Care Valuation

Market Equity 405578
MEAN Beta 0.6

Median D/E 0.67
Marginal Tax Rate 20.07%
Unlevered Beta 0.39
Interest Expense 0
Debt 0.00
Interest Expense 0.00%
Market Value of Debt 0.00
Unlevered Beta 0.6000
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/valquestions/mktvalofdebt.htm
2015-2016 Mr. Jhunjhunwala
2014-2015 Mr. Jhunjhunwala
2013-2014 Jhunjhunwala Rakesh Radheshyam
Beta / ( 1 + (1 - tax rate )* ( median D/E ))
0.39066
Rakesh Radheshyam ### ### ### -0.13
Rakesh Radheshyam ### ### ### 1.2
kesh Radheshyam ###
kesh Radheshyam ###
kesh Radheshyam ###
kesh Radheshyam 3,305,205
Current Earnings before interest and taxes (EBIT) 212.9 Crores
current interest expenses 0 Crores
Country Risk Free Rate 7.11%
Interest coverage ratio 0.00
Estimated Bond Rating AAA (Aswath Damodaran Spread Sheet)
Estimated Default Spread 0.75% (Aswath Damodaran Spread She 2.25%
Country Default Spread 1.00% (Aswath Damodaran Website)
Cost of Debt 8.86%
2017 2018 2019 2020 2021

Country Risk Free Rate 7.09% 7.09% 7.09% 7.09% 7.09%
Bottom Up Beta 0.600 0.600 0.600 0.600 0.600
Equity Risk Premium 7.39% 7.39% 7.39% 7.39% 7.39%
Cost Of Equity 11.52% 11.52% 11.52% 11.52% 11.52%
Marginal Tax Rate 34.61%

Market Equity 405578
Market Debt 0.00
WACC 11.52% 11.52% 11.52% 11.52% 11.52%
2022
7.09%
0.600
7.39%
11.52%
11.52%
11.52% 100000 140000 180000 220000 260000 300000 340000 380000
0.3 8.77% 8.59% 8.44% 8.30% 8.19% 8.09% 8.00% 7.92%
0.4 9.45% 9.22% 9.01% 8.84% 8.69% 8.56% 8.44% 8.34%
0.52 10.27% 9.97% 9.71% 9.49% 9.30% 9.13% 8.98% 8.85%
0.6 10.82% 10.47% 10.17% 9.92% 9.70% 9.50% 9.33% 9.18%
0.7 11.51% 11.10% 10.75% 10.46% 10.20% 9.98% 9.78% 9.60%
0.8 12.19% 11.73% 11.33% 11.00% 10.70% 10.45% 10.22% 10.02%
0.9 12.87% 12.35% 11.91% 11.54% 11.21% 10.92% 10.67% 10.44%
1 13.56% 12.98% 12.49% 12.08% 11.71% 11.39% 11.11% 10.86%
1.1 14.24% 13.61% 13.07% 12.61% 12.21% 11.86% 11.56% 11.28%
1.2 14.93% 14.24% 13.65% 13.15% 12.72% 12.34% 12.00% 11.70%
420000 460000
7.85% 7.79%
8.25% 8.17%
8.73% 8.62%
9.04% 8.92%
9.44% 9.30%
9.84% 9.68%
10.24% 10.06%
10.64% 10.44%
11.04% 10.81%
11.43% 11.19%
2011-12 2012-13 2013-14 2014-15
Trade Payables 905,881 296,843
Advances from Customers 137,898,607 160,278,350 156,756,069 8,77,18,621
Statutory Dues 9,872,665
Paybales on purchases
Other Liabilities-others
Other Provisions
Current Liabilities 138,804,488.00 160,278,350.00 166,925,577.00 0.00
Trade Receivables 15.9 29.60 14.70 15.70
Inventory 5733.12 6,426.87 7,522.09 8,255.24
Prepaid Expenses
Advances to Vendors
Others
Current Assets 5,749.02 6,456.47 7,536.79 8,270.94
Working Capital -138,798,738.98 -160,271,893.53 -166,918,040.21 8,270.94
Changes in Working Capital -138,798,738.98 -21,473,154.55 -6,646,146.68 166,926,311.15
2011-12 2012-13 2013-14 2014-15

Revenue 26,525 31,628 35,317 38,835
cogs 0 0 0 0
cogs % 0.00% 0.00% 0.00% 0.00%
Trade Payables 905881 0 296843 0
Trade Payables % 3415.1% 0.0% 840.5% 0.0%
Advances from Customers 137898607 160278350 156756069 8,77,18,621
Advances from Customers % #DIV/0! #DIV/0! #DIV/0! #VALUE!
Current Liabilities 138,804,488.00 160,278,350.00 157,052,912.00 0.00
Trade Receivables 15.9 29.6 14.7 15.7
Trade Receivables % 0.1% 0.1% 0.0% 0.0%
Inventory 5,733.12 6,426.87 7,522.09 8,255.24
Inventory % #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Current Assets 5,749.02 6,456.47 7,536.79 8,270.94
Working Capital -138,798,738.98 -160,271,893.53 -166,918,040.21 8,270.94
Changes in Working Capital -138,798,738.98 -21,473,154.55 -6,646,146.68 166,926,311.15
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 Growth Rate
13214 5673.18 2435.68 1045.71 448.96 192.75 -57.07% Retention Ratio
8,47,22,293 7,44,69,441 #VALUE! Return on Capital
Growth Rate
0.00 13,214.00 5,673.18 2,435.68 1,045.71 448.96 192.75

23.61 25.30 27.76 30.47 33.43 36.69 40.26 9.73%
9,062.10 8,671.10 9419.13 10231.69 11114.35 12073.15 13114.67 8.63%
9,085.71 8,696.40 9,446.89 10,262.16 11,147.78 12,109.84 13,154.93

9,085.71 -4,517.60 3,773.71 7,826.48 10,102.07 11,660.88 12,962.18
814.77 -13,603.31 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2015-16 2016-17 2017-18 E 2018-19 E 2019-20 E 2020-21 E 2021-22 E

39,192 42,804 48,441 51,375 54,204 57,308 60,383
0 0 0.00 0.00 0.00 0.00 0.00
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0 13214 0.00 0.00 0.00 0.00 0.00
0.0% 30.9% 714.42% 714.4% 714.4% 714.4% 714.4%
8,47,22,293 7,44,69,441 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.00 13,214.00 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
23.61 25.3 28.66 30.39 32.06 33.90 35.72
0.1% 0.1% 0.06% 0.1% 0.1% 0.1% 0.1%
9,062.10 8,671.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
9,085.71 8,696.40 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
9,085.71 -4,517.60 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
814.77 -13,603.31 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
74.16%
20%
14.83%
26,525.43 ### ### ### ### ###

2011-12 2012-13
Revenue 26,525.43 31,627.54
YoY Growth 19.23%
Expenses 17,294.11 20,432.25
Expense % 65.20% 64.60%
Capex % 9.30% 8.36%
Fixed Assets 10,007.42 12,140
Depreciation % 7.45% 7.08%
Operating Income 9,231.32 11,195.29
EBITDA MARGIN 34.80% 35.40%
Other Income 784.35 877.6
other income % 8.50% 7.84%
EBT 9168.15 11105.65
EBT Margin 35% 35%
Tax 2,845.76 3,412.07
Effective Tax Rate 31.04% 30.72%
PAT Margin 23.59% 24.06%
Net Profit 6258.14 7608.07
Interest
Depreciation 745.48 859.11
Capex 2467.84 2644.26
WC Changes -138,798,738.98 -21,473,154.55
Principal Repaid 10.79 12.06
Proceeds new Bor. 27.69 0.35
FCFF 138803302.45 21478977.82
Discount Rate
PV of Cash Flows
Terminal Value
Interest
EBITDA 9913.63 11964.76
EBITDA MARGIN 37.37% 37.83%
Net Profit
Number of Shares Outstanding
EPS
P/E
Price
Current Price
FORWARD P/E
2017-18E
2018-19E
2019-20E
2020-21E
2021-22 E
2013-14 2014-15 2015-16 2016-2017
35,317.08 38,834.81 39,192.10 42,803.61
11.67% 9.96% 0.92% 9.21%
22,242.39 24,610.35 24,716.72 27,342.97
62.98% 63.37% 63.07% 63.88%
8.17% 8.50% 5.99% 7.29%
12,921 15,303 15,106.63 15,893.48
7.47% 6.72% 7.13% 7.25%
13,074.69 14,224.46 14,475.38 15,460.64
37.02% 36.63% 36.93% 36.12%
970.95 1,256.51 1,539.22 1,767.50
7.43% 8.83% 10.63% 11.43%
13051.55 14362.05 14859.07 16026.32
37% 37% 38% 37%
4,060.93 4,596.42 5,358.21 5549.09
31.11% 32.00% 36.06% 34.62%
25.18% 24.88% 23.84% 24.04%
8891.38 9663.17 9344.45 10289.44
964.92 1,027.96 1,077.40 1152.79

2887.16 3300.06 2347.68 3121.61
-6,646,146.68 166,926,311.15 814.77 -13,603.31
15.04 20.21
5.81 6.53 12.73 13.17
6653121.63 -166918913.55 7272.13 21937.10
11.52% 11.52%
0.00
0.00
14016.47 15390.01 15936.47 17179.11
39.69% 39.63% 40.66% 40.13%
Terminal Growth Rate (%)
#REF!
WACC
9.5%
10.5%
11.3%
12.5%
13.5%
14.5%
PE -> EPS ↓ 28 29 30
56.42 1580 1636 1693
70.10 1963 2033 2103
87.02 2437 2524 2611
107.96 3023 3131 3239
133.85 3748 3882 4015
4
1500 26%
TTM
Revenue 1107.38
YoY Growth 12.07%
Expenses 993.44
Expense % 89.71%
Capex % 1.70%
Fixed Assets 245.00
Depreciation % 6.51%
Operating Income 113.94
Other Income 0.55
EBT 79.99 2017-18E 2018-19E
Tax 21.85 1942.54 2127.96
Effective Tax Rate 27.32%
Net Profit 58.14 1743.67 1910.10
Interest 18.54
Depreciation 15.96 1.50% 1.50%
Capex 44.00 281.61 323.70
WC Changes 49.01 5.59% 5.59%
Principal Repaid
Proceeds new Bor. 70 0 0
FCFF 69.63 158.13 174.75
Discount Rate 13.87% 33.87 37.43
PV of Cash Flows 61.15 21.42% 21.42%
124.26 137.32
25 25
15.75 18.10
29.14 31.92
45.97 52.08
70 70
159.90 166.43
13.87% 13.87%
123.33 112.73
FMCG
HOTELS
AGRI
PAPERBOARDS,PAPER & PACKAGING
TOTAL
2017-18E 2018-19E 2019-20E 2020-21E 2021-22 E Average
48,441 51,375 54,204 57,308 60,383
-21.09% 6.06% 5.51% 5.73% 5.36% 7.12%
27,342.97 27,342.97 27,342.97 27,342.97 27,342.97
56.45% 53.22% 50.44% 47.71% 45.28% #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF!
21,098 24,032 26,861 29,965 33,040
43.55% 46.78% 49.56% 52.29% 54.72%
#REF!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 0 0 0 0
11.52% 11.52% 11.52% 11.52% 11.52%
#REF!
1.00 2.00 3.00 4.00 5.00
18.60 18.60 18.60 18.60 18.60
1059
Terminal Growth Rate (%)

6.5% 6.6% 6.7% 6.8% 6.9%

31 32
1749 1806
2173 2243
2698 2785
3347 3455
4149 4283
2019-20E 2020-21E 2021-22 E
2331.02 2553.38 2796.90
2092.37 2291.97 2510.56
1.50% 1.50% 1.50%

372.08 427.68 491.60
5.59% 5.59% 5.59%
0 0 0
192.84 212.49 233.85
41.30 45.51 50.09
21.42% 21.42% 21.42%
151.54 166.98 183.76
25 25 25
20.81 23.92 27.49
34.97 38.30 41.95
59.13 67.28 76.73
70 70 70
173.25 180.32 187.57
13.87% 13.87% 13.87%
103.06 94.21 86.06
17 16 % 13
CIGARETTES 34002 32348 68.17%
OTHERS 10512 9731 21.08%
TOTAL 44514 42079 89.25%
1342 1286 2.69%

8265 7457 16.57%
ER & PACKAGING 5363 5328 10.75%
49877 47407 100.00%
Growth Rates
#REF! Market Cap
#REF! Market Price 283
Number of Shares Outstanding #DIV/0!
Value of the Company #REF!
Value Per Share #REF!
#REF!
14000000000 5E+07
15.00%
#REF!
#REF!
67,934,300,000.00 45415182
TTM
###
Perpetual Growth Rate
Non Operating Assets 7.00%
0 TTM
Revenue ###
Expenses ###
Tax ###
Interest 0.00
Depreciation ###
Net Profit ###
###
138,807,970.30
Yield/ha
India 3
Global Average 4
USA 7
UK 7
France 7.5
Germany 7
Promoters 43.94%
FII's 4.20%
DII's 29.11%
Retail 22.74%
12
Company
Number Of Book
Shares
Value
Market Value
Universal Cables
### 7163.4 1E+09
Birla Corporation
### 6424.5 2E+10
Birla Cable Limited

6E+06 1405.9 3E+08
Total 14994 2E+10
2473.2
2017-18E2018-19E2019-20E2020-21E
2021-22 E
### ### ### ### ###
2017-18E2018-19E2019-20E2020-21E
2021-22 E
### ### ### ### ###
### ### ### ### ###
0.00 0.00 0.00 0.00 0.00
price
growth 5.33% 6.93%
CAGR 2017 2016
FMCG
9.08% CIGARETTES 35877.66 34062.67
YOY Growth 5% 7%
13.63% OTHERS 10537.46 9750.64
YOY Growth 8% 8%
10.02% TOTAL 46415.12 43813.31
YOY Growth 6% 7%
4.54% HOTELS 1342 1286
YOY Growth 4% 2%
7.73% AGRI 8265 7457
YOY Growth 11% -11%
5.36% PAPERBOARDS 5363 5328
YOY Growth 1% 1%
9.11% TOTAL 61385 57884
YOY Growth 6% 4%
Excise duty
14325.77 14262.58
YOY 0.44% -0.44%
% of excise duty 23% 25%

30.9% 32.6%
4.73% 12.09% 16.80%
2015 2014 2013 2012 2018 2019 2020 2021 2022 2023
31855.85 30417.58 27136.12 23232.32 37671.54 39555.12 41137.32 42782.82 44280.22

5% 12% 17% 5% 5% 4% 4% 3.50%
9053.97 8140.94 7037.71 5563.72 11380.46 12290.89 13151.26 14137.60 15127.23
11% 16% 26% 8% 8% 7% 7.50% 7%
40909.82 38558.52 34173.83 28796.04 49052.00 51846.01 54288.58 56920.42 59407.45
6% 13% 19% 6% 6% 5% 5% 4%
1256.21 1197.91 1138.89 1074.78 1409.10 1479.56 1546.13 1623.44 1704.61
5% 5% 6% 5% 5% 4.50% 5% 5%
8380.48 7752.05 7200.73 5695.31 9091.50 10000.65 10950.71 11991.03 13070.22
8% 8% 26% 10% 10% 9.50% 9.50% 9%
5281.57 5166.04 4504.37 4129.79 5470.26 5634.37 5972.43 6390.50 6869.79
2% 15% 9% 2% 3% 6% 7% 7.50%
55828 52675 47018 39696 48441 51375 54204 57308 60383
6% 12% 18% -21.09% 6.06% 5.51% 5.73% 5.36%
14325.77 14262.58 12597.31 10437.93 0.00 0.00 0.00 0.00

0.44% 13.22% 20.69% 26% 26% 26% 26% 26%
26% 27% 27%

35.0% 37.0% 36.9%
48441.083674527
17 16 15 14 13 12
2017 2016 2015 2014 2013 2012
58.45% 58.85% 57.06% 57.75% 57.71% 58.53%
17% 16.85% 16.22% 15.46% 14.97% 14.02%
75.61% 75.69% 73.28% 73.20% 72.68% 72.54%
2.19% 2.22% 2.25% 2.27% 2.42% 2.71%
13.46% 12.88% 15.01% 14.72% 15.31% 14.35%
8.74% 9.20% 9.46% 9.81% 9.58% 10.40%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Care Valuation

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Market Equity 405578

MEAN Beta 0.6

2017 2018 2019 2020 2021

Marginal Tax Rate 34.61%

2011-12 2012-13 2013-14 2014-15

0.00 13,214.00 5,673.18 2,435.68 1,045.71 448.96 192.75

9,085.71 8,696.40 9,446.89 10,262.16 11,147.78 12,109.84 13,154.93

2015-16 2016-17 2017-18 E 2018-19 E 2019-20 E 2020-21 E 2021-22 E

26,525.43 ### ### ### ### ###

964.92 1,027.96 1,077.40 1152.79

#REF! #REF! #REF! #REF! #REF!

Terminal Growth Rate (%)

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

2092.37 2291.97 2510.56

1.50% 1.50% 1.50%

1342 1286 2.69%

Birla Cable Limited

% of excise duty 23% 25%

31855.85 30417.58 27136.12 23232.32 37671.54 39555.12 41137.32 42782.82 44280.22

14325.77 14262.58 12597.31 10437.93 0.00 0.00 0.00 0.00

26% 27% 27%

2017 2016 2015 2014 2013 2012

58.45% 58.85% 57.06% 57.75% 57.71% 58.53%

17% 16.85% 16.22% 15.46% 14.97% 14.02%

75.61% 75.69% 73.28% 73.20% 72.68% 72.54%

2.19% 2.22% 2.25% 2.27% 2.42% 2.71%

13.46% 12.88% 15.01% 14.72% 15.31% 14.35%

8.74% 9.20% 9.46% 9.81% 9.58% 10.40%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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