Professional Documents
Culture Documents
Balance Sheet
and Common Du Pont Analysis
Sizing
Income Statement
and CommonRoE Analysis
sizing
Cashflow
WACC
Statement
Characteristic
Ratio Analysis
Analysis
Discounted
Assumptions in DCF
Cashflow Model
tion
Input basic data
Starting year 2012
RoE 29.72%
WACC 2.52%
EPS
D
2012 2013 2014 2015
Topline 37,121.00 37,180.00 38,275.00 38,226.00
Bottommline 9,981.00 10,925.00 10,955.00 9,938.00
Dashboard
2016
37,047.00
8,901.00
shboard
TYPE CLASSIFICATION SUB-TYPE SUB-CLASS
Type I Liquidity Ratios - -
57
Sub heading
Cash, Cash Equivalents & STI (i)
(ii)
Inventories (i)
(ii)
(iii)
(iv)
Equity (i)
(ii)
(iii)
(iv)
Consolidated Balance sheet
Year -> 2011 2012
Cash and Cash equivalents 16,163.00 14,955.00
Short term Investments 12,685.00 15,721.00
Total cash and cash equivalents 28,848.00 30,676.00
Accounts Receivable, Net 6,628.00 6,377.00
Notes Receivable, Net 0.00 0.00
Total Accounts Receivable 6,628.00 6,377.00
Raw Materials 94.00 45.00
Work In Process 17.00 20.00
Finished Goods 192.00 93.00
Other Inventory 0.00 0.00
Total Inventories 303.00 158.00
Derivative & Hedging Assets 0.00 0.00
Deferred tax assets 1,189.00 877.00
Misc Short Term Assets 2,206.00 1,935.00
Total other short term assets 3,395.00 2,812.00
Total current assets 39,174.00 40,023.00
Property, Plant & Equipment 5,095.00 5,419.00
Accumulated Depreciation (2,238.00) (2,398.00)
Net PPE 2,857.00 3,021.00
Long term investments 0.00 0.00
Intangible assets net 7,860.00 7,899.00
Goodwil 21,553.00 25,119.00
Deferred tax assets 1,076.00 595.00
Other assets 1,015.00 1,670.00
Total LTI 31,504.00 35,283.00
Total Non current assets 34,361.00 38,304.00
TOTAL ASSETS 73,535.00 78,327.00
Short Term borrowings 0.00 0.00
Short Term Capital Leases 0.00 0.00
Current portion of long term Debt 1,150.00 2,950.00
Total Short Term Debt 1,150.00 2,950.00
Accounts Payable 494.00 438.00
Accrued Taxes 0.00 528.00
Interest & Dividends Payable 0.00 0.00
Other Payables & Accruals 2,320.00 2,002.00
Total Accounts Payable 2,814.00 2,968.00
Deferred revenues 6,802.00 7,035.00
Derivatives & Hedging 0.00 0.00
Deferred Tax Liabilities 0.00 0.00
Other current liabilities 3,426.00 2,435.00
Total Other STL 10,228.00 9,470.00
Total current liabilities 14,192.00 15,388.00
Long Term Borrowings 14,772.00 13,524.00
Long Term Capital Leases 0.00 0.00
Debt 14,772.00 13,524.00
Accrued Liabilities 0.00 0.00
Pension Liabilities 181.00 297.00
Deferred Revenue 0.00 0.00
Deferred Tax Liabilities 59.00 48.00
Derivatives & Hedging 0.00 0.00
Misc Long Term Liabilities 4,086.00 4,983.00
Total Other LTL 4,326.00 5,328.00
Total non current liabilities 19,098.00 18,852.00
TOTAL LIABILITIES 33,290.00 34,240.00
Preferred stock 0.00 0.00
Common stock 16,653.00 17,489.00
Retained earnings 22,581.00 26,087.00
Other Equity 542.00 112.00
Equity Before Minority Interest 39,776.00 43,688.00
Minority/Non Controlling Interest 469.00 399.00
Total equity 40,245.00 44,087.00
TOTAL LIABILITIES AND EQUITY 73,535.00 78,327.00
Number of shares of common stock ###
Balance sheet
2013 2014 2015 2016
14,613.00 17,769.00 21,716.00 20,152.00
17,603.00 21,050.00 32,652.00 35,973.00
32,216.00 38,819.00 54,368.00 56,125.00
6,049.00 6,087.00 5,618.00 5,385.00
0.00 0.00 0.00 0.00
6,049.00 6,087.00 5,618.00 5,385.00
114.00 74.00 112.00 95.00
31.00 28.00 38.00 31.00
95.00 87.00 164.00 86.00
0.00 0.00 0.00 0.00
240.00 189.00 314.00 212.00
0.00 8.00 0.00 0.00
974.00 914.00 0.00 0.00
2,213.00 2,119.00 2,220.00 2,591.00
3,187.00 3,041.00 2,220.00 2,591.00
41,692.00 48,136.00 62,520.00 64,313.00
5,756.00 6,239.00 7,295.00 8,096.00
(2,703.00) (3,178.00) (3,609.00) (4,096.00)
3,053.00 3,061.00 3,686.00 4,000.00
0.00 0.00 0.00 0.00
6,640.00 6,137.00 6,406.00 4,943.00
27,343.00 29,652.00 34,087.00 34,590.00
766.00 837.00 1,458.00 1,291.00
2,318.00 2,451.00 2,746.00 3,043.00
37,067.00 39,077.00 44,697.00 43,867.00
40,120.00 42,138.00 48,383.00 47,867.00
81,812.00 90,274.00 110,903.00 112,180.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 1,508.00 1,999.00 3,750.00
0.00 1,508.00 1,999.00 3,750.00
419.00 471.00 806.00 504.00
911.00 416.00 0.00 0.00
0.00 0.00 0.00 0.00
1,851.00 1,940.00 1,839.00 1,966.00
3,181.00 2,827.00 2,645.00 2,470.00
7,118.00 7,269.00 7,245.00 7,655.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
2,573.00 2,785.00 3,317.00 3,333.00
9,691.00 10,054.00 10,562.00 10,988.00
12,872.00 14,389.00 15,206.00 17,208.00
18,494.00 22,589.00 39,959.00 40,105.00
0.00 0.00 0.00 0.00
18,494.00 22,589.00 39,959.00 40,105.00
0.00 0.00 0.00 0.00
364.00 436.00 599.00 587.00
0.00 0.00 0.00 0.00
173.00 258.00 465.00 160.00
0.00 0.00 244.00 218.00
4,764.00 5,147.00 5,332.00 6,112.00
5,301.00 5,841.00 6,640.00 7,077.00
23,795.00 28,430.00 46,599.00 47,182.00
36,667.00 42,819.00 61,805.00 64,390.00
0.00 0.00 0.00 0.00
18,893.00 21,077.00 23,156.00 24,217.00
25,854.00 25,965.00 26,503.00 23,888.00
(99.00) (164.00) (996.00) (816.00)
44,648.00 46,878.00 48,663.00 47,289.00
497.00 569.00 435.00 501.00
45,145.00 47,447.00 49,098.00 47,790.00
81,812.00 90,266.00 110,903.00 112,180.00
### ### ### ###
Common sizing of BS
2011 2012 2013 2014 2015 2016
21.98% 19.09% 17.86% 19.68% 19.58% 17.96%
17.25% 20.07% 21.52% 23.32% 29.44% 32.07%
39.23% 39.16% 39.38% 43.00% 49.02% 50.03%
9.01% 8.14% 7.39% 6.74% 5.07% 4.80%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
9.01% 8.14% 7.39% 6.74% 5.07% 4.80%
0.13% 0.06% 0.14% 0.08% 0.10% 0.08%
0.02% 0.03% 0.04% 0.03% 0.03% 0.03%
0.26% 0.12% 0.12% 0.10% 0.15% 0.08%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.41% 0.20% 0.29% 0.21% 0.28% 0.19%
0.00% 0.00% 0.00% 0.01% 0.00% 0.00%
1.62% 1.12% 1.19% 1.01% 0.00% 0.00%
3.00% 2.47% 2.70% 2.35% 2.00% 2.31%
4.62% 3.59% 3.90% 3.37% 2.00% 2.31%
53.27% 51.10% 50.96% 53.32% 56.37% 57.33%
6.93% 6.92% 7.04% 6.91% 6.58% 7.22%
-3.04% -3.06% -3.30% -3.52% -3.25% -3.65%
3.89% 3.86% 3.73% 3.39% 3.32% 3.57%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
10.69% 10.08% 8.12% 6.80% 5.78% 4.41%
29.31% 32.07% 33.42% 32.85% 30.74% 30.83%
1.46% 0.76% 0.94% 0.93% 1.31% 1.15%
1.38% 2.13% 2.83% 2.72% 2.48% 2.71%
42.84% 45.05% 45.31% 43.29% 40.30% 39.10%
46.73% 48.90% 49.04% 46.68% 43.63% 42.67%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1.56% 3.77% 0.00% 1.67% 1.80% 3.34%
1.56% 3.77% 0.00% 1.67% 1.80% 3.34%
0.67% 0.56% 0.51% 0.52% 0.73% 0.45%
0.00% 0.67% 1.11% 0.46% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
3.15% 2.56% 2.26% 2.15% 1.66% 1.75%
3.83% 3.79% 3.89% 3.13% 2.38% 2.20%
9.25% 8.98% 8.70% 8.05% 6.53% 6.82%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4.66% 3.11% 3.15% 3.09% 2.99% 2.97%
13.91% 12.09% 11.85% 11.14% 9.52% 9.79%
19.30% 19.65% 15.73% 15.94% 13.71% 15.34%
20.09% 17.27% 22.61% 25.02% 36.03% 35.75%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
20.09% 17.27% 22.61% 25.02% 36.03% 35.75%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.25% 0.38% 0.44% 0.48% 0.54% 0.52%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.08% 0.06% 0.21% 0.29% 0.42% 0.14%
0.00% 0.00% 0.00% 0.00% 0.22% 0.19%
5.56% 6.36% 5.82% 5.70% 4.81% 5.45%
5.88% 6.80% 6.48% 6.47% 5.99% 6.31%
25.97% 24.07% 29.08% 31.49% 42.02% 42.06%
45.27% 43.71% 44.82% 47.43% 55.73% 57.40%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
22.65% 22.33% 23.09% 23.35% 20.88% 21.59%
30.71% 33.31% 31.60% 28.76% 23.90% 21.29%
0.74% 0.14% -0.12% -0.18% -0.90% -0.73%
54.09% 55.78% 54.57% 51.93% 43.88% 42.15%
0.64% 0.51% 0.61% 0.63% 0.39% 0.45%
54.73% 56.29% 55.18% 52.56% 44.27% 42.60%
100.00% 100.00% 100.00% 99.99% 100.00% 100.00%
Graphical representation
Retained earnings
27000
26000
25000
24000
23000
22000
21000
20000
2011 2012 2013 2014 2015 2016
tation
2015 2016
### ###
2015 2016
HOME
Revenues:
Operating expenses:
20
Consolidated Income statement
Sub-heading\YEAR -> 2012 2013 2014
Total software revenues 26,560.00 27,920.00 29,199.00
Total hardware revenues 6,302.00 5,346.00 5,372.00
Total services revenues 4,259.00 3,914.00 3,704.00
Total revenues 37,121.00 37,180.00 38,275.00
Software expense 1,724.00 1,806.00 1,925.00
Hardware expense 2,889.00 2,391.00 2,357.00
IT expense 4,613.00 4,197.00 4,282.00
Gross Profit 32,508.00 32,983.00 33,993.00
Selling, General and administrative 8,116.00 8,134.00 8,605.00
Services expense 3,382.00 3,182.00 2,954.00
Research and development 4,523.00 4,850.00 5,151.00
Depreciation and Amortization 2,430.00 2,385.00 2,300.00
Other Operating Expenses 351.00 (252.00) 224.00
COGS 18,802.00 18,299.00 19,234.00
EBIT 13,706.00 14,684.00 14,759.00
Interest expense (766.00) (797.00) (914.00)
Non-operating income (expense), net 22.00 11.00 (141.00)
PBT 12,962.00 13,898.00 13,704.00
Income tax expense 2,981.00 2,973.00 2,749.00
PAT 9,981.00 10,925.00 10,955.00
Basic 1.75 1.99 1.94
Diluted 1.72 1.96 1.90
4,404.00 4,221.00
4,503.00 4,305.00
0.51 0.60
n sizing of IS Graphical Representa
2015 2016
77.11% 78.25%
13.62% 12.60%
9.28% 9.15% 2012
100.00% 100.00% PAT ###
6.06% 7.19%
5.98% 5.57%
12.04% 12.76%
87.96% 87.24%
PAT
22.84% 24.40% 45.00%
PAT
Heading
CFO
Net Income
Depreciation & Amortization (i)
(ii)
Depreciation
Amortization of Intangible assets
Trade receivables
Inventories
Prepaid expenses and other assets
Accounts payable and other liabilities
Income taxes payable
Deferred revenues
Dividends paid
Cash from Long term debt
Repayments of long term debt
GOOD
BAD
17
ATIO ANALYSIS
Calculated Value Remarks User to enter
Industry standard
2013 2014 2015 2016
3.24 3.35 4.11 3.74 BAD 3.50
3.05 3.18 3.94 3.57 BAD 4.00
2.50 2.70 3.58 3.26 GOOD 1.00
88.71% 88.81% 87.96% 87.24% GOOD 88.00%
39.49% 38.56% 36.29% 34.02% BAD 40.00%
- 0.00
29.38% 28.62% 26.00% 24.03% BAD 30.00%
0.21 0.20 0.23 0.22 GOOD 0.30
18.34% 17.15% 13.79% 11.30% GOOD 15.00%
15.85% 14.44% 10.38% 9.37% GOOD 13.10%
24.42% 23.29% 20.01% 18.50% GOOD 21.50%
5.98 times 6.31 times 6.53 times 6.73 times GOOD 6.00 times
60.99 days 57.87 days 55.88 days 54.20 days GOOD 60 days
91.95 times 89.67 times 78.54 times 74.96 times GOOD ###
3.97 days 4.07 days 4.65 days 4.87 days GOOD 5 days
5.95 times 6.40 times 7.22 times 7.71 times GOOD 7.00 times
61.33 days 57.01 days 50.56 days 47.35 days GOOD 40 days
12.18 12.50 10.37 9.26 GOOD 11.30
18.42 times 16.15 times 12.14 times 8.59 times GOOD ###
-
-
0.41x 0.48x 0.81x 0.84x GOOD 0.57x
1.81 1.90 2.26 2.35 GOOD 2.01
55.18% 52.56% 44.27% 42.60% GOOD 50.50%
9.75 10.65 11.32 11.59 GOOD 10.45
2.36 2.46 2.29 2.16 GOOD 2.25
28820.00 33747.00 47314.00 47105.00 GOOD 36300.00
(3396.00) (3564.00) (5055.00) (5270.00) BAD 2.25
Graphical representation o
to enter
y standard
60.00
50.00
40.00
30.00
20.00
10.00
0.00
2012 2013 2014 2015
sentation of ratios
2015 2016
50.56 47.35
nt period
Fiscal year
in Millions
Net Sales
% Growth
EBITDA
% Growth
% Margin
Operating Profit (EBIT)
% Growth
% Margin
Tax Rate
NOPAT
D&A
% Growth
% Margin
Change In Operating WC
Change in WC as % of Sales
Capex
Capex / D&A
Capex % of Sales
Unlevered FCF
2.52%
1
0.98
20257.77
LTGR in EBIT
2845498.84 1.60% 1.80% 2.00% 2.20%
2.12%
WACC
2.32%
2.52%
2.72%
2.92%
del
Forward Estimates Long term forward
2018 2019 2020 2021 2022
2.40%
Long term forward estimates
2023 2024 2025
Terminal Value
Sum of PV of FCF of 9 years 152444.53
WACC 2.52%
LTGR in EBIT 2.00%
Present value of terminal value 2,693,054.31
Terminal value as % of Total value 94.64%
Users :
"Please enter values in Start and Change
for getting required forecast of respective
rates.
EBIT Margin (%) Year -> 2017 2018 2019 2020 2021+
Base 1 9.00% 9.20% 9.40% 9.60% 9.80%
Manageent 2 8.80% 9.00% 9.20% 9.40% 9.60%
Upside 3 9.10% 9.40% 9.70% 10.00% 10.30%
Downside1 4 8.80% 8.90% 9.00% 9.10% 9.20%
Downside2 5 8.70% 8.80% 8.90% 9.00% 9.10%
Capex Intensity (%) Year -> 2017 2018 2019 2020 2021+
Base 1 9.00% 9.20% 9.40% 9.60% 9.80%
Manageent 2 8.80% 8.90% 9.00% 9.10% 9.20%
Upside 3 9.10% 9.40% 9.70% 10.00% 10.30%
Downside1 4 8.80% 8.90% 9.00% 9.10% 9.20%
Downside2 5 8.70% 8.80% 8.90% 9.00% 9.10%
Valuation Assumptions
WACC 2.52%
LTGR - EBIT 2.00%
nter coloured data.
Company Data
Current Market price $40.00
Diluted shares O/s 4122.73
Debt 40,105.00
Cash 47,790.00
Tax rate 30%
HOME
Du Pon
Change year to
calculate RoE value for
that particular year.
Interest Profitability
Tax Effect
Effect Effect
0.19
0.19
Leverage
Ratio
Total
Assets/Networth
2.35
2.35
HOME
RoE An
Change year to
calculate RoE value for
that particular year.
No Input No Data
RoE Analysis
Year = 2014
Leverage ratio = 1.90
RoA = 0.17
Effective tax rate = 0.20
Cost of Debt = 0.04
0.30
1) * Kd * (1-t)
0.80
HOME
Earning Pe
Networth / No of Outstanding
Total assets / Networth
shares
1.81
Earning Per Share (EPS)
Year = 2013
Leverage ratio = 1.81
BVPS = 1.81
Asset Turnover ratio = 12.18
Net Profit Margin = 29.38%
Asset Turnover
Leverage Ratio Net profit margin
Ratio
tal assets / Networth Net Sales / Total assets Net Profit / Net sales
29.38%
HOME
Weighted Average Cos
FCFF Calculation
EBIT 13,706.00 14,684.00 14,759.00
Tax 35% 35% 35%
NOPAT 8908.9 9544.6 9593.35
Add D&A 2,916.00 2,931.00 2,908.00
2,916.00 2,931.00 2,908.00
Less Working capital changes (83.00) (712.00) (162.00)
Capital Expenditures (648.00) (650.00) (580.00)
(731.00) ### (742.00)
FCFF 11,093.90 11,113.60 11,759.35
M2 FCFE Calculation
FCFF 11,093.90 11,113.60 11,759.35
Add Net borrowing 295.00 2,024.00 5,566.00
Less Interest (766.00) (797.00) (914.00)
Tax 35% 35% 35%
(497.90) (518.05) (594.10)
10,891.00 12,619.55 16,731.25
2015 2016
9,938.00 8,901.00
2,861.00 2,509.00
17,587.00 1,209.00
### 3,718.00
617.00 759.00
(1,391.00) (1,189.00)
(774.00) (430.00)
29,612.00 12,189.00
13,871.00 12,604.00
35% 35%
9016.15 8192.6
2,861.00 2,509.00
2,861.00 2,509.00
617.00 759.00
(1,391.00) (1,189.00)
(774.00) (430.00)
11,103.15 10,271.60
11,103.15 10,271.60
17,587.00 1,209.00
(1,143.00) (1,467.00)
35% 35%
(742.95) (953.55)
27,947.20 10,527.05