Intrinsic Value CalculationMarket NSE (Banking Sector)

Company: Current Year = 2010SBI Expected ROI PNB Time frame (years)Axis Bank All units are in INRICICI BankHDFC BankAllahabad BankUnited Bank of IndiaUnion Bank of IndiaIndian BankDena Bank

State Bank of India YearYear = 2010 C.M.P 3065.05 2006

EPS 153.54 2007DPR (AVG. for 5years) 0.17 2008Avg. P/E 19.96 2009EPSGR (5years) 0.17 2010

Fore Casted Stock Price in 2015 6719.10Total Dividend 236.40Future Value at 2016 6955.51

Intrinsic Value 4318.82

Intrinsic Value Calculation

10%5

Dividend EPS DPR EPSGR Current Year14.03 83.73 16.76 Time Frame14.03 86.29 16.26 0.03 End of Investment21.49 106.56 20.17 0.23 Expected EPSGR for the next 5 Years (2010-2015)28.99 143.67 20.18 0.35 Expected P/E in the 6th year (2016)30.03 153.54 19.56 0.07 Expected DPR (2010-2015)

Year201020112012201320142015

Total EPS

Intrinsic Value Calculation

20105

201617%

19.9617%

Projected EPS153.54179.64210.18245.91287.72336.63

1413.62

Current Year = 2010Expected ROI 10%Time frame (years) 5All units are in INR

Punjab National BankYear Dividend EPS DPR

C.M.P 1303.2 2006 5.99 45.65 13.12EPS 123.86 2007 12.99 48.84 26.60DPR (AVG. for 5years) 0.35 2008 12.99 64.98 19.99Avg. P/E 9.58 2009 20.02 98.03 20.42EPSGR (5years) 0.21 2010 22.01 123.86 17.77

Fore Casted Stock Price in 2015 3077.68Total Dividend 446.82Future Value at 2016 3524.50

Intrinsic Value 2188.44

EPSGR Current Year 2010Time Frame 5

0.07 End of Investment 20160.25 Expected EPSGR for the next 5 Years (2010-2015) 21%0.34 Expected P/E in the 6th year (2016) 9.580.21 Expected DPR (2010-2015) 35%

Year Projected EPS2010 123.862011 149.872012 181.342013 219.432014 265.502015 321.26

Total EPS 1261.27

Current Year = 2010Expected ROI 10%Time frame (years) 5All units are in INR

AXIS BankYear Dividend EPS DPR

C.M.P 1426 2006 4.04 17.41 23.21EPS 70.79 2007 5.28 23.40 22.56DPR (AVG. for 5years) -0.15 2008 7.04 29.94 23.51Avg. P/E 20.16 2009 11.71 50.57 23.16EPSGR (5years) 0.43 2010 14.01 70.79 19.79

Fore Casted Stock Price in 2015 8533.80Total Dividend -186.47Future Value at 2016 8347.34

Intrinsic Value 5183.04

EPSGR Current Year 2010Time Frame 5

0.34 End of Investment 20160.28 Expected EPSGR for the next 5 Years (2010-2015) 43%0.69 Expected P/E in the 6th year (2016) 9.580.40 Expected DPR (2010-2015) -15%

Year Projected EPS2010 70.792011 101.232012 144.762013 207.002014 296.022015 423.30

Total EPS 1243.10

Current Year = 2010Expected ROI 10%Time frame (years) 5All units are in INR

ICICI BankYear Dividend EPS DPR EPSGR

C.M.P 1164.40 2006 8.53 28.55 29.88EPS 36.1 2007 10.13 34.59 29.29 0.21DPR (AVG. for 5years) 0.11 2008 11.03 37.37 29.52 0.08Avg. P/E 30.68 2009 11 33.76 32.58 -0.10EPSGR (5years) 0.07 2010 12.02 36.10 33.30 0.07

Fore Casted Stock Price in 2015 1553.393Total Dividend 29.55Future Value at 2016 1582.94

Intrinsic Value 982.88

Current Year 2010Time Frame 5End of Investment 2016Expected EPSGR for the next 5 Years (2010-2015) 7%Expected P/E in the 6th year (2016) 30.68Expected DPR (2010-2015) 11%

Year Projected EPS2010 36.102011 38.632012 41.332013 44.222014 47.322015 50.63

Total EPS 258.23

Current Year = 2010Expected ROI 10%Time frame (years) 5All units are in INR

HDFC BankYear Dividend EPS DPR

C.M.P 2340.35 2006 5.51 35.64 15.46EPS 64.42 2007 6.99 43.29 16.15DPR (AVG. for 5years) 0.20 2008 8.51 44.87 18.97Avg. P/E 32.17 2009 9.99 52.77 18.93EPSGR (5years) 0.16 2010 11.99 64.42 18.61

Fore Casted Stock Price in 2015 4352.73Total Dividend 117.91Future Value at 2016 4470.64

Intrinsic Value 2775.92

EPSGR Current Year 2010Time Frame 5

0.21 End of Investment 20160.04 Expected EPSGR for the next 5 Years (2010-2015) 16%0.18 Expected P/E in the 6th year (2016) 32.170.22 Expected DPR (2010-2015) 20%

Year Projected EPS2010 64.422011 74.732012 86.682013 100.552014 116.642015 135.30

Total EPS 578.33

Current Year = 2010Expected ROI 10%Time frame (years) 5All units are in INR

Allahabad BankYear Dividend EPS DPR

C.M.P 258.50 2006 4 15.81 25.30EPS 27.01 2007 3 16.79 17.87DPR (AVG. for 5years) -0.20 2008 3 21.82 13.75Avg. P/E 8.75 2009 2.5 17.21 14.53EPSGR (5years) 0.18 2010 5.5 27.01 20.36

Fore Casted Stock Price in 2015 540.68Total Dividend -49.77Future Value at 2016 490.91

Intrinsic Value 304.82

EPSGR Current Year 2010Time Frame 5

0.06 End of Investment 20160.30 Expected EPSGR for the next 5 Years (2010-2015) 18%

-0.21 Expected P/E in the 6th year (2016) 8.750.57 Expected DPR (2010-2015) -20%

Year Projected EPS2010 27.012011 31.872012 37.612013 44.382014 52.372015 61.79

Total EPS 255.03

Current Year = 2010Expected ROI 10%Time frame (years) 5All units are in INR

United Bank of IndiaYear Dividend EPS DPR

C.M.P 126.35 2006 0 -0.48 0EPS 12.19 2007 0.12 1.74 6.90DPR (AVG. for 5years) 0.25 2008 0.12 2.08 5.77Avg. P/E 10.02 2009 0.12 1.21 9.92EPSGR (5years) 0.54 2010 0.12 9.71 1.24

Fore Casted Stock Price in 2015 1057.97Total Dividend 54.84Future Value at 2016 1112.81

Intrinsic Value 690.97

EPSGR Current Year 2010Time Frame 5

-4.63 End of Investment 20160.20 Expected EPSGR for the next 5 Years (2010-2015) 54%

-0.42 Expected P/E in the 6th year (2016) 8.757.02 Expected DPR (2010-2015) 25%

Year Projected EPS2010 9.712011 14.952012 23.032013 35.462014 54.612015 84.11

Total EPS 221.87

Current Year = 2010Expected ROI 10%Time frame (years) 5All units are in INR

Union Bank Of IndiaYear Dividend EPS DPR EPSGR

C.M.P 377.45 2006 3.49 13.37 26.10EPS 41.08 2007 3.49 16.74 20.85 0.25DPR (AVG. for 5years) -0.49 2008 4.01 27.46 14.60 0.64Avg. P/E 9.38 2009 5.02 34.18 14.69 0.24EPSGR (5years) 0.33 2010 5.49 41.08 13.36 0.20

Fore Casted Stock Price in 2015 1603.58Total Dividend -275.50Future Value at 2016 1328.08

Intrinsic Value 824.63

Current Year 2010Time Frame 5End of Investment 2016Expected EPSGR for the next 5 Years (2010-2015) 33%Expected P/E in the 6th year (2016) 8.75Expected DPR (2010-2015) -49%

Year Projected EPS2010 41.082011 54.642012 72.672013 96.652014 128.542015 170.96

Total EPS 564.53

Current Year = 2010Expected ROI 10%Time frame (years) 5All units are in INR

INDIAN BankYear Dividend EPS DPR

C.M.P 289.25 2006 2.35 6.78 34.66EPS 35.25 2007 2.99 16.93 17.66DPR (AVG. for 5years) -0.47 2008 2.99 22.66 13.20Avg. P/E 7.58 2009 5.01 28.10 17.83EPSGR (5years) 0.58 2010 6.49 35.25 18.41

Fore Casted Stock Price in 2015 2630.96Total Dividend -414.78Future Value at 2016 5261.91

Intrinsic Value 3267.23

EPSGR Current Year 2010Time Frame 5

1.50 End of Investment 20160.34 Expected EPSGR for the next 5 Years (2010-2015) 58%0.24 Expected P/E in the 6th year (2016) 7.580.25 Expected DPR (2010-2015) -47%

Year Projected EPS2010 35.252011 55.702012 88.002013 139.042014 219.682015 347.09

Total EPS 884.75

Current Year = 2010Expected ROI 10%Time frame (years) 5All units are in INR

Dena BankYear Dividend EPS DPR

C.M.P 138.10 2006 0.94 3.24 29.01EPS 19.91 2007 0.94 7.03 13.37DPR (AVG. for 5years) -0.55 2008 1.17 12.54 9.33Avg. P/E 6.93 2009 1.40 14.74 9.50EPSGR (5years) 0.58 2010 2.34 17.82 13.13

Fore Casted Stock Price in 2015 1358.59Total Dividend -244.83Future Value at 2016 1113.76

Intrinsic Value 691.56

EPSGR Current Year 2010Time Frame 5

1.17 End of Investment 20160.78 Expected EPSGR for the next 5 Years (2010-2015) 58%0.18 Expected P/E in the 6th year (2016) 6.930.21 Expected DPR (2010-2015) -55%

Year Projected EPS2010 17.822011 28.162012 44.492013 70.292014 111.052015 175.47

Total EPS 447.27

Intrinsic ValueIndex NSE NIFTYSector BankingCurrency INR Company Intrinsic Value

SBI 4318.82PNB 2188.44Axis Bank 5183.04ICICI Bank 982.88HDFC Bank 2775.92Allahabad Bank 304.82United Bank of India 690.97Union Bank of India 824.63Indian Bank 3267.23Dena Bank 691.96

Intrinsic Value

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Intrinsic Value