CIPLA Valuation

Consolidated Balance Sheet
Mar '07
Mar '08
Mar '09
Mar '10
Mar '11
Mar '12
Mar '13
Mar '14
12 mths
12 mths
12 mths
12 mths
12 mths
12 mths
12 mths
12 mths
Total Share Capital
155.46
155.46
155.46
160.58
160.58
160.58
160.58
160.58
Equity Share Capital
Sources Of Funds
155.46
155.46
155.46
160.58
160.58
160.58
160.58
160.58
Share Application Money
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Preference Share Capital
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Init. Contribution Settler
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Preference Share Application Money
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Employee Stock Opiton

Reserves
Revaluation Reserves
Networth
Secured Loans
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3071.58
3590.74
4183.37
5741.02
6505.55
7478.35
8858.10
9939.35
8.97
8.97
8.97
0.00
0.00
0.00
0.00
0.00
3236.01 3755.17 4347.80 5901.60 6666.13 7638.93 9018.68 10099.93

7.25
16.98
2.79
0.41
17.95
10.00
9.49
351.00
Unsecured Loans
116.31
563.55
937.45
4.66
523.03
3.46
957.44
877.34
Total Debt
123.56
580.53
940.24
5.07
540.98
13.46
966.93
1228.34
Minority Interest
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Policy Holders Funds
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Plug
Group Share in Joint Venture

Total Liabilities
3359.57 4335.70 5288.04 5915.64 7207.11 7652.39 9985.61 11328.27
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
1799.71
2201.79
2693.29
2897.26
4240.55
4626.90
5317.52
411.64
540.43
700.80
886.09
1146.37
1411.11
1707.55
2175.68
1388.07 1661.36 1992.49 2011.17 3094.18 3215.79 3609.97
6496.47
73.19
233.12
366.32
684.24
285.34
371.17
377.79
441.84
Investments
116.53
93.48
80.05
246.41
Inventories
978.60
1120.49
1398.32
1512.58
1906.16
1850.08
2387.07
2895.26
1028.78
1406.49
1852.86
1566.63
1490.82
1553.58
1668.84
1638.89
Sundry Debtors
Cash and Bank Balance
590.77 1268.81 2532.44
8672.15
708.57
57.12
79.54
53.23
61.54
95.97
90.46
143.01
175.16
Total Current Assets
2064.50
2606.52
3304.41
3140.75
3492.95
3494.12
4198.92
4709.31
Loans and Advances
696.03
1137.94
1113.34
1226.04
1133.41
1000.36
938.65
1047.05
75.16
0.16
0.16
0.52
0.00
0.00
0.00
0.00
2835.69
3744.62
4417.91
4367.31
4626.36
4494.48
5137.57
5756.36
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Current Liabilities
640.78
980.07
1177.02
1177.12
1169.28
1454.63
1389.79
1732.62
Provisions
413.13
416.81
397.71
216.37
220.26
243.23
282.37
342.35
Total CL & Provisions
1053.91
1396.88
1574.73
1393.49
1389.54
1697.86
1672.16
2074.97
Net Current Assets
1781.78 2347.74 2843.18 2973.82 3236.82 2796.62 3465.41
3681.39
Minority Interest
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Group Share in Joint Venture
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Miscellaneous Expenses
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total Assets
3359.57 4335.70 5282.04 5915.64 7207.11 7652.39 9985.61 11328.27
------------------- in Rs. Cr. ------------------Mar'15

Base Value
160.58
Mar'16
Mar'17
Mar'18
Mar'19
Projections
12 mths
12 mths
12 mths
12 mths
12 mths
160.58
160.58
160.58
160.58
160.58
160.58
160.58
160.58
160.58
160.58
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
11640.43
13682.20
16225.18
19390.75
23329.27
0.00
0.00
0.00
0.00
0.00
11801.01 13842.78 16385.76 19551.33 23489.85

0.16
223.08
1212.14
1421.87
1683.07
2008.22
2412.77
0.12
1435.22
1683.54
1992.81
2377.81
2856.80
577.80
-1.53
-561.24
-1353.13
-2443.29
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
261.67
309.75
369.59
444.04
13814.04 15524.79 17817.34 20576.01 23903.37
0.10
0.06
9539.37
10493.30
11542.63
12696.89
13966.58
2585.58
3036.48
3532.46
4078.04
4678.18
6953.78
7456.82
8010.17
8618.85
9288.40
658.67
787.89
973.99
1204.05
1488.44
704.63
704.63
704.63
704.63
704.63
704.63
0.51
3243.49
3879.85
4796.26
5929.12
7329.56
0.46
2962.13
3543.29
4380.21
5414.80
6693.76
174.25
208.44
257.67
318.54
393.77
0.55
6379.87
7631.58
9434.14
11662.45
14417.09
0.18
2072.18
2478.74
3064.20
3787.96
4682.67
0.00
0.00
0.00
0.00
0.00
8452.05
10110.32
12498.34
15450.41
19099.75
0.00
0.00
0.00
0.00
0.00
0.20
2282.94
2730.85
3375.87
4173.24
5158.94
0.06
672.15
804.02
993.93
1228.69
1518.91
5401.93
6677.85
2955.09
3534.87
4369.80
5496.96
6575.44
8128.54 10048.48 12421.90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
13814.04 15524.79 17817.34 20576.01 23903.37
Consolidated Profit & Loss account

Mar '07
Mar '08
Mar '09
Mar '10
Mar '11
Mar '12
12 mths
12 mths
12 mths
12 mths
12 mths
12 mths
3656.92
4306.43
5295.33
5677.07
6323.84
7020.71
Income
Sales Turnover
Excise Duty
94.93
90.66
61.04
52.16
0.00
0.00
3561.99
4215.77
5234.29
5624.91
6323.84
7020.71
Other Income
100.51
133.89
-143.86
109.80
91.68
139.52
Stock Adjustments
-30.73
41.37
113.55
184.09
138.87
-5.65
Net Sales
Total Income
3631.77 4391.03 5203.98 5918.80 6554.39 7154.58
Expenditure
Raw Materials
1754.89
2174.16
2513.11
2687.54
3029.50
2831.12
86.71
96.90
91.71
92.15
198.55
235.35
Employee Cost
184.59
255.45
271.38
319.10
565.59
772.52
Other Manufacturing Expenses
186.47
233.90
262.65
259.67
0.00
0.00
Selling and Admin Expenses
418.36
547.23
887.33
868.03
0.00
0.00
78.45
96.67
76.94
182.72
1299.83
1517.22
0.00
0.00
0.00
0.00
0.00
0.00
2709.47
3404.31
4103.12
4409.21
5093.47
5356.21
Power & Fuel Cost
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
821.79
852.83 1244.72 1399.79 1369.24 1658.85
PBDIT
922.30
986.72
1100.86
1509.59
1460.92
1798.37
11.21
18.07
52.23
28.30
25.10
38.34
PBDT
911.09
968.65
1048.63
1481.29
1435.82
1760.03
Depreciation
103.37
130.68
151.79
167.07
273.33
312.22
Other Written Off
0.00
0.00
0.00
0.00
0.00
0.00
Profit Before Tax
807.72
837.97
896.84
1314.22
1162.49
1447.81
0.00
0.00
-1.32
11.87
0.00
0.00
807.72
837.97
895.52
1326.09
1162.49
1447.81
243.50
195.36
306.51
Interest
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
139.95
136.93
124.50
Reported Net Profit
667.77
701.04
771.02 1082.59
0.00
0.00
Minority Interest
Share Of P/L Of Associates
0.00
0.00
967.13 1141.30
0.00
0.00
0.00
0.00
0.00
0.00
-22.44
-2.94
667.77
701.04
772.34
975.72
989.57
1144.24
0.00
0.00
0.00
0.00
0.00
0.00
155.46
155.46
155.46
160.58
224.81
160.58
26.42
26.42
26.42
26.67
36.72
26.05
7772.91
7772.91
7772.91
8029.21
8029.21
8029.21
Earning Per Share (Rs)
8.59
9.02
9.92
13.48
12.05
14.21
Equity Dividend (%)
0.00
0.00
0.00
0.00
0.00
0.00
41.52
48.20
55.82
73.50
83.02
95.14
Net P/L After Minority Interest & Share Of Associates

Preference Dividend
Equity Dividend
Corporate Dividend Tax
Addition to Reserve
Per share data (annualised)
Shares in issue (lakhs)
Book Value (Rs)
------------------- in Rs. Cr. ------------------Mar '13
Mar '14
Mar'15
Mar'16
Base Value
12 mths
12 mths
12 mths
10100.39
0.16
0.00
0.00
0.00
8279.33
10100.39
261.91
265.37
290.60
64.25
Mar'18
Mar'19
Projections
12 mths
Base+4%
8279.33
Mar'17
11678.04
13969.24
12 mths
Base+8%
17268.73
12 mths
Base+8%
21347.55
12 mths
Base+10%
26389.77
0.00
0.00
0.00
0.00
0.00
11678.04
13969.24
17268.73
21347.55
26389.77
119.85
119.85
119.85
119.85
119.85
119.85
99.54
99.54
99.54
99.54
99.54
99.54
8831.84 10430.01
11897.44 14188.63 17488.12 21566.94 26609.17
3335.01
4030.57
0.45
5279.81
6315.69
7807.44
9651.53
11931.19
233.12
218.63
0.02
283.90
339.60
419.81
518.97
641.55
1036.26
1542.96
0.09
1014.02
1212.97
1499.46
1853.63
2291.46
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1767.69
2239.43
0.00
0.00
0.00
0.00
0.00
1383.10
1654.46
2045.24
2528.32
3125.51
0.00
0.00
0.00
0.00
0.00
0.00
0.00
6372.08
8031.59
7960.83
9522.72
11771.96
14552.46
17989.70
2197.85
2133.05
3816.75
4546.06
5596.31
6894.63
8499.61
2459.76
2398.42
3936.61
4665.91
5716.16
7014.48
8619.46
33.91
145.74
176.83
207.05
244.07
290.16
347.52
2425.85
2252.68
3759.78
4458.86
5472.10
6724.33
8271.95
330.48
372.64
409.90
450.89
495.98
545.58
600.14
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2095.37
1880.04
3349.87
4007.97
4976.11
6178.74
7671.81
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2095.37
1880.04
3349.87
4007.97
4976.11
6178.74
7671.81
544.31
463.38
1551.06
1416.66
0.00
15.93
0.12
0.13
0.04
0.35
33.13
1172.46
1402.79
1741.64
2162.56
2685.13
2177.42
2605.18
3234.47
4016.18
4986.67
33.13
33.13
33.13
33.13
33.13
6.21
12.32
0.00
0.00
0.00
0.00
0.00
1505.08
1388.41
2144.29
2572.05
3201.34
3983.05
4953.54
0.00
0.00
0.00
0.00
0.00
0.00
0.00
160.58
160.58
0.17
379.56
454.13
563.83
700.10
869.27
27.29
27.29
0.17
63.64
76.15
94.54
117.39
145.75
1701.08
2041.77
2542.98
3165.57
3938.52
8029.21
8029.21
8029.21
8029.21
8029.21
8029.21
8029.21
19.32
17.64
27.12
32.45
40.28
50.02
62.11
0.00
0.00
112.32
125.79
Assumptions for line items have been made based on the average of last 10 years
FY07
FY08
FY09
FY10
FY11
FY12
FY13
Raw Materials/Gross Sales
0.480
0.505
0.475
0.473
0.479
0.403
0.403
Pwer & Fuel Cost/Net Sales
0.024
0.023
0.017
0.016
0.031
0.034
0.028
Employee Cost/Net Sales
0.050
0.059
0.051
0.056
0.089
0.110
0.125
Misc Expenses/Net Sales
0.021
0.022
0.015
0.032
0.206
0.216
0.214
Tax/PBT
0.173
0.163
0.139
0.184
0.168
0.212
0.260
Dividend/PAT
0.233
0.222
0.202
0.148
0.232
0.141
0.104
Dividend Tax/Dividend
0.170
0.170
0.170
0.166
0.163
0.162
0.170
Capital Work In Progress/Gross Sales
0.020
0.054
0.069
0.121
0.045
0.053
0.046
Inventories/Gross Sales
0.268
0.260
0.264
0.266
0.301
0.264
0.288
Sundry Debtors/Gross Sales
0.281
0.327
0.350
0.276
0.236
0.221
0.202
Cash & Bank Balance/Gross Sales
0.016
0.018
0.010
0.011
0.015
0.013
0.017
Inventories/Current Assets
0.474
0.430
0.423
0.482
0.546
0.529
0.568
Sundry Debtors/Current Assets
0.498
0.540
0.561
0.499
0.427
0.445
0.397
Current Assets/Gross Sales
0.565
0.605
0.624
0.553
0.552
0.498
0.507
Loans & Advances/Gross Sales
0.190
0.264
0.210
0.216
0.179
0.142
0.113
Current Liabilities/Gross Sales
0.175
0.228
0.222
0.207
0.185
0.207
0.168
Provisions/Gross Sales
0.113
0.097
0.075
0.038
0.035
0.035
0.034
Debt/Equity
0.038
0.155
0.216
0.001
0.081
0.002
0.107
Depreciation/Gross Sales
0.028
0.030
0.029
0.029
0.043
0.044
0.040
Secured Loans/Total Debt
0.059
0.029
0.003
0.081
0.033
0.743
0.010
Interest/Debt
0.091
0.051
0.069
0.060
0.092
0.138
0.069
Inventory Turnover
3.737
3.843
3.787
3.753
3.318
3.795
3.468
Receivables
2.120
1.692
1.785
2.033
2.410
2.749
3.175
Payables
5.707
4.394
4.499
4.823
5.408
4.826
5.957
172.155
215.658
204.456
179.551
151.466
132.777
114.953
63.957
83.068
81.130
75.681
67.489
75.625
61.270
0.020
0.054
0.069
0.121
0.045
0.053
0.046
0.223
0.223
0.076
0.464
0.091
0.149
Receivables Turnover Period

Payables Turnover Period
Capital WIP/Gross Sales
Gross Block % Increase
ars
FY14
0.399
0.022
0.153
0.222
0.246
0.113
0.170
0.044
0.287
0.162
0.017
0.615
0.348
0.466
0.104
0.172
0.034
0.122
0.037
0.286
0.133
3.489
3.760
5.830
97.062
62.612
0.044
0.631
Remarks
------------------- in Rs. Cr. ------------------Mar'15
Mar'16
Mar'17
Projections
12 mths 12 mths
2605.18 3234.47
450.89 495.98
953.94 1049.33
129.23 186.10
1658.27 2388.03
447.91 645.02
248.32 309.27
Mar'18
Mar'19
Reported Net Profit

(Add) Depreciation
(Sub) Capital Expenditure
(Sub) Capital Work in Progress
(Sub) Increase in Current Assets, Loans & Advances
(Add) Increase in Current Liabilities
(Add) Net New debt issued
12 mths
2177.42
409.90
867.22
216.83
2695.69
550.32
206.88
Net Cash Flows
-435.20 1010.87 1061.30 1407.74 1848.10
Present Values
-435.20
Terminal Growth Rate

Terminal Cash Flow
Present Value of Terminal Cash Flow
9.50%
69297.19
43384.75
EV
Cash
Total Debt
EV + Cash - Total Debt
No. of Shares
Estimated Share Price
46836.32
175.16
1228.34
45783.14
4483.76
1021.09
899.19
839.74
12 mths 12 mths
4016.18 4986.67
545.58
600.14
1154.26 1269.69
230.05
284.39
2952.07 3649.34
797.37
985.71
384.99
479.00
990.81 1157.03
Risk-Free Rate
Beta
Risk Premium
8.00%
0.52
8.30%
Cost of Equity
Cost of Debt
12.32%
13.28%
Total Debt
Total Equity
Debt/(D+E)
Equity/(D+E)
WACC
1228.34
10099.93
10.84%
89.16%
12.42%
Sector
Pharma
Sector
Pharma
EV/EBITDA (x)
Companies
EBITDA
Market Cap
Debt
Cash
EV
Cadila
1000.57
28368.31
1645.50
91.60
29922.21
29.91
Current
Cipla
2398.42
53241.71
1228.34
175.16
54294.89
22.64
Divi's Labs
1100.02
23966.65
17.87
35.77
23948.75
21.77
Ranbaxy
1358.75
27266.07
4763.61
2834.77
29194.91
21.49
GSK
1095.52
23147.64
3.61
2027.14
21124.11
19.28
Lupin
4174.93
61040.47
139.40
146.28
61033.59
14.62
Dr Reddy
3629.09
54198.48
2664.50
665.10
56197.88
15.49
Aurobindo
2160.61
29228.08
2814.86
9.72
32033.22
14.83
Ipca
816.30
9427.07
430.08
69.49
9787.66
11.99
Torrent
1224.00
15434.80
579.16
277.76
15736.20
12.86
Companies
EV
Sales
EV/Sales
Current
Cadila
29922.21
3805.33
7.86
Cipla
54294.89
9151.77
5.93
Divi's Labs
23948.75
2631.06
9.10
Ranbaxy
29194.91
6051.05
4.82
GSK
21124.11
2505.98
8.43
Lupin
61033.59
9639.03
6.33
Dr Reddy
56197.88
10523.95
5.34
Aurobindo
32033.22
7388.35
4.34
Ipca
9787.66
3155.05
3.10
Torrent
15736.20
3421.33
4.60
Mean
Median
5.99
5.34
Expected EV
54838.45
EV/EBITDA (x)
Mean
Median
18.02
15.49
Expected Market Cap
Expected Share Price
53785.27
669.87
New EV
New Market Cap
Shares#
43230.81
42177.63
80.29
Share Price
Expected Current
525.30
658.50
EV/EBITDA
18.02
EV/Sales
5.99
EBITDA Multiples
Expected EV
43230.81
Expected Market Share
42177.63
No. of Shares
80.29
525.3
Sales Multiples
Expected EV
54838.45
Expected Market Share
53785.27
No. of Shares
80.29
669.87
Share Price from Multiples
597.59
Share Price from DCF
1021.09
Estimated Share Price
809.34

CIPLA Valuation

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CIPLA Valuation

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Consolidated Balance Sheet

Total Share Capital

Equity Share Capital

Share Application Money

Preference Share Capital

Init. Contribution Settler

Preference Share Application Money

Employee Stock Opiton

3236.01 3755.17 4347.80 5901.60 6666.13 7638.93 9018.68 10099.93

Policy Holders Funds

Group Share in Joint Venture

3359.57 4335.70 5288.04 5915.64 7207.11 7652.39 9985.61 11328.27

1388.07 1661.36 1992.49 2011.17 3094.18 3215.79 3609.97

590.77 1268.81 2532.44

Total Current Assets

Loans and Advances

Total CL & Provisions

Net Current Assets

1781.78 2347.74 2843.18 2973.82 3236.82 2796.62 3465.41

Group Share in Joint Venture

3359.57 4335.70 5282.04 5915.64 7207.11 7652.39 9985.61 11328.27

------------------- in Rs. Cr. ------------------Mar'15

11801.01 13842.78 16385.76 19551.33 23489.85

13814.04 15524.79 17817.34 20576.01 23903.37

8128.54 10048.48 12421.90

13814.04 15524.79 17817.34 20576.01 23903.37

Consolidated Profit & Loss account

3631.77 4391.03 5203.98 5918.80 6554.39 7154.58

Other Manufacturing Expenses

Selling and Admin Expenses

Power & Fuel Cost

852.83 1244.72 1399.79 1369.24 1658.85

Other Written Off

Profit Before Tax

Reported Net Profit

Earning Per Share (Rs)

Equity Dividend (%)

Net P/L After Minority Interest & Share Of Associates

Book Value (Rs)

------------------- in Rs. Cr. ------------------Mar '13

11897.44 14188.63 17488.12 21566.94 26609.17

Raw Materials/Gross Sales

Pwer & Fuel Cost/Net Sales

Employee Cost/Net Sales

Misc Expenses/Net Sales

Capital Work In Progress/Gross Sales

Sundry Debtors/Gross Sales

Cash & Bank Balance/Gross Sales

Sundry Debtors/Current Assets

Current Assets/Gross Sales

Loans & Advances/Gross Sales

Current Liabilities/Gross Sales

Secured Loans/Total Debt

Receivables Turnover Period

------------------- in Rs. Cr. ------------------Mar'15

Reported Net Profit

Net Cash Flows

-435.20 1010.87 1061.30 1407.74 1848.10

Terminal Growth Rate

Expected Market Cap

Expected Share Price

New Market Cap

Expected Market Share

Expected Share Price