Icici Valuation

8/4/2019 Icici Valuation

1/40

Balance SheetParticulars Mar'10 Mar'09 Mar'08 Mar'07

Liabilities 12 Months 12 Months 12 Months 12 MonthsShare Capital 1,114.89 1,463.29 1,462.68 1,249.34

Reserves & Surplus 50,503.48 48,419.73 45,357.53 23,413.92

Net Worth 51,618.37 49,883.02 46,820.21 24,663.26

Secured Loans 94,263.57 67,323.69 65,648.43 51,256.03Unsecured Loans 202,016.60 218,347.82 244,431.05 230,510.19

Total Debt 296,280.17 285,671.51 310,079.48 281,766.22

TOTAL LIABILITIES 347,898.53 335,554.53 356,899.69 306,429.48

Assets Mar'10 Mar'09 Mar'08 Mar'07Gross Block 7,114.12 7,443.71 7,036.00 6,298.56

(-) Acc. Depreciation 3,901.43 3,642.09 2,927.11 2,375.14

Net Block 3,212.69 3,801.62 4,108.90 3,923.42

Capital Work in Progress. 0 0 0 189.66

Investments. 120,892.80 103,058.31 111,454.34 91,257.84Inventories 0 0 0 0

Sundry Debtors 0 0 0 0

Cash And Bank 38,873.69 29,966.56 38,041.13 37,121.32

Loans And Advances 200,420.53 242,474.47 246,190.71 212,165.86

Total Current Assets 239,294.22 272,441.03 284,231.84 249,287.18

Current Liabilities 12,563.22 40,934.58 40,067.37 35,881.71

Provisions 2,937.96 2,811.85 2,828.02 2,346.92

Total Current Liabilities 15,501.18 43,746.43 42,895.38 38,228.64

NET CURRENT ASSETS 223,793.04 228,694.60 241,336.45 211,058.55

Misc. Expenses 0 0 0 0

TOTAL ASSETS 347,898.53 335,554.53 356,899.69 306,429.48

Working Capital 223,793.04 228,694.60 241,336.45 211,058.55

Sales 32,747.36 38,250.39 39,467.92 28,457.13

Working Capital/Sales 6.83 5.98 6.11 7.42

Avg WC/Sales 6.99

Return on Working Capital -0.02 -0.05 0.14 0.4

Average Return Working Cap 0.12

Depreciation 259.34 714.98 551.97 387.29

Average Depriciation 478.40

Gross Block 7,114.12 7,443.71 7,036.00 6,298.56

(-) Acc. Depreciation 3,901.43 3,642.09 2,927.11 2,375.14

Net Block 3,212.69 3,801.62 4,108.90 3,923.42

Capex -588.93 -307.28 185.48 -57.29


2/40

Depreciation 259.34 714.98 551.97 387.29

Depreciation/Net Block 0.08 0.19 0.13 0.1

Avg Dep/Net Block 0.13

Net Block/Sales 0.1 0.1 0.1 0.14

Avg Net Block/Sales 0.13

Gross Block/Sales 0.22 0.19 0.18 0.22

Avg Gross/Sales 0.23Debt to Equity 5.74 5.73 6.62 11.42


3/40

Mar'06

12 Months

1,239.83

21,316.16

22,555.99

38,521.91165,083.17

203,605.08

226,161.08

Mar'06 CAGR

5,968.57 4.49%

1,987.85 18.36%

3,980.71 -5.22%

147.94 6.41%

71,547.39 14.01%0

0

17,040.22 22.90%

158,672.68 6.01%

175,712.91 8.03%

23,801.62 -14.76%

1,426.26 19.80%

25,227.88 -11.46%

150,485.03 10.43%

0

226,161.08 11.37%

150,485.03

17,517.83

8.59

5,968.57

1,987.85

3,980.71


4/40

0.23

0.34

9.03


5/40

Profit & Loss - ICICI Bank Ltd.Mar'10 Mar'09 Mar'08 Mar'07 Mar'06

12 Months 12 Months 12 Months 12 Months 12 Months

INCOMESales Turnover 32,747.36 38,250.39 39,467.92 28,457.13 17,517.83

Excise Duty 0 0 0 0 0

NET SALES 32,747.36 38,250.39 39,467.92 28,457.13 17,517.83Other Income 29446.06 28375.94 26436.88 17540.24 10332.39

TOTAL INCOME 62,193.42 66,626.33 65,904.80 45,997.37 27,850.22

EXPENDITURE

0 0 0 0 0

Material Consumed 0 0 0 0 0

Personal Expenses 1,725.79 1,971.70 2,078.90 1,616.75 1,082.29

Selling Expenses 228.28 669.21 1,750.60 1,741.63 840.98

7,238.90 7,475.63 6,447.32 4,946.69 2,727.18

0 0 0 0 0

29192.97 27480.11 26002.52 16722.68 9907.6

Provisions Made -253.09 -511.17 -509.77 -421.3 22.68

38,639.03 38,107.82 36,789.11 25,449.05 14,535.37

EBITDA 23,554.39 28,518.51 29,115.69 20,548.32 13,314.85

Depreciation 619.5 678.6 578.35 544.78 623.79

Other Write-offs 0 0 0 0 0

EBIT 22,934.89 27,839.91 28,537.34 20,003.54 12,691.06

Interest 17,592.57 22,725.93 23,484.24 16,358.50 9,597.45

EBT 5,342.32 5,113.98 5,053.10 3,645.04 3,093.61

Taxes 1,451.86 1,373.44 960.98 650.04 560.66

3,890.46 3,740.54 4,092.12 2,995.00 2,532.95

Non Recurring Items 134.52 17.51 65.61 115.22 7.12

0 -0.5 0 0 0

Other Adjustments 0 0.58 0 0 0

REPORTED PAT 4,024.98 3,758.13 4,157.73 3,110.22 2,540.07

KEY ITEMS

Preference Dividend 0 0 0 0 0

Equity Dividend 1,337.95 1,224.58 1,227.70 901.17 759.33

Equity Dividend (%) 120 109.99 110.33 100.2 85.33

11,148.45 11,132.51 11,126.87 8,992.67 8,898.24

34.63 32.4 36.03 32.88 27.35

ManufacturingExpenses

AdministrativeExpenses

ExpensesCapitalised

MiscellaneousExpense

TOTALEXPENDITURE

Profit and Loss forthe Year

Other Non CashAdjustments

Shares in Issue(Lakhs)

EPS - Annualised(Rs)


6/40

SGA 9,192.97 ### ### 8,305.07 4,650.45

SGA/Sales 0.28 0.26 0.26 0.29 0.27

Avg SGA/Sales 0.27

Tax 1,451.86 1,373.44 960.98 650.04 560.66 Tax rate 27.18% 26.86% 19.02% 17.83% 18.12%

Sales Growth Rat 16.93%


7/40


8/40


9/40


10/40


11/40

SHARE PRICE - LATEST EQUITY

LATEST DATA AS ON 11-05-2011

Market Cap (Cr) ###EPS 44.73

P/E ratio 23.88

P/C ratio 23.88

Book value 493.21

Price/Book 2.17

Div yield(%) 1.12

Market lot 1

Face Value 10

Industry P/E 42.25

BSE

Open price 1080

Volume 141863

High Price 1081

Low Price 1061

52 week high 1277

52 week low 826

Previously closed 1074.95

market price 1067.25no of outstanding shares 114.91


12/40

NSE

1078

1251570

1080.2

1061

1279

712

1076.2


13/40

Month Open Price High Price Low Price Close Price No.of Shares No. of Trades

Mar-06 619 628.8 557.15 589.25 5224096 66282

Apr-06 592 626.9 525 590.25 4357315 61230

May-06 605 671 495 536.05 6774705 103385

Jun-06 545 557 440 487.4 5722759 106690

Jul-06 488.05 567.9 465 554.05 15848769 100237

Aug-06 551 606 541.55 596.5 8710907 97296Sep-06 585.1 713 585.1 699.05 5950912 89653

Oct-06 700 794.7 672.5 776.85 5126460 68923

Nov-06 777 925 758.3 871.45 7833157 127891

Dec-06 875 910 776.2 890.4 4714620 90973

Jan-07 889 999 871.15 940.5 6725351 87262

Feb-07 957 1006.9 801.15 831.9 5815463 101410

Mar-07 841 917.9 795.1 853.1 7484055 158242

Apr-07 823 994.3 791.15 865.9 5918780 142657

May-07 871.5 964 822 918.9 6362826 130042

Jun-07 924 967 887 955.3 6102036 112568Jul-07 955 1009.9 900 927.05 15778582 233263

Aug-07 923.85 923.85 806 884.65 17763584 274731

Sep-07 901 1070.8 881.5 1063.15 13045167 203147

Oct-07 1063.15 1293 983 1257 21577524 223806

Nov-07 1276 1348 1078.3 1184.65 8926110 156925

Dec-07 1180 1326 1131 1232.4 7474505 114666

Jan-08 1235 1465 1005.55 1145.65 22083411 349205

Feb-08 1170 1245.2 996 1090.95 13258521 264548

Mar-08 1061.1 1065 720 770.1 27312288 561075

Apr-08 775 947 732 879.4 22412180 481572May-08 899 960.9 778.1 788.3 18754930 324470

Jun-08 784 826 611.5 630.2 19500271 373896

Jul-08 630 779.7 515.1 634.85 42806178 786047

Aug-08 610 779.7 610 671.5 38456520 796395

Sep-08 658.75 739 458 534.85 68920294 1237773

Oct-08 540.1 565 282.15 399.35 97185030 1491922

Nov-08 415 491 308.1 351.4 66408135 1033355

Dec-08 356.1 480.9 305 448.35 62192763 1038890

Jan-09 455 537.95 358.1 416.3 50818763 858422

Feb-09 409 441.95 311.25 328.1 57949372 954382

Mar-09 321.65 387.4 252.75 332.6 130687147 1659242

Apr-09 338 482.5 324 477.75 84911081 1138191

May-09 489.9 797 487.1 740.7 70405767 1128102

Jun-09 755 779.5 651.25 722 44228102 769898

Jul-09 740 807 606.7 759.05 53591636 948722

Aug-09 762 803.8 690.6 749.5 34211554 616658

Sep-09 755 908.4 724 904.8 22562772 424133

Oct-09 905 983.7 756.25 789.6 22843983 457014

Nov-09 780 939 773.1 864.3 20726216 445813


14/40

Dec-09 868 916.5 800.5 875.7 19905457 401380

Jan-10 888 907.3 773 830.4 16984890 315609

Feb-10 822 886.5 787 871.85 13205909 289422

Mar-10 885.1 969.9 885.1 952.7 13748062 271731

Apr-10 952 1009.5 903.9 950.5 12535994 281372

May-10 945 957.4 803.3 867.05 15992523 350533

Jun-10 865 908.8 805 862 14254026 342585

Jul-10 854 936.7 829.8 904.45 9682699 240728Aug-10 917.95 1023 909.45 977.3 12027278 275715

Sep-10 984 1135 962.35 1110.35 10715288 229486

Oct-10 1120 1174 1075 1161.65 9763021 190346

Nov-10 1186.25 1277 1093.4 1143.65 9667547 224962

Dec-10 1149 1199.6 1041.2 1144.65 9879510 247953

Jan-11 1153 1158 993.5 1020 15682632 424962

Feb-11 1021 1072 940.15 971 11038536 352275

Mar-11 983 1126 980 1112.75 10776829 329682

Apr-11 1110 1137.9 1073.2 1114.25 8239747 218979

May-11 1116.45 1118.7 1020 1044.25 5743954 172721


15/40

Total Turnover (Rs.) Spread High-Low Spread Close-Open Avg price ICICI Returns

3160602398 71.65 -29.75 604.13 -0.02

2574005221 101.9 -1.75 591.13 -0.03

4130724215 176 -68.95 570.53 -0.1

2871023804 117 -57.6 516.2 0.01

8016271595 102.9 66 521.05 0.1

5121414325 64.45 45.5 573.75 0.123829775073 127.9 113.95 642.08 0.15

3713105802 122.2 76.85 738.43 0.12

6697933796 166.7 94.45 824.23 0.07

4063573493 133.8 15.4 882.7 0.04

6285497347 127.85 51.5 914.75 -0.02

5393938653 205.75 -125.1 894.45 -0.05

6394524940 122.8 12.1 847.05 0

5209079964 203.15 42.9 844.45 0.06

5654620383 142 47.4 895.2 0.05

5714412694 80 31.3 939.65 015308808608 109.9 -27.95 941.03 -0.04

15390117808 117.85 -39.2 904.25 0.09

12499077283 189.3 162.15 982.08 0.18

23511564032 310 193.85 1160.08 0.06

10706828538 269.7 -91.35 1230.33 -0.02

9058005619 195 52.4 1206.2 -0.01

27859866106 459.45 -89.35 1190.33 -0.05

14845277804 249.2 -79.05 1130.48 -0.19

23417049624 345 -291 915.6 -0.1

18765909579 215 104.4 827.2 0.0216510036616 182.8 -110.7 843.65 -0.16

14312958035 214.5 -153.8 707.1 -0.11

26432455693 264.6 4.85 632.43 0.01

26328272573 169.7 61.5 640.75 -0.07

41661668043 281 -123.9 596.8 -0.21

40264941921 282.85 -140.75 469.73 -0.18

25647117761 182.9 -63.6 383.2 0.05

24959830058 175.9 92.25 402.23 0.08

21755242461 179.85 -38.7 435.65 -0.15

21525929863 130.7 -80.9 368.55 -0.11

41194589744 134.65 10.95 327.13 0.25

34818568277 158.5 139.75 407.88 0.51

43242025183 309.9 250.8 615.3 0.2

32179875936 128.25 -33 738.5 0.01

38644758739 200.3 19.05 749.53 0.01

25526949437 113.2 -12.5 755.75 0.1

18421391289 184.4 149.8 829.9 0.02

20209939949 227.45 -115.4 847.3 -0.03

17996831401 165.9 84.3 822.15 0.06


16/40

17038403678 116 7.7 871.85 -0.01

14266368374 134.3 -57.6 859.2 -0.01

10979502350 99.5 49.85 846.93 0.08

12785039897 84.8 67.6 918.9 0.04

11968996954 105.6 -1.5 951.25 -0.05

13997195250 154.1 -77.95 906.03 -0.05

12276051294 103.8 -3 863.5 0.02

8587900311 106.9 50.45 879.23 0.0811722020512 113.55 59.35 947.63 0.11

11625028185 172.65 126.35 1047.18 0.09

11050790435 99 41.65 1140.83 0.02

11516192946 183.6 -42.6 1164.95 -0.02

11071488155 158.4 -4.35 1146.83 -0.05

16412623760 164.5 -133 1086.5 -0.08

11046668497 131.85 -50 996 0.05

11174946522 146 129.75 1047.88 0.06

9140867620 64.7 4.25 1112.13 -0.03

6113136097 98.7 -72.2 1080.35 -0.24Average Price 821.08


17/40

Month Open High Low Close Avg IndexIndex Return

Mar-06 10368.75 11356.95 10344.26 11279.96 10824.36 0.08

Apr-06 11342.96 12102 11008.43 12042.56 11692.76 -0.04

May-06 12103.78 12671.11 9826.91 10398.61 11251.2 -0.06

Jun-06 10472.46 10626.84 8799.01 10609.25 10540.86 0.01

Jul-06 10616.97 10940.45 9875.35 10743.88 10680.43 0.05

Aug-06 10737.5 11794.43 10645.99 11699.05 11218.28 0.08Sep-06 11699.57 12485.17 11444.18 12454.42 12077 0.05

Oct-06 12473.79 13075.85 12178.83 12961.9 12717.85 0.05

Nov-06 12992.62 13799.08 12937.3 13696.31 13344.47 0.03

Dec-06 13729.67 14035.3 12801.65 13786.91 13758.29 0.01

Jan-07 13827.77 14325.92 13303.22 14090.92 13959.35 -0.03

Feb-07 14124.36 14723.88 12800.91 12938.09 13531.23 -0.04

Mar-07 13013.74 13386.95 12316.1 13072.1 13042.92 0.02

Apr-07 12811.93 14383.72 12425.52 13872.37 13342.15 0.07

May-07 13987.77 14576.37 13554.34 14544.46 14266.12 0.03

Jun-07 14610.28 14683.36 13946.99 14650.51 14630.4 0.03 Jul-07 14685.16 15868.85 14638.88 15550.99 15118.08 0.01

Aug-07 15344.02 15542.4 13779.88 15318.6 15331.31 0.07

Sep-07 15401.99 17361.47 15323.05 17291.1 16346.55 0.14

Oct-07 17356.99 20238.16 17144.58 19837.99 18597.49 0.06

Nov-07 20130.23 20204.21 18182.83 19363.19 19746.71 0.01

Dec-07 19547.09 20498.11 18886.4 20286.99 19917.04 -0.05

Jan-08 20325.27 21206.77 15332.42 17648.71 18986.99 -0.07

Feb-08 17820.67 18895.34 16457.74 17578.72 17699.7 -0.07

Mar-08 17227.56 17227.56 14677.24 15644.44 16436 0.01

Apr-08 15771.72 17480.74 15297.96 17287.31 16529.52 0.03May-08 17560.15 17735.7 16196.02 16415.57 16987.86 -0.12

Jun-08 16591.46 16632.72 13405.54 13461.6 15026.53 -0.07

Jul-08 13480.02 15130.09 12514.02 14355.75 13917.89 0.03

Aug-08 14064.26 15579.78 14002.43 14564.53 14314.4 -0.05

Sep-08 14412.99 15107.01 12153.55 12860.43 13636.71 -0.16

Oct-08 13006.72 13203.86 7697.39 9788.06 11397.39 -0.15

Nov-08 10209.37 10945.41 8316.39 9092.72 9651.05 -0.03

Dec-08 9162.94 10188.54 8467.43 9647.31 9405.13 0.02

Jan-09 9720.55 10469.72 8631.6 9424.24 9572.4 -0.05

Feb-09 9340.37 9724.87 8619.22 8891.61 9115.99 0.01

Mar-09 8762.88 10127.09 8047.17 9708.5 9235.69 0.14

Apr-09 9745.77 11492.1 9546.29 11403.25 10574.51 0.24

May-09 11635.24 14930.54 11621.3 14625.25 13130.25 0.11

Jun-09 14746.51 15600.3 14016.95 14493.84 14620.18 0.03

Jul-09 14506.43 15732.81 13219.99 15670.31 15088.37 0.04

Aug-09 15694.78 16002.46 14684.45 15666.64 15680.71 0.05

Sep-09 15691.27 17142.52 15356.72 17126.84 16409.06 0.01

Oct-09 17186.2 17493.17 15805.2 15896.28 16541.24 -0.01

Nov-09 15838.63 17290.48 15330.56 16926.22 16382.43 0.05


18/40

Dec-09 16947.46 17530.94 16577.78 17464.81 17206.14 -0.02

Jan-10 17473.45 17790.33 15982.08 16357.96 16915.71 -0.03

Feb-10 16339.32 16669.25 15651.99 16429.55 16384.44 0.04

Mar-10 16438.45 17793.01 16438.45 17527.77 16983.11 0.03

Apr-10 17555.04 18047.86 17276.8 17558.71 17556.88 -0.02

May-10 17536.86 17536.86 15960.15 16944.63 17240.75 0

Jun-10 16942.82 17919.62 16318.39 17700.9 17321.86 0.03

Jul-10 17679.34 18237.56 17395.58 17868.29 17773.82 0.01Aug-10 17911.31 18475.27 17819.99 17971.12 17941.22 0.06

Sep-10 18027.12 20267.98 18027.12 20069.12 19048.12 0.05

Oct-10 20094.1 20854.55 19768.96 20032.34 20063.22 -0.01

Nov-10 20272.49 21108.64 18954.82 19521.25 19896.87 0.01

Dec-10 19529.99 20552.03 19074.57 20509.09 20019.54 -0.03

Jan-11 20621.61 20664.8 18038.48 18327.76 19474.69 -0.07

Feb-11 18425.18 18690.97 17295.62 17823.4 18124.29 0.03

Mar-11 17982.28 19575.16 17792.17 19445.22 18713.75 0.03

Apr-11 19463.11 19811.14 18976.19 19135.96 19299.54 -0.03

May-11 19224.05 19253.87 18020.79 18326.09 18775.07


19/40

ICICI Returns

-0.02

-0.03

-0.1

0.01

0.1

0.120.15

0.12

0.07

0.04

-0.02

-0.05

0

0.06

0.05

0-0.04

0.09

0.18

0.06

-0.02

-0.01

-0.05

-0.19

-0.1

0.02-0.16

-0.11

0.01

-0.07

-0.21

-0.18

0.05

0.08

-0.15

-0.11

0.25

0.51

0.2

0.01

0.01

0.1

0.02

-0.03

0.06


20/40

-0.01

-0.01

0.08

0.04

-0.05

-0.05

0.02

0.080.11

0.09

0.02

-0.02

-0.05

-0.08

0.05

0.06

-0.03


21/40

SUMMARY OUTPUT

Regression Statistics

Multiple R 0.9

R Square 0.81

Adjusted R Square 0.81

Standard Error 0.05

Observations 62

ANOVA

df SS MS F

Regression 1 0.62 0.62 253.8

Residual 60 0.15 0

Total 61 0.77

Coefficients Standard Error t Stat P-value

Intercept 0 0.01 -0.27 0.79

Index Returns 1.53 0.1 15.93 0

RESIDUAL OUTPUT

Observation redicted ICICI Return Residuals

1 0.12 -0.14

2 -0.06 0.02

3 -0.1 0

4 0.02 -0.015 0.08 0.03

6 0.12 0

7 0.08 0.07

8 0.07 0.04

9 0.05 0.03

10 0.02 0.02

11 -0.05 0.03

12 -0.06 0

13 0.03 -0.04

14 0.1 -0.04

15 0.04 0.01

16 0.05 -0.05

17 0.02 -0.06

18 0.1 -0.01

19 0.21 -0.03

20 0.09 -0.03

21 0.01 -0.03

22 -0.07 0.06

23 -0.11 0.06


22/40

24 -0.11 -0.08

25 0.01 -0.1

26 0.04 -0.02

27 -0.18 0.02

28 -0.11 0.01

29 0.04 -0.03

30 -0.07 0.01

31 -0.25 0.0432 -0.24 0.05

33 -0.04 0.09

34 0.03 0.06

35 -0.07 -0.08

36 0.02 -0.13

37 0.22 0.03

38 0.37 0.14

39 0.17 0.03

40 0.05 -0.03

41 0.06 -0.0542 0.07 0.03

43 0.01 0.01

44 -0.02 -0.01

45 0.08 -0.01

46 -0.03 0.01

47 -0.05 0.04

48 0.05 0.03

49 0.05 -0.01

50 -0.03 -0.02

51 0.01 -0.0552 0.04 -0.02

53 0.01 0.07

54 0.09 0.01

55 0.08 0.01

56 -0.01 0.04

57 0.01 -0.02

58 -0.04 -0.01

59 -0.11 0.02

60 0.05 0

61 0.05 0.02

62 -0.04 0.01


23/40

Significance F

0

Lower 95% Upper 95% Lower 95.0%Upper 95.0%

-0.01 0.01 -0.01 0.01

1.34 1.72 1.34 1.72


24/40


25/40

1

ICICI


26/40

ICICI

Linear Regression for ICICI


27/40

Capital Structure of the Company

No of Outstanding Shares 114.91 Crores

Bank Loan 296,280.17 Crores

Market Price 821.08 Rupees

Tax rate 27.18%

Beta 1.53

Risk Free Rate of Interest 0.08

Market Risk Premium 0.05 Market Rate

Interest For Year 17,592.57 Crores Risk premiu

Loan at the Start of the Year 285,671.51 Crores

Type of Finance Market value Cost

Share Capital 94347.99 crores 15.46%

Debt (Secured and Unsecured) 296280.17 crores 4.40%

390628.16 After Tax

Average Debt 290975.84

Pre Tax Interest Rate 6.046%

Post Tax Interest Rate 4.40%

COC = Rf + beta ( Market rate - Rf)COC = Cost of Capital

Rf = Risk Free Rate (T - bills)


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0.13

0.05

Weightage WC

0.2415 3.73%

0.7585 3.34%

WACC 7.07%


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Valuation

2009 Sales 38,250.39

2010 Sales 32,747.36

Tax Rate 27.18%

Cost of Capital 7.07%

Growth Rate in Sales 16.93% 14.00% 12.00%

Avg Working Capital/Sales 11.80%

27.26%

13.33%

12.55%

Value of Debt 296,280.17

No of Shares 114.91

Year 2009 2010 2011E 2012E 2013E

Sales 38,250.39 32747.36 38291.32 44773.83 51042.17

SGA -10,116.54 -9192.97 -10437.48 -12204.49 -13913.12

Depreciation -714.98 -259.34 -640.58 -749.03 -853.89

Taxable Income 27418.87 23295.05 27213.25 31820.31 36275.15

Tax -7451.51 -6330.80 -7395.63 -8647.67 -9858.35

NOPAT 19967.36 16964.25 19817.62 23172.64 26416.81

Operating CF 20682.34 17223.59 20458.20 23921.67 27270.70

Working Capital 228,694.60 223793.04 4519.94 5285.15 6025.07

Change in Working Capital 4901.56 219273.10 -765.20 -739.92Capex -588.93 2533.73 1613.42 1689.73

Free Cash Flows 20682.34 21536.22 242265.03 24769.89 28220.51

Continuing Value

270463.30

PV of Continuing Value Rs.157,910.19

Total Value 428373.49

Less Debt 296280.17

Value of Shares 132093.32

Per Share Value(DCF) 1149.56

Year 2009 2010 2011E 2012E 2013E

Gross Fixed Assets 3,801.62 3212.69 5746.42 7359.84 9049.56

Accumulated Depreciation 0.00 0.00 640.58 1389.61 2243.51

Net Fixed Assets 103,058.31 120892.80 5105.83 5970.23 6806.06

Depreciation 0.00 0.00 640.58 749.03 853.89

Capex -588.93 2533.73 1613.42 1689.73

SGA As a Percentage ofSales

Capex as a Percentage ofSales

Depreciation as aPercentage of Net FixedAssets

Present Value of CashFlows


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2014E 2015E 2016E

58188.08 65170.64 72991.12

-15860.96 -17764.27 -19895.99

-973.44 -1090.25 -1221.08

41353.68 46316.12 51874.05

-11238.52 -12587.14 -14097.59

30115.16 33728.98 37776.46

31088.60 34819.23 43062.80

6868.58 7692.80 8615.94

-843.51 -824.23 -923.141926.29 2021.32 4047.48

32171.38 36016.32 46187.14

272820.90

2014E 2015E 2016E

10975.85 12997.17 15261.05

3216.95 4307.20 5528.28

7758.91 8689.97 9732.77

973.44 1090.25 1221.08

1926.29 2021.32 2263.88


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2006

27.35

701.57

25.65

10.06

6.57

26.73

89.68

46.07

5.77

67.09

26.1430.24

6.8

4.56

2.24

2.41

2.79

1.86

1.21

14.62


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ROE Calculation

EBIT 22,934.89

(less) Int. Expense 17,592.57

(less)Taxes 1,451.86

Net Profits 3,890.5 Net Profits

0.73

EBIT 22,934.9 divided by Tax Burden

(less) Int. Expense 17,592.6

Pretax profits 5,342.3 Pretax Profits X

0.23

divided by Interest Burden

Sales 32,747.36 EBIT X

(less)COGS 0.0 0.70 7.5%

(less) Deprec. 619.5 divided by OperatingProfit Margin ROE

(less) SG&A 9,192.97EBIT 22,934.9 Sales X

0.09

divided by Total Asset Turnover

Total Assets 347,898.53 Total Assets X

6.74

divided by Leverage

Total Liabilities 296,280.17

Equity 51,618.4 Equity

-


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Cash Flow of ICICI Bank Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 3096.61 3648.04 5056.1 5116.97 5345.32

4652.93 23061.95 -11631.15 -14188.49 1869.21

-7893.98 -18362.67 -17561.11 3857.88 6150.73

7350.9 15414.58 29964.82 1625.36 1382.62

4110.25 20081.1 683.55 -8074.57 8907.13

12929.97 17040.22 37357.58 38041.13 29966.56

Closing Cash & Cash Equivalents 17040.22 37121.32 38041.13 29966.56 38873.69

in ` Cr

Net Cash From Operating Activities

Net Cash (used in)/from InvestingActivities

Net Cash (used in)/from FinancingActivities

Net (decrease)/increase In Cashand Cash Equivalents

Opening Cash & Cash Equivalents


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in Rs. Cr.

ICICI Bank HDFC Bank Axis Bank

Mar '10 Mar '10 Mar '10 Mar '10 Mar '10

Capital and Liabilities:

1,114.89 457.74 410.55 348.14 410.65

1,114.89 457.74 410.55 348.14 410.65

0 0 0 0 2.2

0 0 0 0 0

Reserves 50,503.48 21,064.75 18,588.28 4,191.78 1,752.75

0 0 0 0 231.63

Net Worth 51,618.37 21,522.49 18,998.83 4,539.92 2,397.23

Deposits 202,016.60 167,404.44 189,237.80 23,886.47 26,710.17

Borrowings 94,263.57 12,915.69 26,267.88 6,140.51 4,934.29

Total Debt 296,280.17 180,320.13 215,505.68 30,026.98 31,644.46

15,501.18 20,615.94 8,208.86 2,869.42 1,327.83

363,399.72 222,458.56 242,713.37 37,436.32 35,369.52

ICICI Bank HDFC Bank Axis Bank

Mar '10 Mar '10 Mar '11 Mar '10 Mar '10

Assets

27,514.29 15,483.28 13,886.16 2,085.67 2,099.18

11,359.40 14,459.11 7,522.49 214.59 504

Advances 181,205.60 125,830.59 142,407.83 20,775.05 20,550.59

Investments 120,892.80 58,607.62 71,991.62 12,512.66 10,401.84

Gross Block 7,114.12 4,707.97 3,426.49 745.34 1,054.02

3,901.43 2,585.16 1,176.03 317.69 427.02

Net Block 3,212.69 2,122.81 2,250.46 427.65 627

0 0 22.69 0 17.83

BalanceSheet

KotakMahindra

IndusIndBank

Total ShareCapital

Equity ShareCapital

ShareApplicationMoney

PreferenceShareCapital

Revaluation

Reserves

OtherLiabilities &Provisions

TotalLiabilities

Kotak

Mahindra

IndusInd

Bank

Cash &Balanceswith RBI

Balance withBanks,Money atCall

AccumulatedDepreciation

Capital WorkIn Progress


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Other Assets 19,214.93 5,955.15 4,632.12 1,420.69 1,169.08

Total Assets 363,399.71 222,458.56 242,713.37 37,436.31 35,369.52

694,948.84 466,236.24 429,069.63 4,156.15 45,317.82

38,597.36 20,940.13 57,400.80 3,063.64 5,895.67

463.01 470.19 462.77 130.4 52.71

ContingentLiabilities

Bills forcollection

Book Value(Rs)


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BANKS Last Price Market Cap Net Interest Income Net Profit Total Assets

ICICI Bank 1067.25 122635.74 25974.05 4024.98

HDFC Bank 2387 111049.37 19928.21 3926.39 222458.56

Axis Bank 1247 51260.96 15154.81 3388.49 242713.37

Kotak Mahindra Ban 447.5 32975 4303.56 818.18 37436.31

Induslnd Bank 266.3 12408.78 3589.36 577.32 35369.52

, .

Date post:	07-Apr-2018
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