FINANCIAL

MODELING REPORT
A Comprehensive DCF and Comparable
Comps Valuation

Reliance Industries Limited.

(NSE: RELIANCE | BSE: 500325)

Prepared By Ritik Kumar

RITIK KUMAR _hritik_kumar
TABLE OF
CONTENTS
Income Statement
Balance Sheet
Cash Flow Statement
Supporting Schedules
WACC & BETA
DCF VAluation
Comps Valuation
Market Data

Ritik Kumar _hritik_kumar

NSE: TATAMOTORS | BSE: 500570 Prepared: Ritik Kumar

Reliance Industries Ltd.

Ratios & Assumptions 2020A 2021A 2022A 2023A 2024A 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F
1
LIVE SCENARIO Bull Case Units
Revenue Growth % -20.6% 47.6% 24.2% 2.6% 13.4% 12.1% 10.9% 9.8% 8.8% 7.9% 7.1% 6.4% 5.8% 5.2%
Cost of Goods Sold (% of Revenue) % 66.2% 60.2% 65.9% 66.0% 64.0% 64.5% 64.5% 64.5% 64.5% 64.5% 64.5% 64.5% 64.5% 64.5% 64.5%
Salaries and benefits (% of Revenue) % 2.3% 3.0% 2.6% 2.8% 2.8% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7%
Other SG&A Expenses (% of Revenue) % 17.0% 20.2% 16.4% 15.2% 15.4% 16.8% 16.8% 16.8% 16.8% 16.8% 16.8% 16.8% 16.8% 16.8% 16.8%
Depreciation & Amortization Expenses (% of PP&E) % 5.4% 5.7% 7.1% 7.4% 6.4% 6.4% 6.4% 6.4% 6.4% 6.4% 6.4% 6.4% 6.4% 6.4%
Interest (% of Debt) % 7.3% 6.5% 6.9% 6.9% 6.9% 6.9% 6.9% 6.9% 6.9% 6.9% 6.9% 6.9% 6.9% 6.9%
Other Income (Expenses) (% of Revenue) % 2.2% 3.5% 2.1% 1.3% 1.8% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2%
Tax Rate (% of Earnings before Tax) % 23.6% 3.5% 20.1% 21.7% 24.5% 18.7% 18.7% 18.7% 18.7% 18.7% 18.7% 18.7% 18.7% 18.7% 18.7%
Exceptional Items(% Revenue) % -0.7% 1.2% 0.4% 0.0% 0.0% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Dividends Payout % 11.5% 7.3% 6.5% 6.9% 7.7% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
Accounts Receivable Days 11.7 14.3 12.0 11.6 12.6 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5
Inventory Days 66.6 101.8 83.2 86.8 95.3 86.7 86.7 86.7 86.7 86.7 86.7 86.7 86.7 86.7 86.7
Accounts Payable Days 87.2 135.8 123.0 91.3 111.2 109.7 109.7 109.7 109.7 109.7 109.7 109.7 109.7 109.7 109.7
Capital Asset Turnover Ratio Times 1.2x 0.9x 1.3x 1.3x 1.2x 1.3x 1.4x 1.5x 1.6x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x

Income Statement 2020A 2021A 2022A 2023A 2024A 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F

INCOME
Revenue ₹ 6,12,437.0 ₹ 4,86,326.0 ₹ 7,17,635.0 ₹ 8,91,311.0 ₹ 9,14,472.0 ₹ 10,37,401.2 ₹ 11,62,909.9 ₹ 12,89,533.8 ₹ 14,15,904.0 ₹ 15,40,782.8 ₹ 16,63,086.2 ₹ 17,81,896.6 ₹ 18,96,464.9 ₹ 20,06,206.1 ₹ 21,10,688.4
Cost of Good Sold (COGS) ₹ 4,05,240.0 ₹ 2,92,701.0 ₹ 4,72,992.0 ₹ 5,88,483.0 ₹ 5,85,343.0 ₹ 6,68,704.1 ₹ 7,49,606.4 ₹ 8,31,227.6 ₹ 9,12,685.3 ₹ 9,93,181.5 ₹ 10,72,017.8 ₹ 11,48,602.4 ₹ 12,22,452.6 ₹ 12,93,191.3 ₹ 13,60,540.1
Gross Profit ₹ 2,07,197.0 ₹ 1,93,625.0 ₹ 2,44,643.0 ₹ 3,02,828.0 ₹ 3,29,129.0 ₹ 3,68,697.1 ₹ 4,13,303.5 ₹ 4,58,306.2 ₹ 5,03,218.8 ₹ 5,47,601.2 ₹ 5,91,068.4 ₹ 6,33,294.2 ₹ 6,74,012.3 ₹ 7,13,014.8 ₹ 7,50,148.3
EXPENSES
Salaries and benefits ₹ 14,075.0 ₹ 14,817.0 ₹ 18,758.0 ₹ 24,872.0 ₹ 25,679.0 ₹ 28,128.8 ₹ 31,531.9 ₹ 34,965.3 ₹ 38,391.8 ₹ 41,777.8 ₹ 45,094.1 ₹ 48,315.6 ₹ 51,422.1 ₹ 54,397.7 ₹ 57,230.7
Other SG&A Expenses ₹ 1,04,113.0 ₹ 98,071.0 ₹ 1,17,439.0 ₹ 1,35,794.0 ₹ 1,41,217.0 ₹ 1,74,714.9 ₹ 1,95,852.6 ₹ 2,17,178.1 ₹ 2,38,460.8 ₹ 2,59,492.4 ₹ 2,80,090.3 ₹ 3,00,099.8 ₹ 3,19,395.0 ₹ 3,37,877.1 ₹ 3,55,473.6
EBITDA ₹ 89,009.0 ₹ 80,737.0 ₹ 1,08,446.0 ₹ 1,42,162.0 ₹ 1,62,233.0 ₹ 1,65,853.4 ₹ 1,85,919.0 ₹ 2,06,162.8 ₹ 2,26,366.1 ₹ 2,46,331.0 ₹ 2,65,884.1 ₹ 2,84,878.8 ₹ 3,03,195.3 ₹ 3,20,740.0 ₹ 3,37,444.0
Depreciation & Amortization Expenses ₹ 22,203.0 ₹ 26,572.0 ₹ 29,782.0 ₹ 40,303.0 ₹ 50,832.0 ₹ 48,448.7 ₹ 51,367.9 ₹ 53,790.1 ₹ 55,726.0 ₹ 57,193.6 ₹ 58,216.9 ₹ 58,824.7 ₹ 59,049.6 ₹ 58,926.5 ₹ 58,491.5
EBIT ₹ 66,806.0 ₹ 54,165.0 ₹ 78,664.0 ₹ 1,01,859.0 ₹ 1,11,401.0 ₹ 1,17,404.7 ₹ 1,34,551.0 ₹ 1,52,372.8 ₹ 1,70,640.1 ₹ 1,89,137.4 ₹ 2,07,667.2 ₹ 2,26,054.1 ₹ 2,44,145.7 ₹ 2,61,813.6 ₹ 2,78,952.6
Interest ₹ 22,027.0 ₹ 21,189.0 ₹ 14,584.0 ₹ 19,571.0 ₹ 23,118.0 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8
Other Income (Expenses) ₹ 13,271.0 ₹ 16,843.0 ₹ 15,238.0 ₹ 11,758.0 ₹ 16,444.0 ₹ 1,74,714.9 ₹ 1,95,852.6 ₹ 2,17,178.1 ₹ 2,38,460.8 ₹ 2,59,492.4 ₹ 2,80,090.3 ₹ 3,00,099.8 ₹ 3,19,395.0 ₹ 3,37,877.1 ₹ 3,55,473.6
Earnings before Tax ₹ 58,050.0 ₹ 49,819.0 ₹ 79,318.0 ₹ 94,046.0 ₹ 1,04,727.0 ₹ 2,68,198.8 ₹ 3,06,482.8 ₹ 3,45,630.0 ₹ 3,85,180.2 ₹ 4,24,709.0 ₹ 4,63,836.7 ₹ 5,02,233.1 ₹ 5,39,619.8 ₹ 5,75,769.9 ₹ 6,10,505.4
Taxes ₹ 13,726.0 ₹ 1,722.0 ₹ 15,970.0 ₹ 20,376.0 ₹ 25,707.0 ₹ 50,125.5 ₹ 57,280.7 ₹ 64,597.2 ₹ 71,989.0 ₹ 79,376.8 ₹ 86,689.6 ₹ 93,865.8 ₹ 1,00,853.3 ₹ 1,07,609.6 ₹ 1,14,101.6
Exceptional Items ₹ (4,444.0) ₹ 5,642.0 ₹ 2,836.0 - - ₹ 1,721.4 ₹ 1,929.7 ₹ 2,139.8 ₹ 2,349.5 ₹ 2,556.7 ₹ 2,759.7 ₹ 2,956.8 ₹ 3,147.0 ₹ 3,329.1 ₹ 3,502.4
Net Earnings ₹ 39,880.0 ₹ 53,739.0 ₹ 66,184.0 ₹ 73,670.0 ₹ 79,020.0 ₹ 2,19,794.7 ₹ 2,51,131.8 ₹ 2,83,172.7 ₹ 3,15,540.7 ₹ 3,47,888.9 ₹ 3,79,906.7 ₹ 4,11,324.1 ₹ 4,41,913.5 ₹ 4,71,489.3 ₹ 4,99,906.2
check - - - - -
Balance Sheet 2020A 2021A 2022A 2023A 2024A 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F

Assets
Current Assets:
Cash ₹ 30,920.0 ₹ 17,397.0 ₹ 36,178.0 ₹ 68,664.0 ₹ 97,225.0 ₹ 2,66,444.6 ₹ 4,60,417.4 ₹ 6,91,492.3 ₹ 9,59,681.4 ₹ 12,64,583.3 ₹ 16,05,435.0 ₹ 19,81,169.1 ₹ 23,90,472.2 ₹ 28,31,841.5 ₹ 33,03,637.9
Bank Deposits - - - - - - - - - - - - - - -
Accounts Receivable ₹ 19,656.0 ₹ 19,014.0 ₹ 23,640.0 ₹ 28,448.0 ₹ 31,628.0 ₹ 35,403.7 ₹ 39,687.0 ₹ 44,008.3 ₹ 48,321.0 ₹ 52,582.8 ₹ 56,756.7 ₹ 60,811.4 ₹ 64,721.3 ₹ 68,466.4 ₹ 72,032.1
Inventory ₹ 73,903.0 ₹ 81,672.0 ₹ 1,07,778.0 ₹ 1,40,008.0 ₹ 1,52,770.0 ₹ 1,58,906.5 ₹ 1,78,131.6 ₹ 1,97,527.5 ₹ 2,16,884.6 ₹ 2,36,013.2 ₹ 2,54,747.3 ₹ 2,72,946.3 ₹ 2,90,495.6 ₹ 3,07,305.5 ₹ 3,23,309.8
Other Current Assets ₹ 1,33,781.0 ₹ 2,54,928.0 ₹ 1,79,423.0 ₹ 1,88,176.0 ₹ 1,88,477.0 ₹ 1,88,477.0 ₹ 1,88,477.0 ₹ 1,88,477.0 ₹ 1,88,477.0 ₹ 1,88,477.0 ₹ 1,88,477.0 ₹ 1,88,477.0 ₹ 1,88,477.0 ₹ 1,88,477.0 ₹ 1,88,477.0
Non-Current Assets:
Property & Equipment ₹ 4,95,016.0 ₹ 5,22,237.0 ₹ 5,68,506.0 ₹ 6,87,762.0 ₹ 7,58,466.0 ₹ 8,04,166.4 ₹ 8,42,084.9 ₹ 8,72,392.0 ₹ 8,95,367.7 ₹ 9,11,387.3 ₹ 9,20,902.8 ₹ 9,24,423.2 ₹ 9,22,495.4 ₹ 9,15,685.5 ₹ 9,04,563.6
Goodwill ₹ 10,259.0 ₹ 10,212.0 ₹ 13,009.0 ₹ 15,270.0 ₹ 14,989.0 ₹ 14,989.0 ₹ 14,989.0 ₹ 14,989.0 ₹ 14,989.0 ₹ 14,989.0 ₹ 14,989.0 ₹ 14,989.0 ₹ 14,989.0 ₹ 14,989.0 ₹ 14,989.0
Financial Assets ₹ 3,64,973.0 ₹ 3,50,775.0 ₹ 5,09,943.0 ₹ 4,38,209.0 ₹ 4,69,346.0 ₹ 4,69,346.0 ₹ 4,69,346.0 ₹ 4,69,346.0 ₹ 4,69,346.0 ₹ 4,69,346.0 ₹ 4,69,346.0 ₹ 4,69,346.0 ₹ 4,69,346.0 ₹ 4,69,346.0 ₹ 4,69,346.0
Other Non-Current Assets ₹ 37,407.0 ₹ 64,977.0 ₹ 61,188.0 ₹ 40,894.0 ₹ 43,085.0 ₹ 43,085.0 ₹ 43,085.0 ₹ 43,085.0 ₹ 43,085.0 ₹ 43,085.0 ₹ 43,085.0 ₹ 43,085.0 ₹ 43,085.0 ₹ 43,085.0 ₹ 43,085.0
Total Assets ₹ 11,65,915.0 ₹ 13,21,212.0 ₹ 14,99,665.0 ₹ 16,07,431.0 ₹ 17,55,986.0 ₹ 19,80,818.1 ₹ 22,36,217.9 ₹ 25,21,317.1 ₹ 28,36,151.6 ₹ 31,80,463.5 ₹ 35,53,738.7 ₹ 39,55,247.1 ₹ 43,84,081.5 ₹ 48,39,196.0 ₹ 53,19,440.5

Liabilities
Current Liabilities:
Accounts Payable ₹ 96,799.0 ₹ 1,08,897.0 ₹ 1,59,330.0 ₹ 1,47,172.0 ₹ 1,78,377.0 ₹ 2,00,957.9 ₹ 2,25,270.5 ₹ 2,49,799.2 ₹ 2,74,278.7 ₹ 2,98,469.3 ₹ 3,22,161.1 ₹ 3,45,176.2 ₹ 3,67,369.5 ₹ 3,88,627.8 ₹ 4,08,867.3
Other Current Liability ₹ 2,22,331.0 ₹ 1,08,590.0 ₹ 68,064.0 ₹ 1,13,585.0 ₹ 1,12,975.0 ₹ 1,12,975.0 ₹ 1,12,975.0 ₹ 1,12,975.0 ₹ 1,12,975.0 ₹ 1,12,975.0 ₹ 1,12,975.0 ₹ 1,12,975.0 ₹ 1,12,975.0 ₹ 1,12,975.0 ₹ 1,12,975.0
Non-Current Liabilities:
Debt ₹ 2,91,417.0 ₹ 2,23,764.0 ₹ 2,81,974.0 ₹ 3,34,392.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0
Other Non-Current Liability ₹ 94,021.0 ₹ 80,529.0 ₹ 1,01,313.0 ₹ 1,83,401.0 ₹ 1,92,704.0 ₹ 1,92,704.0 ₹ 1,92,704.0 ₹ 1,92,704.0 ₹ 1,92,704.0 ₹ 1,92,704.0 ₹ 1,92,704.0 ₹ 1,92,704.0 ₹ 1,92,704.0 ₹ 1,92,704.0 ₹ 1,92,704.0
Total Liabilities ₹ 7,04,568.0 ₹ 5,21,780.0 ₹ 6,10,681.0 ₹ 7,78,550.0 ₹ 8,30,198.0 ₹ 8,52,778.9 ₹ 8,77,091.5 ₹ 9,01,620.2 ₹ 9,26,099.7 ₹ 9,50,290.3 ₹ 9,73,982.1 ₹ 9,96,997.2 ₹ 10,19,190.5 ₹ 10,40,448.8 ₹ 10,60,688.3
Shareholder's Equity
Equity Capital ₹ 6,339.0 ₹ 6,445.0 ₹ 6,765.0 ₹ 6,766.0 ₹ 6,766.0 ₹ 6,766.0 ₹ 6,766.0 ₹ 6,766.0 ₹ 6,766.0 ₹ 6,766.0 ₹ 6,766.0 ₹ 6,766.0 ₹ 6,766.0 ₹ 6,766.0 ₹ 6,766.0
Retained Earnings ₹ 4,42,827.0 ₹ 6,93,727.0 ₹ 7,72,720.0 ₹ 7,09,106.0 ₹ 7,86,715.0 ₹ 9,88,966.2 ₹ 12,20,053.3 ₹ 14,80,623.9 ₹ 17,70,978.9 ₹ 20,91,100.2 ₹ 24,40,683.7 ₹ 28,19,176.9 ₹ 32,25,818.0 ₹ 36,59,674.2 ₹ 41,19,679.1
Shareholder's Equity ₹ 4,49,166.0 ₹ 7,00,172.0 ₹ 7,79,485.0 ₹ 7,15,872.0 ₹ 7,93,481.0 ₹ 9,95,732.2 ₹ 12,26,819.3 ₹ 14,87,389.9 ₹ 17,77,744.9 ₹ 20,97,866.2 ₹ 24,47,449.7 ₹ 28,25,942.9 ₹ 32,32,584.0 ₹ 36,66,440.2 ₹ 41,26,445.1
Non-Controlling Interest ₹ 12,181.0 ₹ 99,260.0 ₹ 1,09,499.0 ₹ 1,13,009.0 ₹ 1,32,307.0 ₹ 1,32,307.0 ₹ 1,32,307.0 ₹ 1,32,307.0 ₹ 1,32,307.0 ₹ 1,32,307.0 ₹ 1,32,307.0 ₹ 1,32,307.0 ₹ 1,32,307.0 ₹ 1,32,307.0 ₹ 1,32,307.0
Total Liabilities & Shareholder's Equity ₹ 11,65,915.0 ₹ 13,21,212.0 ₹ 14,99,665.0 ₹ 16,07,431.0 ₹ 17,55,986.0 ₹ 19,80,818.1 ₹ 22,36,217.9 ₹ 25,21,317.1 ₹ 28,36,151.6 ₹ 31,80,463.5 ₹ 35,53,738.7 ₹ 39,55,247.1 ₹ 43,84,081.5 ₹ 48,39,196.0 ₹ 53,19,440.5

Chech - - - - - - - - - - - - - - -
Cash Flow Statement 2020A 2021A 2022A 2023A 2024A 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F

Operating Cash Flow

Net Earnings ₹ 45,220.0 ₹ 52,248.0 ₹ 80,345.0 ₹ 88,504.0 ₹ 92,766.0 ₹ 2,19,794.7 ₹ 2,51,131.8 ₹ 2,83,172.7 ₹ 3,15,540.7 ₹ 3,47,888.9 ₹ 3,79,906.7 ₹ 4,11,324.1 ₹ 4,41,913.5 ₹ 4,71,489.3 ₹ 4,99,906.2
Plus: Depreciation & Amortization ₹ 22,203.0 ₹ 26,572.0 ₹ 29,797.0 ₹ 40,319.0 ₹ 50,832.0 ₹ 48,448.7 ₹ 51,367.9 ₹ 53,790.1 ₹ 55,726.0 ₹ 57,193.6 ₹ 58,216.9 ₹ 58,824.7 ₹ 59,049.6 ₹ 58,926.5 ₹ 58,491.5
Plus/Less: Other Adjustments ₹ 9,538.0 ₹ (1,904.0) ₹ (213.0) ₹ 5,843.0 ₹ 8,824.0 ₹ (1,50,794.1) ₹ (1,71,931.8) ₹ (1,93,257.3) ₹ (2,14,540.0) ₹ (2,35,571.6) ₹ (2,56,169.5) ₹ (2,76,179.0) ₹ (2,95,474.2) ₹ (3,13,956.3) ₹ (3,31,552.8)
Plus/Less: Adjustment for Operating Assets & Liabilities ₹ 17,916.0 ₹ (50,731.0) ₹ 725.0 ₹ (19,634.0) ₹ 6,366.0 ₹ 12,668.7 ₹ 804.3 ₹ 811.4 ₹ 809.8 ₹ 800.2 ₹ 783.7 ₹ 761.3 ₹ 734.2 ₹ 703.2 ₹ 669.5
Cash From Operations ₹ 94,877.0 ₹ 26,185.0 ₹ 1,10,654.0 ₹ 1,15,032.0 ₹ 1,58,788.0 ₹ 1,30,118.0 ₹ 1,31,372.2 ₹ 1,44,516.9 ₹ 1,57,536.4 ₹ 1,70,311.1 ₹ 1,82,737.9 ₹ 1,94,731.1 ₹ 2,06,223.1 ₹ 2,17,162.7 ₹ 2,27,514.4

Investing Cash Flow

Investments in Property & Equipment ₹ (76,517.0) ₹ (1,05,837.0) ₹ (1,00,145.0) ₹ (1,40,988.0) ₹ (1,52,883.0) ₹ (94,149.1) ₹ (89,286.4) ₹ (84,097.1) ₹ (78,701.7) ₹ (73,213.2) ₹ (67,732.4) ₹ (62,345.2) ₹ (57,121.8) ₹ (52,116.6) ₹ (47,369.5)
Sale of property, plant and equipment ₹ 964.0 ₹ 2,319.0 ₹ 3,137.0 ₹ 9,186.0 ₹ 15,307.0 - - - - - - - - - -
Purchases/sale of investments ₹ 1,514.0 ₹ (46,542.0) ₹ (19,047.0) ₹ 29,444.0 ₹ 12,552.0 - - - - - - - - - -
Dividend received ₹ 78.0 ₹ 26.0 ₹ 19.0 ₹ 20.0 ₹ 75.0 - - - - - - - - - -
Interest received ₹ 1,441.0 ₹ 8,400.0 ₹ 5,933.0 ₹ 11,103.0 ₹ 10,648.0 ₹ 1,74,714.9 ₹ 1,95,852.6 ₹ 2,17,178.1 ₹ 2,38,460.8 ₹ 2,59,492.4 ₹ 2,80,090.3 ₹ 3,00,099.8 ₹ 3,19,395.0 ₹ 3,37,877.1 ₹ 3,55,473.6
Others - - - - - - - - - - - - - - -
Cash from Investing ₹ (72,520.0) ₹ (1,41,634.0) ₹ (1,10,103.0) ₹ (91,235.0) ₹ (1,14,301.0) ₹ 80,565.8 ₹ 1,06,566.2 ₹ 1,33,080.9 ₹ 1,59,759.1 ₹ 1,86,279.2 ₹ 2,12,357.9 ₹ 2,37,754.6 ₹ 2,62,273.2 ₹ 2,85,760.5 ₹ 3,08,104.1

Financing Cash Flow

Issuance(repayment) of debt ₹ 33,149.0 ₹ (84,734.0) ₹ 7,718.0 ₹ 36,669.0 ₹ 6,779.0 - - - - - - - - - -
Issuance(repayment) of preference shares - NCI ₹ (2,590.0) ₹ 2,08,897.0 ₹ 40,217.0 ₹ 519.0 ₹ 19,837.0 - - - - - - - - - -
Dividends paid ₹ (4,592.0) ₹ (3,921.0) ₹ (4,297.0) ₹ (5,083.0) ₹ (6,089.0) ₹ (17,543.5) ₹ (20,044.7) ₹ (22,602.1) ₹ (25,185.7) ₹ (27,767.6) ₹ (30,323.2) ₹ (32,830.9) ₹ (35,272.4) ₹ (37,633.1) ₹ (39,901.3)
Interest paid ₹ (28,508.0) ₹ (18,340.0) ₹ (26,349.0) ₹ (21,650.0) ₹ (37,173.0) ₹ (23,920.8) ₹ (23,920.8) ₹ (23,920.8) ₹ (23,920.8) ₹ (23,920.8) ₹ (23,920.8) ₹ (23,920.8) ₹ (23,920.8) ₹ (23,920.8) ₹ (23,920.8)
Cash from Financing ₹ (2,541.0) ₹ 1,01,902.0 ₹ 17,289.0 ₹ 10,455.0 ₹ (16,646.0) ₹ (41,464.3) ₹ (43,965.5) ₹ (46,522.9) ₹ (49,106.5) ₹ (51,688.4) ₹ (54,244.0) ₹ (56,751.7) ₹ (59,193.2) ₹ (61,553.9) ₹ (63,822.1)

Net Increase (decrease) in Cash ₹ 19,816.0 ₹ (13,547.0) ₹ 17,840.0 ₹ 34,252.0 ₹ 27,841.0 ₹ 1,69,219.6 ₹ 1,93,972.9 ₹ 2,31,074.9 ₹ 2,68,189.1 ₹ 3,04,901.9 ₹ 3,40,851.7 ₹ 3,75,734.1 ₹ 4,09,303.0 ₹ 4,41,369.3 ₹ 4,71,796.4
Opening Cash Balance ₹ 11,104.0 ₹ 30,944.0 ₹ 18,338.0 ₹ 34,412.0 ₹ 69,384.0 ₹ 97,225.0 ₹ 2,66,444.6 ₹ 4,60,417.4 ₹ 6,91,492.3 ₹ 9,59,681.4 ₹ 12,64,583.3 ₹ 16,05,435.0 ₹ 19,81,169.1 ₹ 23,90,472.2 ₹ 28,31,841.5
Closing Cash Balance ₹ 30,920.0 ₹ 17,397.0 ₹ 36,178.0 ₹ 68,664.0 ₹ 97,225.0 ₹ 2,66,444.6 ₹ 4,60,417.4 ₹ 6,91,492.3 ₹ 9,59,681.4 ₹ 12,64,583.3 ₹ 16,05,435.0 ₹ 19,81,169.1 ₹ 23,90,472.2 ₹ 28,31,841.5 ₹ 33,03,637.9

Supporting Schedules 2020A 2021A 2022A 2023A 2024A 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F

Working Capital
Accounts Receivable ₹ (13,792.0) ₹ 186.0 ₹ (14,180.0) ₹ 13,194.0 ₹ (15,674.0) ₹ (3,775.7) ₹ (4,283.3) ₹ (4,321.3) ₹ (4,312.7) ₹ (4,261.8) ₹ (4,173.9) ₹ (4,054.7) ₹ (3,909.9) ₹ (3,745.2) ₹ (3,565.7)
Inventory ₹ (6,342.0) ₹ (7,769.0) ₹ (24,983.0) ₹ (32,228.0) ₹ (12,756.0) ₹ (6,136.5) ₹ (19,225.1) ₹ (19,395.9) ₹ (19,357.1) ₹ (19,128.6) ₹ (18,734.1) ₹ (18,199.1) ₹ (17,549.3) ₹ (16,809.9) ₹ (16,004.3)
Accounts Payable ₹ 38,050.0 ₹ (43,148.0) ₹ 39,888.0 ₹ (600.0) ₹ 34,796.0 ₹ 22,580.9 ₹ 24,312.6 ₹ 24,528.7 ₹ 24,479.5 ₹ 24,190.6 ₹ 23,691.7 ₹ 23,015.1 ₹ 22,193.4 ₹ 21,258.3 ₹ 20,239.6
Others - - - - - - - - - - - - - - -
Total ₹ 17,916.0 ₹ (50,731.0) ₹ 725.0 ₹ (19,634.0) ₹ 6,366.0 ₹ 12,668.7 ₹ 804.3 ₹ 811.4 ₹ 809.8 ₹ 800.2 ₹ 783.7 ₹ 761.3 ₹ 734.2 ₹ 703.2 ₹ 669.5

Depreciation Schedule
PPE Opening - ₹ 4,95,016.0 ₹ 5,22,237.0 ₹ 5,68,506.0 ₹ 6,87,762.0 ₹ 7,58,466.0 ₹ 8,04,166.4 ₹ 8,42,084.9 ₹ 8,72,392.0 ₹ 8,95,367.7 ₹ 9,11,387.3 ₹ 9,20,902.8 ₹ 9,24,423.2 ₹ 9,22,495.4 ₹ 9,15,685.5
Plus Capex - ₹ 53,793.0 ₹ 76,066.0 ₹ 1,59,575.0 ₹ 1,21,536.0 ₹ 94,149.1 ₹ 89,286.4 ₹ 84,097.1 ₹ 78,701.7 ₹ 73,213.2 ₹ 67,732.4 ₹ 62,345.2 ₹ 57,121.8 ₹ 52,116.6 ₹ 47,369.5
Less Depreciation ₹ (22,203.0) ₹ (26,572.0) ₹ (29,797.0) ₹ (40,319.0) ₹ (50,832.0) ₹ (48,448.7) ₹ (51,367.9) ₹ (53,790.1) ₹ (55,726.0) ₹ (57,193.6) ₹ (58,216.9) ₹ (58,824.7) ₹ (59,049.6) ₹ (58,926.5) ₹ (58,491.5)
PPE Closing ₹ 4,95,016.0 ₹ 5,22,237.0 ₹ 5,68,506.0 ₹ 6,87,762.0 ₹ 7,58,466.0 ₹ 8,04,166.4 ₹ 8,42,084.9 ₹ 8,72,392.0 ₹ 8,95,367.7 ₹ 9,11,387.3 ₹ 9,20,902.8 ₹ 9,24,423.2 ₹ 9,22,495.4 ₹ 9,15,685.5 ₹ 9,04,563.6

Debt & Interest Schedule

Debt Opening - ₹ 2,91,417.0 ₹ 2,23,764.0 ₹ 2,81,974.0 ₹ 3,34,392.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0
Issuance (repayment) - ₹ (67,653.0) ₹ 58,210.0 ₹ 52,418.0 ₹ 11,750.0 - - - - - - - - - -
Debt Closing ₹ 2,91,417.0 ₹ 2,23,764.0 ₹ 2,81,974.0 ₹ 3,34,392.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0 ₹ 3,46,142.0
Interest Expense ₹ 22,027.0 ₹ 21,189.0 ₹ 14,584.0 ₹ 19,571.0 ₹ 23,118.0 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8 ₹ 23,920.8

DCF Model

Assumptions
Transaction Date 23-10-2024
Fiscal Year End 31-03-2025
Tax Rate 24.09%
EV/EBITDA Multiple 7.96x
Perpetual Growth Rate 5.5%
Discount Rate 14.5%
Shares Outstanding 677
Current Price 2683.0

Discounted Cash Flow Entry 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F EXIT Terminal Value
Date 10/23/2024 3/31/2025 3/31/2026 3/31/2027 3/30/2028 3/30/2029 3/30/2030 3/30/2031 3/29/2032 3/29/2033 3/29/2034 3/29/2034 EV/ EBITDA ₹ 26,85,046.1
YearFrac 0 43.89% 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Per. Growth ₹ 41,85,467.9
EBIT - ₹ 1,17,404.7 ₹ 1,34,551.0 ₹ 1,52,372.8 ₹ 1,70,640.1 ₹ 1,89,137.4 ₹ 2,07,667.2 ₹ 2,26,054.1 ₹ 2,44,145.7 ₹ 2,61,813.6 ₹ 2,78,952.6 Average ₹ 34,35,257.0
Less: Cash Taxes ₹ 28,282.8 ₹ 32,413.3 ₹ 36,706.6 ₹ 41,107.2 ₹ 45,563.2 ₹ 50,027.0 ₹ 54,456.4 ₹ 58,814.7 ₹ 63,070.9 ₹ 67,199.7
NOPAT ₹ 1,45,687.5 ₹ 1,66,964.4 ₹ 1,89,079.4 ₹ 2,11,747.3 ₹ 2,34,700.6 ₹ 2,57,694.2 ₹ 2,80,510.5 ₹ 3,02,960.4 ₹ 3,24,884.4 ₹ 3,46,152.2
Plus: Depritiation ₹ 48,448.7 ₹ 51,367.9 ₹ 53,790.1 ₹ 55,726.0 ₹ 57,193.6 ₹ 58,216.9 ₹ 58,824.7 ₹ 59,049.6 ₹ 58,926.5 ₹ 58,491.5
Less: Capex ₹ (94,149.1) ₹ (89,286.4) ₹ (84,097.1) ₹ (78,701.7) ₹ (73,213.2) ₹ (67,732.4) ₹ (62,345.2) ₹ (57,121.8) ₹ (52,116.6) ₹ (47,369.5)
Less: Change in NWC ₹ (12,668.7) ₹ (804.3) ₹ (811.4) ₹ (809.8) ₹ (800.2) ₹ (783.7) ₹ (761.3) ₹ (734.2) ₹ (703.2) ₹ (669.5)
Unlevered FCFF ₹ 87,318.4 ₹ 1,28,241.6 ₹ 1,57,960.9 ₹ 1,87,961.8 ₹ 2,17,880.7 ₹ 2,47,395.0 ₹ 2,76,228.7 ₹ 3,04,154.0 ₹ 3,30,991.1 ₹ 3,56,604.6 ₹ 34,35,257.0

Transaction FCFF - ₹ 38,323.1 ₹ 1,28,241.6 ₹ 1,57,960.9 ₹ 1,87,961.8 ₹ 2,17,880.7 ₹ 2,47,395.0 ₹ 2,76,228.7 ₹ 3,03,309.2 ₹ 3,30,991.1 ₹ 3,56,604.6 ₹ 34,35,257.0

Intrinsic Value Market Value Rate of Return

EV ₹ 20,01,576.6 Market Cap ₹ 18,15,612.6 Current Price ₹ 2,683.0
Add: Cash ₹ 1,12,214.0 Plus: Debt ₹ 3,46,142.0 Target Price ₹ 2,416.6
Less: debt ₹ (3,46,142.0) Plus: Non-Controlling Interest ₹ 1,32,307.0 TP Upside -9.93%
Less: Minority Interest ₹ (1,32,307.0) Less: Cash & Equivalents ₹ (1,12,214.0)
Equity Value 16,35,341.6 Enterprise Value 21,81,847.6

Equity Value/ Share 2,416.6 Equity Value/Share 2,683.0

Sensitivity Analysis

Sensitivity- Intrinsic Values (Rs./ Share) Sensitivity- Intrinsic Values (Rs./ Share)

EXIT Multiple Perpetual Growth rate

2,416.61 6.00x 7.00x 7.96x 9.00x 10.00x 2,416.61 3.5% 4.0% 5.5% 6.5% 7.5%
11.0% 3722.41 3815.54 3815.54 4001.82 4094.95 11.0% 3166.85 3167.31 3168.71 3169.64 3170.57
Discount Rate

Discount Rate

13.0% 2752.01 2830.71 2830.71 2988.09 3066.79 13.0% 2282.60 2283.00 2284.18 2284.96 2285.75
14.5% 2752.01 2830.71 2830.71 2988.09 3066.79 14.5% 2282.60 2283.00 2284.18 2284.96 2285.75
16.0% 1921.05 1982.50 1982.50 2105.42 2166.87 16.0% 1554.46 1554.77 1555.69 1556.30 1556.92
17.0% 1727.80 1784.48 1784.48 1897.83 1954.51 17.0% 1389.74 1390.02 1390.87 1391.44 1392.00
Reliance
Industries Ltd.
Comps Valuation

Market Data Financial Data Valuation

Company Name Ticker Price Shares Mar. Cap. Debt Cash EV Sales EBITDA Earnings EV/ Sales EV/ EBITDA P/E

IOCL ₹ 154.00 1412.12 ₹ 2,17,466.48 ₹ 1,32,627.56 ₹ 3,158.79 ₹ 3,46,935.25 ₹ 7,71,645.99 ₹ 67,333.14 ₹ 32,148.48 0.45x 5.15x 10.79x
BPCL ₹ 324.00 433.85 ₹ 1,40,567.40 ₹ 54,599.05 ₹ 6,286.36 ₹ 1,88,880.09 ₹ 4,48,193.16 ₹ 37,135.29 ₹ 19,056.09 0.42x 5.09x 9.91x
HPCL ₹ 398.95 212.78 ₹ 84,888.58 ₹ 66,683.82 ₹ 473.43 ₹ 1,51,098.97 ₹ 4,35,665.63 ₹ 20,729.96 ₹ 9,883.05 0.35x 7.29x 15.29x
MRPL ₹ 153.00 212.78 ₹ 32,555.34 ₹ 13,533.13 ₹ 38.61 ₹ 46,049.86 ₹ 98,210.64 ₹ 3,804.09 ₹ 906.86 0.47x 12.11x 50.78x
CPCL ₹ 784.00 14.89 ₹ 11,673.76 ₹ 6,113.70 ₹ 94.25 ₹ 17,693.21 ₹ 64,277.60 ₹ 1,742.83 ₹ 685.48 0.28x 10.15x 25.81x

Average 0.39x 7.96x 22.52x

Median 0.42x 7.29x 15.29x

Reliance Industr ₹ 2,684.00 676.60 ₹ 18,15,994.40 ₹ 3,57,525.00 ₹ 97,225.00 ₹ 20,76,294.40 ₹ 9,24,938.00 ₹ 1,78,410.00 ₹ 77,652.00 2.24x 11.64x 26.74x

Metrics Comps EV Net Debt Equity Value Shares Share Price

EV/Revenue 0.42x ₹ 3,89,792.59 ₹ 2,60,300.00 ₹ 1,29,492.59 2684.00 ₹ 48.25

EV/EBITDA 7.29x ₹ 67,41,796.90 ₹ 2,60,300.00 ₹ 64,81,496.90 2684.00 ₹ 2,414.86
P/E 15.29x ₹ 14,47,498.01 ₹ 2,60,300.00 ₹ 11,87,198.01 2684.00 ₹ 442.32
Reliance Industries Ltd.

Weighted Average Cost of Capital

Debt/ Debt/ Tax Rate Levered Unlevered

Comparable Companies Beta Equity Value Total Debt Equity Capital % Beta Beta

IOCL ₹ 2,17,466.48 ₹ 1,32,627.56 61.0% 37.9% 24.8% 0.77 0.60

BPCL ₹ 1,40,567.40 ₹ 54,599.05 38.8% 28.0% 26.6% 1.05 0.87
HPCL ₹ 84,888.58 ₹ 66,683.82 78.6% 44.0% 20.0% 0.89 0.66
MRPL ₹ 32,555.34 ₹ 13,533.13 41.6% 29.4% 36.0% 0.91 0.77
CPCL ₹ 11,673.76 ₹ 6,113.70 52.4% 34.4% 25.6% 0.60 0.48

Average 54.5% 34.7% 26.6% 0.84 0.67

Median 52.4% 34.4% 25.6% 0.89 0.66

Reliance Industr ₹ 18,15,994.40 ₹ 3,57,525.00

WACC Calculation

Target Capital Structure

Proportion of Debt 34.7%
Proprtion of Equity 65.3%
Current Capital Structure
Market Capital ₹ 18,15,994.40
Total Debt ₹ 3,57,525.00
Debt/ Equity 19.7%
Cost Of Debt
Pre-Tax Cost of Debt 24.5%
Tax Rate 24.1%
After-Tax Cost of Debt 18.6%
Cost of Equity

Risk Free Rate 7.36%

Equity Market Return 13.9%
Equity Risk Premium 6.5%
Levered Equity Beta 0.76
Cost Of Equity 12.3%

WACC 14.5%
Reliance Industries Ltd.

Companies Beta

Index Stock
Close % Change Close % Change
Date Price Monthly Price Monthly
Min 2288.55
Oct-19 40129.05 1464.2
Nov-19 40793.81 1.7% 1550.9 5.9% Max 3131.9
Dec-19 41253.74 1.1% 1514.1 -2.4%
Jan-20 40723.49 -1.3% 1411.7 -6.8% Beta 1.00
Feb-20 38297.29 -6.0% 1328.65 -5.9%
Mar-20 29468.49 -23.1% 1112.45 -16.3%
Apr-20 33717.62 14.4% 1467.05 31.9%
May-20 32424.1 -3.8% 1465.2 -0.1%
Jun-20 34915.8 7.7% 1703.35 16.3%
Jul-20 37606.89 7.7% 2066.95 21.3%
Aug-20 38628.29 2.7% 2078.55 0.6%
Sep-20 38067.93 -1.5% 2233.75 7.5%
Oct-20 39614.07 4.1% 2054.35 -8.0%
Nov-20 44149.72 11.4% 1929.85 -6.1%
Dec-20 47751.33 8.2% 1984.65 2.8%
Jan-21 46285.77 -3.1% 1843.15 -7.1%
Feb-21 49099.99 6.1% 2083.85 13.1%
Mar-21 49509.15 0.8% 2003.2 -3.9%
Apr-21 48782.36 -1.5% 1994.45 -0.4%
May-21 51937.44 6.5% 2160.45 8.3%
Jun-21 52482.71 1.0% 2110.9 -2.3%
Jul-21 52586.84 0.2% 2035.4 -3.6%
Aug-21 57552.39 9.4% 2259.3 11.0%
Sep-21 59126.36 2.7% 2517 11.4%
Oct-21 59306.93 0.3% 2537.6 0.8%
Nov-21 57064.87 -3.8% 2406.75 -5.2%
Dec-21 58253.82 2.1% 2368.15 -1.6%
Jan-22 58014.17 -0.4% 2386.35 0.8%
Feb-22 56247.28 -3.0% 2359.1 -1.1%
Mar-22 58568.51 4.1% 2633.95 11.7%
Apr-22 57060.87 -2.6% 2790.8 6.0%
May-22 55566.41 -2.6% 2633.9 -5.6%
Jun-22 53018.94 -4.6% 2594.05 -1.5%
Jul-22 57570.25 8.6% 2508.75 -3.3%
Aug-22 59537.07 3.4% 2639.1 5.2%
Sep-22 57426.92 -3.5% 2377.7 -9.9%
Oct-22 60746.59 5.8% 2549.55 7.2%
Nov-22 63099.65 3.9% 2732.4 7.2%
Dec-22 60840.74 -3.6% 2548.2 -6.7%
Jan-23 59549.9 -2.1% 2353.9 -7.6%
Feb-23 58962.12 -1.0% 2321.95 -1.4%
Mar-23 58991.52 0.0% 2331.05 0.4%
Apr-23 61112.44 3.6% 2420.2 3.8%
Reliance Industries Ltd.

Maeket Retuen Index

Date Total Return Index Index Nifty 50TRI

01-Oct-24 38294.54 Yearfrac 10.0

30-Sep-24 38315.21
27-Sep-24 38861.64 Market Return 13.9%
26-Sep-24 38916.76
25-Sep-24 38602.21
24-Sep-24 38507.55
23-Sep-24 38505.51
20-Sep-24 38285.67
19-Sep-24 37728.83
18-Sep-24 37672.03
17-Sep-24 37732.87
16-Sep-24 37681.24
13-Sep-24 37640.8
12-Sep-24 37688.9
11-Sep-24 36990.52
10-Sep-24 37172.57
09-Sep-24 37017.15
06-Sep-24 36892.07
05-Sep-24 37326.99
04-Sep-24 37406.55
03-Sep-24 37526.97
02-Sep-24 37525.28
30-Aug-24 37461.73
29-Aug-24 37337.09
28-Aug-24 37189.27
27-Aug-24 37137.91
26-Aug-24 37127.3
23-Aug-24 36849.02
22-Aug-24 36828.5
21-Aug-24 36767.19
20-Aug-24 36661.24
19-Aug-24 36473.95
16-Aug-24 36415.85
14-Aug-24 35817.89
13-Aug-24 35810.83
12-Aug-24 36119.45
09-Aug-24 36126.23
08-Aug-24 35753.12
07-Aug-24 36020.75
06-Aug-24 35554.15
05-Aug-24 35646.37
02-Aug-24 36624.49
Reliance Industries Ltd.

Ratio Analysis

Particulars 2020A 2021A 2022A 2023A 2024A 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F Trend

Profitability Ratios
Gross Margin 33.8% 39.8% 34.1% 34.0% 36.0% 35.5% 35.5% 35.5% 35.5% 35.5% 35.5% 35.5% 35.5% 35.5% 35.5%
EBITDA Margin 14.5% 16.6% 15.1% 15.9% 17.7% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%
Operating Margin 10.9% 11.1% 11.0% 11.4% 12.2% 11.3% 11.6% 11.8% 12.1% 12.3% 12.5% 12.7% 12.9% 13.1% 13.2%
Pretax Margin 9.5% 10.2% 11.1% 10.6% 11.5% 25.9% 26.4% 26.8% 27.2% 27.6% 27.9% 28.2% 28.5% 28.7% 28.9%
Effective Tax rate 23.6% 3.5% 20.1% 21.7% 24.5% 18.7% 18.7% 18.7% 18.7% 18.7% 18.7% 18.7% 18.7% 18.7% 18.7%
Net Margin 6.5% 11.0% 9.2% 8.3% 8.6% 21.2% 21.6% 22.0% 22.3% 22.6% 22.8% 23.1% 23.3% 23.5% 23.7%

DuPont/Earning Power
Asset Turnover 39.1% 50.9% 57.4% 54.4% 55.5% 55.2% 54.2% 52.9% 51.2% 49.4% 47.5% 45.5% 43.5% 41.6%
Pre tax ROA 4.0% 5.6% 6.1% 6.2% 14.4% 14.5% 14.5% 14.4% 14.1% 13.8% 13.4% 12.9% 12.5% 12.0%
Pre Tax ROE 4.0% 4.7% 5.5% 6.0% 13.1% 12.3% 11.6% 10.9% 10.3% 9.6% 9.1% 8.5% 8.0% 7.6%
Tax Complement 0.69 1.08 0.83 0.78 0.75 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82
ROE 4.3% 3.9% 4.3% 4.5% 10.7% 10.1% 9.5% 8.9% 8.4% 7.9% 7.4% 7.0% 6.6% 6.2%
Equity Retention 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Reinvestment Rate 4.2% 3.7% 3.7% 4.5% 8.2% 7.6% 7.1% 6.6% 6.1% 5.7% 5.4% 5.0% 4.7% 4.4%

Liquidity Ratio
Quick ratio 0.58 1.34 1.05 1.09 1.09 1.56 2.04 2.55 3.09 3.66 4.25 4.87 5.50 6.16 6.83
Current ratio 0.81 1.72 1.53 1.63 1.61 2.07 2.56 3.09 3.65 4.23 4.84 5.46 6.11 6.77 7.45
Cash Cycle (Days) 165.47 251.91 218.15 189.77 219.12 208.88 208.88 208.88 208.88 208.88 208.88 208.88 208.88 208.88 208.88

Leverage
Asset/Equity 2.53 1.65 1.69 1.94 1.90 1.76 1.65 1.56 1.48 1.43 1.38 1.34 1.30 1.27 1.25
Debt/Equity 0.63 0.28 0.32 0.40 0.37 0.31 0.25 0.21 0.18 0.16 0.13 0.12 0.10 0.09 0.08
% LT Debt to Total Capital 38.7% 21.9% 24.1% 28.7% 27.2% 23.5% 20.3% 17.6% 15.3% 13.4% 11.8% 10.5% 9.3% 8.4% 7.5%

Operating
A/R Turnover 20.13 26.79 17.00 11.03 5.71 3.20 2.24 1.72 1.39 1.16 0.99 0.87 0.77 0.69
Avg. A/R Days 11.71 14.27 12.02 11.65 12.62 12.46 12.46 12.46 12.46 12.46 12.46 12.46 12.46 12.46 12.46
Inventory Turnover 3.76 4.99 4.75 4.00 4.29 4.45 4.43 4.40 4.39 4.37 4.35 4.34 4.33 4.31
Avg. Inventory Days 66.6 101.8 83.2 86.8 95.3 86.7 86.7 86.7 86.7 86.7 86.7 86.7 86.7 86.7 86.7
A/P Turnover 4.73 5.35 5.82 5.62 5.47 5.46 5.43 5.40 5.38 5.36 5.34 5.32 5.31 5.29
Avg. A/P Days 87.19 135.80 122.95 91.28 111.23 109.69 109.69 109.69 109.69 109.69 109.69 109.69 109.69 109.69 109.69
Fixed Asset Turnover 0.96 1.32 1.42 1.26 1.33 1.41 1.50 1.60 1.71 1.82 1.93 2.05 2.18 2.32
WC / Sales Growth -0.63 -0.59 -0.64 -0.61 -0.58 -0.56 -0.55 -0.53 -0.52 -0.51 -0.51 -0.50 -0.49
ROIC 0.05 0.05 0.06 0.06 0.06 0.15 0.15 0.14 0.14 0.14 0.13 0.12 0.12 0.11 0.11