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    FCFF Vs Fcfe Student

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    Kanchan Gupta
    The document provides financial information for a company from FY-2 to FY5 including income statements, balance sheets, and cash flow statements. It uses the DCF method to value the company by discounting future cash flows back to the reference year FY0. Key figures include steady revenue growth from 40-50% each year, increasing EBITDA and net profits, and positive free cash flows expected to continue growing out to FY5.

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    FCFF Vs Fcfe Student

    Uploaded by

    Kanchan Gupta
    34 views5 pages
    The document provides financial information for a company from FY-2 to FY5 including income statements, balance sheets, and cash flow statements. It uses the DCF method to value the company by discounting future cash flows back to the reference year FY0. Key figures include steady revenue growth from 40-50% each year, increasing EBITDA and net profits, and positive free cash flows expected to continue growing out to FY5.

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    fcff vs fcfe student copy

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    The document provides financial information for a company from FY-2 to FY5 including income statements, balance sheets, and cash flow statements. It uses the DCF method to value the company by discounting future cash flows back to the reference year FY0. Key figures include steady revenue growth from 40-50% each year, increasing EBITDA and net profits, and positive free cash flows expected to continue growing out to FY5.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    34 views5 pages

    FCFF Vs Fcfe Student

    Uploaded by

    Kanchan Gupta
    The document provides financial information for a company from FY-2 to FY5 including income statements, balance sheets, and cash flow statements. It uses the DCF method to value the company by discounting future cash flows back to the reference year FY0. Key figures include steady revenue growth from 40-50% each year, increasing EBITDA and net profits, and positive free cash flows expected to continue growing out to FY5.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Considering the FY0 as the current year, computing the changes in investment taking FY0 as reference year and

    discounting
    Valuation method used - DCF as related company data not given and there's steady growth history

    INR Million FY -2 FY -1 FY 0 FY 1 FY 2 FY 3

    P&L A/c
    Net Sales 628.0 655.0 920.0 1,276.2 1,512.8 1,923.6
    4.30% 40.46% 38.72% 18.54% 27.16%
    Total Income 628.0 655.0 920.0 1,276.2 1,512.8 1,923.6
    Raw Material Consumption 353.0 340.0 450.0 666.0 711.0 913.7
    Power & Fuel Expenses 16.0 16.0 25.0 32.0 36.3 48.1
    Direct Labour Cost 30.0 34.0 61.0 79.0 90.8 111.6
    Other Manufacturing Expenses 28.0 26.0 50.0 64.0 68.1 80.8
    Selling & Distribution Expenses 110.0 127.0 150.0 200.0 226.9 288.5
    Total Expenses 537.0 543.0 736.0 1,041.0 1,133.1 1,442.7
    EBITDA 91.0 112.0 184.0 235.2 379.7 480.9
    EBITDA Margin (%) 14.5% 17.1% 20.0% 18.4% 25.1% 25.0%
    Depreciation 18.0 17.0 22.4 31.7 35.5 37.5
    PBIT 73.0 95.0 161.6 203.5 344.2 443.4
    Interest 35.0 28.0 27.0 54.8 73.8 73.5
    Profit Before Tax 38.0 66.2 134.6 148.8 270.4 369.9
    Tax 15.0 32.0 50.0 64.0 91.9 125.7
    Tax Rate (%) 39.5% 48.4% 37.2% 43.0% 34.0% 34.0%
    Net Profit 23.0 34.2 84.6 84.8 178.5 244.2
    3.66% 5.22% 9.19% 6.64% 11.80% 12.69%

    INR Million FY -2 FY -1 FY 0 FY 1 FY 2 FY 3
    Balance Sheet
    Share Capital 50.0 50.0 50.0 50.0 50.0 50.0
    Reserve & Surplus 65.0 108.0 192.6 277.3 455.8 700.0
    180.0 180.0 180.0
    Shareholders Funds 115.0 158.0 242.6 507.3 685.8 930.0
    Term Loans 100.0 86.0 146.0 386.0 311.0 344.2
    Working Capital Loans 117.0 137.0 227.0 237.0 411.9 411.9
    Loan Funds 217.0 223.0 373.0 623.0 722.9 756.1
    Deferred Tax Liabilities 20.0 20.0 24.0 24.0 24.0 24.0
    Total Liabilities 352.0 401.0 639.6 1,154.3 1,432.7 1,710.1

    Gross Fixed Assets 261.0 277.0 417.0 597.0 797.0 797.0


    Less : Accumulated Depreciation 88.0 105.0 127.4 159.1 194.6 232.1
    Net Fixed Assets 173.0 172.0 289.6 437.9 602.4 564.9
    Capital Work in Progress 15.0
    Current Assets, Loans & Advances
    Accounts Receivables 166.0 207.0 273.0 411.0 497.9 646.0
    Inventories 88.0 100.0 172.0 210.0 281.9 381.9
    Cash & Bank Balance - - - - - -
    Loans & Advances & Other Assets 33.0 36.0 66.0 97.0 97.0 97.0
    Sub-total 291.0 363.0 513.5 935.4 1,075.6 1,437.9
    Current Liabilities & Provisions 112.0 149.0 163.5 219.0 245.3 292.7
    Net Working Capital 179.0 214.0 350.0 716.4 830.3 1,145.2
    Total Assets 352.0 401.0 639.6 1,154.3 1,432.7 1,710.1
    Total Assets 352.0 416.0 639.6 1,154.3 1,432.7 1,710.1
    eference year and discounting the cashflows to that year.

    FY 4 FY 5

    FY 1 FY 2 FY 3
    2,674.2 3,916.3 EBIT 203.5 344.2 443.4
    39.02% 46.45% Tax calculation -
    2,674.2 3,916.3 Tax on PBT 64.0 91.9 125.7
    1,270.2 1,860.2 add interest tax shield 23.56 25.08 24.98
    66.9 97.9 Total tax on EBIT 87.6 116.98 150.7
    180.5 264.3 NOPLAT 115.97 227.18 292.72
    115.0 168.4
    401.1 587.4 Net investment calculation - 546.42 313.92 314.86
    2,033.7 2,978.3 Change in Net fixed asset 180.00 200.0 -
    640.5 937.9 Dep 31.66 35.55 37.46
    24.0% 24.0% Change in capital work in progress - - -
    35.1 38.7 Change in working capital 366.42 113.92 314.86
    605.4 899.3 Net investment 546.42 313.92 314.86
    74.0 67.9 FCF (398.79) (51.20) 15.32
    531.4 831.4 250.0 99.9 33.2
    180.6 282.6
    34.0% 34.0% (31.21) (48.70) (48.52)
    350.8 548.8 (180.0) 0.0 -
    13.12% 14.01%
    -
    FY 4 FY 5

    50.0 50.0
    1,050.8 1,599.6 PAT 84.8 178.5 244.2
    180.0 180.0 Add depreciation 31.7 35.5 37.5
    1,280.8 1,829.6 Add (loan - repayment) 250.0 99.9 33.2
    318.7 228.7 Less Net fixed asset change 180.00 200.00 -
    411.9 411.9 Less Net working capital change 366.4 113.9 314.9
    730.6 640.6
    24.0 24.0 FCFE (180.0) 0.0 -
    2,035.4 2,494.2

    797.0 797.0
    267.2 305.8
    529.8 491.2

    888.0 1,279.7
    572.9 808.1
    - -
    97.0 97.0
    1,884.4 2,526.0
    378.8 523.0
    1,505.6 2,003.1
    2,035.4 2,494.2
    2,035.4 2,494.2
    FY 4 FY 5
    605.4 899.3 -

    180.6 282.6
    25.14 23.06
    205.78 305.7
    399.63 593.62

    360.37 497.48
    - -
    35.07 38.65
    - -
    360.37 497.48
    360.37 497.48
    74.32 134.79
    (25.5) (90.0)

    (48.82) (44.79)
    (0.0) 0.0

    350.8 548.8
    35.1 38.7 -
    (25.5) (90.0)
    - -
    360.4 497.5

    - -

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