This document contains financial statements and analysis for a company over several years:
1) Income statements, balance sheets, cash flow statements and key financial ratios are presented for years 2018-2025 with actual data for 2018-2021 and estimates for 2022-2025.
2) The income statement shows steady revenue growth of 10% per year along with trends in expenses, profits and tax rates.
3) The balance sheet outlines asset and liability accounts with growth assumptions. Major assets include property/equipment, investments and current assets.
4) Cash flow statements show cash from operations exceeding cash used in investing and financing activities, resulting in positive cash flow overall.
This document provides a 5-year financial forecast for company ABC. It includes forecast income statements, balance sheets, cash flows, and key performance ratios. The forecast was prepared by Syed Muhammad Ali and contains inputs, assumptions, and linked calculations for sales, expenses, assets, liabilities and cash flows for the years 0-4. Dashboards and dropdown menus allow interactive analysis of the forecast.
This document provides financial information for First Commonwealth Financial Corp for 2010-2018. It includes income statements, balance sheets, and cash flow statements. Some key highlights are:
- Revenues declined from 2010 to 2011 due to decreases in loans/leases and securities income. Noninterest revenue grew 18% from 2011 to 2012.
- Interest expenses declined 32% from 2010 to 2011 as deposit and borrowing costs fell.
- Net income declined from $23 million in 2010 to $15 million in 2011, a decrease of 40%. Earnings per share also fell 40% over this period.
- Total assets grew slightly from 2010 to 2011 but have increased each year since, reaching $7.1 billion by
This document contains the financial statements of UAC of Nigeria PLC for the year ended 31 December 2017. Some key highlights include:
- Revenue increased 8% to N89.2 billion for the group and decreased 9% to N826.5 million for the company.
- Operating profit decreased 19% to N7 billion for the group and increased 3% to N1.55 billion for the company.
- Profit for the year decreased 83% to N962.8 million for the group and increased 17% to N3.08 billion for the company.
- Total equity decreased 4% to N73.1 billion for the group and increased 5% to N23.45 billion for
- WonderApp Ltd. is a company that provides various app-related services and products through four main offerings. It has created a 5-year financial forecast model to project its income statement, cash flows, balance sheet, funding sources and uses of funds.
- In the first 12 months, WonderApp expects to generate $638k in revenue and require $582k in total funding from a mix of equity and debt sources. It plans to use the funds for operating expenses, capital expenditures, payroll and financing costs.
- Over the 5-year forecast period, WonderApp projects its revenue to grow from $623k to $6.1m while its net profit is expected to increase from a $32k loss
This document summarizes the key financial information of an organization over a 5-year period from 2001-2002 to 2005-2006. It includes highlights of the company's steady revenue and profit growth over time as well as initiatives taken by the finance department such as implementing an e-banking system for payments and a centralized payroll system. Key metrics such as revenues, profits, assets, liabilities, and financial ratios like ROCE and debt-equity are presented for each year. Awards received by manufacturing and service units are also mentioned.
Total Nigeria Plc listed on the Nigeria Stock Exchange has released its half year results. Check out insights into this company in their presentation which appears below.
Sign up to the www.theinvestormailinglist.com to receive earnings presentations of all listed companies in Africa by email
Presentation on Private Equity Valuation of Bkash. This presentation was performed for a National Financial Modeling Competition called " Blueprints," organized by NSU Finance Club
This document provides a 5-year financial forecast for company ABC. It includes forecast income statements, balance sheets, cash flows, and key performance ratios. The forecast was prepared by Syed Muhammad Ali and contains inputs, assumptions, and linked calculations for sales, expenses, assets, liabilities and cash flows for the years 0-4. Dashboards and dropdown menus allow interactive analysis of the forecast.
This document provides financial information for First Commonwealth Financial Corp for 2010-2018. It includes income statements, balance sheets, and cash flow statements. Some key highlights are:
- Revenues declined from 2010 to 2011 due to decreases in loans/leases and securities income. Noninterest revenue grew 18% from 2011 to 2012.
- Interest expenses declined 32% from 2010 to 2011 as deposit and borrowing costs fell.
- Net income declined from $23 million in 2010 to $15 million in 2011, a decrease of 40%. Earnings per share also fell 40% over this period.
- Total assets grew slightly from 2010 to 2011 but have increased each year since, reaching $7.1 billion by
This document contains the financial statements of UAC of Nigeria PLC for the year ended 31 December 2017. Some key highlights include:
- Revenue increased 8% to N89.2 billion for the group and decreased 9% to N826.5 million for the company.
- Operating profit decreased 19% to N7 billion for the group and increased 3% to N1.55 billion for the company.
- Profit for the year decreased 83% to N962.8 million for the group and increased 17% to N3.08 billion for the company.
- Total equity decreased 4% to N73.1 billion for the group and increased 5% to N23.45 billion for
- WonderApp Ltd. is a company that provides various app-related services and products through four main offerings. It has created a 5-year financial forecast model to project its income statement, cash flows, balance sheet, funding sources and uses of funds.
- In the first 12 months, WonderApp expects to generate $638k in revenue and require $582k in total funding from a mix of equity and debt sources. It plans to use the funds for operating expenses, capital expenditures, payroll and financing costs.
- Over the 5-year forecast period, WonderApp projects its revenue to grow from $623k to $6.1m while its net profit is expected to increase from a $32k loss
This document summarizes the key financial information of an organization over a 5-year period from 2001-2002 to 2005-2006. It includes highlights of the company's steady revenue and profit growth over time as well as initiatives taken by the finance department such as implementing an e-banking system for payments and a centralized payroll system. Key metrics such as revenues, profits, assets, liabilities, and financial ratios like ROCE and debt-equity are presented for each year. Awards received by manufacturing and service units are also mentioned.
Total Nigeria Plc listed on the Nigeria Stock Exchange has released its half year results. Check out insights into this company in their presentation which appears below.
Sign up to the www.theinvestormailinglist.com to receive earnings presentations of all listed companies in Africa by email
Presentation on Private Equity Valuation of Bkash. This presentation was performed for a National Financial Modeling Competition called " Blueprints," organized by NSU Finance Club
The document provides an overview of a company's 2Q14 financial results and operational metrics. Key points include:
- Gross revenues increased 12.8% year-over-year to R$953.3 million while gross margin was 19.6%
- The company has a total of 1,219 stores, including 718 owned stores and 501 franchises
- EBITDA was negative R$-82.8 million with an EBITDA margin of -8.7% and a net loss of R$143.1 million
- Initiatives are underway to improve operations, commercial activities, reduce expenses, capture synergies, and normalize debt levels.
This document provides financial and operational results for AT&T's wireless segment. Some key highlights include:
- Wireless operating revenues for 2008 were $49.3 billion, up 15.6% from 2007. Segment income was $10.8 billion for 2008, up 58.5% from 2007.
- As of December 31, 2008, AT&T had 77 million wireless customers, up 10.4% from a year earlier. Postpaid subscribers totaled 60.1 million in Q4 2008.
- Wireless data revenues in Q4 2008 were $3.1 billion, up 51.7% year-over-year, reflecting increased data usage and adoption of smartphones.
This document provides financial and operational results for AT&T across several business segments. Key highlights include:
- Wireless operating revenues increased 6% to $49.3 billion in 2008, with segment income increasing 58% to $10.8 billion. The number of wireless customers grew 5% to over 77 million.
- Wireline operating revenues declined 2% to $69.9 billion while segment income declined 7% to $11.2 billion in 2008 compared to 2007.
- Advertising & Publishing operating revenues declined 6% to $5.5 billion in 2008, with segment income declining 20% to $1.7 billion.
Example Presentation Of Financial Reports Powerpoint Presentation SlidesSlideTeam
The document appears to be a presentation of financial reports for a company. It includes sections on the company's profit and loss report with key performance indicators over four quarters, a profit and loss report in tabular form, a balance sheet with key metrics over four quarters and in tabular form, a cash flow statement with metrics over four quarters and in tabular form, financial projections for income statement and balance sheet for multiple years, key financial ratios, and liquidity and profitability ratios. The presentation provides an overview of the company's financial performance and projections across various financial reports for analysis.
Maruti Suzuki's balance sheet from 2013 to 2022 is summarized as follows:
1) Total assets grew from Rs. 275 billion in 2013 to Rs. 519 billion in 2022, with non-current assets like property, plant, and equipment and capital work-in-progress being the major components.
2) Total equity increased from Rs. 190 billion to Rs. 371 billion over the period, with retained earnings being a key contributor.
3) Liabilities also rose, with current liabilities like trade payables forming a larger portion than non-current liabilities such as borrowings and provisions.
Example Presentation Of Financial Reports PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
The document outlines the responsibilities of directors of a company with respect to financial statements. The directors are responsible for preparing annual financial statements that give a true and fair view of the company's financial position. Their responsibilities include ensuring appropriate internal controls, keeping accurate accounting records in compliance with relevant laws, using suitable accounting policies, and assessing the company's ability to continue as a going concern.
Muthengi mike bamburi financial model - enhancementMike Muthengi
The document contains a financial model for Bamburi Cement Limited including an income statement, balance sheet, cash flow statement, assumptions, and notes. It shows projected growth in revenue, earnings, and cash flows over the period 2017-2021. Key assumptions include revenue growth of 5% annually, declining cost of goods sold as a percentage of revenue, and increasing SG&A expenses. The model indicates increasing profitability, cash flows, and dividends over the projection period.
This document contains notes and assumptions for a business plan prepared by Investaura Management Consultants for an unnamed company. It identifies two key value creation levers as expanding into new international markets and increasing sales of new product lines. While two other levers are noted as substantial, they were not quantified. The document includes historical financials and key performance metrics for the company from 2005-2013 and disclaims that the forecasts are preliminary and subject to due diligence.
This document analyzes and compares the financial performance of Coca-Cola and PepsiCo over three years from 2011-2013. It includes common-size income statements and balance sheets, comparative income statements and balance sheets, calculated financial ratios, and bond price analysis for both companies. The analysis shows that while both companies experienced revenue growth over the period, Coca-Cola had higher net income and stronger liquidity and return on asset ratios compared to PepsiCo.
This document provides financial projections and analysis for Waterview Apartments, a 562-unit multifamily property located in an excellent growth market. Key details include:
- Projected rental income of $9.5 million in year 1 growing to $14.9 million in year 11. Expenses are estimated at $4.2 million in year 1 growing to $7.3 million in year 11.
- Net operating income is projected to be $4.6 million in the first year growing to $7.6 million in year 11.
- The property is valued at $85 million with a first mortgage of $63.75 million at 5% for 30 years.
- Internal rates
The document summarizes capital budgeting analyses for two potential new product lines for New Heritage Doll Company:
1) Match My Doll clothing line extension, which has a positive NPV of $7,150 and IRR above the company's hurdle rate, indicating it should be accepted.
2) Design Your Own Doll, which has a negative NPV without considering terminal value but a positive NPV of $7,298 and IRR of 18.33% when factoring in terminal value, suggesting it may also be worthwhile but is more marginal.
The document provides a discounted cash flow (DCF) valuation for ACC Limited, an Indian cement company. It includes projections for revenue, expenses, profits, capital expenditures, working capital, and free cash flows through 2026. It then calculates the weighted average cost of capital (WACC) of 10.71% and uses a 4% terminal growth rate to determine an intrinsic value per share of INR 2,409.47, higher than the current market price. Sensitivity analysis shows the valuation is robust to changes in the WACC and long-term growth rate.
- Net sales and operating income increased 20% to Rs. 5,125 crores from Rs. 4,270 crores previously. Operating profit increased 86% to Rs. 1,154 crores from Rs. 621 crores.
- Profit after tax for the current year was Rs. 775 crores, a growth of 114% from Rs. 362 crores in the previous year.
- Exceptional items for the current year included a write back of Rs. 25.46 crores from the diminution in value of investments in a subsidiary.
This document analyzes the financial statements of PepsiCo and Coca-Cola from 2008-2014. It includes income statements, balance sheets, cash flow statements, and key financial ratios for both companies. The document is divided into sections on overview, financial analysis, conclusion, and references. Key financial metrics such as revenues, expenses, assets, liabilities, cash flows, current ratios, debt ratios, and interest coverage are compared between the two companies.
This document contains ratio analyses for the years 2015 and 2014. Ratio analyses are used to evaluate a firm's financial performance in key areas like short-term solvency, debt management, asset management, profitability, and market value. The document provides calculations for liquidity ratios, debt ratios, profitability ratios, and marketability ratios for both years. These ratios indicate the company's ability to meet short-term obligations, use of debt financing, operating efficiency, and stock valuation.
The document provides an overview of a company's 2Q14 financial results and operational metrics. Key points include:
- Gross revenues increased 12.8% year-over-year to R$953.3 million while gross margin was 19.6%
- The company has a total of 1,219 stores, including 718 owned stores and 501 franchises
- EBITDA was negative R$-82.8 million with an EBITDA margin of -8.7% and a net loss of R$143.1 million
- Initiatives are underway to improve operations, commercial activities, reduce expenses, capture synergies, and normalize debt levels.
This document provides financial and operational results for AT&T's wireless segment. Some key highlights include:
- Wireless operating revenues for 2008 were $49.3 billion, up 15.6% from 2007. Segment income was $10.8 billion for 2008, up 58.5% from 2007.
- As of December 31, 2008, AT&T had 77 million wireless customers, up 10.4% from a year earlier. Postpaid subscribers totaled 60.1 million in Q4 2008.
- Wireless data revenues in Q4 2008 were $3.1 billion, up 51.7% year-over-year, reflecting increased data usage and adoption of smartphones.
This document provides financial and operational results for AT&T across several business segments. Key highlights include:
- Wireless operating revenues increased 6% to $49.3 billion in 2008, with segment income increasing 58% to $10.8 billion. The number of wireless customers grew 5% to over 77 million.
- Wireline operating revenues declined 2% to $69.9 billion while segment income declined 7% to $11.2 billion in 2008 compared to 2007.
- Advertising & Publishing operating revenues declined 6% to $5.5 billion in 2008, with segment income declining 20% to $1.7 billion.
Example Presentation Of Financial Reports Powerpoint Presentation SlidesSlideTeam
The document appears to be a presentation of financial reports for a company. It includes sections on the company's profit and loss report with key performance indicators over four quarters, a profit and loss report in tabular form, a balance sheet with key metrics over four quarters and in tabular form, a cash flow statement with metrics over four quarters and in tabular form, financial projections for income statement and balance sheet for multiple years, key financial ratios, and liquidity and profitability ratios. The presentation provides an overview of the company's financial performance and projections across various financial reports for analysis.
Maruti Suzuki's balance sheet from 2013 to 2022 is summarized as follows:
1) Total assets grew from Rs. 275 billion in 2013 to Rs. 519 billion in 2022, with non-current assets like property, plant, and equipment and capital work-in-progress being the major components.
2) Total equity increased from Rs. 190 billion to Rs. 371 billion over the period, with retained earnings being a key contributor.
3) Liabilities also rose, with current liabilities like trade payables forming a larger portion than non-current liabilities such as borrowings and provisions.
Example Presentation Of Financial Reports PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
The document outlines the responsibilities of directors of a company with respect to financial statements. The directors are responsible for preparing annual financial statements that give a true and fair view of the company's financial position. Their responsibilities include ensuring appropriate internal controls, keeping accurate accounting records in compliance with relevant laws, using suitable accounting policies, and assessing the company's ability to continue as a going concern.
Muthengi mike bamburi financial model - enhancementMike Muthengi
The document contains a financial model for Bamburi Cement Limited including an income statement, balance sheet, cash flow statement, assumptions, and notes. It shows projected growth in revenue, earnings, and cash flows over the period 2017-2021. Key assumptions include revenue growth of 5% annually, declining cost of goods sold as a percentage of revenue, and increasing SG&A expenses. The model indicates increasing profitability, cash flows, and dividends over the projection period.
This document contains notes and assumptions for a business plan prepared by Investaura Management Consultants for an unnamed company. It identifies two key value creation levers as expanding into new international markets and increasing sales of new product lines. While two other levers are noted as substantial, they were not quantified. The document includes historical financials and key performance metrics for the company from 2005-2013 and disclaims that the forecasts are preliminary and subject to due diligence.
This document analyzes and compares the financial performance of Coca-Cola and PepsiCo over three years from 2011-2013. It includes common-size income statements and balance sheets, comparative income statements and balance sheets, calculated financial ratios, and bond price analysis for both companies. The analysis shows that while both companies experienced revenue growth over the period, Coca-Cola had higher net income and stronger liquidity and return on asset ratios compared to PepsiCo.
This document provides financial projections and analysis for Waterview Apartments, a 562-unit multifamily property located in an excellent growth market. Key details include:
- Projected rental income of $9.5 million in year 1 growing to $14.9 million in year 11. Expenses are estimated at $4.2 million in year 1 growing to $7.3 million in year 11.
- Net operating income is projected to be $4.6 million in the first year growing to $7.6 million in year 11.
- The property is valued at $85 million with a first mortgage of $63.75 million at 5% for 30 years.
- Internal rates
The document summarizes capital budgeting analyses for two potential new product lines for New Heritage Doll Company:
1) Match My Doll clothing line extension, which has a positive NPV of $7,150 and IRR above the company's hurdle rate, indicating it should be accepted.
2) Design Your Own Doll, which has a negative NPV without considering terminal value but a positive NPV of $7,298 and IRR of 18.33% when factoring in terminal value, suggesting it may also be worthwhile but is more marginal.
The document provides a discounted cash flow (DCF) valuation for ACC Limited, an Indian cement company. It includes projections for revenue, expenses, profits, capital expenditures, working capital, and free cash flows through 2026. It then calculates the weighted average cost of capital (WACC) of 10.71% and uses a 4% terminal growth rate to determine an intrinsic value per share of INR 2,409.47, higher than the current market price. Sensitivity analysis shows the valuation is robust to changes in the WACC and long-term growth rate.
- Net sales and operating income increased 20% to Rs. 5,125 crores from Rs. 4,270 crores previously. Operating profit increased 86% to Rs. 1,154 crores from Rs. 621 crores.
- Profit after tax for the current year was Rs. 775 crores, a growth of 114% from Rs. 362 crores in the previous year.
- Exceptional items for the current year included a write back of Rs. 25.46 crores from the diminution in value of investments in a subsidiary.
This document analyzes the financial statements of PepsiCo and Coca-Cola from 2008-2014. It includes income statements, balance sheets, cash flow statements, and key financial ratios for both companies. The document is divided into sections on overview, financial analysis, conclusion, and references. Key financial metrics such as revenues, expenses, assets, liabilities, cash flows, current ratios, debt ratios, and interest coverage are compared between the two companies.
This document contains ratio analyses for the years 2015 and 2014. Ratio analyses are used to evaluate a firm's financial performance in key areas like short-term solvency, debt management, asset management, profitability, and market value. The document provides calculations for liquidity ratios, debt ratios, profitability ratios, and marketability ratios for both years. These ratios indicate the company's ability to meet short-term obligations, use of debt financing, operating efficiency, and stock valuation.
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CRYPTOCURRENCY REVOLUTIONIZING THE FINANCIAL LANDSCAPE AND SHAPING THE FUTURE...itsfaizankhan091
Cryptocurrency, a digital or virtual form of currency that uses cryptography for security, has revolutionized the financial landscape. Originating with Bitcoin's inception in 2009 by the pseudonymous Satoshi Nakamoto, cryptocurrencies have grown from niche curiosities to mainstream financial instruments, reshaping how we think about money, transactions, and the global economy.
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Bitcoin was conceived as a peer-to-peer electronic cash system, aimed at providing an alternative to the traditional banking system plagued by inefficiencies, high fees, and lack of transparency. The underlying blockchain technology, a distributed ledger maintained by a network of nodes, ensures that every transaction is recorded and cannot be altered, thus providing a secure and transparent financial system.
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CRYPTOCURRENCY: REVOLUTIONIZING THE FINANCIAL LANDSCAPE AND SHAPING THE FUTURE
Cryptocurrency: Revolutionizing the Financial Landscape and Shaping the Future
Cryptocurrency, a digital or virtual form of currency that uses cryptography for security, has revolutionized the financial landscape. Originating with Bitcoin's inception in 2009 by the pseudonymous Satoshi Nakamoto, cryptocurrencies have grown from niche curiosities to mainstream financial instruments, reshaping how we think about money, transactions, and the global economy.
#### The Genesis of Cryptocurrency
The birth of Bitcoin marked the beginning of the cryptocurrency era. Unlike traditional currencies issued by governments and controlled by central banks, Bitcoin operates on a decentralized network using blockchain technology. This technology ensures transparency, security, and immutability of transactions, fundamentally challenging the centralized financial systems that have dominated for centuries.
Bitcoin was conceived as a peer-to-peer electronic cash system, aimed at providing an alternative to the traditional banking system plagued by inefficiencies, high fees, and lack of transparency. The underlying blockchain technology, a distributed ledger maintained by a network of nodes, ensures that every transaction is recorded and cannot be altered, thus providing a secure and transparent financial system.
#### The Proliferation of Altcoins
Following Bitcoin's success, thousands of alternative cryptocurrencies, or altcoins, have emerged. Each of these altcoins aims to improve upon Bitcoin or serve specific purposes within the digital economy. Notable examples include Ethereum, which introduced smart contracts – self-executing contracts with the terms of the agreement
5 Compelling Reasons to Invest in Cryptocurrency NowDaniel
In recent years, cryptocurrencies have emerged as more than just a niche fascination; they have become a transformative force in global finance and technology. Initially propelled by the enigmatic Bitcoin, cryptocurrencies have evolved into a diverse ecosystem of digital assets with the potential to reshape how we perceive and interact with money.
PFMS, India's Public Financial Management System, revolutionizes fund tracking and distribution, ensuring transparency and efficiency. It enables real-time monitoring, direct benefit transfers, and comprehensive reporting, significantly improving financial management and reducing fraud across government schemes.
8. Balance Sheet Amount (in Rs Crores)
Particulars 2,018 2,019 2,020 2,021 2,022 2,023 2,024 2,025
Non Current Assets
Property/Plant/Equipment - Gross 3,485 3,719 3,998 5,117 3,458 3,808 4,193 4,617
(-) Accumulated Depreciation 1,085 1,377 1,819 2,123 345 380 419 461
Property/Plant/Equipment - Net 2,401 2,341 2,179 2,994 3,112 3,427 3,774 4,156
Capital Work in Progress 105 143 639 246 346 381 420 462
Long Term Investments 733 744 741 711 705 699 692 685
Long Term Receivable 43 47 47 49 51 53 54 56
Deferred Tax Assets (net) - - 20 26 12 12 12 12
Other Long Term Assets 69 80 89 1,445 476 524 577 635
Total Non Currents Assets 3,351 3,355 3,715 5,471 4,702 5,095 5,529 6,007
Current Assets
Inventory 977 1,290 1,433 1,596 1,645 1,811 1,994 2,196
Net Trade Receivables 211 198 232 294 292 321 354 390
Cash 1,599 1,293 1,755 719 1,727 1,901 2,094 2,305
Short Term Investments 1,925 1,007 723 63 131 144 159 175
Other Current Assets 24 28 43 67 49 54 60 66
Total Current Assets 4,736 3,817 4,185 2,739 3,843 4,232 4,660 5,131
Total Assets 8,088 7,172 7,900 8,210 8,546 9,328 10,189 11,138
Equity Shareholder's Funds
Equity Share Capital 96 96 96 96 96 96 96 96
Reserves & Surplus 3,577 1,822 1,923 1,988 1,633 1,728 1,835 1,952
Net Worth 3,673 1,918 2,019 2,084 1,729 1,825 1,931 2,049
Non Current Liabilities
Long Term Debt 35 53 32 27 47 52 57 63
Capital Lease Obligations - 90 66 190 136 149 164 181
Deferred Income Tax liability 59 13 - - 36 36 36 36
Other Liabilities 2,465 2,907 3,290 3,305 3,744 4,122 4,539 4,998
Total Non Current Liabilities 2,559 3,064 3,388 3,522 3,962 4,359 4,797 5,278
Current Liabilites
Accounts Payable 1,240 1,492 1,517 1,735 1,870 2,060 2,268 2,497
Accrued Expenses 138 185 235 218 241 266 293 322
Current Port. of LT Debt/Capital Leases - 46 50 48 44 48 53 58
Other Current liabilities 477 468 691 602 699 770 848 934
Total Current Liabilities 1,855 2,191 2,493 2,603 2,855 3,143 3,461 3,811
Total Liabilities and Shareholders' Equity 8,088 7,172 7,900 8,210 8,546 9,328 10,189 11,138
Actuals Estimates
9. Assumptions
Particulars 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E Notes to information
Property/Plant/Equipment - Gross 2,401 2,341 2,179 2,994 3,112 3,427 3,774 4,156
% of Revenue 21% 19% 16% 20% 19% 19% 19% 19% Last 4 years Average
Capital Work in Progress 105 143 639 246 346 381 420 462
% of Revenue 1% 1% 5% 2% 2% 2% 2% 2% Last 4 years Average
Long Term Investments 733 744 741 711 705 699 692 685
Y-O-Y- Growth % - 1% 0% -4% -1% -1% -1% -1% Last 4 years Average % of growth
Long Term Receivable 43 47 47 49 51 53 54 56
Y-O-Y- Growth % - 9% -1% 5% 3% 3% 3% 3% Last 4 years Average % of growth
Other Long Term Assets 69 80 89 1,445 476 524 577 635
% of Revenue 1% 1% 1% 10% 3% 3% 3% 3% Last 4 years Average
Inventory 977 1,290 1,433 1,596 1645 1811 1994 2196
Days Inventory 77 89 91 91 87 87 87 87 Last 4 years Average
Total Net Trade Receivables 211 198 232 294 292 321 354 390
Days Receivables 7 6 6 7 7 7 7 7 Last 4 years Average
Cash 1,599 1,293 1,755 719 1,727 1,901 2,094 2,305
% of Revenue 14% 10% 13% 5% 11% 11% 11% 11% Last 4 years Average
Short Term Investment 1,925 1,007 723 63 131 144 159 175
% of Revenue 17% 8% 5% 0% 8% 8% 8% 8% Last 4 years Average
Other Current Assets 24 28 43 67 49 54 60 66
% of Revenue 0.2% 0.2% 0.3% 0.5% 0.3% 0.3% 0.3% 0.3% Last 4 years Average
Long Term Debt 35 53 32 27 47 52 57 63
% of Revenue 0% 0% 0% 0% 0.3% 0.3% 0.3% 0.3% Last 4 years Average
Capital Lease Obligations - 90 66 190 136 149 164 181
10. % of Revenue 0.7% 0.5% 1.3% 0.8% 0.8% 0.8% 0.8% Last 4 years Average
Other Liabilities 2,465 2,907 3,290 3,305 3,744 4,122 4,539 4,998
% of Revenue 22% 24% 25% 22% 23.1% 23.1% 23.1% 23.1% Last 4 years Average
Accounts Payable 1,240 1,492 1,517 1,735 1870 2060 2268 2497
Days Payables 97 103 97 99 99 99 99 99 Last 4 years Average
Accrued Expenses 138 185 235 218 241 266 293 322
% of Revenue 1% 1% 2% 1% 1% 1% 1% 1% Last 4 years Average
Current Port. of LT Debt/Capital Leases - 46 50 48 44 48 53 58
% of Revenue - 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% Last 4 years Average
Other Current liabilities 477 468 691 602 699 770 848 934
% of Revenue 4% 4% 5% 4% 4% 4% 4% 4% Last 4 years Average
11. Cash Flow Statement Amount (in Rs Crores)
Particulars 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E
Cash From Operating Activities
Profit Before Tax 2,429 2,673 2,813 2,884 3,409 3,742 4,109 4,515
Adjustments:
Depreciation and Amortisation 336 370 370 390 345 380 419 461
Non-Cash Items (244) (239) (122) (122) (130) (139) (149) (403)
Changes in Working Capital 413 163 97 (152) 853 100 110 121
Income taxes paid (net of refunds) (881) (673) (703) (729) (780) (834) (893) (955)
Net Cash Generated From Operating Activities 2,052 2,295 2,454 2,271 3,697 3,248 3,596 3,739
Cash From Investing Activities
Capital Expenditures (166) (155) (478) (735) (464) (695) (766) (843)
Other Investing Cash Flow Items 114 238 157 (1,222) (230) (340) (594) (636)
Net Cash Generated From Investing Activities (52) 83 (321) (1,957) (694) (1,035) (1,360) (1,479)
Cash From Financing Activities
Payment of deferred VAT liabilities under state
government schemes - 18 3 (3) - - - -
Cash Dividends Paid (1,090) (2,950) (1,890) (1,928) (1,928) (1,928) (1,928) (1,928)
Interest on lease liabilities - (9) (1) (1) (1) (1) (1) (1)
Interest on bank overdraft (4) (2) (9) (8) (8) (8) (8) (8)
Prinicipal payment of lease liabilities - (52) (60) (78) (82) (86) (90) (95)
Other Financing Cash Flow Items (224) (606) 0 0 0 0 0 0
Net Cash Generated From Financing Activities (1,317) (3,602) (1,956) (2,019) (2,019) (2,023) (2,028) (2,032)
Foreign Exchange Effects - - - - - - - -
Net Change in Cash 683 (1,223) 177 (1,704) 984 190 209 229
Beginning Cash and Cash Equivalent 2,841 3,524 2,301 2,478 773 1,858 2,046 2,253
Closing Cash Cash and Cash Equivalent 3,524 2,301 2,478 773 1,858 2,046 2,253 2,480
Actuals Estimates
12. Ratio Analysis
Particulars 2018A 2019A 2020A 2021A Sparklines Trend
Liquidity Ratios 2018 2019 2020 2021
Current Ratio (X) Current Assets/Current Liabilities 2.55 1.74 1.68 1.05
Quick Ratio (X) Quick Aseets/Current Liabilities 2.03 1.16 1.11 0.45
Debt to Equity (x) Long term Debt/Shareholders Equity Fund 0.01 0.03 0.02 0.02
Interest Coverage Ratios (X) EBIT/Interest 22.7 21.71 20.39 18.45
Efficiency/Activity Ratios
Asset Turnover Ratio (%) Total Sales /Total Assets 139.61 172.43 1.77 1.83
Inventory Turnover Ratio (X) COGS/Average Inventory 11.7 9.64 4.11 4.11
Profitability Ratios
EBITDA Margin (%) EBITDA/Sales*100 25.47 25.65 25.07 25.23
EBIT Margin (%) EBIT/Sales*100 22.5 22.65 22.29 22.58
EBT Margin (%) EBT/Sales*100 21.5 21.61 21.06 19.6
Net Profit Margin (%) EAT/Sales*100 14.23 15.91 15.59 14.58
Return on Networth / Equity (%) PAT/Equity shareholder Funds*100 45.3 70.5 104.5 105.8
Return on Capital Employed (%) PAT/Capital Employed*100 40.76 56.25 55.05 59.24
Return on Assets (%) PAT/Total Assets*100 19.86 27.44 26.36 26.12
Basic EPS (Rs.) Profit available for ESH /No. of Equity share 166.67 204.28 215.98 222.46
Diluted EPS (Rs.) (PAT after diluted adjustment/ Diluted Shares 166.67 204.28 215.98 222.46
Cash EPS (Rs.) Operating Cash Flow / Equity Shares Outstanding 201.47 242.54 254.39 262.92
Book Value / Share (Rs.) Book Value of Assets /No. of Equity share 381.01 199.01 209.43 216.19
Dividend / Share (Rs.) Divident Paid /No. of Equity share 115 342 200 200
Dividend Payout Ratio (%) DPS/EPS*100 68% 150% 91% 90%
Earnings Retention Ratio (%) RPS/EPS*100 32% -50% 9% 10%
Earnings Yield EPS/MPS*100 2% 1% 1% 1%
Valuation Ratios
P/E Ratio MPS/EPS 66.51 72.38 85.15 88.58
Enterprise Value (Cr.) MV of (Equity Shares + Preferred Shares + Debt) +
Minority Interest – Cash and Equivalents
105521 141350 175604 189328
EV/Net Operating Revenue (X) 9.34 11.43 13.15 12.87
EV/EBITDA (X) 36.68 44.55 52.46 51.01
MarketCap/Net Operating Revenue (X) 9.48 11.53 13.28 12.92
Price/BV (X) 29.15 74.32 87.82 91.16
Price/Net Operating Revenue 9.48 11.53 13.28 12.92
13. Risk Free Rate 7.30% Government security 5.74% GS 2026
Market Return (Nifty) 13.37% Average of last 4 years Nifty Returns
Market Risk Premium 6.07%
Beta 0.26 Information available on Internet
Cost of Equity (Ke) 8.9%
Cost of Debt (kd) 0% Interest free, Payment of deferred VAT liabilities under state government schemes
WACC 8.7% Average of last 4 years of Debt/Equity ratio weightage
Particulars 2018A 2019A 2020A 2021A
Equity Shareholders Funds 3,674 1,919 2,019 2,084
Long Term Borrowing Debt 35 53 32 27
Total 3,709 1,972 2,051 2,112
% of Equity (We) 99% 97% 98% 99%
% of Debt (Wd) 1% 3% 2% 1%
Calculation of Weightage Average Cost of Capital
WACC = Ke* We + Kd* Wd
14. Discounted Cash Flow
Amount (in Rs Crores)
Particulars 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E
Cash Flow From Operating Activities 2,052 2,295 2,454 2,271 3,697 3,248 3,596 3,739
Capital Expenditure (166) (155) (478) (735) (464) (695) (766) (843)
Free Cash Flow to Firm (UFCF) 1,886 2,141 1,976 1,537 3,233 2,553 2,831 2,896
Discount Factor @8.7% 0.92 0.85 0.78 0.72
Discounted Cash Flow (A) 2,974 2,161 2,204 2,075
1,30,633
2,62,588
2,62,588
Discounted Terminal Value (B) 1,88,091
Total Present Value of Firm , C = A+B 1,97,505
Discounted Cash Flow
Market Capitalisation
Enterprise Value (EV/EBITDA)
Assumptions
Discount Rate as per WACC 8.7%
Perputual Growth Rate 7%
EV/EBITDA Multiple 51
Value of Firm
1,97,505
1,89,993
1,89,328
Terminal Value
Actuals Estimates
Terminal Value
By Perputal Growth Calculation
By EV/EVITDA Multiple
15. Case 1 Best 1 Best
Case 2 Base Best Base
Case 3 Worse Worse
Particulars 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E Notes to information
Revenue From Operations 11292 12369 13350 14709 16932 19491 22437 25828
Y-O-Y- Growth % 13% 9.5% 7.9% 10.2% 15% 15% 15% 15%
Best 15% 15% 15% 15% Base Case + 5%
Base 10% 10% 10% 10% Last 4 years Average of revenue growth
Worst 5% 5% 5% 5% Base Case -5%
Other Income 259 247 146 120 117 115 112 110
Y-O-Y- Growth % 46% -4.6% -40.9% -17.8% -2% -2% -2% -2%
Best -2% -2% -2% -2% Base Case + 2%
Base -4% -4% -4% -4% Last 4 years Average of % of Revenue
Worst -6% -9% -9% -9% Base Case -2%
Manufacturing Expenses 344 341 314 409 802 923 1062 1223
% of Revenue 3% 3% 2% 3% 5% 5% 5% 5%
Best 5% 5% 5% 5% Base Case + 2%
Base 3% 3% 3% 3% Last 4 years Avergage of % of Revenue
Worst 1% 1% 1% 1% Base Case -2%
Material Consumed 4,644 5,277 5,729 6,381 9413 13887 20486 30221
% of Revenue 41% 43% 43% 43% 48% 48% 48% 48%
Best 48% 48% 48% 48% Base Case + 2%
Base 43% 43% 43% 43% Last 4 years Avergage of % of Revenue
Worst 38% 38% 38% 38% Base Case -2%
Particulars 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E Notes to information
Employee Benefit Expenses 1,124 1,258 1,501 1,521 1756 2026 2339 2700
Selected
Case
Scenerio Analysis
16. % of Revenue 10% 10% 11% 10% 15% 15% 15% 15%
Best 15% 15% 15% 15% Base Case + 5%
Base 10% 10% 10% 10% Last 4 years Avergage of % of Revenue
Worst 5% 5% 5% 5% Base Case -5%
Selling Expenses 729 785 764 764 848 940 1043 1157
% of Revenue 6% 6% 6% 5% 11% 11% 11% 11%
Best 11% 11% 11% 11% Base Case + 2%
Base 6% 6% 6% 6% Last 4 years Average of % of Revenue
Worst 1% 1% 1% 1% Base Case -2%
Administrative Expenses 1,833 1,782 1,841 2,042 2381 2775 3235 3772
% of Revenue 16% 14% 14% 14% 17% 17% 17% 17%
Best 17% 17% 17% 17% Base Case + 2%
Base 15% 15% 15% 15% Last 4 years Average of % of Revenue
Worst 13% 13% 13% 13% Base Case -2%
Depreciation and Amortisation 336 370 370 390 437 480 529 581
% of Fixed Assets 10% 10% 10% 10% 12% 10% 10% 10%
Best 12% 12% 12% 12% Base Case + 2%
Base 10% 10% 10% 10% Last 4 years Average of % of Revenue
Worst 8% 8% 8% 8% Base Case -2%
Interest 112 129 164 201 221 239 258 279
Interest % of Lease liability 8% 8% 8% 8% 10% 8% 8% 8%
Best 10% 10% 10% 10% Base Case + 2%
Base 8% 8% 8% 8% Last 4 years Average of % of Revenue
Worst 6% 6% 6% 6% Base Case -2%
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