 18129.06 100,616.10 ###2018 30,292.35 21178.51 118,897.11 ###2019 35,059.06 26293.32 137,606.41 ###2020 39,722.43 33962.00 155,910.05 ###2021 44,039.31 44632.41 172,853.78 ###2022 47,753.51 58659.50 187,431.95 ###2033 50,618.72 76251.95 198,677.87 ###2024 53,655.84 94899.95 210,598.54 ###Ratio Button 3
Dash BoardT A T A C O N S U L T I N G S E R V I C E S
Summary Of the Company
Company Description
Products & Services
Researcher Report
Assumption Sheet Beta Valuation Cost of EquityCash Flows Calculation Sheet
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 170
5000
10000
15000
20000
25000
1370
3914
2740
4893
4306
6538
7869
938511137
1316015231
17257
19132
20746
21990
23310Equity Dividend
1 2 3 4 5 6 7 8 9 100%
5%
10%
15%
20%
25%GDP Growth
Industry Growth
they are a leader in the global marketplace and among the top 10 technology firms in the world. Our continued rapid growth is a testament to the certainty our clients experience every day. Building on more than 40 years of experience, we add real value to global organizations through domain expertise plus solutions with proven success in the field and world-class service. It’s how we keep you moving forward. 1.Application Development & Maintenance, 2.Corporate Performance Management, 3.Enterprise Quality
Services,4.Infrastructure Services ,5.Packages Application Services ,6.Product Engineering ,7.Systems Integration.
1. The divedend of
the company is increasing
Yearly
2.The Profit & Sales also increasing
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 160
10,00020,00030,00040,00050,00060,00070,00080,00090,000
100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000200,000210,000220,000230,000
22404 2304329275
3885848426
5907071094
84788
100616
118897
137606
155910
172854187432
198678210599Sales
1. The divedend of
the company is increasing
Yearly
2.The Profit & Sales also increasing
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 160
10,00020,00030,00040,00050,00060,00070,00080,00090,000
100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000200,000210,000220,000230,000
22404 2304329275
3885848426
5907071094
84788
100616
118897
137606
155910
172854187432
198678210599
14 15 16 17 186.23% 6.63% 6.86% 6.92% 6.97%
13.56% 12.59% 12.03% 11.88% 11.78%21.98% 20.36% 19.26% 18.67% 18.17%
Dash BoardT A T A C O N S U L T I N G S E R V I C E S
Stock Data
Price as on 15nd Nov 2013 ₹ 2,025.75DDM FCFF
DCF Based Valuated Price ₹ 2,261 3,795.15
52 Week High 2090.85
52 Week Low 1255.85
YTD Change
YTD Change in %
Beta Vs Sensex 0.162412263
Cost of Capital 8.88%
Researcher Report
Cost of Equity DCF ValuationCompetators
1 2 3 4 5 6 7 8 9 100%
5%
10%
15%
20%
25%GDP Growth
Industry Growth
1 2 3 4 5 6 7 8 9 10
0%5%
10%15%20%25%30%35%
Industry Growthcompany Growth
1. The divedend of
the company is increasing
Yearly
2.The Profit & Sales also increasing
The Calculated Share Price of the Company is Under Valued so
the Report Suggest to Buy for the Stock
1. The divedend of
the company is increasing
Yearly
2.The Profit & Sales also increasing
The Calculated Share Price of the Company is Under Valued so
the Report Suggest to Buy for the Stock
1
s.no Balance Sheet 2009 2010 2011 2012
(in Crore's T A T A C O N S U L T A N S Y S E R V I C E S Ltd
1- SOURCES OF FUNDS
A Equity & Liabilities
share holders funds
(a)Equity share 97.86 195.72 195.72 195.72
(b)Preference shares 100 100 100 100
(c.) Reserves and surplus 13248.39 14820.9 19,283.77 24,560.91
Total Share Holders Funds 13446.25 15117 19579.5 24856.6
B Non current Liabilities
(a)Secured Loans 32.63 29.25 35.87 93.47
(b)Unsecured Loans 7.74 6.49 5.25 2.76
Total Non current Liabilities 40.37 35.74 41.12 96.23
C Current Liabilities
(a)Current Liabilities 3604.18 3926.61 2490.11 4544.52
(b)Provisions 1450.23 3352.74 3932.39 4761.43
Total Current Liabilities 5054.41 7279.35 6422.5 9305.95
TOTAL LIABILITIES 18,541.03 ### ### 34,258.81
2- APPLICATIONS OF FUNDS
ASSETS
A Non Current Assets
(a)Fixed Assets
(i)Gross block 4359.24 4871.21 6,030.16 7,282.02
(ii)Less Depreciation 1690.16 2110.69 2,607.98 3,218.40
(iii)Net block 2669.08 2760.52 3422.18 4063.62
(b)Capital working progress 685.13 940.72 1,345.37 1,726.88
Total Fixed Assets 3354.21 3701.24 4767.55 5790.5
(c)Investments 5936.03 7893.39 5795.49 5688.39
Total Non Current Assets 9290.24 11595 10563 11478.9
B Current Assets
(a)Sundry debtors 3717.73 6.78 5.37 4.14
(b)Cash and Bank Balance 479.93 3332.3 4,806.67 9,107.72
(c)Inventories 16.95 212.31 224.77 203.18
(d)Loans & Advances 3910.85 4101.84 5,063.51 7,877.86
(e)Fixed Deposits 1125.33 3183.85 5,379.75 5,587.02
Income StatementHOME Cash Flows
Total Current Assets 9250.79 10837 15480.1 22779.9
C Miscellaneous Expences 0 0 0 0
TOTAL ASSETS 18,541.03 ### ### 34,258.81
Check sum B/s Tally B/s Tally B/s Tally B/s Tally
Working Capital 4196.38 3557.73 9057.57 13473.97
Net Cash 479.93 3332.30 4806.67 9107.72
2013 2014 2015 2016 2017 2018 2019
T A T A C O N S U L T A N S Y S E R V I C E S Ltd
195.72 195.72 195.72 195.72 195.72 195.72 195.72
100 100 100 100 100 100 100
32,266.53 37,948.38 45,733.40 54,599.87 64,847.35 76,683.25 88,796.09
32562.3 38244.1 46029.12 54895.59 65143.07 76978.97 89091.812
161.6 NA NA NA NA NA NA
1.52 NA NA NA NA NA NA
163.12 125.26 150.76 179.80 213.36 252.13 291.80
4165.66 NA NA NA NA NA NA
6121.11 NA NA NA NA NA NA
10286.8 14328.41 17245.12 20567 24406.29 28840.69 33378.851
### 52,697.77 63,425.00 75,642.39 89,762.73 106,071.79 122,762.46
9,183.36 NA NA NA NA NA NA
4,079.08 NA NA NA NA NA NA
5104.28 NA NA NA NA NA NA
1,763.85 NA NA NA NA NA NA
6868.13 9026.289 10863.69 12956.34 15374.93 18168.41 21027.336
6324.38 9151.01 11013.81 13135.37 15587.38 18419.46 21317.89
13192.5 16092.04 19367.76 23098.53 27410.38 32390.59 37487.48
6.34 NA NA NA NA NA NA
11,202.32 12,915.69 14,031.27 15,779.90 18,129.06 21,178.51 26,293.32
4,054.16 NA NA NA NA NA NA
14,556.81 NA NA NA NA NA NA
0 NA NA NA NA NA NA
Assumption Sheet Beta Valuation Cost of EquityCalculation Sheet
29819.6 ### ### 52,543.87 ### 73,681.20 85,274.98
0 0 0 0 0 0 0
### 52,697.77 63,425.00 75,642.39 89,762.73 106,071.79 122,762.46
B/s Tally B/s Tally B/s Tally B/s Tally B/s Tally B/s Tally B/s Tally
19532.86 22277.31 26812.12 31976.86 37946.06 44840.51 51896.13
11202.32 12915.69 14031.27 15779.90 18129.06 21178.51 26293.32
2020 2021 2022 2023 2024
T A T A C O N S U L T A N S Y S E R V I C E S Ltd
195.72 195.72 195.72 195.72 195.72
100 100 100 100 100
100,646.59 111,616.63 121,055.11 128,336.16 136,054.07
100942.3 111912.35 121350.83 128631.88 136349.79
NA NA NA NA NA
NA NA NA NA NA
330.61 366.54 397.46 421.31 446.58
NA NA NA NA NA
NA NA NA NA NA
37818.72 41928.719 45464.91 48192.805 51084.373
### 154,207.61 167,213.20 177,245.99 187,880.75
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
23824.28 26413.41 28641.069 30359.533 32181.105
24153.48 26778.39 29036.83 30779.04 32625.78
42473.86 47089.76 51061.22 54124.90 57372.39
NA NA NA NA NA
33,962.00 44,632.41 58,659.50 76,251.95 94,899.95
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
Cost of Equity DCF Valuation
96,617.79 ### 116,151.98 ### ###
0 0 0 0 0
### 154,207.61 167,213.20 177,245.99 187,880.75
B/s Tally B/s Tally B/s Tally B/s Tally B/s Tally
58799.07 65189.14 70687.07 74928.29 79423.99
33962.00 44632.41 58659.50 76251.95 94899.95
S.no 2009 2010 2011 2012 2013(In Crore's) T A T A C O N S U L T A N S Y S E R V I C E S Ltd
1 Revenue from operations (Sales) 22404 23045 29276 38859 48427Less: Sales Return 1.73 -1.38 -0.87 -0.26 0.00Less: Excise duty 2.08 0.39 0.27 0.25 0.82Revenue from operations (net) 22,403.65 23,043.07 29,274.54 38,858.28 48,426.14
2 Expenses
(a) Cost of materials consumed 54 24 18 12 25(b) power and fuel 164 184 240 292 376(d) Employee benefits expense 7370 7882 10190 14100 17082(e) Other Manufacturing Exp 6948 6447 8136 10576 13386 (f)selling & Adm exp 1218 1268 1195 1686 0 (g)Miscellaneous Exp 629 571 724 806 3252
Total Expenses 16,382.82 16,375.90 20,502.72 27,472.56 34,119.873 OPETATING PROFIT (1-2) 6,020.83 6,667.17 8,771.82 11,385.72 14,306.274 Other income -456 182 486 2685 22305 EBITDA (1-2) 5565 6849 9258 14071 165376 Interest (finance cost) 7 10 20 16 317 depreciation 417 469 538 688 8038 Extraordinary items -103 -14 0 -129 09 EBT 5037 6356 8700 13237 15703
10 Tax expense: 340 738 1130 2261 2917Reported Net profit 4,696.21 5,618.51 7,569.99 10,975.98 12,786.34
Earning before Appropriation### ### ### ### ###
Preferred Dividend 7 17 11 22 19
Equity Dividend 1370 3914 2740 4893 4306
Dividend Distribution Tax 234 658 451 797 712
Carried Forward to B/S 14,718 11,763 17,283 21,748 29,058
Face Value per share
Shares in issue 9786 19572 19572 19572 19572
Dividend/Share
EPS 48 29 39 56 65
Market Price
Market Capitalization
Dividend Growth Rate
Profit & Loss Account
HOME Balance Sheet Assumption SheetCash Flows
2014 2015 2016 2017 2018 2019 2020 2021T A T A C O N S U L T A N S Y S E R V I C E S Ltd
59071 71096 84791 100619 118901 137610 155914 172859
2 2 2 3 3 4 4 5
59,069.55 71,093.83 84,788.45 ### ### 137,606.41 155,910.05 172,853.78
57 69 82 98 115 134 151 168
458 551 658 780 922 1067 1209 1341
20494 24666 29417 34909 41251 47742 54093 59971
16733 20139 24018 28502 33680 38980 44165 48965
2287 2753 3283 3896 4604 5329 6038 6694
1955 2353 2806 3330 3935 4554 5160 5721
41,984.87 50,531.38 60,265.10 71,514.92 84,508.52 97,806.53 110,816.22 122,859.31
17,084.67 20,562.46 24,523.35 29,101.18 34,388.59 39,799.88 45,093.84 49,994.47
1410 1696 2023 2401 2837 3284 3720 4125
18494 22259 26547 31502 37226 43084 48814 54119
32 39 47 55 65 76 86 95
1083 1303 1554 1845 2180 2523 2858 3169
0 0 0 0 0 0 0 0
17379 20917 24946 29602 34981 40485 45870 50855
2329 2803 3343 3968 4688 5426 6148 6816
15,049.61 18,113.13 21,602.22 25,634.75 30,292.35 35,059.06 39,722.43 44,039.31
### ### ### ### ### ### ### ###
29 35 41 49 58 67 76 85
6538 7869 9385 11137 13160 15231 17257 19132
1087 1309 1561 1852 2189 2533 2870 3182
35,273 42,453 50,631 60,082 70,999 82,171 93,101 103,219
Assumption Sheet Beta Valuation Cost of Equity DCF Valuation Report Writing
2022 2023 2024
187437 198684 210605
5 6 6
187,431.95 198,677.87 210,598.54
182 193 204
1454 1541 1633
65029 68931 73067
53095 56280 59657
7258 7694 8155
6203 6576 6970
133,221.04 141,214.30 149,687.16
54,210.91 57,463.56 60,911.38
4473 4741 5025
58684 62205 65937
103 109 116
3436 3642 3861
0 0 0
55144 58453 61960
7391 7834 8304
47,753.51 50,618.72 53,655.84
### ### ###
92 97 103
20746 21990 23310
3451 3658 3877
111,924 118,639 125,758
0 0
S.no Cash Flows Statement 2009 2010 2011 2012
(in Crore's) T A T A C O N S U L T A N S Y S E R V I C E S Ltd1 Cash Flows From Operations
Profit After Tax 4,696.21 5,618.51 7,569.99 10,975.98Add:- Finance cost 7 10 20 16Less: Other income 456 -182 -486 -2685
Change in Current Assets -1586 -4643 -7300 Change in Current Liabilities 2225 -857 2883 TOTAL C F O 6,084.60 1,603.72 ###
2 Cash Flows From Investing
Change in Non-Current Assets -2304.39 1031.59 -915.85 Other income 182 486 2685 TOTAL C F I -2122.29 1518.03 1769.33
3 Cash Flows From Financing
Change in Non-Current Liabilities -4.63 5.38 55.11 Change in share capital 97.86 0 0 Equity dividents -3914 -2740 -4893 Preference Share divident -17 -11 -22 Divident Tax -658 -451 -797 Interest / finance cost -10 -20 -16 TOTAL C F F -4505.25 -3216.55 ###
TOTAL CASH FLOWS -542.94 -94.80 -13.54
FREE CASH FLOWS TO EQUITY 5,732.94 542.79 2,922.96
Income Statement Balance SheetHOME
2013 2014 2015 2016 2017 2018 2019 2020
T A T A C O N S U L T A N S Y S E R V I C E S Ltd
12,786.34 15,049.61 18,113.13 21,602.22 25,634.75 30,292.35 35,059.06 39,722.4331 32 39 47 55 65 76 86
-2230 -1410 -1696 -2023 -2401 -2837 -3284 -3720
-7040 -6786 -7452 -8487 -9808 -11329 -11594 -11343981 4042 2917 3322 3839 4434 4538 4440
### 10,928.06 11,920.91 ### 17,319.88 20,626.03 24,795.40 29,184.73
-1713.62 -2899.53381 -3275.721 -3730.7609 -4311.85383 -4980.213 -5096.887489 -4986.3772230 1410 1696 2023 2401 2837 3284 3720
516.77 -1489.969 -1579.223 -1707.47 -1910.872 -2143 -1813.2138 -1265.927
66.89 -37.86 25.50 29.04 33.56 38.77 39.67 38.810 0 0 0 0 0 0 0
-4306 -6538 -7869 -9385 -11137 -13160 -15231 -17257-19 -29 -35 -41 -49 -58 -67 -76
-712 -1087 -1309 -1561 -1852 -2189 -2533 -2870-31 -32 -39 -47 -55 -65 -76 -86
### -7724.72 -9226.11 ### -13059.84 -15433.59 -17867.37 -20250.13
43.66 1713.37 1115.58 1748.63 2349.16 3049.44 5114.81 7668.68
3,516.94 8,732.04 10,109.00 12,397.18 14,934.85 17,871.32 21,976.14 26,426.61
Assumption Sheet Beta Valuation Cost of Equity DCF ValuationBalance Sheet
2021 2022 2023 2024
T A T A C O N S U L T A N S Y S E R V I C E S Ltd
44,039.31 47,753.51 50,618.72 53,655.8495 103 109 116
-4125 -4473 -4741 -5025
-10500 -9034 -6969 -73874110 3536 2728 2892
33,619.48 37,885.95 41,745.69 44,250.43
-4615.901977 -3971.46335 -3063.673338 -3247.493738574125 4473 4741 5025
-491.12747 501.18703 1677.3361 1777.976224
35.93 30.91 23.85 25.280 0 0 0
-19132 -20746 -21990 -23310-85 -92 -97 -103
-3182 -3451 -3658 -3877-95 -103 -109 -116
-22457.94 -24360.04 -25830.57 -27380.40
10670.41 14027.09 17592.45 18648.00
31,066.28 35,689.20 40,051.07 42,454.13
DCF Valuation
Sales Forecasting
2009 2010 2011 2012
NA 2.86% 27.04% 32.73%
2009 2010 2011 2012
NA 0.08% 14.78% 20.59%
GDP Growth rate in %2009 2010 2011 2012
5.037 11.228 7.745 3.986
Indusry Growth in % 2014 2015 2016 2017
13.56% 12.59% 12.03% 11.88%
Where :Y = Industry sales
M = SLOPE of equation
X = GDP Growth
C = INTERCEPT
Future Sales of Industry
2009 2010 2011 201267,646 67,700 77,706 93,703
2009 2010 2011 2012 201322,404 23,045 29,276 38,859 48,427
Market Capitalization 33.12% 34.04% 37.67% 41.47% 47.07%
Sales growth rate in % of Company
Industry Sales Growth rate in %
Calculation of Future Growth Rate of Industry
Calculation of Future Growth Rate of Company Using EIC Analysis
Company sales by "EIC" Analysis
Income Statement Assumption SheetHOME Balance Sheet Cash Flows
0.92% 3.64% 3.80% 5.60%
Expenses Forecast Based on Sales %
2009 2010 2011 2012 20131 Net Sales Growth 99.998% 99.992% 99.996% 99.999% 99.998%2 Excise Duties % of Sales 0.01% 0.00% 0.00% 0.00% 0.00%
3 (a) Cost of materials consumed 0.24% 0.10% 0.06% 0.03% 0.05%(b) power and fuel 0.73% 0.80% 0.82% 0.75% 0.78%(c) Employee benefits expense 32.90% 34.21% 34.81% 36.29% 35.27%(d) Other Manufacturing Exp 31.01% 27.98% 27.79% 27.22% 27.64%(e)selling & Adm exp 5.44% 5.50% 4.08% 4.34% 0.00%(f)Miscellaneous Exp 2.81% 2.48% 2.47% 2.07% 6.72%(g)Other incomes -2.04% 0.79% 1.66% 6.91% 4.61%
(h)Deprication & Amortization 1.86% 2.04% 1.84% 1.77% 1.66%(i)Extraordinary items -0.46% -0.06% 0.00% -0.33% 0.00%(j)Tax % of EBT 6.76% 11.61% 12.99% 17.08% 18.57%(k)Earnings B4 Appropriation 347.71% 291.04% 270.61% 250.19% 266.65%
Balance Sheet Forecast Based on Sales %(L) NCL % Sales 0.18% 0.16% 0.14% 0.25% 0.34%(m)CL % Sales 22.56% 31.59% 21.94% 23.95% 21.24%
(n)Fixed Assets % Sales 14.97% 16.06% 16.29% 14.90% 14.18%
(O)NCA % Sales 41.47% 50.32% 36.08% 29.54% 27.24%
(p)Investments % NCA 63.90% 68.08% 54.87% 49.56% 47.94%
(q)Total Assets % Sales 82.76% 97.35% 88.96% 88.16% 88.82%
(R)finance Cost % NCL 18.43% 26.69% 48.66% 17.04% 18.77%
(S)Dividend TAX 17.08% 16.80% 16.45% 16.30% 16.54%
(t)Equity dividend 8.39% 23.94% 13.38% 17.82% 12.63%
(u)Preferred dividend 0.04% 0.10% 0.05% 0.08% 0.06%
Market Capitalization Growth in %
2013
24.62%
2013
9.79%
2013 2014 2015 2016 2017 2018
5.676 6.23 6.632 6.861 6.922 6.965
2018 it can be calcualted by Regration formula
11.78% Y= mx + c
SLOPE -0.02429
INTERCEPT 0.286959
2013 2014 2015 2016 2017 2018102,876 116,831 131,538 147,365 164,877 184,299
2014 2015 2016 2017 201859,071 71,096 84,791 100,619 118,901
50.56% 54.05% 57.54% 61.03% 64.52%
The Sales Growth Rate of Company in the year 2013 is 24.62% where the Industry Growth rate is Only 9.79%
Assumption Sheet Beta Valuation Cost of Equity DCF ValuationCompetators
3.49% 3.49% 3.49% 3.49% 3.49%
Assumptions S.noAssumption name Assumption tpye Manual
1 Sales Growth EIC Analysis2 Market Capitalization Historical Avg 6%
63 Net Sales Growth Historical Avg 99%4 Excise duties Historical Avg 1%5 Expenses forecast
(a) Cost of materials consumed Historical Avg 7%(b) power and fuel Historical Avg 5%(c) Employee benefits expense Historical Avg 30%(d) Other Manufacturing Exp Historical Avg 25%(e)selling & Adm exp Historical Avg 5%(f)Miscellaneous Exp Historical Avg 5%(g)Other incomes Historical Avg 3%(h)Deprication & Amortization Historical Avg(i)Extraordinary items Latest Growth(J)TAX % of EBT Historical Avg(k)Earnings b4 Appropriation Historical Avg
6 Balance Sheet Forecast
(L)NCL % Sales Historical Avg(m)CL % Sales Historical Avg(n)Fixed Assets % Sales Historical Avg(O)NCA % Sales Latest Growth(P)Investments % NCA Historical Avg(q)Total Assets % Sales Historical Avg(R)finance cost % NCL Historical Avg(S)Dividend Tax Historical Avg(t)Equity dividend Historical Avg(u)Preferred dividend Historical Avg
Income StatementHOME Balance Sheet Cash Flows
Assumptions Value
Value Taken From Calculation Sheet Cell (H35)3.49%
100.00%0.00%
0.10%0.78%
34.69%28.33%
3.87%3.31%2.39%1.83%0.00%
13.40%285.24%
0.21%24.26%15.28%27.24%56.87%89.21%25.92%16.63%15.23%
0.07%
Changing the Assumption will directly affect on FCFE Share
Price
Changing the Assumption will directly affect on DDM Model Share Price
Calculations Beta Valuation Cost of Equity DCF ValuationCompetatorsCash Flows
DCF Valuation
INDUSTRY ANALYSIS
Sales Turn over of the following companies
S.noCompetitors name 2009 2010 20111 Infosys 20,264.00 21,140.00 25,385.00
2 WIPRO 21,612.80 23,006.30 26,401.20
3 HCL 4,675.09 5,078.76 6,794.48
4 TECH MAHINDRA 4,357.80 4,483.80 4,965.50
5 ORACLE FINANCIAL 2,212.62 2,243.47 2,360.51
6 MIND TREE 1,012.57 1,233.25 1,509.00
7 MAHINDRA SATYAM 8,432.50 5,107.60 4,780.80
8 MPHASIS 3,405.02 3,770.09 3,404.13
9 NIIT TECH 502.07 493.58 729.28
10 POLARIS TECH 1,171.34 1,143.48 1,375.96
Sales of Industries 2009 2010 2011
67,645.81 67,700.33 77,705.86
Sales Growth in % 2009 2010 2011
NA 0.08% 14.78%
NEXT SHEETPREVIOUS SHEET
INDUSTRY ANALYSIS
2012 201331,254.00 36,765.00
31,803.40 33,517.30
8,907.22 8,907.22
5,243.00 6,001.89
2,605.85 2,937.70
1,915.20 2,361.80
5,964.30 6,001.89
3,420.84 3,420.84
827.46 1,108.30
1,762.09 1,853.99
2012 2013
93,703.36 102,875.93
2012 2013
20.59% 9.79%
NEXT SHEET
1
B e t a V a l u a t I o n Month Open High Low Close Returns Month
Oct-09 17186.2 17493.17 15805.2 15896.28 Oct-09Nov-09 15838.63 17290.48 15330.56 16926.22 0.06479126 Nov-09Dec-09 16947.46 17530.94 16577.78 17464.81 0.03181986 Dec-09Jan-10 17473.45 17790.33 15982.08 16357.96 -0.063376 Jan-10Feb-10 16339.32 16669.25 15651.99 16429.55 0.00437646 Feb-10Mar-10 16438.45 17793.01 16438.45 17527.77 0.06684419 Mar-10Apr-10 17555.04 18047.86 17276.8 17558.71 0.0017652 Apr-10
May-10 17536.86 17536.86 15960.15 16944.63 -0.034973 May-10Jun-10 16942.82 17919.62 16318.39 17700.9 0.04463184 Jun-10Jul-10 17679.34 18237.56 17395.58 17868.29 0.00945658 Jul-10
Aug-10 17911.31 18475.27 17819.99 17971.12 0.00575489 Aug-10Sep-10 18027.12 20267.98 18027.12 20069.12 0.11674286 Sep-10Oct-10 20094.1 20854.55 19768.96 20032.34 -0.0018327 Oct-10Nov-10 20272.49 21108.64 18954.82 19521.25 -0.0255132 Nov-10Dec-10 19529.99 20552.03 19074.57 20509.09 0.05060332 Dec-10Jan-11 20621.61 20664.8 18038.48 18327.76 -0.1063592 Jan-11Feb-11 18425.18 18690.97 17295.62 17823.4 -0.0275189 Feb-11Mar-11 17982.28 19575.16 17792.17 19445.22 0.09099386 Mar-11Apr-11 19463.11 19811.14 18976.19 19135.96 -0.0159042 Apr-11
May-11 19224.05 19253.87 17786.13 18503.28 -0.0330624 May-11Jun-11 18527.12 18873.39 17314.38 18845.87 0.0185151 Jun-11Jul-11 18974.96 19131.7 18131.86 18197.2 -0.0344197 Jul-11
Aug-11 18352.23 18440.07 15765.53 16676.75 -0.0835541 Aug-11Sep-11 16963.67 17211.8 15801.01 16453.76 -0.0133713 Sep-11Oct-11 16255.97 17908.13 15745.43 17705.01 0.07604645 Oct-11Nov-11 17540.55 17702.26 15478.69 16123.46 -0.0893278 Nov-11Dec-11 16555.93 17003.71 15135.86 15454.92 -0.0414638 Dec-11Jan-12 15534.67 17258.97 15358.02 17193.55 0.11249686 Jan-12Feb-12 17179.64 18523.78 17061.55 17752.68 0.03251975 Feb-12Mar-12 17714.62 18040.69 16920.61 17404.2 -0.0196297 Mar-12Apr-12 17429.96 17664.1 17010.16 17318.81 -0.0049063 Apr-12
May-12 17370.93 17432.33 15809.71 16218.53 -0.0635309 May-12Jun-12 16217.48 17448.48 15748.98 17429.98 0.07469543 Jun-12Jul-12 17438.68 17631.19 16598.48 17236.18 -0.0111188 Jul-12
Aug-12 17244.44 17972.54 17026.97 17429.56 0.01121942 Aug-12Sep-12 17465.6 18869.94 17250.8 18762.74 0.0764896 Sep-12Oct-12 18784.64 19137.29 18393.42 18505.38 -0.0137165 Oct-12Nov-12 18487.9 19372.7 18255.69 19339.9 0.04509607 Nov-12Dec-12 19342.83 19612.18 19149.03 19426.71 0.00448865 Dec-12Jan-13 19513.45 20203.66 19508.93 19894.98 0.02410444 Jan-13
SENSEX Market indicates of Last 5yrs
Income StatementHOME Cash FlowsBalance Sheet
Feb-13 19907.21 19966.69 18793.97 18861.54 -0.0519448 Feb-13Mar-13 18876.68 19754.66 18568.43 18835.77 -0.0013663 Mar-13Apr-13 18890.81 19622.68 18144.22 19504.18 0.03548621 Apr-13
May-13 19459.33 20443.62 19451.26 19760.3 0.01313154 May-13Jun-13 19859.22 19860.19 18467.16 19395.81 -0.0184456 Jun-13Jul-13 19352.48 20351.06 19126.82 19345.7 -0.0025835 Jul-13
Aug-13 19443.29 19569.2 17448.71 18619.72 -0.0375267 Aug-13Sep-13 18691.83 20739.69 18166.17 19379.77 0.04081963 Sep-13Oct-13 19452.05 20323.77 19264.72 20272.91 0.0460862 Oct-13
TCS Share Prices of Last 5yrsOpen High Low Close Returns
618 657.9 556.65 628.3636 711.65 601 688.4 0.09565494
703.4 757 677.05 750.25 0.08984602 Historical Beta 0.162412262514172754.8 829 696.5 736.2 -0.0187271
734.35 778.55 708.15 761.8 0.03477316762 845.9 755 780.65 0.02474403
Latest Beta -0.182875058645637786.35 834.9 755.6 765.4 -0.019535761.25 843 685.25 743.05 -0.0292004743.05 794 730 751 0.01069915
750 859.8 725.75 839.8 0.11824234843 885 828.55 843.75 0.0047035842 960 835.1 926.95 0.09860741927 1072.95 869 1052.9 0.13587572
1052.05 1108 998.95 1076 0.021939411064 1180 1048.4 1165.65 0.083317841167 1220 1087.8 1159.5 -0.0052761165 1198.9 1055.9 1110.25 -0.04247521113 1198 1057.25 1183.9 0.066336411185 1246.95 1140 1165.65 -0.01541521170 1183.4 1108.1 1157.15 -0.00729211157 1205 1058 1184.2 0.02337641198 1205 1112.1 1137 -0.0398581
1142.4 1149.9 902 1042.4 -0.08320141073 1074.75 969 1037.3 -0.00489261020 1154 1015.3 1115.8 0.075677241108 1156 1041 1115.55 -0.00022411140 1196.9 1114.4 1160.65 0.040428491161 1209.9 1045.3 1132.4 -0.0243398
1129.4 1280.85 1108.25 1221.95 0.079079831223 1227 1111.8 1168.8 -0.04349611170 1250 1047.65 1246.6 0.066564
1242.1 1295.25 1194.1 1245.35 -0.00100271240 1287 1196.2 1277.45 0.025775891279 1284 1175.2 1243.65 -0.026459
1238.1 1388.8 1218.1 1343.75 0.080488881350 1439.8 1261.1 1295.9 -0.03560931295 1334.9 1055 1315.5 0.01512462
1314.9 1348 1256.05 1314 -0.00114031315 1322 1197 1255.85 -0.0442542
1266.95 1400 1255.3 1344.15 0.07031094
Beta Value
Assumption Sheet Beta Valuation Cost of Equity DCF ValuationCash FlowsCalculation
Sheet
1344 1525 1342.15 1517 0.128594281515.1 1597.6 1491 1575.75 0.03872775
1565 1575 1365 1378.4 -0.12524191373.5 1527.5 1373.5 1498.45 0.08709373
1504 1544.7 1381.05 1518.15 0.013146921512 1831.5 1465 1815.5 0.19586339
1810.05 2050 1695.2 2033.2 0.119911872020 2078.8 1894.05 1927.8 -0.05183951932 2098 1916.7 2090.85 0.08457828
0.20
0.162412262514172
-0.182875058645637
Beta Value
DCF Valuation
1
Cost of Equity Cost of CapitalRf 7.50% Wd
Rm 15.50% kd
Rm - Rf 8% We
Beta(β) 0.162412 ke
Formula:- Rf+β(Rm-Rf) Formula:-
Cost of Equity 8.80% WACC
Where:- Beta Assumption
Rf : Risk Free Asset
Rm : Market Risk Historical Beta
Beta : Systematic Risk Change the Beta
Wd : weight of debt 0.162412263
We : weight of EquityKd : cost of debtKe : cost of equity
Income Statement Assumption SheetDash Board Cash Flows Calculation Sheet
Cost of Capital0.50%
25.92%
99.50%
8.80%
(wd*kd + we*ke)
8.88%
Historical Beta
Assumption Sheet Beta Valuation Balance Sheet DCF Valuation
1
Disconted Cash Flows (DCF) ValuationLatest Growth rate of sales = 18.17%Long term Growth rate = 6%Cost of Equity = 8.80%Eternal Growth rate of Divident = 6%
1 Dividend Discount Model 2014 2015 2016
Years 1yr 2yr` 3yr
Dividends 6538 7869 9385
Sales Growth Rate 21.98% 20.36% 19.26%
Terminal Value (Yr 11 to Infinate as on Yr 10 832,702
Present Value of (TV) ₹ 358,285
Present Value of Dividends 6,009 6,648 7,287
Total PV Of Dividends ₹ 84,187
Total Value of Equity ₹ 442,472
Calculated Share Price ₹ 2,260.74
2 Free Cash Flows Model 2014 2015 2016
Years 1yr 2yr` 3yr
FCFE 8,732.04 10,109.00 12,397.18
Terminal Value (TV)from Yr 11 to till infinate 1,516,599
Present Value of (TV) ₹ 599,769
PV of FCFE 8,026 8,540 9,626
Sum of the PV of FCFE ₹ 143,018.10
Total value of Equity ₹ 742,786.79
Calculated Share Price ₹ 3,795.15
Market Value as on 10/11/2013 Rs.2099.50
Income StatementHOME Balance Sheet
Add: Cash Flows From OperationsLess: Total Fixed InvestmentsAdd: Net Borrowings FCFE
Income StatementDash Board Cash Flows Calculation SheetBalance Sheet
Disconted Cash Flows (DCF) ValuationEternal Growth rate of FCFE = 6%WACC 8.88%Cost of Equity 8.80%Share Value as on 10/11/2012 Rs.2099.50(BSE INDEX)
2017 2018 2019 2020 2021 2022 2023
4yr 5yr 6yr 7yr 8yr 9yr 10yr
11137 13160 15231 17257 19132 20746 21990
18.67% 18.17% 15.74% 13.30% 10.87% 8.43% 6.00%
7,948 8,632 9,183 9,563 9,744 9,712 9,462
2017 2018 2019 2020 2021 2022 2023
4yr 5yr 6yr 7yr 8yr 9yr 10yr
14,934.85 17,871.32 21,976.14 26,426.61 31,066.28 35,689.20 40,051.07
10,659 11,723 13,249 14,644 15,823 16,707 17,233
Market Value as on 10/11/2013 Rs.2099.50
Assumption Sheet Beta Valuation Cost of EquityCalculationsBalance Sheet Cash Flows
Assumption Sheet Beta Valuation Cost of EquityCalculation Sheet Report Writing
2024
INFINATE Yr
23310
2024
11yr
42,454.13
16,789
Cost of Equity
Report Writing
Go Back
