Company Ov

Dabur India Ltd is one of India’s leading FMCG

and experience for 137 years, Dabur is today In
largest Ayurvedic and Natural Health Care Com
Power Brands: Dabur Chyawanprash, Dabur Hon
Dabur Lal Tail in the Healthcare space; Dabur Am
Personal care space; and Réal in the Foods cate
Financial Model & Valuation Analysis Dabur has been putting in disproportionate inve
just
improve visibility, but also enhance distribution
Table of Contents of new products, variants, and format launches
dividends.
1) About Company
2) Assumptions
3) Financial Analysis Prepared By : - Man
4) DCF Analysis B.com (Hons) 3rd year , U
5) WACC
6) Beta Note: - This Excel model is for educational purpo
7) Relative Valuation other reason
8) Ratio Analysis
9) Valuation Summary
 Company Overview

one of India’s leading FMCG Companies. Building on a legacy of quality

137 years, Dabur is today India’s most trusted name and the world’
and Natural Health Care Company. Dabur's FMCG portfolio includes nine
ur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur Pudin Hara an
e Healthcare space; Dabur Amla, Dabur Red Paste and Vatika in the
e; and Réal in the Foods category. As part of this Power Brand strategy,
utting in disproportionate investments behind these brands to not
but also enhance distribution and increase the pace of innovation by
ariants, and format launches. This strategy has paid Rich

Prepared By : - Manish Sharma

B.com (Hons) 3rd year , University of Delhi

model is for educational purposes only and should not be used for any
 Different Case Scenarios

Best Case 10.00% Selected case --> Best Case

Worse Case 2.00% 10.00%
Base Case 5.65%

Historical Results
Particulars INR (in Cr) 2017 2018 2019 2020 2021

Assumptions & Drivers

Income Statement
Revenue from Operations 7,701.44 7,748.34 8,533.05 8,703.59 9,561.65
y-o-y growth % 0.61% 10.13% 2.00% 9.86%

Other Income 298.35 305.18 296.17 305.29 325.29

% of Revenue 3.87% 3.94% 3.47% 3.51% 3.40%

Cost of Good Sold 3,755.37 3,819.92 4,290.97 4,341.29 4,773.91

% of Revenue 48.76% 49.30% 50.29% 49.88% 49.93%

Employee Benefits expense 790 793 937 948 1,033

% of Revenue 10.25% 10.23% 10.98% 10.89% 10.81%

Finance Cost 54.03 53.05 59.58 49.54 30.81

% of Revenue 0.70% 0.68% 0.70% 0.57% 0.32%

Depriciation & Amortisation Exp 142.86 162.18 176.90 220.45 240.13

% of Fixed Assets 7.30% 7.99% 8.99% 9.76% 10.70%

Advertisement & Publicity 646.14 606.71 608.33 649.98 784.36

% of Revenue 8.39% 7.83% 7.13% 7.47% 8.20%

Other Expenses 913.53 884.99 938.22 953.28 952.19

% of Revenue 11.86% 11.42% 11.00% 10.95% 9.96%

Tax Rate % of EBT 20.49% 19.78% 16.11% 16.90% 17.55%

Balance sheet
Capital Asset Turnover 3.93 3.82 4.33 3.86 4.26
Disposals of Assets 40.75 33.94 25.29 53.57 59.02
Disposals % to GrossAssets 2.03% 1.47% 1.01% 2.02% 1.89%
Gain/Loss on disposal of assets 4.42 3.44 -0.71 3.99 0.37

Fixed Assets (inc Goodwill) 1,958 2,028 1,969 2,253 2,243

Fixed Assets Growth % 3.58% -2.91% 14.42% -0.44%

Gross Assets 5,069 5,429 5,543 7,119 7,004

Gross Assets Growth % 7.11% 2.09% 28.44% -1.62%

Share based payment expenses 14.30 3.51 77.37 45.26 43.30

Provisions for liabilities & Expenses 3.87 18.68 17.67 9.89 29.27
Interest Income (216.42) (241.52) (249.39) (241.20) (260.78)
Gain on Sale of Financial Assets (56.02) (40.12) (8.36) (21.98) (30.12)
Exceptional items 0.00 14.54 75.34 100.00 0.00
Interest Received 190.02 243.72 244.44 248.21 261.61

Additions to Capital Work-in-progress 43.20 32.40 58.01 102.65 86.96

Transfer of Capital work-in-progress to PPE (39.56) (33.92) (32.29) (26.27) (85.03)

Receivable Days Sales Basis 31 33 36 34 21

Inventory Days COGS Basis 108 120 111 116 133
Payable Days COGS Basis 127 135 124 125 146

Long - Term Borrowings 470.39 364.34 26.05 162.89 134.13

Short - Term Loan Advances (Assets) 3.80 34.88 11.04 13.07 14.46
Long - Term Loan Advances (Assets) 11.86 13.14 17.56 24.64 22.48
Current Other Financial Assets 38.12 28.27 26.47 2.62 2.95
Non-Current Other Financial Assets 6.38 4.11 77.66 528.48 88.65
Other Non-Current Assets 96.31 79.90 88.13 89.06 133.98

Common Shares 176.15 176.15 176.63 176.71 176.74

Debt 910.72 828.83 524.28 467.13 509.00
Yield on Debt 5.93% 6.40% 11.36% 10.61% 6.38%

Dividend payout ratio 0.81% 1.90% 0.67% 0.67% 0.88%

Investment Property Depriciation 1.87% 1.74% 1.79% 1.72% 1.74%

Intangible assets Amortisation expenses 9.41% 8.05% 7.69% 8.04% 7.04%

Capital Expenditure (CAPEX)** 414.84 208.64 136.44 452.84 183.29

* Note : - Dabur has pledged to spend over 550 crores in CAPEX over next 5 years. So ,
CAPEX for upcoming year has forcasted by keeping this point in mind. For ex: - 550/5= 110

Foreign currency translation Diff assumed to be NIL in Forecast Period 0

 Forecast Period
2022 2023 2024 2025 2026

10,518 11,570 12,727 13,999 15,399

10.00% 10.00% 10.00% 10.00% 10.00%

383 416 448 495 545

3.64% 3.59% 3.52% 3.53% 3.54%

5,220 5,762 6,351 6,976 7,672

49.63% 49.80% 49.91% 49.83% 49.82%

1,118 1,239 1,375 1,508 1,655

10.63% 10.71% 10.80% 10.77% 10.74%

63 66 70 73 79
0.60% 0.57% 0.55% 0.52% 0.51%

208 224 242 252 262

8.95% 9.28% 9.54% 9.65% 9.62%

821 889 975 1,087 1,205

7.80% 7.69% 7.66% 7.76% 7.82%

1,161 1,258 1,370 1,500 1,643

11.04% 10.87% 10.76% 10.72% 10.67%

18.17% 17.70% 17.29% 17.52% 17.64%

 4.04 4.06 4.11 4.07 4.11
128.61 135.12 153.12 176.60 187.41
1.68% 1.62% 1.65% 1.77% 1.72%
2.30 1.88 1.57 2.02 1.63

2,325.1 2,410.8 2,539.3 2,616.9 2,719.9

3.66% 3.68% 5.33% 3.06% 3.93%

7634.8 8358.7 9305.6 9961.6 10879.7

9.01% 9.48% 11.33% 7.05% 9.22%

42.36 52.07 45.75 45.87 46.51

18.88 18.93 19.24 21.58 19.66
(248.22) (249.90) (250.03) (252.23) (250.09)
(25.15) (21.40) (24.66) (25.33) (24.13)
- - - - -
237.60 247.12 247.80 248.47 248.52

64.64 68.93 76.24 79.89 75.33

(43.41) (44.18) (46.24) (49.03) (53.58)

30 29 27 29 28
120 123 125 123 123
132 134 137 134 135

134 134 134 134 134

14 14 14 14 14
22 22 22 22 22
3 3 3 3 3
89 89 89 89 89
134 134 134 134 134

176.74 176.74 176.74 176.74 176.74

0.99% 1.02% 0.85% 0.88% 0.92%

1.77% 1.75% 1.76% 1.75% 1.75%

8.05% 7.77% 7.72% 7.72% 7.66%

110 110 110 110 110

550
 Historical Results Forecast Period
Financial Statements (INR in Cr.) 2017 2018 2019 2020 2021 2022 2023
Balance sheet Check OK OK OK OK OK OK OK

Profit and Loss Statement

Revenue from operations 7,701.44 7,748.34 8,533.05 8,703.59 9,561.65 10,517.8 11,569.6
Other income 298.35 305.18 296.17 305.29 325.29 382.70 415.53
Total Revenue 7,999.79 8,053.52 8,829.22 9,008.88 9,886.94 10,900.52 11,985.13

Cost of Good Sold 3,755.37 3,819.92 4,290.97 4,341.29 4,773.91 5,220.10 5,762.22
Excise Duty 87.85 26.49 18.06 18.95 15.05 33.28 22.37
Gross Profit 4,156.57 4,207.11 4,520.19 4,648.64 5,097.98 5,647.14 6,200.54

Employee Benefit Expenses 789.61 792.79 937.31 947.74 1,033.46 1,118.39 1,239.03
Advertisement & Publicity 646.14 606.71 608.33 649.98 784.36 820.82 889.34
Other Expenses 913.53 884.99 938.22 953.28 952.19 1,160.95 1,257.98
Exceptional Items - 14.54 75.34 100.00 - - -
EBITDA 1,807.29 1,908.08 1,960.99 1,997.64 2,327.97 2,546.98 2,814.18

Depriciation & Amortisation Expenses 142.86 162.18 176.90 220.45 240.13 208.08 223.68
EBIT 1,664.43 1,745.90 1,784.09 1,777.19 2,087.84 2,338.90 2,590.50
Finance Cost 54.03 53.05 59.58 49.54 30.81 62.60 66.40
EBT 1,610.40 1,692.85 1,724.51 1,727.65 2,057.03 2,276.30 2,524.10

Tax Rate 20.51% 19.81% 16.16% 16.19% 17.55% 18.04% 18.04%

TAX 330.34 335.35 278.62 279.72 361.07 410.75 455.46

Net Profit 1,280.06 1,357.50 1,445.89 1,447.93 1,695.96 1,865.55 2,068.64

Dividend per share 2.30 7.50 2.80 3.00 4.80 4.08 4.44
Dividend Paid 405.15 1,321.13 494.56 530.13 848.35 721.10 784.02

Profit after Dividend 874.92 36.38 951.33 917.80 847.61 1,144.45 1,284.62

Balance Sheet

Assets
Non-Current Assets :
Property , Plant & Equipment 1,479.02 1,552.10 1,547.97 1,820.98 1,811.70 2,601.78 2,846.55
Capital Work in Progress 42.10 41.51 63.76 146.57 147.30 168.53 193.28
Investment Property 54.99 54.16 52.10 51.55 50.50 49.38 48.27
Goodwill 410.53 411.54 336.07 335.97 336.01 336.01 336.01
Other intangible Assets 13.86 10.31 32.92 44.18 44.71 45.97 48.53
Investments 2,499.41 3,091.78 2,633.35 1,409.23 3,413.62 3,413.62 3,413.62
loans 11.86 13.14 17.56 24.64 22.48 17.94 19.15
Other Financial assets 6.38 4.11 77.66 528.48 88.65 88.65 88.65
Deferred Tax Assets - - - 22.00 17.95 - -
Non-Current Tax Assets 3.31 3.33 0.89 1.09 4.29 - -
Other Non-current assets 96.31 79.90 88.13 89.06 133.98 133.98 133.98
Total Non-current Assets 4,617.77 5,261.88 4,850.41 4,473.75 6,071.19 6,855.85 7,128.03

Current Assets :
Cash & Cash Equivalent (inc Bank Deposits) 304.81 306.06 328.16 811.37 1329.03 1,383.96 2,323.81
Inventories 1,106.71 1,256.18 1,300.53 1,379.57 1,734.28 1,712.85 1,938.49
Investments 740.75 713.39 725.41 1,391.03 746.01 863.32 887.83
Trade Receivable 650.42 706.08 833.56 813.89 561.58 876.66 908.84
Loan 3.80 34.88 11.04 13.07 14.46 14.46 14.46
Other Financial Assets 38.12 28.27 26.47 2.62 2.95 2.95 2.95
Current Tax Assets - 1.96 1.32 0.88 0.24 - -
Other Current Assets 269.86 391.01 359.50 467.56 387.12 375.01 396.04
Assets held for sale - 1.92 0.24 0.27 0.27 0.27 0.27
Total Current Assets 3,114.47 3,439.75 3,586.23 4,880.26 4,775.94 5,229.48 6,472.69

Total Assets 7,732.24 8,701.63 8,436.64 9,354.01 10,847.13 12,085.33 13,600.72

Liabilities & Shareholders Equity

Equity
Equity Share Capital 176.15 176.15 176.63 176.71 176.74 176.74 176.74
Other Equity 4,671.24 5,530.37 5,455.05 6,429.04 7,486.79 8,795.79 10,080.41
Non-Controllable Interest 24.77 26.53 31.38 36.46 36.69 36.69 36.69
Total Equities 4,872.16 5,733.05 5,663.06 6,642.21 7,700.22 9,009.22 10,293.84

Liabilities
Non-current Liability
Borrowings 470.39 364.34 26.05 162.89 134.13 134.13 134.13
Other Financial Liabilities 3.71 4.25 4.56 4.66 1.37 - -
Provisions 53.40 56.50 59.52 62.94 63.31 63.31 63.31
Defered Tax liability 108.04 109.05 23.14 17.43 13.91 - -
Total Non-current Liability 635.54 534.14 113.27 247.92 212.72 197.44 197.44

Current Liability
Borrowings 440.33 464.49 498.23 304.24 349.14 411.29 405.48
Trade Payable 1,310.03 1,410.32 1,455.43 1,482.15 1,915.26 1,882.17 2,118.75
Other Financial Liabilities 174.69 238.20 327.62 225.52 238.93 238.93 238.93
Other Current Liabilities 169.10 173.03 198.14 239.78 158.44 158.44 158.44
Provision 91.89 107.47 130.24 165.54 187.84 187.84 187.84
Current Tax Liability 38.50 40.93 50.65 46.65 84.58 - -
Total Current Liability 2,224.54 2,434.44 2,660.31 2,463.88 2,934.19 2,878.67 3,109.44
Total Equities & Liabilities 7,732.24 8,701.63 8,436.64 9,354.01 10,847.13 12,085.33 13,600.72

Balancing Figure (B/F) 301.10 301.81 323.60 806.71 1,327.66 1,383.96 2,323.81

Cash Flow Statement

Cash Flow From Operating Activities

Net Income 1,280.06 1,357.50 1,445.89 1,447.93 1,695.96 1,865.55 2,068.64
Depriciation 142.86 162.18 176.90 220.45 240.13 208.08 223.68
Loss on disposal of plant & Equipment 4.42 3.44 (0.71) 3.99 0.37 2.30 1.88
Share based payment expense 14.30 3.51 77.37 45.26 43.30 42.36 52.07
Provisions for liabilities & Expenses 3.87 18.68 17.67 9.89 29.27 18.88 18.93
Finance costs 30.71 42.38 49.20 41.12 30.81 62.60 66.40
Net unrealised Foreign exchange loss 13.30 3.48 (3.45) (3.70) 1.11 62.60 66.40
Interest Income (216.42) (241.52) (249.39) (241.20) (260.78) (248.22) (249.90)
Gain on Sale of Financial Assets (56.02) (40.12) (8.36) (21.98) (30.12) (25.15) (21.40)
Effect of exchange rates on translation of operating cas (83.50) 9.70 5.21 95.29 (71.81) - 1.00
Exceptional items 0.00 14.54 75.34 100.00 0.00 - -
Less : - Working Capital Changes 104.78 (222.06) (70.10) (99.07) 329.81 (314.63) (42.27)
Net Cash Flow from Operating Activities 1,238.36 1,111.71 1,515.57 1,597.98 2,008.05 1,674.37 2,185.42

Cash Flow From Investing Activities

Acquisition of property, plant and equipment (490.02) (206.96) (234.35) (417.46) (311.21) (174.64) (178.93)
Proceeds from disposal of property, plant and equipmen 4.22 6.67 9.34 16.97 4.88 4.88 4.88
Purchases of investments (9,111.14) (9,001.30) (5,392.77) (8,478.78) (7,634.78) (7,923.75) (7,686.28)
Interest received 190.02 243.72 244.44 248.21 261.61 237.60 247.12
Proceeds from sale of investments 8,600.04 8,417.64 5,710.25 8,114.22 6,273.72 7,423.17 7,187.80
Net Cash Used in Investing activities (806.88) (540.23) 336.91 (516.84) (1,405.78) (432.74) (425.41)
Cash Flow From Financing Activities
Proceeds from issue of equity share capital 0.00 0.48 0.08 0.03 - -
(Repayment) / proceeds from non-current borrowing 128.79 (61.57) (271.96) (175.10) (27.77) - -
Repayment of current borrowings (net) 39.41 4.30 31.81 (182.88) 64.65 62.15 (5.81)
Payments of lease Liabilities 0.00 0.00 0.00 (38.78) (38.88) - -
Dividend paid (396.34) (396.34) (1,324.71) (512.45) (592.09) (721.10) (784.02)
Dividend distribution tax paid (80.69) (80.69) (272.30) (105.33) - - -
Finance costs paid (45.01) (42.81) (51.52) (28.51) (19.35) (62.60) (66.40)
Net cash used in financing activities (353.84) (577.11) (1,888.20) (1,042.97) (613.41) (721.55) (856.22)

Net Increase (decrease) in Cash 77.64 (5.63) (35.72) 38.17 (11.14) 520.08 903.78
Opening Cash Balance 34.86 112.50 106.87 71.15 109.32 98.18 618.26
Closing Cash Balance 112.50 106.87 71.15 109.32 98.18 618.26 1,522.04

Supporting Schedules
Working Capital Schedule

Inventories 1,106.71 1,256.18 1,300.53 1,379.57 1,734.28 1,712.85 1,938.49

Trade Receivable 650.42 706.08 833.56 813.89 561.58 876.66 908.84
Trade Payable 1,310.03 1,410.32 1,455.43 1,482.15 1,915.26 1,882.17 2,118.75
Other Current Liabilities 169.10 173.03 198.14 239.78 158.44 158.44 158.44
Other Current Assets 269.86 391.01 359.50 467.56 387.12 375.01 396.04
Net Working Capital 652.64 547.86 769.92 840.02 939.09 609.28 923.91 966.18
Changes in NWC (104.78) 222.06 70.10 99.07 (329.81) 314.63 42.27
Depriciation Schedule
PPE Gross Cost
Opening Balance 2,012.31 2,306.47 2,506.74 2,647.01 3,116.84 3,257.38 3,355.92
Add: - Capex 414.84 208.64 136.44 452.84 183.29 110.00 110.00
Add: - Transfer from Capital Work-in-Progress 39.56 33.92 32.29 26.27 85.03 43.41 44.18
Less: - Disposal of Assets (40.75) (33.94) (25.29) (53.57) (59.02) (54.87) (54.25)
Less / Add :- Foreign currency translation Diff (119.49) (8.35) (3.17) 44.29 (68.76) - -
PPE at the end of the year 2,306.47 2,506.74 2,647.01 3,116.84 3,257.38 3,355.92 3,455.86

Accumulated Depriciation
Opening Balance 773.54 827.45 954.64 1,099.04 1,295.86 1,445.68 1,586.95
Less:- Disposal / Adjustment for the year (35.75) (24.42) (20.22) (32.62) (35.52) (54.87) (54.25)
Add: - Current year depriciation 135.82 155.95 168.60 210.25 230.42 196.14 211.02
Less / Add :- Foreign currency translation Diff (46.16) (4.34) (3.98) 19.19 (45.08) - -
Balance at the end of year 827.45 954.64 1,099.04 1,295.86 1,445.68 1,586.95 1,743.73

Net Value of PPE 1,479.02 1,552.10 1,547.97 1,820.98 1,811.70 2,601.78 2,846.55

Investment Property
Opening Investment Property 70.15 63.56 63.89 62.48 63.26 63.25 63.25
Add :- Additions for the year - - 0.01 - 0.15 - -
Less:- Disposal for the year - - (1.86) - - - -
Less / Add :- Foreign currency translation diff (6.59) 0.33 0.44 0.78 (0.16) - -
Closing Investment Property 63.56 63.89 62.48 63.26 63.25 63.25 63.25

Accumulated Depriciation
Opening Balance 9.55 8.57 9.73 10.38 11.71 12.75 13.87
Less:- Disposal for the year - - (0.59) - - - -
Add: - Current year Depriciation 1.19 1.11 1.12 1.09 1.10 1.12 1.11
Less / Add :- Foreign currency translation diff (2.17) 0.05 0.12 0.24 (0.06) - -
Closing Balance 8.57 9.73 10.38 11.71 12.75 13.87 14.98

Net Value of Investment Property 54.99 54.16 52.10 51.55 50.50 49.38 48.27

Other Intangible Assets except Goodwill

Opening Intangible Assets 60.83 62.14 63.59 93.32 113.35 122.33 134.40
Transfer from Work-in-Progress - - 5.03 0.19 - - -
Less :- Disposals / adjustment for the year - - (0.83) - - - -
Additions for the year 1.91 1.41 27.91 21.60 7.53 12.07 14.10
Less / Add :- Foreign currency translation diff (0.60) 0.04 (2.38) (1.76) 1.45 - -
Closing Intangible Assets 62.14 63.59 93.32 113.35 122.33 134.40 148.51

Accumulated Depriciation
Opening Balance 42.73 48.28 53.28 60.40 69.17 77.62 88.44
Add: - Current year Depriciation/ Amortisation 5.85 5.12 7.18 9.11 8.61 10.82 11.54
Less / Add :- Foreign currency translation diff (0.30) (0.12) (0.06) (0.34) (0.16) - -
Closing Balance 48.28 53.28 60.40 69.17 77.62 88.44 99.98

Net Value of Other Intangible Assets 13.86 10.31 32.92 44.18 44.71 45.97 48.53

Total Depriciation & Amortisation Expenses 142.86 162.18 176.90 220.45 240.13 208.08 223.68

Reserves & Surplus Schedule

Capital Reserve 26.92 26.92 26.92 26.92 26.92 26.92 26.92

Securities Premium 230.25 230.25 325.23 352.21 365.00 365.00 365.00
Statutory Reserve 14.66 14.66 14.66 14.66 14.66 14.66 14.66
Special Fund 3.14 3.14 3.14 3.14 3.14 3.14 3.14
Employee housing Reserve 15.18 17.97 17.97 17.97 17.97 17.97 17.97
Share option outstanding account 89.08 92.60 74.99 93.27 123.78 123.78 123.78
General Reserve 513.43 513.43 513.43 513.43 513.43 513.43 513.43
Retained Earnings 3,954.81 4,825.30 4,672.28 5,481.03 6,586.44 7,730.89 9,015.51
Other Comrehensive Income:-
Foreign currency translation difference (205.62) (194.34) (190.03) (96.89) (167.25) - -
Debt instrument through OCI 29.39 0.44 (3.54) 23.30 2.70 - -
TOTAL 4,671.24 5,530.37 5,455.05 6,429.04 7,486.79 8,795.79 10,080.41

Capital Work-in-Progress
Opening Balance 44.80 42.10 41.51 63.76 146.57 147.30 168.53
Additions for the year 43.20 32.40 58.01 102.65 86.96 64.64 68.93
Less: - Transfer to PPE (39.56) (33.92) (32.29) (26.27) (85.03) (43.41) (44.18)
Less: - Transfer to Intangible Assets - - (5.03) (0.19) - - -
Less / Add :- Foreign currency translation diff (6.34) 0.93 1.56 6.62 (1.20) - -
Closing Balance 42.10 41.51 63.76 146.57 147.30 168.53 193.28
Forecast Period

2024 2025 2026

OK OK OK

12,726.6 13,999.2 15,399.1

448.25 494.51 544.72
13,174.80 14,493.72 15,943.85

6,351.30 6,975.77 7,671.82

21.54 22.24 22.89
6,801.96 7,495.71 8,249.13

1,375.09 1,507.58 1,654.64

974.63 1,086.91 1,204.72
1,369.82 1,500.32 1,643.09
- - -
3,082.42 3,400.91 3,746.69

242.15 252.42 261.70

2,840.27 3,148.49 3,484.99
70.22 73.14 79.01
2,770.05 3,075.35 3,405.97

18.04% 18.04% 18.04%

499.84 554.93 614.59

2,270.20 2,520.42 2,791.38

 3.82 4.03 4.23
675.71 711.88 748.21

1,594.49 1,808.53 2,043.17

3,094.06 3,440.35 3,746.40

223.28 254.14 275.89
47.16 46.05 44.94
336.01 336.01 336.01
52.42 52.95 51.15
3,413.62 3,413.62 3,413.62
20.35 20.91 20.17
88.65 88.65 88.65
- - -
- - -
133.98 133.98 133.98
7,409.54 7,786.66 8,110.81

3,596.66 4,809.37 6,578.43

2,175.87 2,341.83 2,594.89
922.72 962.18 876.41
936.18 1,098.77 1,183.70
14.46 14.46 14.46
2.95 2.95 2.95
 - - -
397.05 404.56 391.95
0.27 0.27 0.27
8,046.16 9,634.39 11,643.06

15,455.69 17,421.05 19,753.87

176.74 176.74 176.74

11,674.91 13,483.44 15,526.61
36.69 36.69 36.69
11,888.34 13,696.87 15,740.04

134.13 134.13 134.13

- - -
63.31 63.31 63.31
- - -
197.44 197.44 197.44

393.67 372.76 386.47

2,391.03 2,568.76 2,844.71
238.93 238.93 238.93
158.44 158.44 158.44
187.84 187.84 187.84
- - -
3,369.92 3,526.74 3,816.39
15,455.69 17,421.05 19,753.87

3,596.66 4,809.37 6,578.43

2,270.20 2,520.42 2,791.38

242.15 252.42 261.70
1.57 2.02 1.63
45.75 45.87 46.51
19.24 21.58 19.66
70.22 73.14 79.01
70.22 73.14 79.01
(250.03) (252.23) (250.09)
(24.66) (25.33) (24.13)
2.00 3.00 4.00
- - -
6.56 (158.33) (49.43)
2,453.22 2,555.69 2,959.24

(186.24) (189.89) (185.33)

4.88 4.88 4.88
(7,423.27) (7,829.37) (7,699.49)
247.80 248.47 248.52
6,941.83 7,188.15 7,002.94
(415.00) (577.76) (628.49)
 - - -
- - -
(11.80) (20.91) 13.70
- - -
(675.71) (711.88) (748.21)
- - -
(70.22) (73.14) (79.01)
(757.73) (805.93) (813.52)

1,280.48 1,172.00 1,517.23

1,522.04 2,802.52 3,974.51
2,802.52 3,974.51 5,491.74

2,175.87 2,341.83 2,594.89

936.18 1,098.77 1,183.70
2,391.03 2,568.76 2,844.71
158.44 158.44 158.44
397.05 404.56 391.95
959.62 1,117.96 1,167.39
(6.56) 158.33 49.43
3,455.86 3,555.23 3,651.23
110.00 110.00 110.00
46.24 49.03 53.58
(56.86) (63.03) (62.89)
- - -
3,555.23 3,651.23 3,751.92

1,743.73 1,915.16 2,089.58

(56.86) (63.03) (62.89)
228.30 237.45 245.85
- - -
1,915.16 2,089.58 2,272.53

3,094.06 3,440.35 3,746.40

63.25 63.25 63.25

- - -
- - -
- - -
63.25 63.25 63.25

14.98 16.09 17.20

- - -
 1.11 1.11 1.11
- - -
16.09 17.20 18.31

47.16 46.05 44.94

148.51 165.15 179.54

- - -
- - -
16.64 14.39 12.95
- - -
165.15 179.54 192.49

99.98 112.73 126.59

12.75 13.87 14.74
- - -
112.73 126.59 141.34

52.42 52.95 51.15

242.15 252.42 261.70

26.92 26.92 26.92

365.00 365.00 365.00
 14.66 14.66 14.66
3.14 3.14 3.14
17.97 17.97 17.97
123.78 123.78 123.78
513.43 513.43 513.43
10,610.01 12,418.54 14,461.71

- - -
- - -
11,674.91 13,483.44 15,526.61

193.28 223.28 254.14

76.24 79.89 75.33
(46.24) (49.03) (53.58)
- - -
- - -
223.28 254.14 275.89
 Beta Calculation

Nifty 50 % Change Dabur % Change

Date
Close Price Weekly Close Price Weekly

4-Apr-2016 7555.2 250.1

11-Apr-2016 7850.5 3.91% 267.5 7.00%
18-Apr-2016 7899.3 0.62% 264.9 -0.99%
25-Apr-2016 7849.8 -0.63% 275.8 4.11%
2-May-2016 7733.5 -1.48% 290.2 5.22%
9-May-2016 7814.9 1.05% 289.5 -0.24%
16-May-2016 7749.7 -0.83% 277.1 -4.28%
23-May-2016 8156.6 5.25% 295.8 6.75%
30-May-2016 8220.8 0.79% 305.9 3.41%
6-Jun-2016 8170.0 -0.62% 301.5 -1.42%
13-Jun-2016 8170.2 0.00% 315.1 4.51%
20-Jun-2016 8088.6 -1.00% 310.9 -1.36%
27-Jun-2016 8328.3 2.96% 310.8 -0.02%
4-Jul-2016 8323.2 -0.06% 312.8 0.64%
11-Jul-2016 8541.4 2.62% 312.0 -0.26%
18-Jul-2016 8541.2 0.00% 307.6 -1.41%
25-Jul-2016 8638.5 1.14% 303.6 -1.30%
1-Aug-2016 8683.2 0.52% 295.8 -2.59%
8-Aug-2016 8592.2 -1.05% 295.8 0.02%
15-Aug-2016 8666.9 0.87% 299.8 1.34%
22-Aug-2016 8572.5 -1.09% 288.5 -3.77%
29-Aug-2016 8809.7 2.77% 297.0 2.96%
5-Sep-2016 8866.7 0.65% 292.8 -1.41%
12-Sep-2016 8779.8 -0.98% 292.8 0.00%
19-Sep-2016 8831.5 0.59% 282.3 -3.60%
26-Sep-2016 8611.2 -2.50% 271.2 -3.91%
3-Oct-2016 8697.6 1.00% 284.6 4.96%
10-Oct-2016 8583.4 -1.31% 279.9 -1.67%
17-Oct-2016 8693.0 1.28% 285.1 1.88%
24-Oct-2016 8638.0 -0.63% 291.5 2.24%
31-Oct-2016 8433.8 -2.36% 298.5 2.38%
7-Nov-2016 8296.3 -1.63% 280.5 -6.05%
14-Nov-2016 8074.1 -2.68% 278.5 -0.71%
21-Nov-2016 8114.3 0.50% 275.4 -1.10%
28-Nov-2016 8086.8 -0.34% 284.0 3.10%
 5-Dec-2016 8261.8 2.16% 279.5 -1.58%
12-Dec-2016 8139.5 -1.48% 271.1 -2.97%
19-Dec-2016 7985.8 -1.89% 262.0 -3.36%
26-Dec-2016 8185.8 2.51% 278.1 6.14%
2-Jan-2017 8243.8 0.71% 276.6 -0.56%
9-Jan-2017 8400.3 1.90% 281.6 1.83%
16-Jan-2017 8349.3 -0.61% 275.9 -2.04%
23-Jan-2017 8641.3 3.50% 277.1 0.43%
30-Jan-2017 8741.0 1.15% 268.2 -3.21%
6-Feb-2017 8793.5 0.60% 264.6 -1.34%
13-Feb-2017 8821.7 0.32% 265.9 0.47%
20-Feb-2017 8939.5 1.34% 269.5 1.39%
27-Feb-2017 8897.5 -0.47% 277.3 2.86%
6-Mar-2017 8934.5 0.42% 273.4 -1.39%
13-Mar-2017 9160.0 2.52% 278.1 1.72%
20-Mar-2017 9108.0 -0.57% 281.3 1.15%
27-Mar-2017 9173.8 0.72% 277.4 -1.40%
3-Apr-2017 9198.3 0.27% 282.4 1.82%
10-Apr-2017 9150.8 -0.52% 287.8 1.89%
17-Apr-2017 9119.4 -0.34% 291.3 1.22%
24-Apr-2017 9304.0 2.02% 286.8 -1.55%
1-May-2017 9285.3 -0.20% 272.6 -4.93%
8-May-2017 9400.9 1.24% 279.9 2.66%
15-May-2017 9427.9 0.29% 275.3 -1.64%
22-May-2017 9595.1 1.77% 269.8 -2.00%
29-May-2017 9653.5 0.61% 284.6 5.51%
5-Jun-2017 9668.3 0.15% 282.1 -0.86%
12-Jun-2017 9588.0 -0.83% 288.9 2.39%
19-Jun-2017 9575.0 -0.14% 289.8 0.31%
26-Jun-2017 9520.9 -0.56% 292.1 0.79%
3-Jul-2017 9665.8 1.52% 301.9 3.34%
10-Jul-2017 9886.3 2.28% 304.1 0.75%
17-Jul-2017 9915.3 0.29% 302.6 -0.49%
24-Jul-2017 10014.5 1.00% 310.5 2.61%
31-Jul-2017 10066.4 0.52% 307.3 -1.03%
7-Aug-2017 9710.8 -3.53% 303.4 -1.27%
14-Aug-2017 9837.4 1.30% 310.0 2.19%
21-Aug-2017 9857.0 0.20% 300.0 -3.23%
28-Aug-2017 9974.4 1.19% 313.5 4.47%
4-Sep-2017 9934.8 -0.40% 306.9 -2.11%
11-Sep-2017 10085.4 1.52% 310.3 1.11%
18-Sep-2017 9964.4 -1.20% 304.7 -1.79%
25-Sep-2017 9788.6 -1.76% 305.0 0.10%
2-Oct-2017 9979.7 1.95% 316.0 3.62%
9-Oct-2017 10167.5 1.88% 322.0 1.87%
16-Oct-2017 10146.5 -0.21% 318.5 -1.06%
23-Oct-2017 10323.0 1.74% 323.0 1.38%
30-Oct-2017 10452.5 1.25% 340.4 5.40%
6-Nov-2017 10321.8 -1.25% 342.1 0.50%
13-Nov-2017 10283.6 -0.37% 336.5 -1.64%
20-Nov-2017 10389.7 1.03% 344.5 2.38%
27-Nov-2017 10121.8 -2.58% 340.8 -1.09%
4-Dec-2017 10265.7 1.42% 351.1 3.05%
11-Dec-2017 10333.3 0.66% 342.3 -2.53%
18-Dec-2017 10493.0 1.55% 353.5 3.30%
25-Dec-2017 10530.7 0.36% 349.7 -1.09%
1-Jan-2018 10558.8 0.27% 358.2 2.43%
8-Jan-2018 10681.3 1.16% 358.1 -0.01%
15-Jan-2018 10894.7 2.00% 363.8 1.58%
22-Jan-2018 11069.7 1.61% 353.8 -2.76%
29-Jan-2018 10760.6 -2.79% 344.5 -2.63%
5-Feb-2018 10455.0 -2.84% 340.5 -1.13%
12-Feb-2018 10452.3 -0.03% 342.8 0.65%
19-Feb-2018 10491.0 0.37% 330.6 -3.54%
26-Feb-2018 10458.3 -0.31% 325.2 -1.63%
5-Mar-2018 10226.8 -2.21% 327.3 0.63%
12-Mar-2018 10195.2 -0.31% 321.3 -1.83%
19-Mar-2018 9998.0 -1.93% 318.2 -0.95%
26-Mar-2018 10113.7 1.16% 328.4 3.21%
2-Apr-2018 10331.6 2.15% 342.9 4.40%
9-Apr-2018 10480.6 1.44% 340.5 -0.70%
16-Apr-2018 10564.0 0.80% 355.1 4.32%
23-Apr-2018 10692.3 1.21% 366.5 3.18%
30-Apr-2018 10618.3 -0.69% 370.4 1.06%
7-May-2018 10806.5 1.77% 366.5 -1.05%
14-May-2018 10596.4 -1.94% 374.5 2.21%
21-May-2018 10605.2 0.08% 378.3 1.00%
28-May-2018 10696.2 0.86% 386.8 2.23%
4-Jun-2018 10767.7 0.67% 382.4 -1.14%
11-Jun-2018 10817.7 0.46% 383.9 0.39%
18-Jun-2018 10821.8 0.04% 385.1 0.34%
25-Jun-2018 10714.3 -0.99% 391.5 1.64%
 2-Jul-2018 10772.7 0.54% 370.0 -5.48%
9-Jul-2018 11018.9 2.29% 376.1 1.65%
16-Jul-2018 11010.2 -0.08% 373.0 -0.82%
23-Jul-2018 11278.3 2.44% 386.0 3.49%
30-Jul-2018 11360.8 0.73% 436.9 13.19%
6-Aug-2018 11429.5 0.60% 442.6 1.30%
13-Aug-2018 11470.8 0.36% 456.2 3.07%
20-Aug-2018 11557.1 0.75% 475.1 4.14%
27-Aug-2018 11680.5 1.07% 478.8 0.77%
3-Sep-2018 11589.1 -0.78% 468.3 -2.18%
10-Sep-2018 11515.2 -0.64% 468.3 -0.01%
17-Sep-2018 11143.1 -3.23% 455.7 -2.68%
24-Sep-2018 10930.5 -1.91% 426.9 -6.32%
1-Oct-2018 10316.5 -5.62% 420.0 -1.60%
8-Oct-2018 10472.5 1.51% 407.9 -2.90%
15-Oct-2018 10303.5 -1.61% 404.5 -0.83%
22-Oct-2018 10030.0 -2.65% 398.3 -1.53%
29-Oct-2018 10553.0 5.21% 369.5 -7.23%
5-Nov-2018 10585.2 0.31% 377.2 2.10%
12-Nov-2018 10682.2 0.92% 395.6 4.89%
19-Nov-2018 10526.8 -1.46% 400.8 1.30%
26-Nov-2018 10876.8 3.32% 409.1 2.07%
3-Dec-2018 10693.7 -1.68% 411.5 0.57%
10-Dec-2018 10805.5 1.05% 444.0 7.92%
17-Dec-2018 10754.0 -0.48% 437.8 -1.42%
24-Dec-2018 10859.9 0.98% 433.3 -1.03%
31-Dec-2018 10727.3 -1.22% 419.3 -3.23%
7-Jan-2019 10795.0 0.63% 421.6 0.57%
14-Jan-2019 10907.0 1.04% 424.1 0.58%
21-Jan-2019 10780.5 -1.16% 430.0 1.39%
28-Jan-2019 10893.7 1.05% 451.9 5.08%
4-Feb-2019 10943.6 0.46% 452.0 0.02%
11-Feb-2019 10724.4 -2.00% 434.3 -3.91%
18-Feb-2019 10791.7 0.63% 435.4 0.25%
25-Feb-2019 10863.5 0.67% 445.3 2.27%
4-Mar-2019 11035.4 1.58% 432.2 -2.94%
11-Mar-2019 11426.8 3.55% 425.5 -1.56%
18-Mar-2019 11456.9 0.26% 425.0 -0.09%
25-Mar-2019 11623.9 1.46% 408.8 -3.82%
1-Apr-2019 11666.0 0.36% 400.4 -2.07%
8-Apr-2019 11643.5 -0.19% 407.3 1.74%
15-Apr-2019 11752.8 0.94% 405.0 -0.58%
22-Apr-2019 11754.7 0.02% 398.0 -1.73%
29-Apr-2019 11712.3 -0.36% 380.2 -4.46%
6-May-2019 11278.9 -3.70% 369.8 -2.74%
13-May-2019 11407.2 1.14% 370.0 0.07%
20-May-2019 11844.1 3.83% 399.0 7.84%
27-May-2019 11922.8 0.66% 396.0 -0.78%
3-Jun-2019 11870.7 -0.44% 404.1 2.07%
10-Jun-2019 11823.3 -0.40% 400.5 -0.89%
17-Jun-2019 11724.1 -0.84% 392.6 -1.98%
24-Jun-2019 11788.8 0.55% 400.5 2.01%
1-Jul-2019 11811.2 0.19% 407.3 1.70%
8-Jul-2019 11552.5 -2.19% 407.7 0.10%
15-Jul-2019 11419.3 -1.15% 420.2 3.07%
22-Jul-2019 11284.3 -1.18% 428.1 1.89%
29-Jul-2019 10997.3 -2.54% 426.5 -0.39%
5-Aug-2019 11109.7 1.02% 439.0 2.94%
12-Aug-2019 11047.8 -0.56% 428.0 -2.51%
19-Aug-2019 10829.3 -1.98% 424.4 -0.85%
26-Aug-2019 11023.3 1.79% 448.8 5.75%
2-Sep-2019 10946.2 -0.70% 441.3 -1.67%
9-Sep-2019 11075.9 1.18% 452.2 2.47%
16-Sep-2019 11274.2 1.79% 445.7 -1.44%
23-Sep-2019 11512.4 2.11% 447.1 0.31%
30-Sep-2019 11174.8 -2.93% 425.7 -4.79%
7-Oct-2019 11305.0 1.17% 445.6 4.67%
14-Oct-2019 11661.8 3.16% 466.5 4.69%
21-Oct-2019 11583.9 -0.67% 469.3 0.60%
28-Oct-2019 11890.6 2.65% 463.9 -1.16%
4-Nov-2019 11908.2 0.15% 473.6 2.11%
11-Nov-2019 11895.5 -0.11% 461.7 -2.52%
18-Nov-2019 11914.4 0.16% 463.8 0.45%
25-Nov-2019 12056.0 1.19% 459.1 -1.01%
2-Dec-2019 11921.5 -1.12% 463.8 1.02%
9-Dec-2019 12086.7 1.39% 460.0 -0.82%
16-Dec-2019 12271.8 1.53% 459.8 -0.04%
23-Dec-2019 12245.8 -0.21% 459.8 0.00%
30-Dec-2019 12226.7 -0.16% 455.6 -0.91%
6-Jan-2020 12256.8 0.25% 466.9 2.47%
13-Jan-2020 12352.3 0.78% 489.6 4.88%
20-Jan-2020 12248.3 -0.84% 500.5 2.22%
27-Jan-2020 11962.1 -2.34% 486.4 -2.82%
3-Feb-2020 12098.3 1.14% 513.7 5.60%
10-Feb-2020 12113.5 0.12% 506.1 -1.47%
17-Feb-2020 12080.8 -0.27% 506.1 0.01%
24-Feb-2020 11201.8 -7.28% 496.1 -1.99%
2-Mar-2020 10989.5 -1.90% 500.5 0.90%
9-Mar-2020 9955.2 -9.41% 450.6 -9.98%
16-Mar-2020 8745.5 -12.15% 444.4 -1.39%
23-Mar-2020 8660.3 -0.97% 423.0 -4.80%
30-Mar-2020 8083.8 -6.66% 427.8 1.13%
6-Apr-2020 9111.9 12.72% 485.4 13.45%
13-Apr-2020 9266.8 1.70% 490.1 0.98%
20-Apr-2020 9154.4 -1.21% 499.0 1.83%
27-Apr-2020 9859.9 7.71% 489.3 -1.95%
4-May-2020 9251.5 -6.17% 446.8 -8.69%
11-May-2020 9136.8 -1.24% 443.9 -0.65%
18-May-2020 9039.3 -1.07% 431.7 -2.75%
25-May-2020 9580.3 5.99% 466.5 8.05%
1-Jun-2020 10142.2 5.86% 462.9 -0.77%
8-Jun-2020 9972.9 -1.67% 455.6 -1.56%
15-Jun-2020 10244.4 2.72% 443.0 -2.77%
22-Jun-2020 10383.0 1.35% 460.4 3.90%
29-Jun-2020 10607.3 2.16% 467.0 1.46%
6-Jul-2020 10768.0 1.51% 474.1 1.52%
13-Jul-2020 10901.7 1.24% 490.8 3.50%
20-Jul-2020 11194.2 2.68% 471.5 -3.92%
27-Jul-2020 11073.5 -1.08% 513.5 8.92%
3-Aug-2020 11214.0 1.27% 512.3 -0.24%
10-Aug-2020 11178.4 -0.32% 497.1 -2.97%
17-Aug-2020 11371.6 1.73% 492.0 -1.04%
24-Aug-2020 11647.6 2.43% 489.1 -0.58%
31-Aug-2020 11333.8 -2.69% 483.8 -1.08%
7-Sep-2020 11464.5 1.15% 508.3 5.05%
14-Sep-2020 11505.0 0.35% 508.5 0.04%
21-Sep-2020 11050.3 -3.95% 492.6 -3.12%
28-Sep-2020 11417.0 3.32% 513.8 4.30%
5-Oct-2020 11914.2 4.36% 519.1 1.03%
12-Oct-2020 11762.5 -1.27% 511.7 -1.43%
19-Oct-2020 11930.3 1.43% 519.2 1.46%
26-Oct-2020 11642.4 -2.41% 511.5 -1.48%
2-Nov-2020 12263.5 5.34% 527.2 3.08%
 9-Nov-2020 12720.0 3.72% 517.2 -1.91%
16-Nov-2020 12859.0 1.09% 508.4 -1.69%
23-Nov-2020 12969.0 0.85% 499.8 -1.69%
30-Nov-2020 13258.5 2.23% 502.3 0.50%
7-Dec-2020 13513.8 1.93% 513.8 2.29%
14-Dec-2020 13760.5 1.83% 509.4 -0.87%
21-Dec-2020 13749.3 -0.08% 514.5 1.02%
28-Dec-2020 13981.8 1.69% 534.2 3.82%
4-Jan-2021 14347.3 2.61% 540.1 1.10%
11-Jan-2021 14433.7 0.60% 540.8 0.12%
18-Jan-2021 14371.9 -0.43% 533.0 -1.44%
25-Jan-2021 13634.6 -5.13% 514.5 -3.45%
1-Feb-2021 14924.3 9.46% 521.8 1.40%
8-Feb-2021 15163.3 1.60% 534.0 2.35%
15-Feb-2021 14981.8 -1.20% 513.5 -3.85%
22-Feb-2021 14529.2 -3.02% 503.1 -2.02%
1-Mar-2021 14938.1 2.81% 524.4 4.23%
8-Mar-2021 15031.0 0.62% 523.5 -0.18%
15-Mar-2021 14744.0 -1.91% 524.8 0.26%
22-Mar-2021 14507.3 -1.61% 529.8 0.95%
29-Mar-2021 14867.3 2.48% 538.7 1.67%
5-Apr-2021 14834.8 -0.22% 560.5 4.06%
12-Apr-2021 14617.8 -1.46% 575.0 2.59%
19-Apr-2021 14341.3 -1.89% 560.0 -2.62%
26-Apr-2021 14631.1 2.02% 538.0 -3.91%
3-May-2021 14823.2 1.31% 534.6 -0.64%
10-May-2021 14677.8 -0.98% 535.0 0.07%
17-May-2021 15175.3 3.39% 536.8 0.33%
24-May-2021 15435.7 1.72% 530.4 -1.18%
31-May-2021 15670.3 1.52% 544.0 2.57%
7-Jun-2021 15799.3 0.82% 565.2 3.89%
14-Jun-2021 15683.3 -0.73% 577.1 2.11%
21-Jun-2021 15860.3 1.13% 564.5 -2.19%
28-Jun-2021 15722.2 -0.87% 590.5 4.61%
5-Jul-2021 15689.8 -0.21% 595.6 0.87%
12-Jul-2021 15923.4 1.49% 580.3 -2.57%
19-Jul-2021 15856.0 -0.42% 590.2 1.70%
26-Jul-2021 15763.0 -0.59% 600.7 1.79%
2-Aug-2021 16238.2 3.01% 585.2 -2.58%
9-Aug-2021 16529.1 1.79% 588.3 0.53%
16-Aug-2021 16450.5 -0.48% 611.7 3.98%
23-Aug-2021 16705.2 1.55% 608.8 -0.48%
30-Aug-2021 17323.6 3.70% 641.3 5.34%
6-Sep-2021 17369.3 0.26% 638.3 -0.46%
13-Sep-2021 17585.2 1.24% 654.0 2.45%
20-Sep-2021 17853.2 1.52% 651.9 -0.31%
27-Sep-2021 17532.1 -1.80% 618.0 -5.21%
 5 year (weekly) Beta Calculation

Beta (slope function) 0.5093

Weighted Average Cost of Capital (WACC) Calculation

Particulars Cost Value (Cr) Weight Capital Structure

Risk Free Rate* 6.24%
Equity Risk Premium 6.85% Equity
Beta 0.5093 Debt
Equity 9.73% 7700.22 93.80% Total

Yield on Debt 8.14%

Tax Rate 18.0%
Debt 6.67% 509.06 6.20%

Total 9.54% 8209.28 100.00%

Note* : - In India 10 Year Govt bond Yield is 6.24%.

Capital Structure

7700.22
509.06
8209.28
DCF & Sensitivity Analysis
All amounts Denominated in Crores

Assumptions

Tax Rate 18%

Discount Rate 9.54%
Perpetural Growth Rate 6.4%
EV/EBITDA Mulltiple 46.3x
Transaction Date 6/10/2021
Current Price 615.00
Shares Outstanding (in CR) 176.7
Revenue Growth 10%

Discounted Cash Flow Entry 2022 2023 2024 2025 2026

Date 6/10/2021 31/3/2022 31/3/2023 31/3/2024 31/3/2025 31/3/2026
Year Fraction 0.49 1.00 1.00 1.00 1.00

EBIT 2,338.90 2,590.50 2,840.27 3,148.49 3,484.99

Less: - Cash Taxes 422.05 467.45 512.51 568.13 628.85
Net Operating Profit After Tax 1,916.86 2,123.06 2,327.75 2,580.36 2,856.13
Add: - Depriciation & Amortisation 208.08 223.68 242.15 252.42 261.70
EBITDA 2,124.93 2,346.73 2,569.90 2,832.78 3,117.83
Less: - Capex 174.64 178.93 186.24 189.89 185.33
Less: - Changes in NWC 314.63 42.27 (6.56) 158.33 49.43
Unlivered Free Cash Flow 1,635.66 2,125.53 2,390.22 2,484.56 2,883.07

Transaction FCFF - 795.11 2,125.53 2,390.22 2,484.56 2,883.07

IRR FCFF (107,875.13) 795.11 2,125.53 2,390.22 2,484.56 2,883.07

Intrinsic Value Market Value Rate of Return

Enterprise Value 88,692.88 Market Cap 108,695.10 Current Price
Add: - Cash 1,329.03 Add:- Debt 509.06 Target Price
Less: - Debt 509.06 Less: - Cash 1,329.03 Target Price Downside
Equity Value 89,512.85 Enterprise Value 107,875.13 IRR

Equity Value / share 506.5

Senstivity Analysis

Share price Senstivity

Exit Multiple
506.47 26.3x 36.3x 46.3x 56.3x 66.3x
3.54%
6.54%
Disco 9.54%
12.54%
15.54%
 Exit
31/3/2026
1.00

Terminal Value Calculation

EV/EBITDA 144,355.76
Perpetual Growth Rate 97,736.81
Average Terminal Value 121,046.28

###

121046.28

121046.28

Rate of Return
Current Price 615.00
Target Price 506.47
Target Price Downside -17.65%
4.70%
RELATIVE VALUATION - Comparable Company Analysis
All amounts denominated in crores otherwise stated

Market Data
Price Shares Market Cap Net Debt EV
Company Name (INR/share) (Cr) (Cr) (Cr) (Cr)

Hindustan Unilever 2,686.00 234.96 631,099.87 (4,471.00) 626,628.87

Godrej Consumer Product 1,018.00 102.30 104,141.40 1,192.00 105,333.40
Emami 551.00 44.45 24,492.71 (268.00) 24,224.71
Marico 564.00 132.28 74,604.11 (593.00) 74,011.11
Bajaj Consumers 254.00 14.80 3,759.20 (4.83) 3,754.37

Average
Median

DABUR LTD.

EV/Sales 464.17 176.74 82,037.95 (819.97) 81217.9802

EV/EBITDA 425.67 176.74 75,233.19 (819.97) 74413.2203
PE 516.05 176.74 91,207.27 (819.97) 90387.30

Average --> 468.63

High --> 516.05
Low --> 425.67
 Financial Data 2021 Valuation 2021
Sales EBITDA Earnings EV/Sales EV/EBITDA P/E
(Cr) (Cr) (Cr) x x x

48,491.00 12,167.55 8,194.00 12.9x 51.5x 77.0x

11,596.00 2,609.28 1,740.00 9.1x 40.4x 59.9x
3,060.00 991.01 493.00 7.9x 24.4x 49.7x
8,648.00 1,709.49 1,146.00 8.6x 43.3x 65.1x
941.00 17,319.51 218.00 4.0x 0.2x 17.2x

8.5x 32.0x 53.8x

8.6x 40.4x 59.9x

R LTD.

9561.65 2327.97 1695.96 8.5x

9561.65 2327.97 1695.96 32.0x
9561.65 2327.97 1695.96 53.8x
RATIO ANALYSIS
Ratios Formula 2017 2018 2019

1.) Liquidity Ratios

Current Ratio Total Current Assets / Total Current Liabilities 1.40 1.41 1.35
Quick Ratio Liquid Assets / Current Liabilities 0.90 0.90 0.86

2.) Solvency Ratios

Interest Coverage Ratio Operating Income / Interest Expenses 30.8 32.9 29.9
Debt-Asset Ratio Total Debt / Total Assets 0.12 0.10 0.06

3.) Profitability Ratios

Gross profit Margin Gross Profit / Sales 53.97% 54.30% 52.97%
Operating profit Margin Operating Profit (EBIT) / Saless 21.61% 22.53% 20.91%
Net profit Margin Net Profit / Sales x 100 16.62% 17.52% 16.94%

4.) Efficiency Ratios

Inventory Turnover Ratio COGS or SALES / Inventory 6.96 6.17 6.56
Receivable Turnover Sales / Receivable 11.84 10.97 10.24
Payable Turnover COGS / Payable 2.87 2.71 2.95
Asset Turnover Turnover / Net tangible Assets 4.89 4.70 5.13
 2020 2021 Indicator

1.98 1.63 Higher the better

1.42 1.04 Higher the better

35.9 67.8 Higher the better

0.05 0.04 Lower the better

53.41% 53.32% Higher the better

20.42% 21.84% Higher the better
16.64% 17.74% Higher the better

6.31 5.51 Higher the better

10.69 17.03 Higher the better
2.93 2.49 Higher the better
4.31 4.76 Higher the better
Relative Valuation -- Comparable Company
Metric Comps EV Net Debt Equity Value Shares Share Price
EV/Revenue 8.5x 81,218 509 80,709 177 456.76
EV/EBITDA 32.0x 74,413 509 73,904 177 418.25
P/E 53.8x 91,716 509 91,207 177 516.17

Low --> 73,904 177 418.25

High --> 91,207 177 516.17

Valuation Summary

Valuation Summary - Equity value / Share

700.00

600.00

500.00

400.00

300.00

200.00

100.00
Comps DCF - Base DCF - Upside 52 wk hi/lo
Key Assumptions - Dabur
Current Price 615 Revenue 9,562
Shares Outstandin 177 EBITDA 2,328
Debt 509 EBIT 2,088
Cash 1,329 Earnings 1,696

Football Field Data

Comps DCF - Base DCF - Upside 52 wk hi/lo

low (bar) 418.25 418.40 506.05 483.00

low (label) 418.25 418.40 506.05 483.00
High (bar) 516.17 506.50 607.08 658.00
High (label) 516.17 506.50 607.08 658.00

Mid Price 467.21 462.45 556.57 570.50

Average Implied Value 514.18