No of shares 1895934157

WACC 20%
Profit Margin 25.80%
Teminal Growth 16.25%

Dep (2007) 23533010

Gross Assets 265099314
Rate of Dep 9%
Assets to sales 1.48978782

Working Capital 2006-07 2005-06 2004-05

Net Sales 17851.61 11259.12 8142.44
Working Capital -5635.86 -3933.92 -2221.8
Working Capital/ sales -32% -35% -27%
Avg Working Capital -31%

2007 2008 2009 2010

Sales (Rs 000') 177944343 224209872 282504438.95 355955593.07
Growth 0.26 0.26 0.26

PAT (Rs 000') 46013712 57846147 72886145.248 91836543.013

Gross Assets (Rs 000') 265099314 334025136 420871670.91 530298305.34

Dep (Rs 000') 23533010 29651593 37361006.676 47074868.412

Working Capital (Rs 000') -55635551.589878 -70100795 -88327001.7 -111292022.1

FCF (Rs 000') 33037161 41626823.359 52449797.432

Discount Factor 1 0.83 0.69

DCF (Rs 000') 33037161 34689019.466 36423470.439

Sum DCF (Rs 000') 182551171.4

Terminal Value (Rs 000') 1244863160.92477

Total PV (Rs) 1427414332345

Total PV (Rs Cr) 142741

Value Per Stock 752.88

Share Quality Index 37.17%

Rs Rs Cr $ Cr $M
Brand Value Of Airtel 530569907333 53056.991 1205.8406985 12058.406985
 Growth Year Total
0.2 5 1
0.17 5 0.85
0.14 10 1.4
3.25
Terminal Growth 16%

2011 2012
448504047.27 565115099.56
0.26 0.26

115714044.2 145799695.69

668175864.73 841901589.56

59314334.199 74736061.091

-140227947.9 -176687214.4

66086744.764 83269298.403
0.58 0.48

38244643.961 40156876.159
 Date Airtel Market Market Avg Airtel Avg
19-Jun-06 362.15 2916.9
20-Jun-06 352.2 2861.3 -1.906133224 -2.747480326
21-Jun-06 368.75 2923.45 2.1720896096 4.6990346394
22-Jun-06 364.7 2994.75 2.4388992458 -1.098305085
23-Jun-06 370.4 3042.7 1.6011353201 1.5629284343
25-Jun-06 366.15 3050.3 0.2497781576 -1.147408207
8
26-Jun-06 360.85 2943.2 -3.511130053 -1.447494196

Axis Title
27-Jun-06 361 2982.45 1.3335824952 0.0415685188 6
28-Jun-06 362.25 2981.1 -0.045264799 0.3462603878 f(x) = 1.03484386223245 x + 04
R² = 0.515833597862625
29-Jun-06 359.5 2997.9 0.5635503673 -0.759144237 2
30-Jun-06 370 3128.2 4.3463757964 2.9207232267 0
3-Jul-06 369.9 3150.95 0.7272552906 -0.027027027 -5 -4 -3 -2 -1
-2
4-Jul-06 364.4 3138.65 -0.390358463 -1.486888348
-4
5-Jul-06 370 3197.1 1.8622656238 1.5367727772
6-Jul-06 367.05 3156.4 -1.273028682 -0.797297297 -6
7-Jul-06 371 3075.85 -2.551957927 1.0761476638 -8
Axi
10-Jul-06 389.65 3142 2.1506250305 5.0269541779
11-Jul-06 382.25 3116.15 -0.822724379 -1.899140254
12-Jul-06 382.85 3195.9 2.5592477897 0.1569653368
13-Jul-06 371.3 3169.3 -0.832316405 -3.016847329 Mean
14-Jul-06 362 3123.35 -1.449846969 -2.50471317 Rm
17-Jul-06 355.45 3007.55 -3.70755759 -1.809392265
18-Jul-06 360.4 2993.65 -0.462170205 1.3926009284
19-Jul-06 353.9 2932.75 -2.034305948 -1.803551609
20-Jul-06 364.45 3023.05 3.0790213963 2.9810680983
21-Jul-06 357.85 2945 -2.581829609 -1.810948004
24-Jul-06 365.25 2985.85 1.3870967742 2.067905547
25-Jul-06 369.45 3040.5 1.8302995797 1.1498973306
26-Jul-06 382.6 3110.15 2.2907416543 3.5593449723
27-Jul-06 395.65 3156.15 1.4790283427 3.4108729744
28-Jul-06 385.65 3130.8 -0.803193765 -2.527486415
31-Jul-06 383.05 3143.2 0.3960649035 -0.674186438
1-Aug-06 391.2 3147.8 0.1463476712 2.1276595745
2-Aug-06 393.05 3182.1 1.0896499142 0.4729038855
3-Aug-06 399.15 3190 0.2482637252 1.5519653988
4-Aug-06 400.7 3176.75 -0.415360502 0.388325191
7-Aug-06 392.3 3151.1 -0.807428976 -2.09633142
8-Aug-06 404.65 3212.4 1.9453524166 3.1481009432
9-Aug-06 404 3254.6 1.3136595692 -0.160632645
10-Aug-06 409.05 3260.1 0.1689915811 1.25
11-Aug-06 405.05 3274.35 0.4371031563 -0.977875565
14-Aug-06 413 3313.1 1.1834409883 1.9627206518
16-Aug-06 413.7 3356.05 1.2963689596 0.1694915254
17-Aug-06 414.6 3353.9 -0.064063408 0.2175489485
18-Aug-06 409.65 3356.75 0.0849756999 -1.193921852
21-Aug-06 409.9 3366 0.2755641618 0.0610277066
22-Aug-06 409.4 3364.6 -0.041592395 -0.121980971
23-Aug-06 406 3335.8 -0.855970992 -0.830483635
24-Aug-06 415.3 3370.4 1.037232448 2.2906403941
25-Aug-06 417.55 3385.95 0.4613695704 0.5417770287
28-Aug-06 416.7 3401.1 0.4474372037 -0.203568435
29-Aug-06 415.25 3425.7 0.7232954044 -0.347972162
30-Aug-06 413.8 3430.35 0.1357386811 -0.349187237
31-Aug-06 411.05 3413.9 -0.479542904 -0.664572257
1-Sep-06 413.2 3435.45 0.6312428601 0.5230507238
4-Sep-06 418.6 3476.85 1.2050823036 1.3068731849
5-Sep-06 417.95 3473.75 -0.089161166 -0.155279503
6-Sep-06 427.25 3477.25 0.1007556675 2.2251465486
7-Sep-06 423.9 3454.55 -0.652814724 -0.78408426
8-Sep-06 430.45 3471.45 0.4892098826 1.545175749
11-Sep-06 421.35 3366.15 -3.033314609 -2.114066674
12-Sep-06 423 3389.9 0.7055538226 0.3915984336
13-Sep-06 443.1 3454.55 1.9071359037 4.7517730496
14-Sep-06 439.1 3471.6 0.4935519822 -0.902730761
15-Sep-06 446 3478.6 0.2016361332 1.5713960373
18-Sep-06 443.9 3492.75 0.4067728396 -0.470852018
19-Sep-06 439.5 3457.35 -1.013528022 -0.991214237
20-Sep-06 462.4 3502.8 1.3145906547 5.2104664391
21-Sep-06 465.55 3553.05 1.4345666324 0.6812283737
22-Sep-06 469.2 3544.05 -0.2533035 0.7840189024
25-Sep-06 473.65 3523.45 -0.581255908 0.9484228474
26-Sep-06 479.55 3571.75 1.3708155359 1.2456455188
27-Sep-06 476.25 3579.3 0.2113809757 -0.688145136
28-Sep-06 472.4 3571.75 -0.210935099 -0.80839895
29-Sep-06 469.25 3588.4 0.4661580458 -0.66680779
3-Oct-06 467.45 3569.6 -0.523910378 -0.383590836
4-Oct-06 461.55 3515.35 -1.519778126 -1.262167077
5-Oct-06 459.95 3564.9 1.409532479 -0.346658
6-Oct-06 460.35 3569.7 0.1346461331 0.0869659746
9-Oct-06 464.25 3567.15 -0.071434574 0.8471814923
10-Oct-06 468.8 3571.05 0.1093309785 0.9800753904
11-Oct-06 472.8 3558.55 -0.350037104 0.8532423208
12-Oct-06 475.85 3621.05 1.756333338 0.6450930626
13-Oct-06 477.4 3676.05 1.5188964527 0.325732899
16-Oct-06 486.1 3723.95 1.3030290665 1.8223711772
17-Oct-06 487.45 3715 -0.240336202 0.2777206336
18-Oct-06 493.25 3710.65 -0.117092867 1.1898656272
19-Oct-06 490.8 3677.8 -0.885289639 -0.496705525
20-Oct-06 497.15 3676.85 -0.02583066 1.293806031
21-Oct-06 499 3683.5 0.1808613351 0.3721210902
23-Oct-06 498.15 3657.3 -0.711280033 -0.170340681
26-Oct-06 503.25 3677.55 0.5536871463 1.0237880157
27-Oct-06 527.3 3739.35 1.680466615 4.7789369101
30-Oct-06 542.05 3769.1 0.7955928169 2.7972691068
31-Oct-06 530.2 3744.1 -0.663288318 -2.18614519
1-Nov-06 541.1 3767.05 0.6129643973 2.0558279894
2-Nov-06 548.2 3791.2 0.6410851993 1.3121419331
3-Nov-06 547.5 3805.35 0.3732327495 -0.127690624
6-Nov-06 543.7 3809.25 0.1024872876 -0.694063927
7-Nov-06 543.8 3798.75 -0.275644812 0.0183924959
8-Nov-06 543.65 3777.3 -0.564659427 -0.02758367
9-Nov-06 537.85 3796.4 0.5056521854 -1.066862871
10-Nov-06 544 3834.75 1.0101675271 1.14344148
13-Nov-06 564 3858.75 0.625855662 3.6764705882
14-Nov-06 569.75 3865.9 0.1852931649 1.0195035461
15-Nov-06 578.65 3876.3 0.2690188572 1.5620886354
16-Nov-06 577.45 3876.85 0.0141887883 -0.207379245
17-Nov-06 580.85 3852.8 -0.620348995 0.5887955667
20-Nov-06 605 3856.15 0.0869497508 4.1576999225
21-Nov-06 623.85 3918.25 1.6104145326 3.1157024793
22-Nov-06 638.2 3954.75 0.9315383143 2.3002324277
23-Nov-06 622.05 3945.45 -0.23516025 -2.530554685
24-Nov-06 616.65 3950.85 0.1368665171 -0.86809742
27-Nov-06 630.5 3968.9 0.4568637129 2.2460066488
28-Nov-06 628 3921.75 -1.187986596 -0.396510706
29-Nov-06 621.35 3928.2 0.1644673934 -1.058917197
30-Nov-06 630.7 3954.5 0.6695178453 1.5047879617
1-Dec-06 633.3 3997.6 1.089897585 0.4122403678
4-Dec-06 631.25 4001 0.0850510306 -0.323701247
5-Dec-06 639.3 4015.75 0.3686578355 1.2752475248
6-Dec-06 647.35 4015.95 0.0049803897 1.2591897388
7-Dec-06 637.9 4015.35 -0.014940425 -1.459797637
8-Dec-06 634.4 3962 -1.328651301 -0.548675341
11-Dec-06 606.85 3849.5 -2.839475013 -4.342686003
12-Dec-06 575.95 3716.9 -3.444603195 -5.091867842
13-Dec-06 598 3765.2 1.2994699884 3.8284573314
14-Dec-06 610.4 3843.05 2.06761925 2.0735785953
15-Dec-06 615.95 3888.65 1.1865575519 0.9092398427
18-Dec-06 619.25 3928.75 1.0312062027 0.5357577725
19-Dec-06 605.5 3832 -2.462615336 -2.220427937
20-Dec-06 604.7 3815.55 -0.429279749 -0.132122213
21-Dec-06 611.75 3833.5 0.4704433175 1.1658673723
22-Dec-06 614.9 3871.15 0.9821312117 0.5149162239
26-Dec-06 624.35 3940.5 1.7914573189 1.5368352578
27-Dec-06 631.3 3974.25 0.8564902931 1.113157684
28-Dec-06 630.7 3970.55 -0.093099327 -0.095041977
29-Dec-06 629.95 3966.4 -0.104519525 -0.118915491
2-Jan-07 634.35 4007.4 1.0336829367 0.6984681324
3-Jan-07 640.55 4024.05 0.4154813595 0.9773784189
4-Jan-07 637.7 3988.8 -0.875983151 -0.444930138
5-Jan-07 636.3 3983.4 -0.135379061 -0.219538968
8-Jan-07 622.1 3933.4 -1.255209118 -2.231651737
9-Jan-07 623.2 3911.4 -0.559312554 0.1768204469
10-Jan-07 613.65 3850.3 -1.562100527 -1.53241335
11-Jan-07 636.4 3942.25 2.3881256006 3.7073250224
12-Jan-07 663.8 4052.45 2.7953579808 4.305468259
15-Jan-07 661.45 4078.4 0.6403533665 -0.354022296
16-Jan-07 669.85 4080.5 0.0514907807 1.2699372591
17-Jan-07 668.1 4076.45 -0.099252543 -0.261252519
18-Jan-07 673.25 4109.05 0.7997154387 0.7708426882
19-Jan-07 685.05 4090.15 -0.459960331 1.7526921649
22-Jan-07 676.4 4102.45 0.3007224674 -1.262681556
23-Jan-07 689.9 4066.1 -0.886055893 1.9958604376
24-Jan-07 687.05 4089.9 0.5853274637 -0.413103348
25-Jan-07 721.1 4147.7 1.4132374875 4.9559711811
29-Jan-07 713.25 4124.45 -0.560551631 -1.088614617
31-Jan-07 709.25 4082.7 -1.01225618 -0.560813179
1-Feb-07 731.55 4137.2 1.3349009234 3.1441663729
2-Feb-07 770.6 4183.5 1.1191143769 5.3379809992
5-Feb-07 781.15 4215.35 0.76132425 1.3690630677
6-Feb-07 770.65 4195.9 -0.461408898 -1.344172054
7-Feb-07 772.95 4224.25 0.6756595724 0.2984493609
8-Feb-07 766.65 4223.4 -0.020121915 -0.815059189
9-Feb-07 752 4187.4 -0.852393806 -1.910911107
12-Feb-07 726.1 4058.3 -3.0830587 -3.444148936
13-Feb-07 740.35 4044.55 -0.338811818 1.9625395951
14-Feb-07 762.4 4047.1 0.0630478051 2.9783210644
15-Feb-07 793.35 4146.2 2.4486669467 4.0595487933
19-Feb-07 799.95 4164.55 0.4425739231 0.8319152959
20-Feb-07 791.65 4106.95 -1.383102616 -1.037564848
21-Feb-07 807.6 4096.2 -0.261751421 2.0147792585
22-Feb-07 800.75 4040 -1.37200332 -0.848192174
23-Feb-07 755.95 3938.95 -2.501237624 -5.594754917
26-Feb-07 731.9 3942 0.0774318029 -3.181427343
27-Feb-07 723.2 3893.9 -1.220192796 -1.188686979
28-Feb-07 718.9 3745.3 -3.816225378 -0.594579646
1-Mar-07 728.95 3811.2 1.7595386217 1.3979691195
2-Mar-07 706.65 3726.75 -2.215837531 -3.059194732
5-Mar-07 686.7 3576.5 -4.031662977 -2.823179792
 6-Mar-07 720.7 3655.65 2.2130574584 4.9512159604
7-Mar-07 722.8 3626.85 -0.787821591 0.2913833773
8-Mar-07 758.3 3761.65 3.7167238788 4.911455451
9-Mar-07 750.4 3718 -1.160395039 -1.041804035
12-Mar-07 769.4 3734.6 0.4464766003 2.5319829424
13-Mar-07 765.3 3770.55 0.9626198254 -0.532882766
14-Mar-07 729.9 3641.1 -3.43318614 -4.625637005
15-Mar-07 728.05 3643.6 0.0686605696 -0.253459378
16-Mar-07 717.25 3608.55 -0.961960698 -1.483414601
19-Mar-07 733.65 3678.9 1.9495365174 2.2865109794
20-Mar-07 737.55 3697.6 0.5083041126 0.5315886322
21-Mar-07 761.6 3764.55 1.8106339247 3.2607958782
22-Mar-07 780.4 3875.9 2.9578568488 2.468487395
23-Mar-07 784.2 3861.05 -0.38313682 0.4869297796
26-Mar-07 770.7 3819.95 -1.064477279 -1.721499617
28-Mar-07 757.7 3761.1 -1.540596081 -1.686778254
29-Mar-07 763.5 3798.1 0.9837547526 0.7654744622
30-Mar-07 789.9309 3821.55 0.6174139701 3.461805759

Avg Stock Price 551.0131 Mean 0.1476489798 0.4187275031

SD 1.3965903295 2.0122829425

Rm 29.086849018
 Chart Title
8
6
4
f(x) = 1.03484386223245 x + 0.265933862566792
R² = 0.515833597862625
2
Column E
0 Linear
-4 -3 -2 -1 0 1 2 3 4 5 (Column E)
-2
-4
-6
-8
Axis Title

0.147649 Rm 20.00
29.2345 Rm 0.29 Beta 1.03
(E)Rm 20% Rf 6.00
CAPM 20.42
Interest Rs. 2,820,714.00
Debt 2006-07 Rs. 53,108,052.00
Debt 2005-06 Rs. 47,962,908.00
Avg Debt Rs. 50,535,480.00
Cost of Debt 5.58%

No of Shares 1895934157
Market Cap Stock Price * No of Shares Rs. 1,044,659,720,507.00
Stock Price as of 31/3 Rs. 551.00

Debt Rs. 53,108,052.00

Cost of Equity 20.42%

Cost of Debt 5.58%

V Rs. 1,044,712,828,559.00
(1 - t) 0.70

WACC D/V*Kd*(1-t) + E/V*Ke 20%