DCF Dashboard
Company TVS Motors
Current Price 498.00
Terminal Growth Rate 2.00%
Market Risk Premium 8.24% NYU prof estimate. [Link]
Risk-Free Rate 5.91% 10-yr treasury. [Link]
WACC 6.09%
Fair Price 1016.58
Appreciation 104.13%
Notes This is where you would note important assumptions that you've included in your model
[Link]/adamodar/
.com/rates-bonds/india-10-year-bond-yield-historical-data
uded in your model
FCF Calculation
in Crores Historical Projected
2016 2017 2018 2019 2020 2021
Net Income 423.8 509.1 664.2 723.7 695.7 330.9
D&A 262.19 316.82 373.60 441.71 556.00 635.88
Changes in Operating Working Capital -281.20 -122.58 -555.84 -322.04 -544.01 -365.13
CapEx 551.73 857.48 643.12 764.58 704.2275
FCF 967.19 396.76 736.17 844.33 1031.15 627.68
2022 2023 2024 2025 Notes
464.7 666.7 702.7 1058.8
720.40 800.66 871.70 987.20
-266.08 -358.08 -424.20 -434.98
742.35188 713.56984 731.1823 722.83288 Rolling average assumption
708.85 1111.86 1267.37 1758.15
Fair Value Calculation
all numbers in Crores
2016 2017 2018 2019 2020 2021 2022
Projected Year 1 2
FCF 967.19 396.76 736.17 844.33 1031.15 627.68 708.85
Discount Factor 1.06 1.13
Discounted 591.67 629.84
Enterprise Value 47480.84
Net Debt -815.56
Fair Value 48296.40
WACC Assumptions
WACC 6.09%
Ratio Weight Notes
Equity 1 0.22
Debt 3.46 0.78
Beta 1.03 [Link]
Rm-Rf 2.33%
Cost of Equity 8.31%
Cost of Debt 7.26%
Tax Rate 25.00%
After Tax Cost of Debt 5.44%
Shares Outstanding 47.5087114
2023 2024 2025 Terminal
3 4 5 5
1111.86 1267.37 1758.15 1758.15
1.19 1.27 1.34 4.09%
931.25 1000.59 1308.42 43019.08
ks/overview/[Link]
Income Statement
in Crores Historical
2016 2017 2018 2019 2020
INCOME
Revenue From Operations [Gross] 12,282.82 13,446.28 16,413.88 19,716.07 18,321.02
% Change 9.47% 22.07% 20.12% -7.08%
Less: Excise/Sevice Tax/Other Levies 1,046.87 1,111.27 361.50 0.00 0.00
Revenue From Operations [Net] 11,235.95 12,335.01 16,052.38 19,716.07 18,321.02
% Change 9.78% 30.14% 22.82% -7.08%
Other Operating Revenues 141.11 127.61 242.12 443.92 528.29
% Change -9.57% 89.73% 83.35% 19.01%
Total Operating Revenues 11,377.06 12,462.62 16,294.50 20,159.99 18,849.31
% Change 9.54% 30.75% 23.72% -6.50%
Other Income 91.35 165.44 145.36 25.44 51.83
% Change 81.11% -12.14% -82.50% 103.73%
Total Revenue 11,468.41 12,628.06 16,439.86 20,185.43 18,901.14
% Change 10.11% 30.19% 22.78% -6.36%
EXPENSES
Cost Of Materials Consumed 7,697.67 8,692.53 11,003.04 13,788.43 12,050.84
% Revenue 67.1% 68.8% 66.9% 68.3% 63.8%
Purchase Of Stock-In Trade 266.13 292.70 254.56 244.84 259.20
% Change 9.98% -13.03% -3.82% 5.87%
Changes In Inventories Of FG,WIP And Stock-In Trade 62.77 -48.77 33.96 -78.95 6.73
Employee Benefit Expenses 731.19 828.05 1,149.79 1,432.15 1,539.35
% Change 13.25% 38.86% 24.56% 7.49%
Finance Costs 70.02 59.62 338.22 663.40 854.54
% Change -14.85% 467.29% 96.14% 28.81%
Depreciation And Amortisation Expenses 262.19 316.82 373.60 441.71 556.00
% revenue 2.3% 2.5% 2.3% 2.2% 2.9%
Other Expenses 1,803.19 1,829.35 2,356.45 2,612.70 2,720.14
% Change 1.45% 28.81% 10.87% 4.11%
Total Expenses 10,893.16 11,970.30 15,509.62 19,104.28 17,986.80
% Change 9.89% 29.57% 23.18% -5.85%
Profit/Loss Before Exceptional, ExtraOrdinary Items 575.25 657.76 930.24 1081.15 914.34
And Tax
% Change 14.34% 41.43% 16.22% -15.43%
Profit/Loss Before Tax 575.25 657.76 930.24 1081.15 914.34
% Change
Total Tax Expenses 151.45 148.67 266.03 357.45 218.62
% of PBT 0.26327684 0.2260247 0.28597996 0.3306202 0.2391014
Net Income 423.80 509.09 664.21 723.70 695.72
Projected
2021 2022 2023 2024 2025
20363.12 22718.06 24748.68 26269.09 28751.04
11.15% 11.56% 8.94% 6.14% 9.45%
0.00 0.00 0.00 0.00 0.00
20363.12 22718.06 24748.68 26269.09 28751.04
11.15% 11.56% 8.94% 6.14% 9.45%
769.35 1226.57 1862.58 2681.73 4028.58
45.63% 59.43% 51.85% 43.98% 50.22%
21132.47 23944.62 26611.26 28950.83 32779.62
12.11% 13.31% 11.14% 8.79% 13.23%
63.52 68.54 77.40 105.87 127.09
22.55% 7.91% 12.92% 36.78% 20.04%
21195.99 24013.17 26688.67 29056.70 32906.71
12.14% 13.29% 11.14% 8.87% 13.25%
14199.22 16080.19 17771.94 19329.10 21772.62
67.0% 67.0% 66.6% 66.5% 66.2%
258.55 251.29 250.66 252.26 250.57
0% -3% 0% 1% -1%
0.00 0.00 0.00 0.00 0.00
1693.29 1862.61 2048.87 2253.76 2479.14
10% 10% 10% 10% 10%
939.99 1033.99 1137.39 1251.13 1376.25
10% 10% 10% 10% 10%
635.88 720.40 800.66 871.70 987.20
3.0% 3.0% 3.0% 3.0% 3.0%
3027.86 3445.05 3790.22 4161.88 4629.21
11.31% 13.78% 10.02% 9.81% 11.23%
20,754.80 23,393.53 25,799.75 28,119.83 31,494.98
15.39% 12.71% 10.29% 8.99% 12.00%
441.19 619.64 888.92 936.87 1411.73
-51.75% 40.45% 43.46% 5.39% 50.69%
441.19 619.64 888.92 936.87 1411.73
110.30 154.91 222.23 234.22 352.93
25% 25% 25% 25% 25%
330.89 464.73 666.69 702.65 1058.80
Notes
In blue are projections, highlighted in grey are assumptions
Rolling average is used for some particular percent increase like depriciation and ammortisation and expenses,
Percentage of revenue is used to calculate COGS
n and expenses,
Consolidated Balance Sheet
------------------- in Rs. Cr. -------------------
Mar 16 Mar 17 Mar 18 Mar 19 Mar 20
12 mths 12 mths 12 mths 12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital
Total Share Capital 47.51 47.51 47.51 47.51 47.51
Reserves and Surplus 47.51 47.51 47.51 47.51 47.51
Total Reserves and Surplus 1,770.97 2,168.53 2,629.69 3,122.66 3,234.59
Total Shareholders Funds 1,770.97 2,168.53 2,629.69 3,122.66 3,234.59
Minority Interest 1,818.48 2,216.04 2,677.20 3,170.17 3,282.10
NON-CURRENT LIABILITIES -0.51 8.78 181.08 245.77 320.94
Long Term Borrowings
Deferred Tax Liabilities [Net] 508.72 501.23 2,360.93 4,909.16 5,221.23
Other Long Term Liabilities 146.11 128.70 54.71 96.96 87.12
Long Term Provisions 0.00 0.00 0.00 0.00 204.12
Total Non-Current Liabilities 48.69 64.59 86.53 89.64 122.22
CURRENT LIABILITIES 703.52 694.52 2,502.17 5,095.76 5,634.69
Short Term Borrowings
Trade Payables 390.58 740.85 3,192.46 3,253.81 3,780.70
Other Current Liabilities 1,654.64 1,986.25 2,682.87 3,159.68 3,186.84
Short Term Provisions 520.84 418.61 1,912.55 1,706.24 2,974.97
Total Current Liabilities 58.50 62.91 65.20 65.06 99.77
Total Capital And Liabilities 2,624.56 3,208.62 7,853.08 8,184.79 10,042.28
ASSETS 5,146.05 6,127.96 13,213.53 16,696.49 19,280.01
NON-CURRENT ASSETS
Tangible Assets
Intangible Assets 2,016.79 2,306.33 2,846.99 3,116.51 3,439.38
Capital Work-In-Progress 47.27 53.53 58.55 61.98 183.00
Intangible Assets Under Development 47.21 63.81 273.87 603.92 847.14
Fixed Assets 0.00 0.00 39.39 140.59 158.87
Non-Current Investments 2,111.27 2,423.67 3,218.80 3,923.00 4,628.39
Long Term Loans And Advances 914.39 1,155.19 421.02 439.73 370.91
Other Non-Current Assets 0.00 0.22 2,826.25 3,624.80 4,148.49
Total Non-Current Assets 66.18 112.63 186.26 188.98 197.07
CURRENT ASSETS 3,094.04 3,693.91 6,840.64 8,364.82 9,533.17
Inventories
Trade Receivables 882.60 1,161.86 1,056.15 1,291.57 1,188.47
Cash And Cash Equivalents 490.84 701.81 1,070.88 1,546.07 1,454.36
Short Term Loans And Advances 53.57 51.26 172.93 206.31 1,107.57
OtherCurrentAssets 0.00 0.00 3,305.45 4,599.83 5,306.84
Total Current Assets 625.00 519.12 767.48 687.89 689.60
Total Assets 2,052.01 2,434.05 6,372.89 8,331.67 9,746.84
5,146.05 6,127.96 13,213.53 16,696.49 19,280.01
Depreciation And Amortisation Expenses
Capex 262.19 316.82 373.60 441.71 556.00
551.73 857.48 643.12 764.58
Finance Cost
Total Debt 70.02 59.62 338.22 663.40 854.54
Cost of Debt 899.30 1242.08 5553.39 8162.97 9001.93
7.8% 4.8% 6.1% 8.1% 9.5%
Net Debt
-1152.71 -1191.97 -819.50 -168.70 -744.91
7.3%
-815.56
Balance Sheet
in Crores Historical Projected
2016 2017 2018 2019 2020 2021
Accounts Receivable 490.84 701.81 1,070.88 1,546.07 1,454.36 1052.79
Inventory 882.60 1,161.86 1,056.15 1,291.57 1,188.47 1116.13
Accounts Payable 1,654.64 1,986.25 2,682.87 3,159.68 3,186.84 2534.06
Working Capital -281.20 -122.58 -555.84 -322.04 -544.01 -365.13
Change in Working Capital -158.62 433.26 -233.80 221.97 -178.88
2022 2023 2024 2025 Notes
1281.03 1333.56 1280.43 1236.95 Crude approximation through averaging
1162.84 1163.03 1184.41 1162.97
2709.94 2854.68 2889.04 2834.91
-266.08 -358.08 -424.20 -434.98
-99.06 92.01 66.11 10.79 The working capital calculation is supposed to be non-cash working c
which is calculated as AR - AP + Inventory.
posed to be non-cash working capital.