BY - PRATEEK SHRIVASTAV TABLE OF CONTENTS Historical Financial Statements Ratio Analysis Common Size Statement Forecasting Beta Drifting Return on Market WACC Calculation Intrinsic Growth Calculation DCF Valuation Years Income Statement Mar-15 Mar-16 Mar-17 Historical Financial Statement - HINDUSTAN UNILEVER LTD Mar-18 Mar-19 Mar -20 Mar-21 Mar-22 Mar -23 Mar-24 ₹ 31,972.2 ₹ 32,186.0 0.67% ₹ 33,162.0 3.03% ₹ 35,545.0 7.19% ₹ 39,310.0 10.59% ₹ 39,783.0 1.20% ₹ 47,028.0 18.21% ₹ 52,446.0 11.52% ₹ 60,580.0 15.51% ₹ 61,896.0 2.17% COGS COGS % Sales ₹ 18,801.92 -41.19% ₹ 18,222.00 -43.39% ₹ 18,675.00 -43.69% ₹ 19,314.00 -45.66% ₹ 21,081.00 -46.37% ₹ 20,614.00 -48.18% ₹ 25,301.00 -46.20% ₹ 29,066.00 -44.58% ₹ 35,381.00 -41.60% ₹ 33,651.00 -45.63% Gross Profit Gross Margins ₹ 13,170.27 41.19% ₹ 13,964.00 43.39% ₹ 14,487.00 43.69% ₹ 16,231.00 45.66% ₹ 18,229.00 46.37% ₹ 19,169.00 48.18% ₹ 21,727.00 46.20% ₹ 23,380.00 44.58% ₹ 25,199.00 41.60% ₹ 28,245.00 45.63% Selling and General Expenses S&G Exp % Sales ₹ 7,757.85 24.26% ₹ 8,054.00 25.02% ₹ 8,159.00 24.60% ₹ 8,732.00 24.57% ₹ 9,349.00 23.78% ₹ 9,316.00 23.42% ₹ 10,101.00 21.48% ₹ 10,523.00 20.06% ₹ 11,052.00 18.24% ₹ 13,586.00 21.95% EBITDA EBIDTA Margins ₹ 5,412.42 16.93% ₹ 5,910.00 18.36% ₹ 6,328.00 19.08% ₹ 7,499.00 21.10% ₹ 8,880.00 22.59% ₹ 9,853.00 24.77% ₹ 11,626.00 24.72% ₹ 12,857.00 24.51% ₹ 14,147.00 23.35% ₹ 14,659.00 23.68% Interest Interest % Sales ₹ 17.70 0.06% ₹ 17.00 0.05% ₹ 35.00 0.11% ₹ 26.00 0.07% ₹ 33.00 0.08% ₹ 118.00 0.30% ₹ 117.00 0.25% ₹ 106.00 0.20% ₹ 114.00 0.19% ₹ 334.00 0.54% Depreciation Depreciation % Sales ₹ 322.39 1.01% ₹ 353.00 1.10% ₹ 432.00 1.30% ₹ 520.00 1.46% ₹ 565.00 1.44% ₹ 1,002.00 2.52% ₹ 1,074.00 2.28% ₹ 1,091.00 2.08% ₹ 1,137.00 1.88% ₹ 1,216.00 1.96% Earnings Before Tax EBT % Sales ₹ 5,072.33 15.86% ₹ 5,540.00 17.21% ₹ 5,861.00 17.67% ₹ 6,953.00 19.56% ₹ 8,282.00 21.07% ₹ 8,733.00 21.95% ₹ 10,435.00 22.19% ₹ 11,660.00 22.23% ₹ 12,896.00 21.29% ₹ 13,109.00 21.18% Tax Effective Tax Rate ₹ 1,944.00 38.33% ₹ 1,875.00 33.84% ₹ 1,977.00 33.73% ₹ 2,079.00 29.90% ₹ 2,544.00 30.72% ₹ 2,409.00 27.59% ₹ 2,606.00 24.97% ₹ 2,987.00 25.62% ₹ 3,201.00 24.82% ₹ 3,644.00 27.80% Net Profit Net Margins ₹ 3,128.33 9.78% ₹ 3,665.00 11.39% ₹ 3,884.00 11.71% ₹ 4,874.00 13.71% ₹ 5,738.00 14.60% ₹ 6,324.00 15.90% ₹ 7,829.00 16.65% ₹ 8,673.00 16.54% ₹ 9,695.00 16.00% ₹ 9,465.00 15.29% Number Of Equity Shares 216.35 216.39 216.43 216.45 216.47 216.48 234.96 234.96 234.96 234.96 EPS ₹ 14.46 ₹ 16.94 17.13% ₹ 17.95 5.96% ₹ 22.52 25.48% ₹ 26.51 17.72% ₹ 29.21 10.21% ₹ 33.32 14.06% ₹ 36.91 10.78% ₹ 41.26 11.78% ₹ 40.28 Sales Sales Growth EPS Growth % -2.37% Divided Per Share Dividend Payout Ratio ₹ 15.00 103.74% ₹ 15.97 94.30% ₹ 16.97 94.54% ₹ 19.96 88.63% ₹ 21.95 82.82% ₹ 24.94 85.39% ₹ 40.51 121.57% ₹ 34.01 92.12% ₹ 39.01 94.53% ₹ 42.01 104.28% Retained Earnings -3.74% 5.70% 5.46% 11.37% 17.18% 14.61% -21.57% 7.88% 5.47% -4.28% Equity Share Capital Reserves Borrowings Other Liabilities Total Liability ₹ 216.35 ₹ 3,811.13 ₹ 43.04 ₹ 10,359.01 ₹ 14,429.53 ₹ 216.00 ₹ 6,357.00 ₹ 177.00 ₹ 8,043.00 ₹ 14,793.00 ₹ 216.00 ₹ 6,528.00 ₹ 277.00 ₹ 8,685.00 ₹ 15,706.00 ₹ 216.00 ₹ 7,065.00 ₹ 0.00 ₹ 10,581.00 ₹ 17,862.00 ₹ 216.00 ₹ 7,651.00 ₹ 99.00 ₹ 10,663.00 ₹ 18,629.00 ₹ 216.00 ₹ 8,013.00 ₹ 0.00 ₹ 11,924.00 ₹ 20,153.00 ₹ 235.00 ₹ 47,439.00 ₹ 1,009.00 ₹ 20,057.00 ₹ 68,740.00 ₹ 235.00 ₹ 48,826.00 ₹ 1,043.00 ₹ 20,402.00 ₹ 70,506.00 ₹ 235.00 ₹ 50,069.00 ₹ 1,219.00 ₹ 21,554.00 ₹ 73,077.00 ₹ 235.00 ₹ 50,983.00 ₹ 1,484.00 ₹ 25,787.00 ₹ 78,489.00 Fixed Assets Net Block Capital Work in Progress Investments Other Assets Total Non Current Aseets ₹ 2,821.01 ₹ 516.30 ₹ 3,025.08 ₹ 1,518.58 ₹ 7,880.97 ₹ 3,258.00 ₹ 408.00 ₹ 2,592.00 ₹ 1,536.00 ₹ 7,794.00 ₹ 4,419.00 ₹ 229.00 ₹ 3,794.00 ₹ 1,810.00 ₹ 10,252.00 ₹ 4,528.00 ₹ 461.00 ₹ 2,873.00 ₹ 2,692.00 ₹ 10,554.00 ₹ 4,715.00 ₹ 406.00 ₹ 2,716.00 ₹ 2,645.00 ₹ 10,482.00 ₹ 5,479.00 ₹ 597.00 ₹ 1,255.00 ₹ 3,793.00 ₹ 11,124.00 ₹ 51,443.00 ₹ 745.00 ₹ 2,709.00 ₹ 4,035.00 ₹ 58,932.00 ₹ 51,473.00 ₹ 1,313.00 ₹ 3,521.00 ₹ 4,021.00 ₹ 60,328.00 ₹ 52,678.00 ₹ 1,132.00 ₹ 2,882.00 ₹ 4,377.00 ₹ 61,069.00 ₹ 53,744.00 ₹ 1,025.00 ₹ 4,625.00 ₹ 4,517.00 ₹ 63,911.00 Rec eiv ables Inventory Cash & Bank Total Current Assets ₹ 1,010.28 ₹ 2,848.79 ₹ 2,689.49 ₹ 6,548.56 ₹ 1,264.00 ₹ 2,726.00 ₹ 3,009.00 ₹ 6,999.00 ₹ 1,085.00 ₹ 2,541.00 ₹ 1,828.00 ₹ 5,454.00 ₹ 1,310.00 ₹ 2,513.00 ₹ 3,485.00 ₹ 7,308.00 ₹ 1,816.00 ₹ 2,574.00 ₹ 3,757.00 ₹ 8,147.00 ₹ 1,149.00 ₹ 2,767.00 ₹ 5,113.00 ₹ 9,029.00 ₹ 1,758.00 ₹ 3,579.00 ₹ 4,471.00 ₹ 9,808.00 ₹ 2,236.00 ₹ 4,096.00 ₹ 3,846.00 ₹ 10,178.00 ₹ 3,079.00 ₹ 4,251.00 ₹ 4,678.00 ₹ 12,008.00 ₹ 2,997.00 ₹ 4,022.00 ₹ 7,559.00 ₹ 14,578.00 Total Assets ₹ 14,429.53 ₹ 14,793.00 ₹ 15,706.00 ₹ 17,862.00 ₹ 18,629.00 ₹ 20,153.00 ₹ 68,740.00 ₹ 70,506.00 ₹ 73,077.00 ₹ 78,489.00 Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE Cash Flow Statement Cash from Operating Activity Cash from Investing Activity Cash from Financing Activity ₹ 3,291.91 ₹ 137.97 (₹ 3,462.42) ₹ 4,171.00 (₹ 282.00) (₹ 3,864.00) ₹ 5,185.00 (₹ 1,173.00) (₹ 4,214.00) ₹ 6,059.00 (₹ 1,063.00) (₹ 4,975.00) ₹ 5,800.00 (₹ 438.00) (₹ 5,390.00) ₹ 7,623.00 ₹ 1,791.00 (₹ 6,819.00) ₹ 9,163.00 (₹ 1,228.00) (₹ 9,309.00) ₹ 9,048.00 (₹ 1,728.00) (₹ 8,015.00) ₹ 9,991.00 (₹ 1,484.00) (₹ 8,953.00) ₹ 15,469.00 (₹ 5,324.00) (₹ 10,034.00) (₹ 32.54) ₹ 25.00 (₹ 202.00) ₹ 21.00 (₹ 28.00) ₹ 2,595.00 (₹ 1,374.00) (₹ 695.00) (₹ 446.00) ₹ 111.00 Balance Sheet Net Cash Flow TRUE Years Sales Growth EBITDA Growth EBIT Growth Net Profit Growth Dividend Growth Gross Margin EBITDA Margin EBIT Margin EBT Margin Net Profit Margin Mar-15 41.19% 16.93% 15.92% 15.86% 9.78% Mar-16 Mar-17 Mar-18 Ratio Analysis - HINDUSTAN UNILEVER LTD Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 T rend Mean Median 0.67% 9.19% 9.22% 17.16% 6.47% 43.39% 18.36% 17.27% 17.21% 11.39% 3.03% 7.07% 5.79% 5.98% 6.23% 43.69% 19.08% 17.78% 17.67% 11.71% 7.19% 18.51% 18.63% 25.49% 17.64% 45.66% 21.10% 19.63% 19.56% 13.71% 10.59% 18.42% 19.11% 17.73% 9.99% 46.37% 22.59% 21.15% 21.07% 14.60% 1.20% 10.96% 5.45% 10.21% 13.63% 48.18% 24.77% 22.25% 21.95% 15.90% 18.21% 17.99% 19.49% 23.80% 62.39% 46.20% 24.72% 22.44% 22.19% 16.65% 11.52% 10.59% 11.74% 10.78% -16.05% 44.58% 24.51% 22.43% 22.23% 16.54% 15.51% 10.03% 10.60% 11.78% 14.71% 41.60% 23.35% 21.48% 21.29% 16.00% 2.17% 3.62% 1.65% -2.37% 7.69% 45.63% 23.68% 21.72% 21.18% 15.29% 7.79% 11.82% 11.30% 13.39% 13.63% 44.65% 21.91% 20.21% 20.02% 14.16% 7.19% 10.59% 10.60% 11.78% 9.99% 45.11% 22.97% 21.31% 21.12% 14.94% Sales Expenses % Sales Depreciation % Sales Operating Income % Sales 24.26% 1.01% 41.19% 25.02% 1.10% 43.39% 24.60% 1.30% 43.69% 24.57% 1.46% 45.66% 23.78% 1.44% 46.37% 23.42% 2.52% 48.18% 21.48% 2.28% 46.20% 20.06% 2.08% 44.58% 18.24% 1.88% 41.60% 21.95% 1.96% 45.63% 22.74% 1.70% 44.65% 23.60% 1.67% 45.11% Return on Capital Employed Retained Earnings % Return on Equity % Self Sustained Growth Rate 125.05% -3.74% 77.67% -2.90% 82.33% 5.70% 55.76% 3.18% 83.98% 5.46% 57.59% 3.14% 95.85% 11.37% 66.94% 7.61% 104.38% 17.18% 72.94% 12.53% 107.56% 14.61% 76.85% 11.23% 21.67% -21.57% 16.42% -3.54% 23.48% 7.88% 17.68% 1.39% 25.25% 5.47% 19.27% 1.05% 25.51% -4.28% 18.48% -0.79% 69.51% 3.81% 47.96% 3.29% 83.15% 5.58% 56.68% 2.27% Debtor Turnover Ratio Creditor Turnover Ratio Inventory Turnover Fixed Asset Turnover Capital Turnover Ratio 31.65x 3.09x 11.22x 11.33x 7.94x 25.46x 4.00x 11.81x 9.88x 4.90x 30.56x 3.82x 13.05x 7.50x 4.92x 27.13x 3.36x 14.14x 7.85x 4.88x 21.65x 3.69x 15.27x 8.34x 5.00x 34.62x 3.34x 14.38x 7.26x 4.83x 26.75x 2.34x 13.14x 0.91x 0.99x 23.46x 2.57x 12.80x 1.02x 1.07x 19.68x 2.81x 14.25x 1.15x 1.20x 20.65x 2.40x 15.39x 1.15x 1.21x 26.16x 3.14x 13.55x 5.64x 3.69x 26.11x 3.21x 13.64x 7.38x 4.86x Debtor Days Payable Days Inventory Days Cash Conversion Cycle 12 Days 118 Days 33 Days -74 Days 14 Days 91 Days 31 Days -46 Days 12 Days 96 Days 28 Days -56 Days 13 Days 109 Days 26 Days -69 Days 17 Days 99 Days 24 Days -58 Days 11 Days 109 Days 25 Days -73 Days 14 Days 156 Days 28 Days -114 Days 16 Days 142 Days 29 Days -98 Days 19 Days 130 Days 26 Days -86 Days 18 Days 152 Days 24 Days -111 Days 14 120 27 -79 14 114 27 -74 CFO/Sales CFO/Total Assets CFO/Total Debt 10.30% 22.81% 7648.49% 12.96% 28.20% 2356.50% 15.64% 33.01% 1871.84% 17.05% 33.92% 0.00% 14.75% 31.13% 5858.59% 19.16% 37.83% 0.00% 19.48% 13.33% 908.13% 17.25% 12.83% 867.50% 16.49% 13.67% 819.61% 24.99% 19.71% 1042.39% 16.81% 24.64% 2137.30% 16.77% 25.50% 975.26% Common Size Income Statement - HINDUSTAN UNILEVER LTD Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Sales Raw Material Cost Change in Inventory Power and Fuel Other Mfr. Exp Employee Cost Selling and admin Other Expenses Other Income Depreciation Interest Profit before tax Tax Net profit Dividend Amount EBITDA 100.00% 42.25% -0. 1 8% 1.09% 9.90% 5.39% 21.17% 3.09% 3.90% 1.01% 0.06% 19.77% 6.08% 13.65% 10.15% 77.66% 100.00% 40.96% -0. 2 6% 0.96% 9.22% 5.22% 20.94% 4.08% 1.51% 1.10% 0.05% 18.72% 5.83% 12.90% 10.74% 107.45% 100.00% 41.03% -0. 4 3% 0.89% 8.71% 5.26% 20.17% 4.43% 1.83% 1.30% 0.11% 19.50% 5.96% 13.50% 11.07% 120.26% 100.00% 40.04% 0.20% 0.83% 8.43% 5.23% 20.40% 4.16% 0.99% 1.46% 0.07% 20.55% 5.85% 14.67% 12.15% 101.85% 100.00% 40.31% -0. 0 3% 0.78% 7.74% 4.77% 19.83% 3.95% 0.82% 1.44% 0.08% 21.89% 6.47% 15.40% 12.09% 83.56% 100.00% 39.46% 0.27% 0.75% 7.30% 4.57% 19.15% 4.26% 1.09% 2.52% 0.30% 23.04% 6.06% 16.96% 13.57% 99.46% 100.00% 42.83% 0.86% 0.72% 6.10% 5.01% 16.79% 4.68% 0.36% 2.28% 0.25% 22.55% 5.54% 17.00% 20.24% -4. 0 7% 100.00% 43.61% 0.04% 0.61% 6.40% 4.85% 15.57% 4.50% 0.42% 2.08% 0.20% 22.65% 5.70% 16.93% 15.23% 32.40% 100.00% 46.92% 0.12% 0.63% 6.26% 4.71% 14.50% 3.74% 0.74% 1.88% 0.19% 22.03% 5.28% 16.71% 15.13% 34.23% 100.00% 43.33% 0.02% 0.72% 5.47% 4.86% 17.41% 4.54% 1.32% 1.96% 0.54% 22.50% 5.89% 16.60% 15.95% 43.52% Common Size Balance Sheet - HINDUSTAN UNILEVER LTD Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Total Liabilities Equity Share Capital Reserves Borrowings Other Liabilities 100.00% 1.50% 26.41% 0.30% 71.79% 100.00% 1.46% 42.97% 1.20% 54.37% 100.00% 1.38% 41.56% 1.76% 55.30% 100.00% 1.21% 39.55% 0.00% 59.24% 100.00% 1.16% 41.07% 0.53% 57.24% 100.00% 1.07% 39.76% 0.00% 59.17% 100.00% 0.34% 69.01% 1.47% 29.18% 100.00% 0.33% 69.25% 1.48% 28.94% 100.00% 0.32% 68.52% 1.67% 29.49% 100.00% 0.30% 64.96% 1.89% 32.85% Total Assets Net Block Capital Work in Progress Investments Other Assets Receivables Inventory Cash & Bank 100.00% 19.55% 3.58% 20.96% 10.52% 7.00% 19.74% 18.64% 100.00% 22.02% 2.76% 17.52% 10.38% 8.54% 18.43% 20.34% 100.00% 28.14% 1.46% 24.16% 11.52% 6.91% 16.18% 11.64% 100.00% 25.35% 2.58% 16.08% 15.07% 7.33% 14.07% 19.51% 100.00% 25.31% 2.18% 14.58% 14.20% 9.75% 13.82% 20.17% 100.00% 27.19% 2.96% 6.23% 18.82% 5.70% 13.73% 25.37% 100.00% 74.84% 1.08% 3.94% 5.87% 2.56% 5.21% 6.50% 100.00% 73.01% 1.86% 4.99% 5.70% 3.17% 5.81% 5.45% 100.00% 72.09% 1.55% 3.94% 5.99% 4.21% 5.82% 6.40% 100.00% 68.47% 1.31% 5.89% 5.75% 3.82% 5.12% 9.63% 20 3 2A 20 3 1A 20 3 0A 20 2 9A 20 2 8A 20 2 7A 20 2 6A 20 2 5A 20 2 4A 20 2 3A HINDUSTAN UNILEVER LTD - EBITDA Forecasting EBITDA Growth 70000.00 609.39% -22.94% 6.32% -21.60% -27.07% 79.50% -23.44% 28.70% 87.13% -27.21% 5.77% 5.45% 5.17% 4.92% 4.69% 4.48% 4.29% 60000.00 50000.00 40000.00 30000.00 20000.00 10000.00 0.00 -10000.00 HINDUSTAN UNILEVER LTD - EPS Forecasting Years EPS EPS Growth 1 00 .00 1 2015A 14.46 2 2016A 47.69 229.85% 80.00 3 2017A 14.53 -69.54% 4 2018A 3.05 -79.01% 60.00 5 2019A -7.78 -355.28% 6 2020A -35.86 360.68% 40.00 7 2021A -5.72 -84.06% 8 2022A -41.13 619.43% 20.00 9 2023A -11.97 -70.91% 0.00 10 2024A 78.63 -757.14% 11 2025E 5.46 -93.06% -20.00 12 2026E 5.45 -0.13% 1 2 3 4 5 6 7 13 2027E 5.45 -0.13% -40.00 14 2028E 5.44 -0.13% 15 2029E 5.43 -0.13% -60.00 16 2030E 5.42 -0.13% 17 2031E 5.42 -0.14% 18 2032E 5.41 -0.14% 2032E 2031E 2030E 2029E 2028E 2027E 2024A 2026E 2023A 2025E 2022A 2021A 2020A 2019A 2018A 10 11 12 13 14 15 16 17 18 2017A 9 2016A 8 2015A 2032E 2031E 2030E 2029E 2028E 2027E 2026E 2024A 2025E Weights 2023A 20 2 2A 2021A 2020A 2019A 2018A 2017A Years EBITDA 1 2015A 5412.42 2 2016A 38395.25 3 2017A 29588.69 4 2018A 31457.68 5 2019A 24664.33 6 2020A 17987.07 7 2021A 32287.43 8 2022A 24720.09 9 2023A 31815.80 10 2024A 59538.34 11 2025E 43338.25 12 2026E 45838.53 13 2027E 48338.81 14 2028E 50839.09 15 2029E 53339.37 16 2030E 55839.64 17 2031E 58339.92 18 2032E 60840.20 2022A 20 2 1A 20 2 0A 20 1 9A 20 1 8A 20 1 7A Weights HINDUSTAN UNILEVER LTD - Net Profit Forecasting Years Net Profit Net Profit Growth 3128.33 1 2015A 30000.00 340.18% 13770.34 2 2016A 25000.00 -69.54% 4194.46 3 2017A 20000.00 -79.01% 880.37 4 2018A -355.28% -2247.45 5 2019A 15000.00 392.87% -11076.94 6 2020A 10000.00 -82.86% -1898.31 7 2021A 5000.00 619.52% -13658.75 8 2022A -70.90% -3974.10 9 2023A 0.00 -757.61% 10 2024A 26134.09 -5000.00 -99.98% 11 2025E 5.51 18.04% 12 2026E 6.51 -10000.00 1 2 3 4 5 6 7 15.35% 13 2027E 7.51 -15000.00 14 2028E 13.81% 8.55 -20000.00 15 2029E 11.87% 9.56 16 2030E 10.23% 10.54 17 2031E 8.94% 11.48 18 2032E 8.80% 12.49 2016A Weights 20 1 6A 20 1 5A HINDUSTAN UNILEVER LTD - Sales Forecasting Years Sales Sales Growth 700000.00 31972.19 1 2015A 273045.60 2 2016A 754.01% 600000.00 269692.51 3 2017A -1.23% 291550.48 4 2018A 8.10% 500000.00 301938.40 5 2019A 3.56% 261067.97 6 2020A -13.54% 400000.00 249794.75 7 2021A -4.32% 278453.62 300000.00 8 2022A 11.47% 345966.97 9 2023A 24.25% 200000.00 10 2024A 437927.77 26.58% 408864.95 -6.64% 11 2025E 100000.00 433360.21 5.99% 12 2026E 457855.47 5.65% 13 2027E 0.00 482350.73 5.35% 14 2028E 506845.99 -100000.00 5.08% 15 2029E 531341.25 4.83% 16 2030E 555836.50 4.61% 17 2031E 580331.76 4.41% 18 2032E 2015A Weights 8 9 10 11 12 13 14 15 16 17 18 Weighted Average Cost Of Capital All figures are in INR unless stated otherwise Peer Comps Name Of the Comp Country Hind. Unilever Colgate-Palmoliv P & G Hygiene Gillette India Ray Ban Sun Optic India India India India India Total Debt Total Equity 578244.53 77139.05 54570.62 23954.78 333.69 1484.00 71.75 3.58 0.05 2.70 Average Median Cost Of Debt 5.80% 30% 4.06% 1. Tax Rate considered as Marginal Tax Rate for the country 2. Levered Beta is based on 5 year monthly data 3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity) 4. Levered Beta = Unlevered Beta*(1+(1-Tax Rate) x Debt/Equity) Debt/ Capital Levered Beta 2 Unlevered Beta 3 30.00% 30.00% 30.00% 30.00% 30.00% 0.26% 0.09% 0.01% 0.00% 0.81% 0.26% 0.09% 0.01% 0.00% 0.80% 0.66 0.40 0.52 0.35 0.36 0.66 0.40 0.52 0.35 0.36 30.00% 30.00% 0.23% 0.09% 0.23% 0.09% 0.46 0.40 0.46 0.40 Risk Free Rate Equity Risk Premium Levered Beta Cost Of Equity Capital Structure Debt/Equity Debt/ Equity Cost Of Equity Pre-Tax Cost Of Debt Tax Rate Post-Tax Cost Of Debt Total Debt Market Capitalisation Total Capital Tax Rate 1 7.36% 8.22% 0.40 10.65% Levered Beta 1484.00 578244.53 579728.53 Current 0.26% 99.74% 100.00% Target 0.23% 99.77% 100.00% 0.26% 0.23% 0.40 0.23% 30% 0.40 Comps Median Unlevered Beta Target Debt/ Equity Tax Rate Levered Beta Weighted Average Cost of Capital Cost of Equity Equity Weight 10.65% 99.77% Cost of Debt Debt Weight 4.06% 0.23% WACC 10.64% Regression Beta - 2 Years WeeklyHindustan Unilever Weekly Returns Date 27- 06- 2022 04- 07- 2022 11- 07- 2022 18- 07- 2022 25- 07- 2022 01- 08- 2022 08- 08- 2022 15- 08- 2022 22- 08- 2022 29- 08- 2022 05- 09- 2022 12- 09- 2022 19- 09- 2022 26- 09- 2022 03- 10- 2022 10- 10- 2022 17- 10- 2022 24- 10- 2022 31- 10- 2022 07- 11- 2022 14- 11- 2022 21- 11- 2022 28- 11- 2022 05- 12- 2022 12- 12- 2022 19- 12- 2022 26- 12- 2022 02- 01- 2023 09- 01- 2023 16- 01- 2023 23- 01- 2023 30- 01- 2023 06- 02- 2023 13- 02- 2023 20- 02- 2023 27- 02- 2023 06- 03- 2023 13- 03- 2023 20- 03- 2023 27- 03- 2023 03- 04- 2023 10- 04- 2023 17- 04- 2023 24- 04- 2023 01- 05- 2023 08- 05- 2023 15- 05- 2023 22- 05- 2023 29- 05- 2023 05- 06- 2023 12- 06- 2023 19- 06- 2023 26- 06- 2023 03- 07- 2023 10- 07- 2023 17- 07- 2023 24- 07- 2023 31- 07- 2023 07- 08- 2023 14- 08- 2023 21- 08- 2023 28- 08- 2023 04- 09- 2023 11- 09- 2023 18- 09- 2023 25- 09- 2023 02- 10- 2023 09- 10- 2023 16- 10- 2023 23- 10- 2023 30- 10- 2023 06- 11- 2023 13- 11- 2023 20- 11- 2023 27- 11- 2023 04- 12- 2023 11- 12- 2023 18- 12- 2023 25- 12- 2023 01- 01- 2024 08- 01- 2024 15- 01- 2024 22- 01- 2024 29- 01- 2024 05- 02- 2024 12- 02- 2024 19- 02- 2024 26- 02- 2024 04- 03- 2024 11- 03- 2024 18- 03- 2024 25- 03- 2024 01- 04- 2024 08- 04- 2024 15- 04- 2024 22- 04- 2024 29- 04- 2024 06- 05- 2024 13- 05- 2024 20- 05- 2024 27- 05- 2024 03- 06- 2024 10- 06- 2024 17- 06- 2024 24- 06- 2024 27- 06- 2024 Closing Price 2282.35 2496.85 2568.50 2640.60 2637.40 2645.40 2594.95 2634.55 2571.55 2603.60 2588.70 2528.15 2682.05 2696.45 2599.70 2575.80 2653.90 2524.25 2520.35 2503.05 2483.70 2537.45 2615.10 2722.25 2671.30 2621.10 2561.05 2576.45 2624.00 2548.75 2612.15 2648.75 2577.50 2515.50 2484.20 2471.00 2465.45 2447.40 2480.80 2560.35 2565.25 2536.20 2497.95 2457.30 2500.75 2623.40 2641.45 2652.35 2716.70 2636.20 2715.65 2641.60 2678.15 2698.10 2676.90 2604.00 2584.60 2546.00 2501.80 2554.75 2563.55 2504.80 2513.80 2469.70 2482.45 2465.60 2499.40 2569.45 2495.15 2482.05 2509.25 2486.55 2528.80 2515.20 2563.65 2522.30 2522.90 2575.60 2663.95 2620.05 2544.00 2565.40 2428.30 2452.60 2424.15 2375.25 2394.10 2409.70 2419.55 2327.70 2256.55 2264.35 2266.95 2232.30 2231.60 2222.65 2217.05 2362.55 2327.15 2369.05 2329.05 2577.80 2479.75 2441.30 2445.60 2462.15 Nifty Weekly Returns Return 9.40% 12.54% 2.81% - 0.12% 0.30% - 1.91% 1.53% - 2.39% 1.25% - 0.57% - 2.34% 6.09% 0.54% - 3.59% - 0.92% 3.03% - 4.89% - 0.15% - 0.69% - 0.77% 2.16% 3.06% 4.10% - 1.87% - 1.88% - 2.29% 0.60% 1.85% - 2.87% 2.49% 1.40% - 2.69% - 2.41% - 1.24% - 0.53% - 0.22% - 0.73% 1.36% 3.21% 0.19% - 1.13% - 1.51% - 1.63% 1.77% 4.90% 0.69% 0.41% 2.43% - 2.96% 3.01% - 2.73% 1.38% 0.74% - 0.79% - 2.72% - 0.75% - 1.49% - 1.74% 2.12% 0.34% - 2.29% 0.36% - 1.75% 0.52% - 0.68% 1.37% 2.80% - 2.89% - 0.53% 1.10% - 0.90% 1.70% - 0.54% 1.93% - 1.61% 0.02% 2.09% 3.43% - 1.65% - 2.90% 0.84% - 5.34% 1.00% - 1.16% - 2.02% 0.79% 0.65% 0.41% - 3.80% - 3.06% 0.35% 0.11% - 1.53% - 0.03% - 0.40% - 0.25% 6.56% - 1.50% 1.80% - 1.69% 10.68% - 3.80% - 1.55% 0.18% 0.68% Date 27- 06- 2022 04- 07- 2022 11- 07- 2022 18- 07- 2022 25- 07- 2022 01- 08- 2022 08- 08- 2022 15- 08- 2022 22- 08- 2022 29- 08- 2022 05- 09- 2022 12- 09- 2022 19- 09- 2022 26- 09- 2022 03- 10- 2022 10- 10- 2022 17- 10- 2022 24- 10- 2022 31- 10- 2022 07- 11- 2022 14- 11- 2022 21- 11- 2022 28- 11- 2022 05- 12- 2022 12- 12- 2022 19- 12- 2022 26- 12- 2022 02- 01- 2023 09- 01- 2023 16- 01- 2023 23- 01- 2023 30- 01- 2023 06- 02- 2023 13- 02- 2023 20- 02- 2023 27- 02- 2023 06- 03- 2023 13- 03- 2023 20- 03- 2023 27- 03- 2023 03- 04- 2023 10- 04- 2023 17- 04- 2023 24- 04- 2023 01- 05- 2023 08- 05- 2023 15- 05- 2023 22- 05- 2023 29- 05- 2023 05- 06- 2023 12- 06- 2023 19- 06- 2023 26- 06- 2023 03- 07- 2023 10- 07- 2023 17- 07- 2023 24- 07- 2023 31- 07- 2023 07- 08- 2023 14- 08- 2023 21- 08- 2023 28- 08- 2023 04- 09- 2023 11- 09- 2023 18- 09- 2023 25- 09- 2023 02- 10- 2023 09- 10- 2023 16- 10- 2023 23- 10- 2023 30- 10- 2023 06- 11- 2023 13- 11- 2023 20- 11- 2023 27- 11- 2023 04- 12- 2023 11- 12- 2023 18- 12- 2023 25- 12- 2023 01- 01- 2024 08- 01- 2024 15- 01- 2024 22- 01- 2024 29- 01- 2024 05- 02- 2024 12- 02- 2024 19- 02- 2024 26- 02- 2024 04- 03- 2024 11- 03- 2024 18- 03- 2024 25- 03- 2024 01- 04- 2024 08- 04- 2024 15- 04- 2024 22- 04- 2024 29- 04- 2024 06- 05- 2024 13- 05- 2024 20- 05- 2024 27- 05- 2024 03- 06- 2024 10- 06- 2024 17- 06- 2024 24- 06- 2024 27- 06- 2024 Beta Drifting Closing Price Return 15752.05 16220.60 16049.20 16719.45 17158.25 17397.50 17698.15 17758.45 17558.90 17539.45 17833.35 17530.85 17327.35 17094.35 17314.65 17185.70 17576.30 17786.80 18117.15 18349.70 18307.65 18512.75 18696.10 18496.60 18269.00 17806.80 18105.30 17859.45 17956.60 18027.65 17604.35 17854.05 17856.50 17944.20 17465.80 17594.35 17412.90 17100.05 16945.05 17359.75 17599.15 17828.00 17624.05 18065.00 18069.00 18314.80 18203.40 18499.35 18534.10 18563.40 18826.00 18665.50 19189.05 19331.80 19564.50 19745.00 19646.05 19517.00 19428.30 19310.15 19265.80 19435.30 19819.95 20192.35 19674.25 19638.30 19653.50 19751.05 19542.65 19047.25 19230.60 19425.35 19731.80 19794.70 20267.90 20969.40 21456.65 21349.40 21731.40 21710.80 21894.55 21622.40 21352.60 21853.80 21782.50 22040.70 22212.70 22338.75 22493.55 22023.35 22096.75 22326.90 22513.70 22519.40 22147.00 22419.95 22475.85 22055.20 22466.10 22957.10 22530.70 23290.15 23465.60 23501.10 23868.80 24044.50 2.97% 1.89% 4.18% 2.62% 1.39% 1.73% 0.34% - 1.12% - 0.11% 1.68% - 1.70% - 1.16% - 1.34% 1.29% - 0.74% 2.27% 1.20% 1.86% 1.28% - 0.23% 1.12% 0.99% - 1.07% - 1.23% - 2.53% 1.68% - 1.36% 0.54% 0.40% - 2.35% 1.42% 0.01% 0.49% - 2.67% 0.74% - 1.03% - 1.80% - 0.91% 2.45% 1.38% 1.30% - 1.14% 2.50% 0.02% 1.36% - 0.61% 1.63% 0.19% 0.16% 1.41% - 0.85% 2.80% 0.74% 1.20% 0.92% - 0.50% - 0.66% - 0.45% - 0.61% - 0.23% 0.88% 1.98% 1.88% - 2.57% - 0.18% 0.08% 0.50% - 1.06% - 2.53% 0.96% 1.01% 1.58% 0.32% 2.39% 3.46% 2.32% - 0.50% 1.79% - 0.09% 0.85% - 1.24% - 1.25% 2.35% - 0.33% 1.19% 0.78% 0.57% 0.69% - 2.09% 0.33% 1.04% 0.84% 0.03% - 1.65% 1.23% 0.25% - 1.87% 1.86% 2.19% - 1.86% 3.37% 0.75% 0.15% 1.56% 0.74% Levered Raw Beta Raw Beta Weight 0.13 75.00% Market Beta Market Beta Weight 1 25.00% Adjusted Beta 0.35 Beta 0.13 Return On Markets Annual -14.65% -16.18% 3.25% 71.90% 10.68% 36.34% 39.83% 54.77% -51.79% 75.76% 17.95% -24.62% 27.70% 6.76% 31.39% -4.06% 3.01% 28.65% 3.15% 12.02% 14.90% 24.12% 4.32% 19.42% Average Return Dividend Yield Total Market Return 15.61% 1.39 %1 15.61% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Calculation Of Reinvestment Rate Mar-21 Mar-22 Mar-23 Mar-24