Asian Paints DCF Valuation
Asian Paints DCF Valuation
Asian Paints DCF Valuation
CURRENT ASSETS
Current Investments 1,056.67 1,174.53 512.48 3,267.12
Inventories 2,658.31 3,149.86 3,389.81 3,798.60
Trade Receivables 1,730.63 1,907.33 1,795.22 2,602.17
Cash And Cash Equivalents 404.65 444.88 782.83 610.75
Short Term Loans And Advances 12.81 15.59 18.67 0
Other Current Assets 1,051.01 934.76 1,081.10 1,747.96
TOTAL CURRENT ASSETS 6,914.08 7,626.95 7,580.11 12,026.60
TOTAL ASSETS 13,783.08 16,278.10 16,154.77 20,369.62
Projected
Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
Comparables
w.r.t. revenue
28,923.48
0
28,923.48
29,101.28 32593.434 36341.678 40339.263 44574.886 49032.374
380.01 380.01 380.01 380.01 380.01 380.01
29,481.29 32973.444 36721.688 40719.273 44954.896 49412.384
-115.7 0 0 0 0 0
4,156.15 4679.83 5217.37 5790.96 6398.98 7039.07
30%
1,161.53 27.95% 1403.949 1565.2102 1737.2881 1919.6926 2111.7219 Since the corporate tax
rate is 22% and the
0 0 0 0 0 0 marginal tax rate we
-61.44 0 0 0 0 0 generally use is 30% so
we are taking 30% as
0 0 0 0 0 0 the tax rate keeping
1,102.91 1403.95 1565.21 1737.29 1919.69 2111.72 the conservative
approach
3,053.24 3275.88 3652.16 4053.67 4479.28 4927.35
-54.24 0 0 0 0 0
3,030.57 3275.88 3652.16 4053.67 4479.28 4927.35
Since the corporate tax
rate is 22% and the
marginal tax rate we
generally use is 30% so
we are taking 30% as
the tax rate keeping
the conservative
approach
Actuals
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Fixed Asset Schedule
Opening Balance 2956.65 3118.47 5901.56 5684.85 5321.9
Add: Net Purchases 487.51 3,370.95 528.63 396.66 555.84
Total Fixed Assets 3,444.16 6,489.42 6,430.19 6,081.51 5,877.74
Less:Depreciation 325.69 587.86 745.34 759.61 787.53
Closing Balance 2956.65 3,118.47 5,901.56 5,684.85 5,321.90 5,090.21
.
Projected
Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
Current Borrowing
Opening Balance 504.43 492.42 596.53 321.48 325.7 731.12
Add/Less : Taken
(Repaid) -12.01 104.11 -275.05 4.22 405.42 45.338
Closing Balance 504.43 492.42 596.53 321.48 325.7 731.12 776.458
Current Liabilities
Short Term Borrowings 492.42 596.53 321.48 325.7 731.12
2.93% 3.10% 1.59% 1.50% 2.51%
Trade Payables 2159.96 2394.29 2136.57 3378.72 4164.3
12.84% 12.44% 10.57% 15.56% 14.31%
Other Current Liabilities 1742.09 2113.07 1859.87 2137.01 2605.87
10.35% 10.98% 9.20% 9.84% 8.95%
Short Term Provisions 56.6 76.21 62.46 84.43 69.7
0.34% 0.40% 0.31% 0.39% 0.24%
Total Current Liabilies 4451.07 5180.1 4380.38 5925.86 7570.99
Interest Tax Shield (Int * Tax Rate) 29.97 31.31 32.66 34.00
PV of Interest Tax Shield ₹ 115.74
24268.89
35.34