Emami valuation analysis

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    STATEMENT ANALYSI EMAMI LTD. AND

    VALUATBY VIVITA RO

     ADITI MOR

    PRAVEEN

    HITESH H

      ARBEZ KHA

      JIGAR S

      DEBASHISH

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    ABOUT EMAMI LTD.

    • Established in eal! "#$s% E&a&i '()* has '(+n in India +ith *esen,e in &a se,t(s ( FM/G% eal estate% h(s*itals% etail% ne+s*int &an)a,t)in'% *ha& ,hain% ,(nte&*(a! at %edible (il and bi(diesel . F()nded b! t+( iends M R A'a+al and M RS G(en0a% E&a&i t(da!% is a t)sted and l(1ed band ( the +ith (1e 25%### e&*l(!ees and a '()* t)n(1e ( ab()t Rs 3#%### ,.

    • A'ainst all (dds +ith a 1isi(n ( ,(&binin' the a'e (ld +isd(& ( A!)1eda +i&(den &an)a,t)in' te,hni4)es ( ,eatin' +innin' bands the ,(&*an! s +ith a &e'e a&()nt ( Rs. 2#%###. A dea& ( ea,hin' ()t t( the Indian &i ,lass a ta'et a)dien,e +h(& the! th()'ht +ill ha1e in,easin' *(tential ( ,(ns)&*ti(n% the ,(&*an! stated &an)a,t)in' ,(s&eti, *(d),ts as +ell a A!)1eda &edi,ines )nde the band na&e ( E&a&i (& a s&all (6,e 7still etained8 in 9(l0ata$s b)siness disti,t ( Bada Ba:a. Thei ,(ns)&e insi'ht is e;e,ted t(da! in the &issi(n state&ent ( E&a&i Li&ited< "Making people

    healthy and beautiful naturally".

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    EMAMI$S OVER T>E LAST 5 YEARS

    ?2#@? ?3@ ?3? ?#@ #.##

    5.##

    3#.##

    35.##

    2#.##

    25.##

    #.##

    25.## 25.##

    2#.## 2#.##

    22."# 22."#

    35.3 35.3

    Share Capital

      E4)it! C A)th(ised E4)it! Paid U*

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    ?2#@? ?3@ ?3? ?#@ ?#@# #.##

    #.#5

    #.3#

    #.35

    #.2#

    #.25

    #.#

    #.5

    #.# #.#?

    #.35

    #.22

    #.2

    Total Debt/Equity(x)

     T(tal Debt E4)it!78 Linea 7T(tal Debt E4)it!788

    EMAMI$S OVER T>E LAST 5 YEARS

    ?2#@? ?3@ ?3? #.##

    3#.##

    2#.##

    #.##

    ?#.##

    5#.##

    @#.##

    "#.##

    #.##

    ".?3 "3.5

    5".3"

    Shareholder!

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    EMAMI$S OVER T>E LAST 5 YEARS

    ?2#@? ?3@ ?3? ?#@ #.##

    5.##

    3#.##

    35.##

    2#.##

    25.##

    #.##

    #ro$th %atio

    Net Sales G(+th78 /(e EBITDA G(+th78

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    EMAMI$S OVER T>E LAST 5 YEARS

    ?2#@? ?3@ ?3? ?#@ #.##

    2##.## ?##.##

    @##.##

    ##.##

    3###.##

    32##.##

    3?##.##

    3@##.##

    3##.##3@"@.2

    3#2.2 35.? 323.5#

    Total &!!et!

     T(tal Assets

     'ear!

    Total &!!et!

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    EMAMI$S OVER T>E LAST 5 YEARS

    ?2#@? ?3@ ?3? ?#@ ?#@# #.##

    #.2#

    #.?#

    #.@#

    #.#

    3.##

    3.2#

    3.?#

    3.@# 3.52

    3. 3.3

    3.2# 3.3#

    &!!et Turnoer(x)

    Asset T)n(1e78 Linea 7Asset T)n(1e788

     'E&%S

    &!!et Turnoer(x)

    ?2#@? ?3@ ? #.##

    #.5#

    3.##

    3.5#

    2.##

    2.5#

    .##

    .5#

    2.@

    2.@5

    Current %atio

    /)ent Rati(78 Linea 7/

     'ea

    Current %atio(x)

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    EMAMI$S OVER T>E LAST 5 YEARS

    ?2#@? ?3@ ?3? ?#@ ?#@# #.##

    3##.##

    2##.##

    ##.##

    ?##.##

    5##.##

    @##.##

    "##.## @3.

    5#@.5" ?.2

    ?5.# ?##.??

    perating *ro+t

    O*eatin' P(Ht Linea 7O*eatin' P(Ht8

    ?2#@? ?3@ ?3? #.##

    3##.##

    2##.##

    ##.##

    ?##.##

    5##.##

    @##.##

    ?5.?5

    ?#2.?

    3?.@

    *ro+t &fter Ta

    P(Ht Ate Ta Linea 7P(

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    EMAMI$S OVER T>E LAST 5 YEARS

    ?2#@? ?3@ ?3? ?#@ ?#@# #

    3

    2

    ?

    5

    @

    2.

    .52

    ?.5

    5.55 5.?

    ,orking Capital/Sale!(x)

    (0in' /a*italSales78

    ?2#@? ?3@AA ?3BB? #

    5

    3#

    35

    2#

    25

    B#

    2?.G

    3A.B@

    3@.B

    Debtor! Turnoe

    Debt(s T)n(1e7E8 Linea 7Debt

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    DUPONTJS ANALYSIS

    ?2#@? ?3@ ?3? ?#@ ?#@#

    #.##

    5.##

    3#.##

    35.##

    2#.##

    25.##

    #.##

    5.##

    ?#.##

    ?5.##

    5#.##

    23.53 23."3

    3.35 3".53 3.#"

    3.52 3. 3.3 3.2# 3.3#

    3. 3.5@ 3." 3."" 3."5

    ??. ?".#

    ?2.?3

    ".#" ?."?

    E-a-i td. Du *ont &naly!i! Con!olidated

    PATM 78 Linea 7PATM 788 Sales  T(tal Assets78

    Assets t( E4)it! 78 ROE 78 Linea 7ROE 788

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    FORE/ASTS FOR T>E FUTURE YEARS

    • F/FF ( Ma,h 2#35 C ?.2 /.

    • G(+th in F/FF in the *e1i()s !ea C 33.

    • Ind)st! /AGR K 33

    • >en,e +e ass)&e '(+th in ee ,ash ;(+s at th sa&e ate E!ti-ate for 'ear Mar01 Mar02 Mar03 Mar04

    M

    ree Ca!h lo$ for ir- 5?#. @#5.5 @""." "5.@5 ?

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    /OST OF /APITAL FOR EMAMI

    • A1ea'e et)ns ( E&a&i K 2.@

    • Ris0 ee ate ( et)n In ,(&*ais(n t( Hed de*(sit a ( 3 !ea de*(sits K 

    • Beta ( e&a&i sense K #.@#

    • Beta ( E&a&i Nit! K #.55

    • /(st ( ,a*ital ( E&a&i K 9e  R  7R& K R8

    • 9e    #.@72.@ K 8

    • 9e  3".@ 

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    VALUATION BASED ON DIS/OUNTED /A FLOS

    Esti&ate ( Yea MaC3@ MaC3" MaC3 MaC3 Fee /ash Fl(+ ( Fi& 5?#. @#5.5 @""." "5.@ Dis,()ntin' Fa,t( Q

    3".@ #.523 #."2@ #.@3@ #.52" Dis,()nted F/FF Q

    3".@ ?@#. ?.@2 ?3.2 . /)&ilati1e Dis,()nted

    F/FF 23#3.2#  

     Te&inal Val)e as *e G(dan '(+th &(del

    35.@?3"

     

    Val)ati(n ( E&a&i 2#?5?.5"

     

    Val)e *e shae #3.#

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    /ON/LUSION

    • E&a&i is tadin' in the &a0et at %!. 423

    • e 1al)e E&a&i at %!. 460.63

    • >en,e +e ,(n,l)de that E&a&i is (1e 1al)ed at &(&ent in the &a0et

    • e s)''est that in1est&ent in E&a&i is n(t ad1isable at this &(&ent as the &a0et &a! ,( itsel.

    • e als( s)''est alead! in1ested in1est(s t( +ithda+ thei in1est&ent as the! ,an b((0 the

    1al)ati(n *(Ht.