Post on 03-Jun-2018
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b)
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Assumption and Approach
Market Analysis/Beta Calculation
Cement Industry-UltraTech
Pharma Industry-GlenMark
IT Software Industry-HCL
Industry Ratios
Amit Kumar
Madhu Prasad
Deepak Nauriyal
Jagdish Kumar Agarwal
Karthiksreenivas Vankadari
Hard coding and assumption in BLUE color
Formulas entered in the model should be in BLACK
Cells linked to other cells should be in GREEN color
Enter all negetive values with a negetive sign
Negative numbers be expressed as -ve 250.0, not (250.0) 0r (-250.0)
Use '%" instead of the word 'percent'
Capital Structure
Color Coding Convention Used
Group Members
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INDEX
S.No Description Parameter
1
eturn on
equity R s = R f+ s (R m- Rf)
2 Beta value s
3 Risk free rate R f
4 Market return R m5 WACC Cost of Capital
S.No Description Parameter
1 Industry Debt Equity Ratio
2 Debt Ratio Capital Structure
3 Market return Market Return
4 Risk free rate R f
5 Market return R m
Methodology: Capital Asset Pricing Model (CAPM) model is used to estimate the
expected by any power generation company operating in India considering the s
profitability
Govt Security rate
Arithmetic mean of BSE SENS
considered for 3 years
Methodology for calculating Return on Equity
Me
Using CAPM model
Hamada equation
364 day latest T- Bill rate take
Arithmetic mean of BSE SENS
Only Long term and short ter
Industry taken for particular se
diversification
Market Return of last 3 years
Ke* E/(D+E) + Kd* D/(D+E)*(
Assumption
As
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eturn on equity
ecific characteristics of the project type and not linked to subjective
Capital line Plus
364 day T-Bill
EX market return is BSE SENSEX
(www.bseindia.com)
hodology Reference
National Stock Exchange
of India Limited -
n as 8.6% RBI
X market return is considered for 3 y
BSE SENSEX
(www.bseindia.com)
debt considered
gment in India only based on its
Capitaline
MoneyControl
taken as 10% MoneyControl
-T)
sumption Reference
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INDEX
Date
BSE_SENS
EX
Ultratech
Price HCL GlenMark
Return(
Market)
Return(Ult
ratech )
Return(HC
L)
Return(Gl
enMark)
24/01/2014 21,133.56 1,699.90 1,413.45 509.05 -0.0113 -0.00575 0.001274 0.001376
23/01/2014 21,373.66 1,709.70 1,411.65 508.35 0.001685 0.005601 -0.02428 0.007008
22/01/2014 21,337.67 1,700.15 1,446.35 504.80 0.004064 -2.9E-05 0.003359 0.004467
21/01/2014 21,251.12 1,700.20 1,441.50 502.55 0.00217 -0.01155 0.006682 0.00189220/01/2014 21,205.05 1,719.95 1,431.90 501.60 0.006692 0.002212 0.036086 -0.01337
17/01/2014 21,063.62 1,716.15 1,381.15 508.35 -0.00952 -0.01716 -0.00775 0.007999
16/01/2014 21,265.18 1,745.85 1,391.90 504.30 -0.00114 0.023295 0.041439 0.00497
15/01/2014 21,289.49 1,705.65 1,335.40 501.80 0.012127 0.032323 0.009669 -0.00358
14/01/2014 21,032.88 1,651.40 1,322.55 503.60 -0.00481 -0.01437 -0.01668 -0.01469
13/01/2014 21,134.21 1,675.30 1,344.80 511.05 0.017938 0.001404 0.034458 -0.0077
10/1/2014 20,758.49 1,672.95 1,299.25 515.00 0.002176 -0.00679 0.01099 0.00068
9/1/2014 20,713.37 1,684.35 1,285.05 514.65 -0.00077 -0.00754 0.028334 0.001458
8/1/2014 20,729.38 1,697.10 1,249.15 513.90 0.001745 0.003453 -0.00483 -0.00126
7/1/2014 20,693.24 1,691.25 1,255.20 514.55 -0.00454 -0.01741 0.003112 -0.0063
6/1/2014 20,787.30 1,720.95 1,251.30 517.80 -0.00308 -0.00481 -0.00768 0.004355
3/1/2014 20,851.33 1,729.25 1,260.95 515.55 -0.00177 -0.00136 0.007523 -0.01673
2/1/2014 20,888.33 1,731.60 1,251.50 524.25 -0.012 -0.01964 -0.0053 -0.01091
1/1/2014 21,140.48 1,765.95 1,258.15 530.00 -0.00143 0.001473 -0.00393 -0.0063
31/12/2013 21,170.68 1,763.35 1,263.10 533.35 0.001308 0.013014 0.011987 0.00244
30/12/2013 21,143.01 1,740.55 1,248.05 532.05 -0.00239 -0.01712 -0.001 -0.01056
27/12/2013 21,193.58 1,770.60 1,249.30 537.70 0.00563 -0.00521 0.002484 0.008592
26/12/2013 21,074.59 1,779.85 1,246.20 533.10 0.001989 -0.00856 0.00644 -0.01619
24/12/2013 21,032.71 1,795.15 1,238.20 541.80 -0.00324 0.016003 -0.00343 0.025611
23/12/2013 21,101.03 1,766.65 1,242.45 528.10 0.00101 0.012646 0.004962 0.003509
20/12/2013 21,079.72 1,744.45 1,236.30 526.25 0.017761 0.00826 0.001903 0.00142619/12/2013 20,708.62 1,730.10 1,233.95 525.50 -0.00728 -0.01549 0.029943 0.006204
18/12/2013 20,859.86 1,757.10 1,197.55 522.25 0.011947 0.001965 0.020415 -0.00658
17/12/2013 20,612.14 1,753.65 1,173.35 525.70 -0.0023 -0.00962 -0.01169 0.010517
16/12/2013 20,659.52 1,770.60 1,187.15 520.20 -0.00271 -0.02016 0.004305 -0.00432
13/12/2013 20,715.58 1,806.65 1,182.05 522.45 -0.01009 -0.03446 0.001524 -0.00096
12/12/2013 20,925.61 1,870.00 1,180.25 522.95 -0.01168 -0.01715 0.003522 -0.00895
11/12/2013 21,171.41 1,902.35 1,176.10 527.65 -0.00395 -0.0137 0.01845 -0.01887
10/12/2013 21,255.26 1,928.60 1,154.60 537.70 -0.00334 -0.00075 0.010666 0.010657
9/12/2013 21,326.42 1,930.05 1,142.35 532.00 0.015589 0.024388 0.01344 0.013055
6/12/2013 20,996.53 1,883.55 1,127.10 525.10 0.001846 0.005483 0.016956 -0.00655
5/12/2013 20,957.81 1,873.25 1,108.15 528.55 0.011957 -0.00085 -0.00778 0.007311
4/12/2013 20,708.71 1,874.85 1,116.80 524.70 -0.00704 -0.01051 -0.00166 0.009286
3/12/2013 20,854.92 1,894.65 1,118.65 519.85 -0.00206 -0.00087 -0.01151 -0.00413
2/12/2013 20,898.01 1,896.30 1,131.60 522.00 0.005089 -0.00473 0.040625 0.011755
29/11/2013 20,791.93 1,905.30 1,086.55 515.90 0.012439 0.000472 0.022854 0.017994
28/11/2013 20,534.91 1,904.40 1,062.00 506.70 0.005599 0.018442 0.003915 0.03117
27/11/2013 20,420.26 1,869.60 1,057.85 491.15 -0.00023 0.006924 -0.00033 -0.02583
26/11/2013 20,425.02 1,856.70 1,058.20 504.00 -0.00878 -0.01643 0.004974 -0.01311
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25/11/2013 20,605.08 1,887.45 1,052.95 510.65 0.018995 0.03727 0.002663 -0.00117
22/11/2013 20,217.39 1,818.40 1,050.15 511.25 -0.00058 -0.01804 -0.01226 0.004312
21/11/2013 20,229.05 1,851.50 1,063.10 509.05 -0.01988 -0.02269 -0.02145 -0.01084
20/11/2013 20,635.13 1,894.00 1,086.15 514.60 -0.01231 -0.01384 -0.01535 -0.01782
19/11/2013 20,890.82 1,920.40 1,102.95 523.85 0.00192 -0.00607 0.006048 0.009398
18/11/2013 20,850.74 1,932.10 1,096.30 518.95 0.021883 0.025555 0.009624 0.018574
14/11/2013 20,399.42 1,883.35 1,085.80 509.40 0.010101 0.011106 -0.00679 0.02585213/11/2013 20,194.40 1,862.55 1,093.20 496.40 -0.00432 -0.01084 -0.00196 -0.02801
12/11/2013 20,281.91 1,882.85 1,095.35 510.50 -0.01025 -0.00988 -0.00814 -0.00108
11/11/2013 20,490.96 1,901.55 1,104.30 511.05 -0.00851 -0.01067 -0.0069 -0.02522
8/11/2013 20,666.15 1,921.95 1,111.95 524.10 -0.00755 -0.00638 0.007991 0.003153
7/11/2013 20,822.77 1,934.25 1,103.10 522.45 -0.00346 -0.00518 0.016683 0.004412
6/11/2013 20,894.94 1,944.30 1,084.85 520.15 -0.00381 0.000798 -0.014 -0.01375
5/11/2013 20,974.79 1,942.75 1,100.15 527.35 -0.01253 -0.00774 -0.0005 -0.03457
3/11/2013 21,239.36 1,957.85 1,100.70 545.90 0.002005 -0.00161 0.000909 0.010682
1/11/2013 21,196.81 1,961.00 1,099.70 540.10 0.001525 -0.00257 0.005883 -0.03957
31/10/2013 21,164.52 1,966.05 1,093.25 561.90 0.006187 -0.00198 0.007391 0.016147
30/10/2013 21,033.97 1,969.95 1,085.20 552.90 0.005003 -0.00824 0.004711 0.031416
29/10/2013 20,929.01 1,986.25 1,080.10 535.80 0.017289 0.024798 0.015535 0.006084
28/10/2013 20,570.28 1,937.60 1,063.45 532.55 -0.00549 -0.00332 -0.01447 -0.02988
25/10/2013 20,683.52 1,944.05 1,078.95 548.70 -0.00202 0.000257 0.023538 0.00082
24/10/2013 20,725.43 1,943.55 1,053.85 548.25 -0.00205 0.004538 -0.04762 -0.0187
23/10/2013 20,767.88 1,934.75 1,105.25 558.60 -0.00466 -0.01292 -0.00127 -0.00286
22/10/2013 20,864.97 1,959.90 1,106.65 560.20 -0.00139 0.002299 0.020633 0.004831
21/10/2013 20,893.89 1,955.40 1,084.05 557.50 0.000527 -0.00413 -0.01747 -0.0017
18/10/2013 20,882.89 1,963.50 1,103.15 558.45 0.022635 0.001351 0.018296 -0.00651
17/10/2013 20,415.51 1,960.85 1,083.15 562.10 -0.00645 -0.00427 -0.06889 0.005083
15/10/2013 20,547.62 1,969.25 1,160.40 559.25 -0.00291 -0.00342 0.000345 -0.0169314/10/2013 20,607.54 1,976.00 1,160.00 568.80 0.003838 0.005557 0.004406 0.006261
11/10/2013 20,528.59 1,965.05 1,154.90 565.25 0.012533 -0.00307 0.033815 -0.03725
10/10/2013 20,272.91 1,971.10 1,116.50 586.70 0.001167 0.000355 0.004218 0.027913
9/10/2013 20,249.26 1,970.40 1,111.80 570.55 0.013206 0.012461 0.004778 0.003512
8/10/2013 19,983.61 1,946.00 1,106.50 568.55 0.004439 0.021373 -0.00936 -0.00202
7/10/2013 19,895.10 1,904.85 1,116.90 569.70 -0.00105 -0.00136 0.019209 0.025511
4/10/2013 19,915.95 1,907.45 1,095.65 555.35 0.000697 0.009693 -0.00755 0.031368
3/10/2013 19,902.07 1,889.05 1,103.95 538.20 0.01953 0.041091 0.029695 0.001953
1/10/2013 19,517.15 1,813.00 1,071.65 537.15 0.007064 0.001905 -0.01542 0.01161
30/09/2013 19,379.77 1,809.55 1,088.30 530.95 -0.01777 -0.00908 0.016164 0.015373
27/09/2013 19,727.27 1,826.05 1,070.85 522.85 -0.00841 0.011235 0.016999 0.000957
26/09/2013 19,893.85 1,805.65 1,052.80 522.35 0.001892 0.006556 -0.00384 0.036357
25/09/2013 19,856.24 1,793.85 1,056.85 503.70 -0.00322 -0.0123 -0.0161 0.007673
24/09/2013 19,920.21 1,816.05 1,074.00 499.85 0.000967 0.014169 -0.01726 0.010154
23/09/2013 19,900.96 1,790.50 1,092.70 494.80 -0.01806 -0.03291 0.029298 -0.05953
20/09/2013 20,263.71 1,850.40 1,061.15 525.15 -0.01872 0.044055 0.036467 -0.01952
19/09/2013 20,646.64 1,770.65 1,023.15 535.50 0.033714 0.029313 -0.00769 0.013063
18/09/2013 19,962.16 1,719.50 1,031.05 528.55 0.007953 0.012789 -0.00643 -0.00397
17/09/2013 19,804.03 1,697.65 1,037.70 530.65 0.003113 0.025323 0.040513 -0.0016
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16/09/2013 19,742.47 1,655.20 996.50 531.50 0.000492 -0.03933 -0.04819 -0.006
13/09/2013 19,732.76 1,721.60 1,045.70 534.70 -0.00249 -0.01716 -0.02628 -0.0131
12/9/2013 19,781.88 1,751.40 1,073.55 541.75 -0.01084 0.010965 0.007761 0.011604
11/9/2013 19,997.45 1,732.30 1,065.25 535.50 1.8E-05 0.015885 0.005082 0.021709
10/9/2013 19,997.09 1,705.00 1,059.85 524.00 0.037034 0.062593 0.04186 -0.00912
6/9/2013 19,270.06 1,601.55 1,016.40 528.80 0.015179 0.043582 -0.00054 0.026832
5/9/2013 18,979.76 1,533.25 1,016.95 514.80 0.021958 0.03211 -0.02275 0.01314/9/2013 18,567.55 1,484.80 1,040.35 508.10 0.018091 0.029596 0.016915 -0.01193
3/9/2013 18,234.66 1,441.50 1,022.90 514.20 -0.0351 -0.03811 -0.01456 -0.00514
2/9/2013 18,886.13 1,497.50 1,037.90 516.85 0.014207 0.017413 -0.00034 0.005432
30/08/2013 18,619.72 1,471.65 1,038.25 514.05 0.011814 0.017203 0.020483 0.000389
29/08/2013 18,401.04 1,446.55 1,017.20 513.85 0.022249 -0.02107 0.039453 -0.00214
28/08/2013 17,996.15 1,477.35 977.85 514.95 0.001561 -0.05296 0.030738 -0.03642
27/08/2013 17,968.08 1,557.70 948.25 534.05 -0.03231 -0.02209 0.003327 -0.01929
26/08/2013 18,558.13 1,592.50 945.10 544.45 0.002087 0.007058 -0.00164 0.014989
23/08/2013 18,519.44 1,581.30 946.65 536.35 0.011213 -0.03395 0.047318 0.039941
22/08/2013 18,312.94 1,635.90 902.90 515.35 0.022477 0.007948 0.020759 -0.00116
21/08/2013 17,905.91 1,622.95 884.35 515.95 -0.01882 -0.01456 -0.01571 0.02066
20/08/2013 18,246.04 1,646.75 898.35 505.40 -0.00336 -0.00264 -0.03312 -0.05345
19/08/2013 18,307.52 1,651.10 928.60 533.15 -0.01575 -0.01887 0.009522 -0.00608
16/08/2013 18,598.18 1,682.55 919.80 536.40 -0.04054 -0.02622 -0.00109 0.007203
14/08/2013 19,367.59 1,727.25 920.80 532.55 0.007138 0.016697 -0.02096 -0.0265
13/08/2013 19,229.84 1,698.65 940.30 546.85 0.014819 0.005638 0.009295 -0.00883
12/8/2013 18,946.98 1,689.10 931.60 551.70 0.008355 0.010235 0.029411 -0.02956
8/8/2013 18,789.34 1,671.90 904.60 568.25 0.006646 0.017467 -0.00182 -0.00106
7/8/2013 18,664.88 1,642.95 906.25 568.85 -0.00365 -0.01642 -0.04018 0.028168
6/8/2013 18,733.04 1,670.15 943.40 553.05 -0.0237 -0.06035 -0.0065 0.008808
5/8/2013 19,182.26 1,774.05 949.55 548.20 0.000951 -0.00189 0.014373 -0.019242/8/2013 19,164.02 1,777.40 936.00 558.85 -0.00796 -0.02283 0.007022 -0.02378
1/8/2013 19,317.19 1,818.45 929.45 572.30 -0.00147 -0.00781 -0.00889 -0.00757
31/07/2013 19,345.70 1,832.70 937.75 576.65 -0.00014 -0.01822 0.03461 -0.00571
30/07/2013 19,348.34 1,866.40 905.85 579.95 -0.01258 -0.00726 0.009539 -0.00781
29/07/2013 19,593.28 1,880.00 897.25 584.50 -0.00788 0.008011 -0.00744 -0.01359
26/07/2013 19,748.19 1,865.00 903.95 592.50 -0.00286 0.006158 0.001882 0.014364
25/07/2013 19,804.76 1,853.55 902.25 584.05 -0.01433 -0.03402 0.003164 -0.03152
24/07/2013 20,090.68 1,917.70 899.40 602.75 -0.01047 0.00654 -0.00039 0.001162
23/07/2013 20,302.13 1,905.20 899.75 602.05 0.007069 -0.00802 0.010727 0.001746
22/07/2013 20,159.12 1,920.55 890.15 601.00 0.00046 -0.00672 -0.00264 -0.00266
19/07/2013 20,149.85 1,933.50 892.50 602.60 0.001065 0.00425 0.039248 0.007245
18/07/2013 20,128.41 1,925.30 858.15 598.25 0.008967 -0.00961 -0.01956 0.004439
17/07/2013 19,948.73 1,943.90 875.10 595.60 0.0049 0.003892 -0.00046 -0.01144
16/07/2013 19,851.23 1,936.35 875.50 602.45 -0.00919 -0.00399 0.001715 0.00241
15/07/2013 20,034.48 1,944.10 874.00 601.00 0.003801 0.001596 0.016032 0.005506
12/7/2013 19,958.47 1,941.00 860.10 597.70 0.014251 -0.01967 0.024302 -0.01148
11/7/2013 19,676.06 1,979.55 839.45 604.60 0.019602 0.013989 0.000536 0.021483
10/7/2013 19,294.12 1,952.05 839.00 591.75 -0.00751 0.012475 0.020774 0.010533
9/7/2013 19,439.48 1,927.85 821.75 585.55 0.005918 0.016448 0.004574 0.009351
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8/7/2013 19,324.77 1,896.40 818.00 580.10 -0.00881 -0.01148 0.029338 -0.0067
5/7/2013 19,495.82 1,918.30 794.35 584.00 0.004368 0.008875 -0.00565 0.016749
4/7/2013 19,410.84 1,901.35 798.85 574.30 0.01208 -0.00192 0.040165 0.010678
3/7/2013 19,177.76 1,905.00 767.40 568.20 -0.01481 -0.00985 0.001043 -0.01242
2/7/2013 19,463.82 1,923.85 766.60 575.30 -0.00582 -0.00101 0.009963 0.011802
1/7/2013 19,577.39 1,925.80 759.00 568.55 0.009318 0.026226 -0.02228 0.036723
28/06/2013 19,395.81 1,875.95 776.10 548.05 0.027168 -0.00029 -0.02368 0.0145227/06/2013 18,875.95 1,876.50 794.70 540.15 0.017305 0.05496 0.034826 0.034563
26/06/2013 18,552.12 1,776.15 767.50 521.80 -0.00414 -0.00547 0.021267 -0.0633
25/06/2013 18,629.15 1,785.90 751.35 555.90 0.004749 0.001429 -0.01164 0.012035
24/06/2013 18,540.89 1,783.35 760.15 549.25 -0.01251 -0.01699 0.000987 0.011721
21/06/2013 18,774.24 1,813.90 759.40 542.85 0.002931 -0.00182 -6.6E-05 -0.01916
20/06/2013 18,719.29 1,817.20 759.45 553.35 -0.02773 -0.01337 -0.02599 -0.03166
19/06/2013 19,245.70 1,841.65 779.45 571.15 0.001166 -0.01536 0.000963 -0.00689
18/06/2013 19,223.28 1,870.15 778.70 575.10 -0.00532 -0.01972 0.002507 0.010664
17/06/2013 19,325.87 1,907.40 776.75 569.00 0.007684 0.018226 0.01996 -0.00219
14/06/2013 19,177.93 1,872.95 761.40 570.25 0.01846 0.027415 0.007911 8.77E-05
13/06/2013 18,827.16 1,822.30 755.40 570.20 -0.0113 -0.00975 -0.00942 -0.02031
12/6/2013 19,041.13 1,840.15 762.55 581.90 -0.00534 -0.01081 0.008032 0.021013
11/6/2013 19,143.00 1,860.15 756.45 569.80 -0.01545 -0.01597 0.003509 0.027489
10/6/2013 19,441.07 1,890.10 753.80 554.35 0.000609 0.01791 0.01228 -0.03927
7/6/2013 19,429.23 1,856.55 744.60 576.55 -0.00463 -0.0225 -0.00402 -0.00441
6/6/2013 19,519.49 1,898.80 747.60 579.10 -0.00249 0.025658 0.027529 -0.03629
5/6/2013 19,568.22 1,850.70 727.30 600.50 0.001147 -0.0055 -0.01203 0.005092
4/6/2013 19,545.78 1,860.90 736.10 597.45 -0.0033 0.001291 -0.00704 0.020119
3/6/2013 19,610.48 1,858.50 741.30 585.55 -0.00761 -0.01636 -0.00739 -0.00952
31/05/2013 19,760.30 1,889.15 746.80 591.15 -0.02277 -0.05236 0.00692 0.030661
30/05/2013 20,215.40 1,990.70 741.65 573.30 0.003358 0.009362 -0.00618 0.0196429/05/2013 20,147.64 1,972.15 746.25 562.15 -0.00065 -0.00309 0.002079 0.006514
28/05/2013 20,160.82 1,978.25 744.70 558.50 0.006472 -0.01463 0.004374 -0.00286
27/05/2013 20,030.77 2,007.40 741.45 560.10 0.016431 0.030268 0.00697 0.016018
24/05/2013 19,704.33 1,947.55 736.30 551.20 0.001524 -0.00051 -0.00061 -0.03704
23/05/2013 19,674.33 1,948.55 736.75 572.00 -0.01952 -0.00251 -0.00838 0.015859
22/05/2013 20,062.24 1,953.45 742.95 563.00 -0.00246 0.010265 0.009127 -0.01891
21/05/2013 20,111.61 1,933.50 736.20 573.75 -0.00557 -0.04354 0.011063 0.000785
20/05/2013 20,223.98 2,019.55 728.10 573.30 -0.00307 0.002107 0.011673 0.002095
17/05/2013 20,286.12 2,015.30 719.65 572.10 0.001914 0.007621 -0.02477 -0.00905
16/05/2013 20,247.33 2,000.00 737.70 577.30 0.001699 0.014479 -0.01105 0.033555
15/05/2013 20,212.96 1,971.25 745.90 558.25 0.024575 0.00066 -0.00054 0.01917
14/05/2013 19,722.29 1,969.95 746.30 547.65 0.001554 0.008642 -0.0147 0.026646
13/05/2013 19,691.67 1,953.00 757.35 533.25 -0.02163 -0.01239 -0.01922 -0.0123
11/5/2013 20,122.32 1,977.35 772.05 539.85 0.001975 0.001442 -0.00272 0.000278
10/5/2013 20,082.62 1,974.50 774.15 539.70 0.007175 -0.01201 0.00544 0.028377
9/5/2013 19,939.04 1,998.35 769.95 524.60 -0.00256 0.01188 0.025719 -0.00152
8/5/2013 19,990.18 1,974.75 750.40 525.40 0.005077 0.024374 -0.00319 0.009082
7/5/2013 19,888.95 1,927.20 752.80 520.65 0.010885 0.008101 0.004727 0.008293
6/5/2013 19,673.64 1,911.65 749.25 516.35 0.004994 0.013747 -0.0012 0.033177
8/12/2019 Capital Structure Group 11
9/24
3/5/2013 19,575.64 1,885.55 750.15 499.50 -0.00815 -0.0005 0.017075 0.01249
2/5/2013 19,735.77 1,886.50 737.45 493.30 0.011804 -0.00771 0.02249 0.013983
30/04/2013 19,504.18 1,901.10 721.05 486.45 0.006 -0.00979 0.027915 0.016164
29/04/2013 19,387.50 1,919.80 701.20 478.65 0.005212 0.006532 0.025347 0.019408
26/04/2013 19,286.72 1,907.30 683.65 469.45 -0.00621 -0.01134 -0.04958 -0.01543
25/04/2013 19,406.85 1,929.05 718.40 476.75 0.011791 0.034115 -0.01944 0.003677
23/04/2013 19,179.36 1,864.35 732.50 475.00 0.000497 -0.00769 0.016171 -0.0173222/04/2013 19,169.83 1,878.75 720.75 483.30 0.008033 -0.02554 -0.0208 -0.00793
18/04/2013 19,016.46 1,927.35 735.90 487.15 0.015116 0.014792 -0.02051 0.004836
17/04/2013 18,731.16 1,899.05 751.15 484.80 -0.00073 0.002135 -0.01526 -0.02082
16/04/2013 18,744.93 1,895.00 762.70 495.00 0.020869 0.019395 -0.00393 0.006892
15/04/2013 18,357.80 1,858.60 765.70 491.60 0.006297 0.023958 -0.01349 0.009709
12/4/2013 18,242.56 1,814.60 776.10 486.85 -0.01629 0.019842 -0.0175 -0.01701
11/4/2013 18,542.20 1,778.95 789.80 495.20 0.006914 -0.00463 0.030532 -0.00574
10/4/2013 18,414.45 1,787.20 766.05 498.05 0.01026 -0.00341 0.033989 0.020897
9/4/2013 18,226.48 1,793.30 740.45 487.75 -0.01153 0.003967 -0.00639 -0.00918
8/4/2013 18,437.78 1,786.20 745.20 492.25 -0.00068 0.00897 -0.0163 0.053407
5/4/2013 18,450.23 1,770.25 757.45 466.65 -0.00322 0.01514 0.018723 -0.00075
4/4/2013 18,509.70 1,743.65 743.40 467.00 -0.01565 -0.05812 -0.04851 -0.01741
3/4/2013 18,801.64 1,848.00 780.35 475.20 -0.01265 0.002384 -0.01998 -0.02453
2/4/2013 19,040.95 1,843.60 796.10 487.00 0.009297 -0.00711 0.007692 0.040437
1/4/2013 18,864.75 1,856.75 790.00 467.70 0.001537 -0.00604 -0.0075 0.011072
28/03/2013 18,835.77 1,868.00 795.95 462.55 0.006992 0.009385 0.026544 -0.01948
26/03/2013 18,704.53 1,850.55 775.10 471.65 0.001236 -0.00681 0.008421 0.006488
25/03/2013 18,681.42 1,863.20 768.60 468.60 -0.0029 0.003629 0.001107 -0.03625
22/03/2013 18,735.60 1,856.45 767.75 485.90 -0.00305 0.00062 -0.0061 -0.01724
21/03/2013 18,792.87 1,855.30 772.45 494.35 -0.00485 0.005486 -0.00433 0.001113
20/03/2013 18,884.19 1,845.15 775.80 493.80 -0.00654 -0.02012 -0.00719 -0.0115819/03/2013 19,008.10 1,882.65 781.40 499.55 -0.01489 -0.00894 -0.02359 -0.0002
18/03/2013 19,293.20 1,899.55 800.05 499.65 -0.00694 -0.01256 0.010618 0.012892
15/03/2013 19,427.56 1,923.55 791.60 493.25 -0.00733 0.008536 0.00019 -0.00858
14/03/2013 19,570.44 1,907.20 791.45 497.50 0.010679 0.004072 0.01669 0.00524
13/03/2013 19,362.55 1,899.45 778.35 494.90 -0.0104 -0.00313 0.004507 0.015168
12/3/2013 19,564.92 1,905.40 774.85 487.45 -0.00415 0.006344 -0.01136 -0.03408
11/3/2013 19,646.21 1,893.35 783.70 504.35 -0.00188 -0.00382 0.013424 -0.00485
8/3/2013 19,683.23 1,900.60 773.25 506.80 0.013796 0.01159 0.001877 0.003558
7/3/2013 19,413.54 1,878.70 771.80 505.00 0.008324 -0.00964 0.021015 -0.0004
6/3/2013 19,252.61 1,896.90 755.75 505.20 0.005701 0.000237 0.012851 0.021508
5/3/2013 19,143.17 1,896.45 746.10 494.45 0.013951 0.026908 0.042717 -0.00836
4/3/2013 18,877.96 1,846.10 714.90 498.60 -0.00215 -0.02072 -0.01016 -0.0024
1/3/2013 18,918.52 1,884.75 722.20 499.80 0.003016 0.007777 -0.00332 -0.00469
28/02/2013 18,861.54 1,870.15 724.60 502.15 -0.0153 -0.01652 0.006716 -0.0106
27/02/2013 19,152.41 1,901.30 719.75 507.50 0.007193 -0.00208 -0.0083 -0.00118
26/02/2013 19,015.14 1,905.25 725.75 508.10 -0.01651 -0.00312 -0.00994 -0.00167
25/02/2013 19,331.69 1,911.20 733.00 508.95 0.00076 -0.01444 0.018103 -9.8E-05
22/02/2013 19,317.01 1,939.00 719.85 509.00 -0.00043 0.001109 0.000556 0.014047
21/02/2013 19,325.36 1,936.85 719.45 501.90 -0.01629 -0.0061 -0.00354 0.002893
8/12/2019 Capital Structure Group 11
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20/02/2013 19,642.75 1,948.70 722.00 500.45 0.000358 0.001027 0.021914 -0.0189
19/02/2013 19,635.72 1,946.70 706.35 510.00 0.006881 0.021732 0.021971 0.019503
18/02/2013 19,501.08 1,904.85 691.00 500.15 0.00169 -0.01358 -0.01065 0.007425
15/02/2013 19,468.15 1,930.90 698.40 496.45 -0.00149 -0.00984 -0.00983 -0.01221
14/02/2013 19,497.18 1,950.00 705.30 502.55 -0.00567 0.007386 -0.00319 -0.00813
13/02/2013 19,608.08 1,935.65 707.55 506.65 0.002402 0.009812 0.042071 0.007727
12/2/2013 19,561.04 1,916.75 678.40 502.75 0.005149 0.00358 0.028407 0.02558611/2/2013 19,460.57 1,909.90 659.40 490.05 -0.00124 0.013654 -0.01722 -0.00234
8/2/2013 19,484.77 1,884.00 670.85 491.20 -0.00489 -0.01979 0.003061 -0.01083
7/2/2013 19,580.32 1,921.65 668.80 496.55 -0.00303 -0.02068 -0.00224 -0.01529
6/2/2013 19,639.72 1,961.80 670.30 504.20 -0.00102 0.022371 -0.00149 -0.0133
5/2/2013 19,659.82 1,918.40 671.30 510.95 -0.00464 0.013646 -0.01523 -0.00508
4/2/2013 19,751.19 1,892.40 681.60 513.55 -0.00152 0.016812 -0.00964 -9.7E-05
1/2/2013 19,781.19 1,860.85 688.20 513.60 -0.00574 -0.02195 -0.00094 0.022944
31/01/2013 19,894.98 1,902.15 688.85 501.95 -0.00551 0.008023 -0.00138 0.013236
30/01/2013 20,005.00 1,886.95 689.80 495.35 0.000705 0.01573 -0.0034 -0.01741
29/01/2013 19,990.90 1,857.50 692.15 504.05 -0.00561 -0.01697 -0.00713 0
28/01/2013 20,103.35 1,889.30 697.10 504.05 -9E-06 -0.01523
25/01/2013 20,103.53 1,918.30 p: www.
capitaline.co
m
8/12/2019 Capital Structure Group 11
11/24
Market data Market Ultrtech Cement HCL GlenMArk
Return(Daily) 0.000201 -0.000485421 0.00285 3.98015E-05
Variance(Daily) 0.000122 0.000311605 0.000331 0.000316253
SD(Daily) 0.011024 0.01765234 0.018186 0.017783501
Annual Returns 0.050168 -0.121355373 0.71256 0.009950377Annual Variance 0.030381 0.077901277 0.082685 0.079063231
Annual SD 0.1743 0.279108003 0.28755 0.281181847
Beta (Slope) 1 0.869129027 0.424015 0.366906255
Alpha ( Intercept) 0 -0.00065983 0.002765 -3.41358E-05
Covariance wrt Mkt 0.000122 0.000105618 5.17E-05 4.47669E-05
Correlation 1 0.54276214 0.257537 0.22789717
Coefficient Of Variance 3.474359 -2.299922914 0.403544 28.25841126
8/12/2019 Capital Structure Group 11
12/24
INDEX
Indifference Point Very poor
Tax Rate 20%
Actual Plan 1 Plan 2 Debt Cost 12%
Capital 108643.2 108643.2 108643.2 Face Value of Sha 2
Face Value 2 2 2 Capital 108643.2
Cost of Debt 12.2% 12.2% 12.2% Debt Percentage 89%Tax Rate 20% 20% 20% Debt Value 6.00
Debt 6% 0% 10% Equity Value 108637.20
Debt Value 6265.8 0 10864.32 Change in EBIT 500
Equity Value 102377.4 108643.2 97778.88 Less Interest @ 1 0.73
No Of Share 54321.6 54322 48889 PBT 499.27
Interest 764.6 0 1325.745966 TAX Value 99.98
0.19515 0.19515 PAT 399.28
13255.51 13255.51 No of Share 54318.60
EPS 0.01
Capital Debt Equity D/E Ratio
Interest
Coverage
Ratio Estimated Beta Cost of Equity
108,643.20 6,265.80 102,377.40 6.1% 66.22 0.42 9.4%
108,643.20 0.00 108,643.20 0.0% No debt 0.40 9.3%
108,643.20 4,000.00 104,643.20 3.8% 126.58 0.42 9.3%
108,643.20 10,000.00 98,643.20 10.1% 42.19 0.44 9.4%
108,643.20 20,000.00 88,643.20 22.6% 19.47 0.48 9.5%
108,643.20 50,000.00 58,643.20 85.3% 7.23 0.68 9.8%
108,643.20 70,000.00 38,643.20 181.1% 4.99 0.99 10.4%
Total Fund
Requirement Debt
Cost of
Debt Equity
Cost of
Equity EBIT Interest
108643.20 6265.80 12.2% 102377.40 9.4% 50631.10 764.60
108643.20 0.00 6.0% 108643.20 9.3% 50631.10 0.00
108643.20 4000.00 10.0% 104643.20 9.3% 50631.10 400.00108643.20 10000.00 12.0% 98643.20 9.4% 50631.10 1200.00
108643.20 20000.00 13.0% 88643.20 9.5% 50631.10 2600.00
108643.20 50000.00 14.0% 58643.20 9.8% 50631.10 7000.00
108643.20 70000.00 14.5% 38643.20 10.4% 50631.10 10150.00
Capital Structure
Cost of Capital Estimate with different Debt Equity Mix
EPS= (1-T)(EBIT-
Interest)/No of Share
EBIT ( Indifference Point)
8/12/2019 Capital Structure Group 11
13/24
Poor Regular Normal Good Very Good
20% 20% 20% 20% 20%
12% 12% 12% 12% 12%
2 2 2 2 2
108643.2 108643.2 108643.2 108643.2 108643.2
89% 89% 89% 89% 89%96692.45 96692.45 96692.45 96692.45 96692.45
11950.75 11950.75 11950.75 11950.75 11950.75
13255.51 100000 200000 300000 1000000
11799.14 11799.14 11799.14 11799.14 11799.14
1456.37 88200.86 188200.86 288200.86 988200.86
291.65 17663.07 37689.04 57715.00 197896.75
1164.72 70537.79 150511.82 230485.86 790304.11
5975.38 5975.38 5975.38 5975.38 5975.38
0.19 11.80 25.19 38.57 132.26
0.00
Cost of Debt Cost of Capital
12.20% 9.39% Cost of Debt 12.2%
6.00% 9.33% Return(HCL) 71.3%
10.00% 9.30% R m 10.4%
12.00% 9.41% R f 8.6%
13.00% 9.63% s 0.42
14.00% 10.46% Tax Rate 20%
14.50% 11.16% B Unlvered 0.40
EBT Value of Equity
Value of
Debt Value of Firm
Overall Cost of
Capital
49866.50 532578.11 6265.80 538843.91 9.39%
50631.10 542808.74 0.00 542808.74 9.33%
50231.10 537239.26 4000.00 541239.26 9.30%49431.10 526613.25 10000.00 536613.25 9.41%
48031.10 507787.16 20000.00 527787.16 9.63%
43631.10 444138.92 50000.00 494138.92 10.46%
40481.10 389927.63 70000.00 459927.63 11.16%
Impact of Finnacial Leverage
Constants
9.3
6.00
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
0.0
C
o
st
o
f
F
u
n
d
i
n
g
Debt
8/12/2019 Capital Structure Group 11
14/24
9.3% 9.4% 9.5%9.8%
10.4%
%
10.00%
12.00%13.00%
14.00%14.50%
9.33% 9.30% 9.41% 9.63%10.46%
11.16%
3.8% 10.1% 22.6% 85.3% 181.1%
Cost of Equity
Cost of Debt
Cost of Capital
Ratio
8/12/2019 Capital Structure Group 11
15/24
INDEX
Very poor
Tax Rate 17%
Actual Plan 1 Plan 2 Debt Cost 8%
Capital 31038.3 31038.3 31038.3 Face Value of Sha 1
Face Value 1 1 1 Capital 31038.3
Cost of Debt 7.5% 7.5% 7.5% Debt Percentage 89%Tax Rate 17% 17% 17% Debt Value 6.00
Debt 19% 0% 10% Equity Value 31032.30
Debt Value 5806.5 0 3103.83 Change in EBIT 500
Equity Value 25231.8 31038.3 27934.47 Less Interest @ 1 0.45
No Of Share 31038.3 31038 27934 PBT 499.55
Interest 436.9 0 233.5422935 TAX Value 86.38
0.06211 0.06210 PAT 413.17
2330.92 2330.92 No of Share 31032.30
EPS 0.01
Capital Debt Equity D/E Ratio
n eres
Coverage
Ratio Estimated Beta Cost of Equity
31,038.3 5,806.5 25,231.8 23.0% 10.27 0.37 9.3%
31,038.3 0.0 31,038.3 0.0% No debt 0.31 9.2%
31,038.3 5,000.0 26,038.3 19.2% 12.82 0.36 9.2%
31,038.3 7,000.0 24,038.3 29.1% 8.84 0.38 9.3%
31,038.3 9,000.0 22,038.3 40.8% 6.65 0.41 9.3%
31,038.3 10,000.0 21,038.3 47.5% 5.61 0.43 9.4%
31,038.3 15,000.0 16,038.3 93.5% 2.72 0.55 9.6%
Total Fund
Requirement Debt
Cost of
Debt Equity
Cost of
Equity EBIT Interest
31038.30 5806.50 7.5% 25231.80 9.3% 4486.90 436.90
31038.30 0.00 6.0% 31038.30 9.2% 4486.90 0.00
31038.30 5000.00 7.0% 26038.30 9.2% 4486.90 350.00
31038.30 7000.00 7.3% 24038.30 9.3% 4486.90 507.50
31038.30 9000.00 7.5% 22038.30 9.3% 4486.90 675.00
31038.30 10000.00 8.0% 21038.30 9.4% 4486.90 800.00
31038.30 15000.00 11.0% 16038.30 9.6% 4486.90 1650.00
Cost of Capital Estimate with different Debt Equity Mix
Capital Structure
Indifference Point
EPS= (1-T)(EBIT-
Interest)/No of Share
EBIT ( Indifference Point)
8/12/2019 Capital Structure Group 11
16/24
Poor Regular Normal Good Very Good
17% 17% 17% 17% 17%
8% 8% 8% 8% 8%
1 1 1 1 1
31038.3 31038.3 31038.3 31038.3 31038.3
89% 89% 89% 89% 89%27624.09 27624.09 27624.09 27624.09 27624.09
3414.21 3414.21 3414.21 3414.21 3414.21
2330.92 100000 200000 300000 1000000
2078.53 2078.53 2078.53 2078.53 2078.53
252.39 97921.47 197921.47 297921.47 997921.47
43.64 16931.89 34223.18 51514.48 172553.53
208.75 80989.58 163698.29 246407.00 825367.94
3414.21 3414.21 3414.21 3414.21 3414.21
0.06 23.72 47.95 72.17 241.74
0.00
Cost of Debt Cost of Capital
7.52% 8.69% Cost of Debt 7.5%
6.00% 9.15% R(GlenMark) 1.0%
7.00% 8.69% R m 10.4%
7.25% 8.55% R f 8.6%
7.50% 8.43% s 0.37
8.00% 8.48% Tax Rate 17%
11.00% 10.27% B Unlvered 0.31
EBT Value of Equity
Value of
Debt Value of Firm
Overall Cost of
Capital
4050.00 43734.46 5806.50 49540.96 8.69%
4486.90 49011.30 0.00 49011.30 9.15%
4136.90 44757.37 5000.00 49757.37 8.69%
3979.40 42842.42 7000.00 49842.42 8.55%
3811.90 40802.89 9000.00 49802.89 8.43%
3686.90 39335.53 10000.00 49335.53 8.48%
2836.90 29600.34 15000.00 44600.34 9.35%
Impact of Finnacial Leverage
Constants
9.2%
6.00%
9.15
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0.0%
C
o
s
t
o
f
F
u
n
d
i
n
g
Debt Ratio
8/12/2019 Capital Structure Group 11
17/24
9.2% 9.3% 9.3% 9.4%9.6%
7.00% 7.25%7.50%
8.00%
11.00%
8.69% 8.55% 8.43% 8.48%
10.27%
19.2% 29.1% 40.8% 47.5% 93.5%
Cost of EquityCost of Debt
Cost of Capital
8/12/2019 Capital Structure Group 11
18/24
INDEX
Very poor
Tax Rate 26%
Actual Plan 1 Plan 2 Debt Cost 5%
Capital 216034.2 216034.2 216034.2 Face Value of Sha 10
Face Value 10 10 10 Capital 216034.2
Cost of Debt 5.2% 5.2% 5.2% Debt Percentage 20%Tax Rate 26% 26% 26% Debt Value 43206.84
Debt 29% 0% 10% Equity Value 172827.36
Debt Value 63686 0 21603.42 Change in EBIT 500
Equity Value 152348.2 216034.2 194430.78 Less Interest 2238.84
No Of Share 21603.42 21603 19443 PBT -1738.84
Interest 3300 0 1119.418491 TAX Value -455.38
0.38253 0.38253 PAT -1283.46
11195.74 11195.74 No of Share 17282.74
EPS -0.07
Check
Capital Debt Equity D/E Ratio
n eres
Coverage
Ratio Estimated Beta Cost of Equity
216,034.20 63,686.00 152,348.20 41.8% 122.27 0.87 10.2%
216,034.20 0.00 216,034.20 0.0% No debt 0.66 9.8%
216,034.20 20,000.00 196,034.20 10.2% 474.71 0.71 9.9%
216,034.20 40,000.00 176,034.20 22.7% 224.17 0.78 10.0%
216,034.20 50,000.00 166,034.20 30.1% 161.40 0.81 10.1%
216,034.20 60,000.00 156,034.20 38.5% 103.46 0.85 10.1%
216,034.20 80,000.00 136,034.20 58.8% 63.05 0.95 10.3%
Total Fund
Requirement Debt
Cost of
Debt Equity
Cost of
Equity EBIT Interest
216034.20 63686.00 5.2% 152348.20 10.2% 403500.00 3300.00
216034.20 0.00 4.0% 216034.20 9.8% 403500.00 0.00
216034.20 20000.00 4.3% 196034.20 9.9% 403500.00 850.00216034.20 40000.00 4.5% 176034.20 10.0% 403500.00 1800.00
216034.20 50000.00 5.0% 166034.20 10.1% 403500.00 2500.00
216034.20 60000.00 6.5% 156034.20 10.1% 403500.00 3900.00
216034.20 80000.00 8.0% 136034.20 10.3% 403500.00 6400.00
Capital Structure
Indifference Point
Cost of Capital Estimate with different Debt Equity Mix
EBIT(Indifference Point)
EPS= (1-T)(EBIT-
Interest)/No of Share
8/12/2019 Capital Structure Group 11
19/24
Poor Regular Normal Good Very Good
26% 26% 26% 26% 26%
5% 5% 5% 5% 5%
10 10 10 10 10
216034.2 216034.2 216034.2 216034.2 216034.2
20% 20% 20% 20% 20%43206.84 43206.84 43206.84 43206.84 43206.84
172827.36 172827.36 172827.36 172827.36 172827.36
11195.74 100000 200000 300000 1000000
2238.84 2238.84 2238.84 2238.84 2238.84
8956.90 97761.16 197761.16 297761.16 997761.16
2345.69 25602.31 51790.95 77979.58 261300.02
6611.21 72158.85 145970.22 219781.58 736461.15
17282.74 17282.74 17282.74 17282.74 17282.74
0.38 4.18 8.45 12.72 42.61
0.00
Cost of Debt Cost of Capital
5.18% 8.30% Cost of Debt 5.2%
4.00% 9.80% R(Ultratech) -12.1% 2
4.25% 9.26% R m 10.4% 3
4.50% 8.76% R f 8.6% 4
5.00% 8.59% s 0.87 5
6.50% 8.65% Tax Rate 26% 6
8.00% 8.68% B Unlvered 0.66
EBT Value of Equity
Value of
Debt Value of Firm
Overall Cost of
Capital
400200.00 3937258.77 63686.00 4000944.77 8.30%
403500.00 4119220.10 0.00 4119220.10 9.80%
402650.00 4073107.14 20000.00 4093107.14 9.26%401700.00 4018583.01 40000.00 4058583.01 8.76%
401000.00 3985573.95 50000.00 4035573.95 8.59%
399600.00 3942822.40 60000.00 4002822.40 8.65%
397100.00 3849920.17 80000.00 3929920.17 8.68%
Impact of Finnacial Leverage
Constants
C
o
s
t
o
f
F
u
n
d
i
n
g
8/12/2019 Capital Structure Group 11
20/24
9.8% 9.9% 10.0% 10.1%10.1%
4.00% 4.25%4.50%
5.00%
6.50%
9.80%9.26%
8.76% 8.59% 8.65%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0.0% 10.2% 22.7% 30.1% 38.5%
Cost
Cost
Cost
Debt Ratio
8/12/2019 Capital Structure Group 11
21/24
10.3%
8.00%8.68%
58.8%
of Equity
of Debt
of Capital
8/12/2019 Capital Structure Group 11
22/24
8/12/2019 Capital Structure Group 11
23/24
INDEX
Industry Sun Pharma Glenmark Cipla Dr. Reddy
Ranbaxy-Dec
122
Optimum
Glenmark0.35 0.01 0.23 0.06 0.25 2.38 0.41
Industry Ambuja Ultratech Birla JK Prism
Optimum
Ultratech
0.44 0.01 0.34 0.5 0.9 1.3 0.3
Industry
Infy/MS/TCS/C
ognizent/HP/C
apeg. HCL Wipro IBM
Tech
Mahindra
Optimum
HCL
0.11 0 0.1 0.23 0.25 0.33 0.038
Industry Capital Equity D/E Ratio
Interest
Coverage
Ratio
Estimated
Beta Cost of Equity
Cost of
Debt
HCL Current 108,643.20 102,377.40 6.12% 6621.91% 0.4240 9.36% 12.20%
HCL Optimal 108,643.20 104,643.20 3.82% ######## 0.4166 9.35% 10.00%
Glenmark Current 31,038.30 25,231.80 23.01% 1026.99% 0.3669 9.26% 7.52%
Glenmark Optimal 31,038.30 22,038.30 40.84% 664.73% 0.4124 9.34% 7.50%
Ultratech Current 216,034.20 152,348.20 41.80% ######## 0.8691 10.16% 5.18%
Ultratech Optimal 216,034.20 166,034.20 30.11% ######## 0.8118 10.06% 5.00%
Industry Analysis: Debt/Equity Ratio
Pharma
Cement
IT- Software
8/12/2019 Capital Structure Group 11
24/24
Cost of
Capital
9.39%
9.30%
8.69%
8.43%
8.30%
8.59%