Financial Model - Dabur Limited.

Prepared by:- Anant Joshi

Table of Contents
Assumptions
Income Statements
Balance Sheet
PPE Schedule
Cash Flows Forecast
Shareholder's Equity Forecast
Debt Forecast
Weighted Average Cost Of Capital
Discounted Cash Flow Technique
Ratio Analysis
Relative Valuations
Income Statement

Historicals
2017 2018 2019 2020 2021
Income Statement
Revenue Growth 1.4% 10.3% 2.0% 9.9%

COGS Margin 51.1% 51.3% 52.2% 51.8% 51.8%

SG&A Margim 29.1% 27.8% 27.4% 27.5% 27.2%

Tax 20.5% 19.8% 16.2% 16.2% 17.6%

Balance Sheet
Days Recivable 31.2 33.4 35.7 34.2 21.5

Days of Inventory 103.9 115.8 106.8 111.9 128.0

Other Current Assets as a % of Revenue 15.7% 17.1% 15.8% 29.0% 23.5%

Days Payble 123.0 130.0 119.5 120.2 141.4

Other Current Liabilities as a % of COGS 12.2% 14.1% 15.9% 15.1% 13.5%

Capital Expenditure as a % of Revenue 5.4% 2.7% 1.6% 5.2% 1.9%

Intangible Acquisitions as a % of opening bala 0.0% 10.2% 270.7% 65.6% 17.0%

Amortization as a % of opening balance 0.0% 36.9% 69.6% 27.7% 19.5%

Depriciation as a % of Revenue 1.8% 2.0% 2.0% 2.4% 2.4%

Equity Schedule

Other Equity as a % of Revenue 9.4% 9.1% 9.2% 10.9% 9.4%

Dividend Payout Ratio 37.3% 35.1% 110.4% 42.7% 34.9%

Debt Schedule

Minimum Cash

Debt Issued

Debt Repurchased -9.0% -36.7% -10.9% 3.5%

Interest Rate on Debt

Interest Rate on Cash
 Projections
2022E 2023E 2024E 2025E

5.9% 7.0% 6.2% 7.3%

51.6% 51.8% 51.8% 51.8%

27.8% 27.5% 27.5% 27.5%

20.0% 20.0% 20.0% 20.0%

31.19 31.20 30.76 29.77

113.3 115.1 115.0 116.7

20.2% 21.1% 21.9% 23.2%

126.8 127.6 127.1 128.6

14.2% 14.6% 14.6% 14.4%

3.4% 3.0% 3.0% 3.3%

72.7% 87.2% 102.7% 69.1%

30.8% 36.9% 36.9% 30.4%

2.1% 2.2% 2.2% 2.3%

9.6% 9.7% 9.8% 9.9%

52.1% 55.0% 59.0% 48.8%

100.0 100.0 100.0 100.0

20.0 20.0 20.0 20.0

-13% -14% -9% -8%

7.0% 7.0% 7.0% 7.0%

2.0% 2.0% 2.0% 2.0%
Income Statement

Historicals
2017 2018 2019 2020 2021
Revenue 7,613.6 7,721.9 8,515.0 8,684.6 9,546.6
COGS 3,887.8 3,959.1 4,446.1 4,501.4 4,945.6
Gross Profit 3,725.8 3,762.8 4,068.9 4,183.3 4,601.0

SG&A 2,216.9 2,145.4 2,329.3 2,390.9 2,598.3

EBITDA 1,508.9 1,617.4 1,739.6 1,792.3 2,002.7

Depriciation 137.0 157.1 169.7 211.3 231.5

Amortization 5.9 5.1 7.2 9.1 8.6
EBIT 1,366.1 1,455.3 1,562.7 1,571.9 1,762.6

Non Operating Interest (Income) - - - - -

Interest Expense 54.0 53.1 59.6 49.5 30.8
Net Interest Expenses 54.0 53.1 59.6 49.5 30.8

Other Non-Operating Expense/(Income) -298.6 -290.9 -221.8 -205.3 -324.3

EBT 1,610.7 1,693.1 1,724.9 1,727.7 2,056.0

Taxes 330.3 335.4 278.6 279.7 361.1

Net Income 1,280.3 1,357.7 1,446.3 1,447.9 1,695.0

Diluted Shares Outstanding 177.1 176.8 177.3 177.2 177.2

Reported EPS 7.2 7.7 8.2 8.2 9.6

Ratios
Margins
COGS 51.1% 51.3% 52.2% 51.8% 51.8%
SG&A 29.1% 27.8% 27.4% 27.5% 27.2%
EBITDA 19.8% 20.9% 20.4% 20.6% 21.0%
EBIT 17.9% 18.8% 18.4% 18.1% 18.5%
Net Income 16.8% 17.6% 17.0% 16.7% 17.8%

Growth Rate
Revenue 1.4% 10.3% 2.0% 9.9%
COGS 1.8% 12.3% 1.2% 9.9%
SG&A -3.2% 8.6% 2.6% 8.7%
EBITDA 7.2% 7.6% 3.0% 11.7%
EBIT 6.5% 7.4% 0.6% 12.1%
Net Income 6.0% 6.5% 0.1% 17.1%
EPS 6.2% 6.2% 0.1% 17.1%

Effective Tax Rate 20.5% 19.8% 16.2% 16.2% 17.6%

 Projections CAGR
2022E 2023E 2024E 2025E 2021-2025
9,017.6 9,650.9 10,250.3 10,995.0 3.6%
4,656.4 4,994.5 5,314.6 5,692.6
4,361.2 4,656.4 4,935.7 5,302.4 3.6%

2,507.0 2,657.6 2,817.6 3,025.2

1,854.2 1,998.8 2,118.1 2,277.1 3.3%

192.7 212.8 229.5 251.5

13.8 23.4 35.2 48.0
1,647.8 1,762.6 1,853.4 1,977.6 2.9%

0.0 0.0 0.0 0.0

32.3 29.2 27.2 26.3
32.3 29.2 27.2 26.3

-324.3 -324.3 -324.3 -324.3

1,939.8 2,057.7 2,150.5 2,275.6

388.0 411.5 430.1 455.1

1,551.8 1,646.1 1,720.4 1,820.5 1.8%

177.2 177.2 177.2 177.2

8.8 9.3 9.7 10.3

51.6% 51.8% 51.8% 51.8%

27.8% 27.5% 27.5% 27.5%
20.6% 20.7% 20.7% 20.7%
18.3% 18.3% 18.1% 18.0%
17.2% 17.1% 16.8% 16.6%

5.9% 7.0% 6.2% 7.3%

-5.8% 7.3% 6.4% 7.1%
-3.5% 6.0% 6.0% 7.4%
-7.4% 7.8% 6.0% 7.5%
-6.5% 7.0% 5.2% 6.7%
-8.4% 6.1% 4.5% 5.8%
-8.4% 6.1% 4.5% 5.8%

20.0% 20.0% 20.0% 20.0%

Balance Sheet

Historicals
2017 2018 2019 2020 2021
Cash & Cash Equivalents 163.2 153.8 107.7 163.9 241.2
Accounts Receivable 650.4 706.1 833.6 813.9 561.6
Inventory 1,106.7 1,256.2 1,300.5 1,379.6 1,734.3
Other Current Assets 1,194.1 1,323.7 1,344.5 2,522.9 2,238.9
Total Current Assets 3,114.5 3,439.8 3,586.2 4,880.3 4,775.9

PP&E 1,479.0 1,552.1 1,548.0 1,821.0 1,811.7

Intangibles (excl. Goodwill) 13.9 10.3 32.9 44.2 44.7
Goodwill 410.5 411.5 336.1 336.0 336.0
Other Long-term Assets 2,714.4 3,287.9 2,933.5 2,272.6 3,878.8
Total Long-term Assets 4,617.8 5,261.9 4,850.4 4,473.8 6,071.2
Total Assets 7,732.2 8,701.6 8,436.6 9,354.0 10,847.1

Accounts Payble 1,310.0 1,410.3 1,455.4 1,482.2 1,915.3

Other Current Liabilitiesb (excl. Debt) 474.2 559.6 706.7 677.5 669.8
Total Current Liabilitiesb (excl. Debt) 1,784.2 1,969.9 2,162.1 2,159.6 2,585.1

Debt 910.7 828.8 524.3 467.1 483.3

Other Long-Term Libilities 165.2 169.8 87.2 85.0 78.6
Total Long-Term Libilities 1,075.9 998.6 611.5 552.2 561.9
Minoirity Interest 24.8 26.5 31.4 36.5 36.7
Equity Share Capital 176.2 176.2 176.6 176.7 176.7
Retained Earnings 3,954.8 4,825.3 4,672.3 5,481.0 6,586.4
Other Equity 716.4 705.1 782.8 948.0 900.4
Total Shareholders' Equity 4,847.4 5,706.5 5,631.7 6,605.8 7,663.5
Total Liabilities and Equity 7,732.2 8,701.6 8,436.6 9,354.0 10,847.1
Check - - - - -

Ratios
Revenue 7,613.6 7,721.9 8,515.0 8,684.6 9,546.6
COGS 3,887.8 3,959.1 4,446.1 4,501.4 4,945.6

Working Capital
Days Recivable 31.2 33.4 35.7 34.2 21.5
Days of Inventory 103.9 115.8 106.8 111.9 128.0
Other Current Assets as a % of Revenue 15.7% 17.1% 15.8% 29.0% 23.5%
Days Payable 123.0 130.0 119.5 120.2 141.4
Other Current Liabilities as a % of COGS 12.2% 14.1% 15.9% 15.1% 13.5%
 Projections
2022E 2023E 2024E 2025E
964.3 1415.9 1841.7 2396.6
770.6 824.8 863.8 896.6
1,445.0 1,575.5 1,674.6 1,819.4
1,823.7 2,039.4 2,247.8 2,546.1
5,003.6 5,855.7 6,627.8 7,658.7

1,923.6 1,996.8 2,076.4 2,187.5

63.5 95.4 158.2 219.4
336.0 336.0 336.0 336.0
3,878.8 3,878.8 3,878.8 3,878.8
6,201.8 6,307.0 6,449.3 6,621.6
11,205.4 12,162.6 13,077.2 14,280.3

1,617.7 1,745.6 1,850.3 2,005.6

659.5 727.1 778.1 819.2
2,277.2 2,472.7 2,628.5 2,824.9

439.0 395.9 381.2 369.7

78.6 78.6 78.6 78.6
517.6 474.5 459.8 448.3
36.7 36.7 36.7 36.7
176.7 176.7 176.7 176.7
7,330.0 8,070.0 8,774.8 9,707.8
867.1 932.0 1,000.7 1,085.9
8,373.9 9,178.7 9,952.3 10,970.4
11,205.4 12,162.6 13,077.2 14,280.3
- - - -

9,017.6 9,650.9 10,250.3 10,995.0

4,656.4 4,994.5 5,314.6 5,692.6

31.19 31.20 30.76 29.77 (Accounts Recivable / Revenue)*365

113.3 115.1 115.0 116.7 (Inventory / COGS)*365
20.2% 21.1% 21.9% 23.2%
126.8 127.6 127.1 128.6 (Accounts Payble / COGS)*365
14.2% 14.6% 14.6% 14.4%
Ratio Analysis

Ratios Formula 2018 2019

(A) Solvency Ratios
Interest Coverage EBIT / Interest Payment 27.43 26.23
Debt to Equity Total Debt/ Shareholders Fund 0.15 0.09
Debt to Asset Total Debt / Total assets 0.10 0.06
Financial Leverage Total Assets / Total Equity 1.52 1.50

(B) Profitability Ratio

Gross Profit Margine Gross Profit / Net Revenue 48.73% 47.78%
EBITDA Margine EBITDA / Net Revenue 20.95% 20.43%
EBIT Margine EBIT / Net Revenue 18.85% 18.35%
Pre Tax Margine EBT / Net Revenue 21.93% 20.26%
Net Profit Margine Net Profit / Net Revenue 17.58% 16.98%

(B) Profitability Ratio

Return On Asset Net Income / Average Total Assets 16.52% 16.88%
Return On Capital Employed EBIT/Capital Employed 21.62% 24.90%
Return On Equity Net Income / Average Total Equity 25.73% 25.51%
2020 2021

31.73 57.21
0.07 0.06
0.05 0.04
1.42 1.42

48.17% 48.19%
20.64% 20.98%
18.10% 18.46%
19.89% 21.54%
16.67% 17.75%

16.28% 16.78%
21.85% 21.33%
23.66% 23.76%
Property, Plant and Equipment

Historicals Projecti
2017 2018 2019 2020 2021 2022E
PP&E
Opening Balance 1,811.7
Capital Expenditure 414.8 208.6 136.4 452.8 183.3 304.6
as a % of Revenue 5.4% 2.7% 1.6% 5.2% 1.9% 3.4%
Gross PP&E 414.8 208.6 136.4 452.8 183.3 2,116.3
Depriciation -192.7
Net PP&E 1,479.0 1,552.1 1,548.0 1,821.0 1,811.7 1,923.6

Intangibles
Opening Balance 13.9 10.3 32.9 44.2 44.7
Intangible Acquisitions 1.9 1.4 27.9 21.6 7.5 32.5
as a % of opening balance 10.2% 270.7% 65.6% 17.0% 72.7%
Amortization 5.9 5.1 7.2 9.1 8.6 13.8
as a % of opening balance 36.9% 69.6% 27.7% 19.5% 30.8%
Closing Balance (ex. Goodwill) 13.9 10.3 32.9 44.2 44.7 63.5
Goodwill 410.5 411.5 336.1 336.0 336.0 336.0
Closing Balance (including Goodwill) 424.4 421.9 369.0 380.2 380.7 399.5

Revenue 7,613.6 7,721.9 8,515.0 8,684.6 9,546.6 9,017.6

Depreciation
Opening Balance 137.0 294.1 463.8 675.1 906.6
Change for the year 137.0 157.1 169.7 211.3 231.5 192.7
as a % of Revenue 1.8% 2.0% 2.0% 2.4% 2.4% 2.1%
Closing Balance (Accumulated) 137.0 294.1 463.8 675.1 906.6 1,099.4
 Projections
2023E 2024E 2025E

1,923.6 1,996.8 2,076.4

286.0 309.1 362.6
3.0% 3.0% 3.3%
2,209.5 2,305.9 2,439.0
-212.8 -229.5 -251.5
###
1,996.8 2,076.4 2,187.5

63.5 95.4 158.2

55.4 98.0 109.2
87.2% 102.7% 69.1%
23.4 35.2 48.0
36.9% 36.9% 30.4%
95.4 158.2 219.4
336.0 336.0 336.0
431.4 494.2 555.4

9,650.9 10,250.3 10,995.0

1,099.4 1,312.1 1,541.6

212.8 229.5 251.5
2.2% 2.2% 2.3%
1,312.1 1,541.6 1,793.1
Cash Flow Statement

Projections
2022E 2023E 2024E
Adjusted Net Income 1551.8 1646.1 1720.4
Plus: Depriciation 192.7 212.8 229.5
Plus: Amortization 13.8 23.4 35.2
Less:
Increase in Accounts Recivable -209.1 -54.2 -39.0
Increase in inventory 289.3 -130.5 -99.0
Increase in Other Current Assets 415.2 -215.7 -208.4
Add:
Increase in Accounts Payable -297.6 127.9 104.7
Increase in Other Current Liabilities -10.3 67.5 51.1
Cash from Operating Activities 1945.9 1677.3 1794.4

Capital Expenditures -304.6 -286.0 -309.1

Intangible Acquisitions -32.5 -55.4 -98.0
Less: Increase in Other Long-term Assets/Libilities - - -
Cash from Investing Activities -337.1 -341.3 -407.1

Increase/(Decrease) in Debt -44.3 -43.1 -14.8

Less: Dividends -808.2 -906.2 -1015.6
Other Equity -33.2 64.9 68.7
Cash from Financing Activities -885.7 -884.4 -961.6

Begning Cash 241.2 964.3 1,415.9

Free Cash Flow 1,608.8 1,336.0 1,387.4
Plus: Cash from Financing Activities -885.7 -884.4 -961.6
Change in Cash 723.1 451.6 425.7
Ending Cash Balance 964.3 1,415.9 1,841.7
ctions
2025E
1820.5
251.5
48.0

-32.8
-144.8
-298.3

155.3
41.1
1840.5

-362.6
-109.2
-
-471.8

-11.4
-887.5
85.2
-813.7

1,841.7
1,368.6 operating+investing
-813.7
554.9
2,396.6
Equity Schedule

Historicals Projecti
2017 2018 2019 2020 2021 2022E
Equity Share Capital 176.2 176.2 176.6 176.7 176.7 176.7
Retained Earnings 3,954.8 4,825.3 4,672.3 5,481.0 6,586.4 7,330.0
Other Equity 716.4 705.1 782.8 948.0 900.4 867.1
Total Shareholder's Equity 4,847.4 5,706.5 5,631.7 6,605.8 7,663.5 8,373.9

EPS 7.2 7.7 8.2 8.2 9.6 8.8

Dividend Payout Ratio 37.3% 35.1% 110.4% 42.7% 34.9% 52%
Dividend per Share 2.69 2.70 9.01 3.49 3.34 4.56

Begning Retained Earnings 6,586.4

Plus: Adjusted Net Income 1,551.8
Less: Dividend Paid -477.0 -477.0 -1,597.0 -617.8 -592.1 -808.2
Ending Retained Earnings 3,954.8 4,825.3 4,672.3 5,481.0 6,586.4 7,330.0

Average Diluted Shares Outstanding 177.1 176.8 177.3 177.2 177.2 177.2

Revenue 7,613.6 7,721.9 8,515.0 8,684.6 9,546.6 9,017.6

Other Equity as a % of Revenue 9.4% 9.1% 9.2% 10.9% 9.4% 9.6%

 Projections
2023E 2024E 2025E
176.7 176.7 176.7 equity raise kri to kitna pese mila
8,070.0 8,774.8 9,707.8 eps k bad kitmn bacha
932.0 1,000.7 1,085.9 preference share,
9,178.7 9,952.3 10,970.4

9.3 9.7 10.3

55% 59% 49%
5.11 5.73 5.01

7,330.0 8,070.0 8,774.8

1,646.1 1,720.4 1,820.5
-906.2 -1,015.6 -887.5
8,070.0 8,774.8 9,707.8

177.2 177.2 177.2 diluted- coversionable to bonds

9,650.9 10,250.3 10,995.0

9.7% 9.8% 9.9%

Debt Schedule

Historicals Projecti
2017 2018 2019 2020 2021 2022E
Begning Cash 241.2
Plus: FCF 1,608.8
Less: Dividends Paid -808.2
Less: Minimum Cash -100.0
Cash Available for Debt Paydown 941.8

Beginning Debt 483.3

Plus: Issuances 20.0
Less: Repurchases -64.3
Ending Debt Balance 910.7 828.8 524.3 467.1 483.3 439.0
Interest Rate on Debt 7.0%
Interest Expense on Debt 32.3

Total Debt 910.7 828.8 524.3 467.1 483.3 439.0

Total Interest Expense 54.0 53.1 59.6 49.5 30.8 32.3
Effective Interest Rate 6.1% 8.8% 10.0% 6.5% 7.0%

Begning Cash 163.2 153.8 107.7 163.9 241.2

Ending Cash 163.2 153.8 107.7 163.9 241.2 964.3
Interest Rate on Cash 0.0% 0.0% 0.0% 0.0% 2.0%
Interest Income - - - - - -

Debt Repurchased -9% -37% -11% 3% -13.3%

 Projections
2023E 2024E 2025E pichle sal ka cash ending
964.3 1,415.9 1,841.7
1,336.0 1,387.4 1,368.6
-906.2 -1,015.6 -887.5
-100.0 -100.0 -100.0
1,294.1 1,687.7 2,222.8

439.0 395.9 381.2 pichle sal ka debt ending

20.0 20.0 20.0
-63.1 -34.8 -31.4
395.9 381.2 369.7
7.0% 7.0% 7.0%
29.2 27.2 26.3

395.9 381.2 369.7

29.2 27.2 26.3
7.0% 7.0% 7.0%

964.3 1,415.9 1,841.7

1,415.9 1,841.7 2,396.6
2.0% 2.0% 2.0%
- - -

-14.4% -8.8% -8.2%

Weighted Average Cost Of Capital

Book Value
Calculation Of Weighted Average Cost Of Capital

WACC 2018 2019 2020 2021

(Wd)[Kd(1-tax)]+(Wps)(Kps)+(Wce)(Kce) 8.88% 9.25% 8.55% 8.57% intrest already minus
after tax ka adjustment h
Calculation Of Weight Of Debt And Cost Of Debt
Weight of Debt 2018 2019 2020 2021
Debt 828.8 524.3 467.1 483.3
Total Capital Component 6,535.4 6,156.0 7,072.9 8,146.8
Wd = Debt/Total Capital Component 12.68% 8.52% 6.60% 5.93%

Cost of Debt 2018 2019 2020 2021

Finance Cost 53.1 59.6 49.5 30.8
Average Total Debt 869.8 676.6 495.7 475.2
Kd = Finance Cost/Total Debt 6.10% 8.81% 9.99% 6.48%

Tax Rate 20% 16% 16% 18%

Calculation Of Weight Of Equity And Cost Of Equity

Weight of Equity 2018 2019 2020 2021
Equity 5,706.5 5,631.7 6,605.8 7,663.5
Total Capital Component 6,535.4 6,156.0 7,072.9 8,146.8
Wce = Equity/Total Capital Component 87.32% 91.48% 93.40% 94.07%

Cost Of Equity Thorough CAPM Model = Rf+B(Rm-Rf)

Cost of Equity 2018 2019 2020 2021
Risk Free Rate (Rf) 7.40% 7.35% 6.14% 6.44%
Beta (B) 0.29 0.29 0.29 0.29
Market Rate (Rm) 14.5% 14.5% 14.5% 14.5%
Kce 9.5% 9.4% 8.6% 8.8%

Cost Of Equity Thorough DDM Model = (D1/P0)+G

Cost of Equity 2018 2019 2020 2021
Growth = (Retention Rate*ROE) 17% -3% 14% 15%
Payout Ratio = (Dividend Paid/Net Income) 0.35 1.10 0.43 0.35
Retention Rate = (1-Payout Ratio) 0.65 -0.10 0.57 0.65
ROE = Net Income/Average Total Equity 0.26 0.26 0.24 0.24
Next Year Dividend D1 = D0*(1+G) 3.15 8.77 3.96 3.86
P0 328.40 408.80 450.05 540.50
Kce = (D1/P0)+G 17.65% -0.51% 14.45% 16.17%

2.70 9.01 3.49 3.34

intrest already minus
after tax ka adjustment h
Discounted Cash Flow

Discount Rate 8.6%

Growth in Long Term 5%

FCFF Calculation
1 2 3 4
Projections
2022E 2023E 2024E 2025E
EBIT 1,647.8 1,762.6 1,853.4 1,977.6
Tax Rate 20.0% 20.0% 20.0% 20.0%
NOPAT 1,318.2 1,410.1 1,482.7 1,582.1
Add- Depriciation 206.5 236.2 264.7 299.5
Less- Net Working Capital Changes 187.6 -205.0 -190.6 -279.5
Less- Capital Expenditure -304.6 -286.0 -309.1 -362.6
Free Cash Flow 1,407.7 1,155.3 1,247.7 1,239.4
Present Value of FCF 1,296.5 980.0 974.8 891.9

P.V of Free Cash Flows 4,143.3

Treminal Value 36,415.7
PV of Teminal value 26,205.3
Enterprise Value 30,348.6

nopat=ebida(1-tax)
Cost Of Equity 8.8%

FCFE Calculation
1 2 3 4
Projections
2022E 2023E 2024E 2025E
EBIT 1,647.8 1,762.6 1,853.4 1,977.6
Tax Rate 20% 20% 20% 20%
NOPAT 1,318.2 1,410.1 1,482.7 1,582.1
Add- Depriciation 206.5 236.2 264.7 299.5
Less- Net Working Capital Changes 187.6 -205.0 -190.6 -279.5
Less- Capital Expenditure -304.6 -286.0 -309.1 -362.6
Less- Interest*(1-Tax) -25.8 -23.4 -21.8 -21.0
Add- Net Borrowings 439.0 395.9 381.2 369.7
Free Cash Flow to Equity 1,820.9 1,527.8 1,607.1 1,588.2
Present Value of FCFE 1,674.0 1,291.2 1,248.6 1,134.3

P.V of Free Cash Flows 5,348.1

Treminal Value 31,530.78
PV of Teminal value 22,520.61
Equity Value 27,868.7
No. Of Outstanding Shares 177.2
Fair Value of Share 157.3
Relative Valuations

FY2021 Peers
Particulars
Dabur Emami Hindustan Uniliver Godrej Consumer

Price To Earning
Price Per Share 540.5 486.0 2,431.5 729.7
Earning Per Share 9.6 10.2 34.0 16.8 Average
P/E 56.5 47.5 71.5 43.4 54.7

Price To Sales
Price Per Share 540.5 486.0 2,431.5 729.7
Sales 9,546.6 2,880.5 47,028.0 11,028.6
No. O/s Shares 177.2 44.5 235.0 102.3 Average
P/S 10.0 7.5 12.1 6.8 9.1

Price To Book Value

Price Per Share 540.5 486.0 2,431.5 729.7
Book Value 7,663.5 1,761.8 47,694.0 9,438.9 Average
P/B 12.5 12.3 12.0 7.9 11.2

Enterprise Value To Sales

Enterprise Value 96,068.4 21,344.2 538,011.6 91,718.7
Sales 9,546.6 2,880.5 47,028.0 11,028.6 Average
EV/Sales 10.1 7.4 11.4 8.3 9.3

EV To EBITDA
Enterprise Value 96,068.4 21,344.2 538,011.6 91,718.7
EBITDA 2,002.7 883.1 12,036.0 2,455.3 Average
EV/EBITDA 48.0 24.2 44.7 37.4 38.5

EV To EBIT
Enterprise Value 96,068.4 21,344.2 538,011.6 91,718.7
EBIT 1,762.6 516.1 10,962.0 2,251.5 Average
EV/EBIT 54.5 41.4 49.1 40.7 46.4
Median High Low
52.0 71.5 43.4

Median High Low

8.8 12.1 6.8

Median High Low

12.1 12.5 7.9

Median High Low

9.2 11.4 7.4

Median High Low

41.0 48.0 24.2

Median High Low

45.2 54.5 40.7