10e 564 11346 209 9337 2442 218 62 964 753 2409 8128

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Unformatted text preview: 22 Err:522 Err:522 Err:522 Err:522 Return on Investment Ratios Return on Assets (ROA) -1% 0% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Return on Invested Capital (RoIC) -1% 0% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Return on Stockholder's Equity -1% -1% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Activity Ratios Asset Turnover Ratio 0.65 0.81 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Average Day's Sales 216 329 647 1222 2191 3849 6611 11062 No. of Days of Receivables 69 74 72 72 72 72 72 72 1.10 1.68 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 3.51 2.40 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 3.36 2.24 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Working Capital Turnover Solvency and Leverage Ratios Current Ratio Acid Test Ratio Valuation Sheet Risk Free Rate Market Risk Premium Beta Cost of Equity Tax Rate Terminal Growth Rate No of Shares Outstanding Tax Rate % % % % % Thousands % (Unless otherwise specified, all financials are in US $ Thousand) 4.67% 5% 1.368 12% 34% 3% 87,884 34% FY 07A Present Value of FCFE Terminal Value of FCFE Total Free Cash Flow to Equity Value Per share FY 09A FY 10E FY 11E FY 12E FY 13E FY 14E FY 15E (564) 11,854 (2,250) Err:522 12,063 Err:522 Err:522 14,405 Err:522 Err:522 13,785 Err:522 Err:522 11,273 Err:522 Err:522 10,456 Err:522 Err:522 9,740 Err:522 9,337 2,442 (218) (62) 964 753 (2,409) (8,128) (10,592) (419) (964) 15,352 3,109 Less: Interest*(1-Tax) Add: Net Borrowings Free Cash Flow to the Equity (FCFE) FY 08A (1,302) 6,365 (2,125) Free Cash Flow Calculation Profit After Tax Add: Depreciation & Amortization Add: Interest*(1-Tax Rate) Less: Increase in Working Capital Increase in Accounts Receivables Increase in Prepaid Expenses and Other Current Assets Increase in Restricted Cash Increase in Income Tax Receivables Increase in Deferred Income Taxes Increase in Other Assets Decrease in Accounts Payable Decrease in Accrued Liabilities Decrease in Deferred Revenue Decrease in Income Tax Payable Decrease in Deferred Tax Liabilities Less: Fixed Investments Free Cash Flow to the Firm 22,085 (433) (3,685) (21,873) 18,628 Err:522 41,153 4,191 (7,629) (41,963) 13,208 Err:522 69,493 7,078 (12,884) (70,862) 11,922 Err:522 120,960 12,101 (23,623) (125,234) 9,952 Err:522 196,752 20,164 (35,794) (199,548) 9,137 Err:522 320,002 32,489 (59,888) (327,191) 8,135 Err:522 (2,250) 133 5,493 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 (2,125) $ US Err:522 Err:522 Err:522 Err:522 Comparable Valuation FY 07A FY 09A FY 10E FY 11E FY 12E FY 13E FY 14E FY 15E 1,675 328 856 (1,302) 93,211 395 80,495 8,499 (564) 97,063 528 89,979 33,535 Err:522 Err:522 528 Err:522 18,205 Err:522 Err:522 528 Err:522 93,556 Err:522 Err:522 528 Err:522 205,111 Err:522 Err:522 528 Err:522 357,423 Err:522 Err:522 528 Err:522 603,142 Err:522 Err:522 528 Err:522 P/ E (x) FY12E 22.5x 23.1x 71.4x 76.9x 23.8x 43.5 23.8 EBITDA Profit after Tax (PAT) Book Value of Equity Debt Cash and Equivalents FY 08A FY13E 21.5x 22.1x 70.4x 75.9x 22.8x 42.5 22.8 P/BV(x) FY12E 3.78 2.27 11.53 32.1 4.35 5.9x 3.8x FY13E 3.3x 1.8x 11.0x 31.6x 3.9x 5.4x 3.3x EV/ EBITDA (x) FY12E FY13E 13.01 12.0x 12.24 11.2x 40.59 39.6x 61.2 60.2x 11.58 10.6x 27.7x 26.7x 13.0x 12.0x (Unless otherwise specified, all financials are in US $ Thousand) Peer Group Company Google EBAY Amazon Baidu Oracle Mean Median Valuation on the basis of: Mean Multiple (x) 27...
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