Exide Industries Ltd.

Exide Industries Limited is a storage manufacturer and life insurance company.Founded in 1953 and headquartered in Kolka

Company Name EXIDE INDUSTRIES Ltd. Target Price

Company Symbol (Ticker) Current Stock Price

ISIN INE302A01020 Date of Stock Price

storage battery
manufacturer and
Industry life insurance 52-week High

Sector 52-week Low

Stock Exchange (Shares Listed ) BSE,NSE Market Cap (Tcr)

Latest Annual Statement 31-Mar-22 Price/Sales 2022

First Year of Projections 31-Mar-23 ROE 2022

Date of Projections 9/23/2022 Total Debt/Equity 2022

Reporting Currency INR Primary Shares Outstandin

and headquartered in Kolkata.

Target Price

Current Stock Price INR 161.05

Date of Stock Price 22-Sep-22

52-week High INR 191.90

52-week Low INR 130.25

Market Cap (Tcr) 13,838 cr.

Price/Sales 2022 1.16

41.0%

Total Debt/Equity 2022 2.0%

Primary Shares Outstanding (cr) 85.00

Charts

Financial Data Charts

Particular 2018 2019 2020 2021 2022 2023E 2024E

Revenue 12,808.08 14,720.88 14,471.01 10,359.43 12,789.22 13,920.65 15,277.38
Revenue growth (RHS) 13.0% -1.7% -39.7% 19.0% 8.1% 8.9%
EBITDA (reported) 1,394.91 1,551.46 1,446.06 1,362.48 1,399.93 2,479.53 2,610.59
EBITDA margin 10.9% 10.5% 10.0% 13.2% 10.9% 17.8% 17.1%
EBIT (reported) 1,195.35 1,247.80 1,090.17 1,030.81 1,021.54 1,971.40 2,026.39
EBIT margin 9.3% 8.5% 7.5% 10.0% 8.0% 14.2% 13.3%
Net Profit (reported) 694.10 847.35 762.48 733.43 694.31 1,334.53 1,371.20
Net margin 5.4% 5.8% 5.3% 7.1% 5.4% 9.6% 9.0%
EPS growth (RHS) 18.1% -11.1% 5.1% 81.6% -226.5% 2.7%
ROA 3.5% 3.8% 3.1% 2.8% 31.3% 8.8% 8.3%
ROE 12.7% 13.8% 11.7% 11.0% 41.0% 11.2% 10.4%
ROCE 21.7% 20.0% 16.6% 13.8% 9.4% 16.3% 15.1%

Revenue Analysis EBITDA Analysis

20,000.00 3,000.00 20.0%
15,000.00 20.0% 2,500.00
15.0%
10,000.00 2,000.00
-20.0% 1,500.00 10.0%
5,000.00
- -60.0% 1,000.00
5.0%
500.00
18 019 020 021 022 23E 24E
20 2 2 2 2 20 20
- 0.0%
18 019 020 021 022 23E 24E
20 2 2 2 2 20 20
Revenue
Revenue growth (RHS) EBITDA (reported) EBITDA margin

EPS growth (RHS) ROA Analysis

100.0% 35.0%
50.0% 30.0%
0.0% 25.0%
2018 2019 2020 2021 2022 2023E 2024E
-50.0% 20.0%

-100.0% 15.0%

-150.0% 10.0%
5.0%
-200.0%
0.0%
-250.0% 2018 2019 2020 2021 2022 2023E 2024E
sis EBIT Analysis Net Profi t Analysis
20.0% 2,500.00 16.0% 1,600.00 12.0%
15.0% 2,000.00 10.0%
12.0% 1,200.00
1,500.00 8.0%
10.0% 8.0% 800.00 6.0%
1,000.00
5.0% 500.00 4.0% 4.0%
400.00
0.0% - 0.0% 2.0%
E E 18 19 20 21 22 3E 4E - 0.0%
23 024 20 20 20 20 20 202 202 2018 2019 2020 2021 2022 2023E 2024E
2
Net Profit (reported) Net margin
BITDA margin EBIT (reported) EBIT margin

s ROE Analysis ROCE Analysis

45.0% 25.0%
40.0%
20.0%
35.0%
30.0%
15.0%
25.0%
20.0% 10.0%
15.0%
10.0% 5.0%
5.0%
0.0% 0.0%
2 2023E 2024E 2018 2019 2020 2021 2022 2023E 2024E 2018 2019 2020 2021 2022 2023E2024E
nalysis
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2022 2023E 2024E

Net margin

is

2 2023E2024E
Preliminary checks on the financial model
Company Name: Hindustan Unilever
Financial model File name: Hul Financial model
Updated on: 26/08/2022

Model Mechanics
► Model uses a consistent color scheme; Hardcoded Numbers - Blue; Formula - Black
► There are no errors in the model (worksheets and named ranges)
► There are no links to external files
► Inputs are separated from Calculations and Results
► Uniform column structure across all worksheets
► The units of measurement of each element in the financial model are clearly defined
► Use of unique formulas across rows
► Rows for error checks included
► There are no circularities in the model
► Model include output calculations such as financial statements ratios and valuation calculations
► Model include a summary sheet containing key model inputs and outputs and charts
► There are no hidden or password protected sheets or macros
Timing
► Key dates like financial opening and close date are captured
► Years of financial projections = 5
Integrated Financial Statements
► The financial model contains the 3 financial statements: Cash flow, Income and Balance sheet
► Does the balance sheet balances
Sensitivity Analysis
► Sensitivitiy table is built into the DCF sheet
For yes enter 1 1
For no enter 0 0
No. of issues to check 17
No. of issues corrected 17
% of corrected issues 100%

Check Comment

1
1
1
1
1
1
1
1
1
1
1
1

1
1

1
1

1
Summary Tables

Financial/ Valuation summary

FY20 FY21 FY22 FY23E FY24E
Revenue 14471.01 10359.43 12789.22 13920.65 15277.38
EBITDA 1446.06 1362.48 1399.93 2479.53 2610.59
EBITDA Margin % 10.9% 10.9% 10.9% 10.9% 10.9%
Net Profit 762.48 733.43 694.31 1334.53 1371.20
EPS 8.97 9.45 51.26 15.70 16.13
EPS Growth 0.0% 0.0% 0.0% 0.0% 0.0%
Return on Equity (%) 12.7% 12.7% 12.7% 12.7% 12.7%
Book Value per share 76.64 86.10 124.99 140.08 155.58
P/E (x) 21.07 18.13 3.39 0.00 0.00
P/B (x) 2.47 1.99 1.39 0.00 0.00
EV/ EBITDA (x) 10.23 9.42 10.06 -0.70 -0.85
Dividend Yield (%) 2.2% 1.2% 1.1% #DIV/0! #DIV/0!

Consolidated Income Statement

FY20 FY21 FY22
Revenue 14471.01 10359.43 12789.22 13920.65 15277.38
Operating Expense (ex D&A) 1090.17 1030.81 1021.54 1971.40 2026.39
EBITDA 1384.18 1300.00 1337.86 2393.58 2509.11
Depreciation & Amortisation 417.58 393.51 439.52 594.08 685.68
EBIT 1090.17 1030.81 1021.54 1971.40 2026.39
Net Interest Expense / (Income) 96.59 32.66 60.93 64.94 67.54
Profit before taxation 993.58 998.15 960.61 1906.46 1958.85
Tax Expense -209.40 -264.72 -266.30 -571.94 -587.66
Net profit for the year 762.48 803.10 4356.84 1334.53 1371.20
DPS 4.10 2.00 2.00 2.00 2.00

Consolidated Balance Sheet

FY20 FY21 FY22
Fixed assets 2620.00 2970.19 3240.18 3633.62 3994.74
Intangible assets 672.65 680.04 139.57 139.57 139.57
Other non-current assets 221.51 211.08 111.28 111.28 111.28
Total non-current assets 18957.64 22431.18 8789.36 9182.80 9543.92
Trade & other receivables 1060.83 1076.20 1097.85 1205.51 1326.72
Cash and cash equivalents 331.47 342.43 189.11 0.00 0.00
Other current assets 198.83 212.97 204.16 204.16 204.16
Total current assets 5409.95 6255.93 5121.25 6010.29 6966.89
Total Assets 24367.59 28687.11 13910.61 15193.09 16510.81

Trade payables 5.74 7.83 7.87 7.87 7.87

Short-term loans 8.85 85.58 82.36 82.36 82.36
Other current liabilities 504.61 558.16 0.00 0.00 0.00
Total Current Liabilities 14601.78 16563.81 468.82 468.82 468.82
Long-term loans 58.53 52.83 126.87 126.87 126.87
Other non-current liabilities 185.56 224.99 263.46 263.46 263.46
Non-Current Liabilities 3251.55 4804.81 2817.84 2817.84 2817.84
Share capital 85.00 85.00 85.00 85.00 85.00
Other reserves 6382.32 7187.27 10498.74 11781.22 13098.94
Retained earnings 46.94 46.22 40.21 40.21 40.21
Total Equity and Liabilities 24367.59 28687.11 13910.61 15193.09 16510.81

Consolidated Cash Flow Statement

FY22 FY23E FY24E
Cash flow from operating activities 1619.19 1332.45 764.00 0.00 0.00
Cash flow from investing activities -1096.91 -1236.50 -434.52 0.00 0.00
Cash flow from financing activities -531.81 -138.89 -149.62 0.00 0.00
Cash Beginning Balance. 340.94 331.47 342.43 0.00 0.00
Cash closing balance 331.47 342.43 189.11 0.00 0.00

Key Ratios
FY20 FY21 FY22
Profitability & Growth
EBITDA Margin % 10.0% 13.2% 10.9% 17.8% 17.1%
EBIT Margin % 7.5% 10.0% 8.0% 14.2% 13.3%
Revenue growth % -1.7% -39.7% 19.0% 8.1% 8.9%
Net Income Growth % 5.3% 7.1% 5.4% 9.6% 9.0%
EPS 8.97 9.45 51.26 15.70 16.13
Return on Equity % 11.7% 11.0% 41.0% 11.2% 10.4%
Return on Assets % 3.1% 2.8% 31.3% 8.8% 8.3%
Return on Capital Employed % 16.6% 13.8% 9.4% 16.3% 15.1%
Solvency
Net debt/equity % 1.0% 1.9% 2.0% 1.8% 1.6%
Net interest cover (x) 11.3 31.6 16.8 30.4 30.0
Net debt/EBITDA 0.0 0.0 0.0 0.0 0.0
Debt/Total Capital 0.00 0.00 0.00 0.00 0.00
Current Ratio (x) 1.7 1.3 1.8 2.1 2.5
Valuation
Adj. P/E 21.1 18.1 3.4 0.0 0.0
EV/EBITDA 10.2 9.4 10.1 (0.7) (0.8)
EV/Sales 1.0 1.2 1.1 (0.1) (0.1)
Dividend Yield 2.2% 1.2% 1.1% #DIV/0! #DIV/0!
Price/Sales 1.1 1.4 1.2 0.0 0.0
Price/Book 2.5 2.0 1.4 0.0 0.0
Exide Industries 3/31/2018 3/31/2019
Profit & Loss Statement Y Y
(in INR Crores) Act Act

Revenue from operations 13082.78 14720.88

Excise Duty 274.70 0.00
Net Revenue 12808.08 14720.88

Cost of goods sold 6096.58 7072.51

Cost of materials consumed 6086.94 7076.22
Purchase of stock in trade 181.93 52.99
Change in inventories of finished goods , stock in trade and work in progress -172.29 -56.70
Gross Profit 6711.50 7648.37

Selling general & admn expenses

Employee benefits expense 962.09 1034.25
Other Expenses 3004.42 3328.10
Change in valuation of liability of life insurance policies in force 1350.08 1734.56
EBITDA 1394.91 1551.46

Other Income 67.65 39.88

% of cash bank & investments 5.3% 2.7%
Depriciation and amortisation Expense 267.21 343.54
% of gross block 9.9% 10.1%
Share of loss of equity accounted investees, net of tax 0.00 0.00
EBIT 1195.35 1247.80

Finance costs 105.65 107.08

% of borrowings & lease 178.4% 126.2%
PBT(Unadjusted) 1089.70 1140.72
Exceptional items(net) -41.83 108.29
PBT(Adjusted) 1047.87 1249.01

Current Tax -368.77 -368.49

Deferred tax charge 15.00 -33.17
PAT 694.10 847.35

Profit/Loss from discontinued operations before tax 0.00 0.00

Tax adjustment of discontinued operations 0.00 0.00
Profit/(Loss) from discontinued operations after tax (B) 0.00 0.00
PROFIT FOR THE YEAR 694.10 847.35

Assumptions

Cost of materials consumed 6086.94 7076.22

% of net revenue 47.5% 48.1%

Purchase of stock in trade 181.93 52.99

%of net revenue 1.4% 0.4%
Change in inventories of finished goods , stock in trade and work in progress -172.29 -56.70
%of net revenue -1.3% -0.4%

Employee benefits expense 962.09 1034.25

%of net revenue 7.5% 7.0%

Other Expenses 3004.42 3328.10

%of net revenue 23.5% 22.6%

Change in valuation of liability of life insurance policies in force 1350.08 1734.56

%of net revenue 10.5% 11.8%
3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024
Y Y Y Y Y
Act Act Act Est Est

14471.01 10359.43 12789.22 13920.65 15277.38

0.00 0.00 0.00 0.00 0.00
14471.01 10359.43 12789.22 13920.65 15277.38

6402.50 6687.40 8676.78 7580.78 8529.15

6567.39 6645.50 8882.49 7644.63 8615.54
54.25 41.77 63.92 85.15 68.73
-219.14 0.13 -269.63 -149.00 -155.12
8068.51 3672.03 4112.44 6339.87 6748.23

1118.93 816.58 906.36 1036.78 1135.88

3880.66 1492.97 1806.15 2823.56 3001.77
1622.86 0.00 0.00 0.00 0.00
1446.06 1362.48 1399.93 2479.53 2610.59

61.88 62.48 62.07 85.95 101.48

4.6% 3.4% 6.8% 4.6% 4.4%
417.58 393.51 439.52 594.08 685.68
10.5% 8.3% 8.3% 9.4% 9.3%
-0.19 -0.64 -0.94 0.00 0.00
1090.17 1030.81 1021.54 1971.40 2026.39

96.59 32.66 60.93 64.94 67.54

50.0% 6.4% 11.7% 12.5% 13.0%
993.58 998.15 960.61 1906.46 1958.85
-21.70 0.00 0.00 0.00 0.00
971.88 998.15 960.61 1906.46 1958.85

-288.02 -291.24 -265.86 -571.94 -587.66

78.62 26.52 -0.44 0.00 0.00
762.48 733.43 694.31 1334.53 1371.20

0.00 76.24 4437.09 0.00 0.00

0.00 6.57 774.56 0.00 0.00
0.00 69.67 3662.53 0.00 0.00
762.48 803.10 4356.84 1334.53 1371.20

6567.39 6645.50 8882.49 7644.63 8615.54

45.4% 64.1% 69.5% 54.9% 56.4%

54.25 41.77 63.92 85.15 68.73

0.4% 0.4% 0.5% 0.6% 0.4%
-219.14 0.13 -269.63 -149.00 -155.12
-1.5% 0.0% -2.1% -1.1% -1.0%

1118.93 816.58 906.36 1036.78 1135.88

7.7% 7.9% 7.1% 7.4% 7.4%

3880.66 1492.97 1806.15 2823.56 3001.77

26.8% 14.4% 14.1% 20.3% 19.6%

1622.86 0.00 0.00 0.00 0.00

11.2% 0.0% 0.0% 0.0% 0.0%
Exide Industries 3/31/2018 3/31/2019 3/31/2020
Profit & Loss Statement Y Y Y
(in INR Crores) Act Act Act

Revenue from operations 102.1% 114.9% 113.0%

Excise Duty 2.1% 0.0% 0.0%
Net Revenue 100.0% 114.9% 113.0%
0.0% 0.0% 0.0%
Cost of goods sold 47.6% 55.2% 50.0%
Cost of materials consumed 47.5% 55.2% 51.3%
Purchase of stock in trade 1.4% 0.4% 0.4%
Change in inventories of finished goods , stock in trade and work in
progress -1.3% -0.4% -1.7%
Gross Profit 52.4% 59.7% 63.0%

Selling general & admn expenses

Employee benefits expense 7.5% 8.1% 8.7%
Other Expenses 23.5% 26.0% 30.3%
Change in valuation of liability of life insurance policies in force 10.5% 13.5% 12.7%
EBITDA 10.9% 10.5% 10.0%

Other Income 0.5% 0.3% 0.5%

Depriciation and amortisation Expense 2.1% 2.7% 3.3%
Share of loss of equity accounted investees, net of tax 0.0% 0.0% 0.0%
EBIT 9.3% 8.5% 7.5%

Finance costs 0.8% 0.8% 0.8%

PBT(Unadjusted) 8.5% 7.7% 6.9%
Exceptional items(net) -0.3% 0.8% -0.2%
PBT(Adjusted) 8.2% 9.8% 7.6%

Current Tax -2.9% -2.9% -2.2%

Deferred tax charge 0.1% -0.3% 0.6%
PAT 5.4% 6.6% 6.0%

Profit/Loss from discontinued operations before tax 0.0% 0.0% 0.0%

Tax adjustment of discontinued operations 0.0% 0.0% 0.0%
Profit/(Loss) from discontinued operations after tax (B) 0.0% 0.0% 0.0%
PROFIT FOR THE YEAR 5.4% 6.6% 6.0%
3/31/2021 3/31/2022
Y Y
Act Act

80.9% 99.9%
0.0% 0.0%
80.9% 99.9%
0.0% 0.0%
52.2% 67.7%
51.9% 69.4%
0.3% 0.5%

0.0% -2.1%
28.7% 32.1%

6.4% 7.1%
11.7% 14.1%
0.0% 0.0%
13.2% 10.9%

0.5% 0.5%
3.1% 3.4%
0.0% 0.0%
10.0% 8.0%

0.3% 0.5%
9.6% 7.5%
0.0% 0.0%
7.8% 7.5%

-2.3% -2.1%
0.2% 0.0%
5.7% 5.4%

0.6% 34.6%
0.1% 6.0%
0.5% 28.6%
6.3% 34.0%
Exide Industries 3/31/2018
Balance Sheet Y
(in INR Crores) Act

ASSETS
Non-Current Assets
Property, plant and equipment 2065.08
Capital work-in-progress 236.99
Goodwill 581.90
Intangible assets under development 4.30
Other intangible asssets 33.99
Reinsurance asset 55.10
Goodwill on consolidation 0.00
Investment in associates 0.00
Investments
Investments of life insurance business 11481.30
Other investments 54.91
Trade Receivables 1.46
Loans 23.69
Other financial assets 0.00
Deffered Tax Assets 6.99
Non-current tax assets (net) 73.23
Other non-current assets 114.07
Total Non- Current Assets(A) 14733.01

Current Assets
Inventories 2004.85
% of COGS 32.9%
Financial Assets
Investments
Investments of life insurance business 747.04
Other investments 207.25
Loans 25.17
Trade receivables 1093.57
% of net revenue 8.5%
Cash & cash equivalents 308.60
Bank balances other than cash and cash equivalents mentioned above 8.86
Other financial assets 372.76
Other Current Assets 321.11
Total Current Assets(B) 5089.21
Total Assets (A+B) 19822.22

EQUITY AND LIABILITIES

Equity
Equity Share capital 85.00
Other Equity 5344.18
Non-controlling interests 18.09
Total Equity (A) 5447.27

Liabilities
Non- current liabilities
Financial Liabilities
Borrowings 8.90
Lease liabilities 0.00
Trade Payables 4.73
Total outstanding dues of creditors other than micro and small enterprises 4.73
Other financial liabilities 2.62
Provisions 56.96
Insurance contract liabilities 9799.08
Investment contract liabilities 1099.57
Deferred tax liabilities (net) 147.88
Other non current liabilities
Fund for discontinued polices (linked and non-linked) 128.91
Fund for future appropriation (linked and non-linked) 71.51
Total non-current liabilities(B) 11320.74
Current Liabilities
Financial liabilities
Borrowings 50.33
Lease Liabilities 0.00
Trade payables 1519.39
% of purchases 24.2%
total outstanding dues of micro enterprises and small enterprises 10.67
total outstanding dues of creditors other than micro enterprises and small enterprises 1508.72
Other financial liabilities 442.94
Other current liabilities 220.95
Provisions 241.47
Insurance contract liabilities 576.91
Investment contract liabilities 0.00
Current tax liabilities (net) 2.22
Total - Current Liabilities C 3054.21
TOTAL EQUITY AND LIABILITIES [(A) + (B) + (C)] 19822.22

Reconcillation 0.00

working capial adjusted for cash 1717.54

changes in WC
3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024
Y Y Y Y Y Y
Act Act Act Act Est Est

2456.38 2620.00 2970.19 3240.18 3633.62 3994.74

264.99 360.72 379.47 322.42 322.42 322.42
581.90 581.90 581.90 46.77 46.77 46.77
35.07 46.60 51.48 18.52 18.52 18.52
41.52 44.15 46.66 74.28 74.28 74.28
82.40 138.96 271.20 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 22.53 24.56 24.56 24.56

13162.55 14736.78 17200.59 0.00 0.00 0.00

59.01 83.72 78.29 4822.34 4822.34 4822.34
0.18 0.11 0.08 0.05 0.05 0.05
39.74 38.08 501.97 0.09 0.09 0.09
0.00 0.00 50.83 25.59 25.59 25.59
10.01 16.10 9.94 65.38 65.38 65.38
90.77 69.01 54.97 37.90 37.90 37.90
155.96 221.51 211.08 111.28 111.28 111.28
16980.48 18957.64 22431.18 8789.36 9182.80 9543.92

2065.31 2414.56 2636.86 2855.29 2609.8672 2962.6796

29.2% 37.7% 39.4% 32.9% 34.4% 34.7%

848.48 918.21 602.20 0.00 0.00 0.00

257.95 76.79 903.04 711.54 711.54 711.54
18.21 22.87 31.84 0.28 0.28 0.28
1245.03 1060.83 1076.20 1097.85 1205.5068 1326.7166
8.5% 7.3% 10.4% 8.6% 8.7% 8.7%
340.94 331.47 342.43 189.11
8.95 10.13 11.14 9.88 1225.79 1708.37
367.84 376.26 439.25 53.14 53.14 53.14
307.76 198.83 212.97 204.16 204.16 204.16
5460.47 5409.95 6255.93 5121.25 6010.29 6966.89
22440.95 24367.59 28687.11 13910.61 15193.09 16510.81

85.00 85.00 85.00 85.00 85.00 85.00

6021.86 6382.32 7187.27 10498.74 11781.22 13098.94
33.00 46.94 46.22 40.21 40.21 40.21
6139.86 6514.26 7318.49 10623.95 11906.43 13224.15
 9.75 8.85 85.58 82.36 82.36 82.36
0.00 101.56 341.19 301.27 301.27 301.27
5.23 5.74 7.83 7.87 7.87 7.87
5.23 5.74 7.83 7.87 7.87 7.87
2.73 7.34 8.61 7.52 7.52 7.52
54.98 72.54 63.96 61.60 61.60 61.60
11323.02 12907.87 14577.63 0.00 0.00 0.00
1073.69 885.45 837.75 0.00 0.00 0.00
182.39 107.82 83.10 8.20 8.20 8.20

132.67 163.52 164.22 0.00 0.00 0.00

141.50 341.09 393.94 0.00 0.00 0.00
12925.96 14601.78 16563.81 468.82 468.82 468.82

75.11 58.53 52.83 126.87 126.87 126.87

0.00 24.29 29.11 9.01 9.01 9.01
1576.86 1605.57 2373.67 1846.33 1588.98 1822.88
22.1% 24.2% 35.5% 20.6% 25.3% 25.6%
32.10 132.78 287.46 247.96 247.96 247.96
1544.76 1472.79 2086.21 1598.37 1598.37 1598.37
469.87 360.24 341.76 303.53 303.53 303.53
232.31 185.56 224.99 263.46 263.46 263.46
276.76 306.77 280.60 268.64 268.64 268.64
741.16 605.39 1361.08 0.00 0.00 0.00
0.00 104.57 139.67 0.00 0.00 0.00
3.06 0.63 1.10 0.00 0.00 0.00
3375.13 3251.55 4804.81 2817.84 2817.84 2817.84
22440.95 24367.59 28687.11 13910.61 15193.09 16510.81

0.00 0.00 0.00 0.00 0.00 0.00

1735.45 1816.80 1097.55 2104.42 1966.65 2440.68

17.91 81.35 -719.25 1006.87 -137.77 474.02
Exide Industries 3/31/2018 3/31/2019 3/31/2020 3/31/2021
Balance Sheet Y Y Y Y
(in INR Crores) Act Act Act Act

ASSETS
Non-Current Assets
Property, plant and equipment 10.4% 10.9% 10.8% 10.4%
Capital work-in-progress 1.2% 1.2% 1.5% 1.3%
Goodwill 2.9% 2.6% 2.4% 2.0%
Intangible assets under development 0.0% 0.2% 0.2% 0.2%
Other intangible asssets 0.2% 0.2% 0.2% 0.2%
Reinsurance asset 0.3% 0.4% 0.6% 0.9%
Goodwill on consolidation 0.0% 0.0% 0.0% 0.0%
Investment in associates 0.0% 0.0% 0.0% 0.1%
Investments 0.0% 0.0% 0.0% 0.0%
Investments of life insurance business 57.9% 58.7% 60.5% 60.0%
Other investments 0.3% 0.3% 0.3% 0.3%
Trade Receivables 0.0% 0.0% 0.0% 0.0%
Loans 0.1% 0.2% 0.2% 1.7%
Other financial assets 0.0% 0.0% 0.0% 0.2%
Deffered Tax Assets 0.0% 0.0% 0.1% 0.0%
Non-current tax assets (net) 0.4% 0.4% 0.3% 0.2%
Other non-current assets 0.6% 0.7% 0.9% 0.7%
Total Non- Current Assets(A) 74.3% 75.7% 77.8% 78.2%
0.0% 0.0% 0.0%
Current Assets 0.0% 0.0% 0.0%
Inventories 10.1% 9.2% 9.9% 9.2%
Financial Assets 0.0% 0.0% 0.0% 0.0%
Investments 0.0% 0.0% 0.0% 0.0%
Investments of life insurance business 3.8% 3.8% 3.8% 2.1%
Other investments 1.0% 1.1% 0.3% 3.1%
Loans 0.1% 0.1% 0.1% 0.1%
Trade receivables 5.5% 5.5% 4.4% 3.8%
Cash & cash equivalents 1.6% 1.5% 1.4% 1.2%
Bank balances other than cash and cash equivalents
mentioned above 0.0% 0.0% 0.0% 0.0%
Other financial assets 1.9% 1.6% 1.5% 1.5%
Other Current Assets 1.6% 1.4% 0.8% 0.7%
Total Current Assets(B) 25.7% 24.3% 22.2% 21.8%
Total Assets (A+B) 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0%
EQUITY AND LIABILITIES 0.0% 0.0% 0.0%
Equity 0.0% 0.0% 0.0%
Equity Share capital 0.4% 0.4% 0.3% 0.3%
Other Equity 27.0% 26.8% 26.2% 25.1%
Non-controlling interests 0.1% 0.1% 0.2% 0.2%
Total Equity (A) 27.5% 27.4% 26.7% 25.5%
0.0% 0.0% 0.0%
Liabilities 0.0% 0.0% 0.0%
Non- current liabilities 0.0% 0.0% 0.0%
Financial Liabilities 0.0% 0.0% 0.0% 0.0%
Borrowings 0.0% 0.0% 0.0% 0.3%
Lease liabilities 0.0% 0.0% 0.4% 1.2%
Trade Payables 0.0% 0.0% 0.0% 0.0%
Total outstanding dues of creditors other than micro and
small enterprises 0.0% 0.0% 0.0% 0.0%
Other financial liabilities 0.0% 0.0% 0.0% 0.0%
Provisions 0.3% 0.2% 0.3% 0.2%
Insurance contract liabilities 49.4% 50.5% 53.0% 50.8%
Investment contract liabilities 5.5% 4.8% 3.6% 2.9%
Deferred tax liabilities (net) 0.7% 0.8% 0.4% 0.3%
Other non current liabilities 0.0% 0.0% 0.0% 0.0%
Fund for discontinued polices (linked and non-linked) 0.7% 0.6% 0.7% 0.6%
Fund for future appropriation (linked and non-linked) 0.4% 0.6% 1.4% 1.4%
Total non-current liabilities(B) 57.1% 57.6% 59.9% 57.7%
Current Liabilities 0.0% 0.0% 0.0% 0.0%
Financial liabilities 0.0% 0.0% 0.0% 0.0%
Borrowings 0.3% 0.3% 0.2% 0.2%
Lease Liabilities 0.0% 0.0% 0.1% 0.1%
Trade payables 7.7% 7.0% 6.6% 8.3%
total outstanding dues of micro enterprises and small
enterprises 0.1% 0.1% 0.5% 1.0%
total outstanding dues of creditors other than micro
enterprises and small enterprises 7.6% 6.9% 6.0% 7.3%
Other financial liabilities 2.2% 2.1% 1.5% 1.2%
Other current liabilities 1.1% 1.0% 0.8% 0.8%
Provisions 1.2% 1.2% 1.3% 1.0%
Insurance contract liabilities 2.9% 3.3% 2.5% 4.7%
Investment contract liabilities 0.0% 0.0% 0.4% 0.5%
Current tax liabilities (net) 0.0% 0.0% 0.0% 0.0%
Total - Current Liabilities C 15.4% 15.0% 13.3% 16.7%
TOTAL EQUITY AND LIABILITIES [(A) + (B) + (C)] 100.0% 100.0% 100.0% 100.0%
3/31/2022
Y
Act

23.3%
2.3%
0.3%
0.1%
0.5%
0.0%
0.0%
0.2%
0.0%
0.0%
34.7%
0.0%
0.0%
0.2%
0.5%
0.3%
0.8%
63.2%
0.0%
0.0%
20.5%
0.0%
0.0%
0.0%
5.1%
0.0%
7.9%
1.4%

0.1%
0.4%
1.5%
36.8%
100.0%
0.0%
0.0%
0.0%
0.6%
75.5%
0.3%
76.4%
0.0%
0.0%
0.0%
 0.0%
0.6%
2.2%
0.1%

0.1%
0.1%
0.4%
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
3.4%
0.0%
0.0%
0.9%
0.1%
13.3%

1.8%

11.5%
2.2%
1.9%
1.9%
0.0%
0.0%
0.0%
20.3%
100.0%
Exide Industries 3/31/2018 3/31/2019
Cash Flow Statement Y Y
(in INR Crores) Act Act

A. CASH FLOWS FROM OPERATING ACTIVITIES:

Profit before tax from continuing operations 1047.87 1249.01
Adjustments for:
Depreciation and amortisation expenses 267.21 343.54
Net profit on sale of investment -288.42 -85.88
Loss on fixed assets sold / discarded (net) 4.86 0.29
Exceptional items 0.00 -108.29
Income from investment including dividend and interest -728.64 -876.31
(Gain)/loss on fair valuation of financial assets 67.56 -84.21
Gain on fair valuation of investments in mutual fund units -0.50 -0.48
Finance costs 8.60 12.19
Impairment loss on investment 0.00 0.00
Provision for expected credit loss on receivables 0.00 0.00
Share of loss of equity accounted investees, net of tax 0.00 0.00
Change in valuation of liability against life policies 1350.08 1734.56
Cash Generated from operations before working capital changes 1728.62 2184.42
Adjustments for:
(Increase) in trade receivables -354.65 -150.18
(Increase) in inventories -302.84 -60.46
(Increase) in loans, other financial assets and other assets -251.92 -29.19
Increase in other financial liabilities, other liabilities and provisions 461.71 130.10
Cash flows generated from operations 1280.92 2074.69
Taxes paid (net of refunds) -366.57 -387.92
Profit / (Loss) from discontinued operations 0.00 0.00
Net cash flows generated from operating activities - [A] 914.35 1686.77

B. CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment -807.68 -811.21
Sale proceeds of property, plant and equipment 1.19 125.44
Acquisition of interest in associates 0.00 0.00
Disposal of interest in associates 0.00 0.00
Net movement in bank deposits 0.00 0.00
Purchase of investments 0.00 0.00
Proceeds from sale of investments -434.88 -1589.83
Investment income including dividends and interest 704.81 838.18
Net cash flows used in investing activities - [B] -536.56 -1437.42

C. CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from borrowings 90.44 127.65
Repayment of borrowings -217.37 -99.29
Transaction with non-controlling interest 0.00 13.77
Dividends paid to non-controlling interest -0.81 -0.66
Dividends paid (including tax) -248.54 -245.94
Payment of lease liabilities 0.00 0.00
Interest paid -9.82 -12.19
Net cash flows used in financing activities - [C] -386.10 -216.66
Net (decrease)/increase in cash and cash equivalents - [A+B+C] -8.31 32.69
DISCONTINUED OPERATIONS 0.00 0.00
CASH FLOW FROM OPERATING ACTIVITIES [D] 0.00 0.00
CASH FLOW FROM INVESTING ACTIVITIES [E] 0.00 0.00
CASH FLOW FROM FINANCING ACTIVITIES [F] 0.00 0.00
Net Increase/(decrease) in cash and cash equivalents from Discontinued
Operations (D+E+F) 0.00 0.00
Net Increase/(decrease) in cash and cash equivalents from Continuing
and Discontinued Operations -8.31 32.69
Cash and cash equivalents - opening balance 314.98 308.60
Cash and cash equivalents - closing balance 306.67 341.29
Effect of exchange rate changes 1.93 -0.35
Cash and cash equivalents of subsidiary disposed off 0.00 0.00
Cash and cash equivalents at the end of the year 308.60 340.94
3/31/2020 3/31/2021 3/31/2022
Y Y Y
Act Act Act

971.88 998.15 960.61

417.58 393.51 439.52

-214.57 -23.61
-7.32 0.20 0.02
0.00 0.00 0.00
-1015.35 -26.32 -8.31
291.08 -2.76 -7.68
0.00 0.00 0.00
16.33 32.66 60.93
27.98 0.00 0.00
17.03 2.82 -13.42
0.19 0.64 0.94
1622.86 0.00 0.00
2127.69 1398.90 1409.00

167.24 -64.18 -159.18

-349.25 -222.30 -218.43
26.68 -198.84 -33.06
-92.20 695.50 11.79
1880.16 1609.08 1010.12
-260.97 -276.63 -246.12
0.00 0.00 0.00
1619.19 1332.45 764.00

-608.09 -493.70 -665.89

12.97 2.03 1.65
-23.36 0.00 -7.39
0.00 0.00 5.25
-8684.21 -1.92 -0.09
7207.28 -2385.18 -2038.34
998.50 1595.86 2268.72
0.00 46.41 1.57
-1096.91 -1236.50 -434.52

110.69 205.25 134.08

-128.44 -134.19 -44.69
28.21 0.00 0.00
0.00 0.00 0.00
-502.11 -170.00 -170.00
-35.75 -26.94 -33.69
-4.41 -13.01 -35.32
-531.81 -138.89 -149.62
 -9.53 -42.94 179.86

0.00 930.68 -702.75

0.00 -843.79 500.85
0.00 -31.09 -22.70

0.00 55.80 -224.60

-9.53 12.86 -44.74

340.94 331.47 342.43
331.41 344.33 297.69
0.06 -1.90 -12.11
0.00 0.00 96.47
331.47 342.43 189.11
Exide Industries 3/31/2018 3/31/2019 3/31/2020
Revenue Model Y Y Y
(in INR Crores) Act Act Act

Sale of products (including excise duty) 9744.18 10865.51 10094.52

% change YoY 11.5% -7.1%

Sale of services (related to life insurance business) 2383.28 2756.78 3084.84

% change YoY 15.7% 11.9%
Life Insurance premium (net of premium ceded on re-insurers on
Insurance contract) 2383.28 2756.78 3084.84

Other operating income related to life insurance business 925.11 1031.22 1202.72
% change YoY 11.5% 16.6%
Net realised gains and losses from disposal of investments 288.42 85.88 214.57
Investment income 704.25 861.13 988.15
Gain / (loss) on fair value of financial assets -67.56 84.21 0.00

Other operating income 30.21 67.37 88.93

% change YoY 123.0% 32.0%
Sale of scrap 16.78 17.75 34.26
Income from Service / Installation 5.24 41.13 16.45
Export incentive 8.19 8.49 38.22
Total 13082.78 14720.88 14471.01
3/31/2021 3/31/2022 3/31/2023 3/31/2024
Y Y Y Y
Act Act Est Est

10305.83 12712.75 13844.185 15200.915

2.1% 23.4% 8.9% 9.80%

0.00 0.00 0.00 0.00

-100.0% #DIV/0! #DIV/0! #DIV/0!

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

-100.0% #DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

53.60 76.47 76.47 76.47

-39.7% 42.7% 0.0% 0.0%
16.45 25.41 25.41 25.41
18.64 22.32 22.32 22.32
18.51 28.74 28.74 28.74
10359.43 12789.22 13920.65 15277.38
Exide Industries 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023
Capex Model Y Y Y Y Y Y
(in INR Crores) Act Act Act Act Act Est

(A) Owned Assets

Gross Block 0.00 0.00 3673.36 4136.02 4808.40
Accumulated Depriciation 0.00 0.00 1305.71 1668.37 2025.56
Net Block 0.00 0.00 2367.65 2467.65 2782.84

(B) Leased Assets

Gross Block 0.00 0.00 287.64 576.92 497.58
Accumulated Depriciation 0.00 0.00 35.29 74.38 40.24
Net Block 0.00 0.00 252.35 502.54 457.34

(C) Total Assests

Gross Block 2690.58 3404.29 3961.00 4712.94 5305.98 6293.51
% change as of YoY 26.5% 16.4% 19.0% 12.6% 18.6%
Accumulated Depriciation 625.50 947.91 1341.00 1742.75 2065.80 2659.88
Net Block 2065.08 2456.38 2620.00 2970.19 3240.18 3633.62
3/31/2024
Y
Est

7340.30
16.6%
3345.56
3994.74
Exide Industries Formula 3/31/2018 3/31/2019
Ratio Analysis Y Y
(in INR Crores) Act Act

No. of Shares 85.00 85.00

Dividend Per Share 2.40 2.40
Dividend Total 204.00 204.00
(MPS)Market Price of Share 216.64 252.49

Liquidity Ratio
Current Ratio Current Assest/Current Liabilities 1.67 1.62
Quick Ratio or Acid Test ratio (CA-Inventories)/CL 1.01 1.01
Cash Ratio (Cash+Bank+investment)/CL 0.42 0.43

Activity Ratio

Debtor's Turnover Days Trade Recivevables/Net Revenue*365 31.21 30.87

(Trade Payables1+2)/(cost of Material
Consumed+purchase of stock in
trade)*365
Creditor's Turnover Days 88.74 81.00
Inventroy Turnover Days Inventroies/COGS*365 120.03 106.59
Operating Cycle Debtor Days+Invetories Days 151.24 137.46

Profitability Ratio
Earning Per Share PAT(profit of the year)/No. of Shares 8.17 9.97
Dividend Per Share Total Dividend/ No. of Shares 2.40 2.40
Pay Out Ratio DPS/EPS 29.4% 24.1%
Retention Ratio 1-Pay out Ratio 70.6% 75.9%
EBITDA Margin EBITDA/Net Revenue 10.9% 10.5%
PBT Margin PBT(adjusted/Net Revenue 8.2% 8.5%
PAT Margin PAT/Net revenue 5.4% 5.8%

Valuation Ratio
PE Ratio(price to earning ratio) MPS/EPS 26.53 25.33
Book Value Per Share total equity/no. of shares 64.09 72.23
PB Ratio( price to book ratio) MPS/BVPS 3.38 3.50
Sales Per Share Net Revenue/ No. of shares 150.68 173.19
PS ratio(price to sales ratio) MPS/SPS 1.44 1.46
Market Capitalsation +long term
borrowing+shorterm Borrowing-Cash-
Enterprise Value bank Balance other than cash- 17201.88 20090.19
investment

Dividend yield DPS/MPS 0.01 0.01

Return Ratio
Return on Equity PAT/Total Equity 12.7% 13.8%
Total Equity+Long Term
Capital Employed Borrowings+Short term Borrowings 5506.50 6224.72
ROCE(Return on Capital Employed) EBIT/ Capital Employed 0.22 0.20
Return On Asset PAT/Total Asset 0.04 0.04
Solvency Ratio
(Non-current borrowings+ short term
Debt To Equity Ratio borrqwings)/ Total Equity 0.01 0.01
Interest coverage ratio EBIT/ Finance Cost 11.31 11.65
3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024
Y Y Y Y Y
Act Act Act Est Est

85.00 85.00 85.00 85.00 85.00

4.10 2.00 2.00 2.00 2.00
348.50 170.00 170.00 52.05 53.48
189.04 171.29 174.01

1.66 1.30 1.82 2.13 2.47

0.92 0.75 0.80 1.21 1.42
0.41 0.39 0.32 0.69 0.86

26.76 37.92 31.33 31.61 31.70

88.82 129.99 75.65 87.56 77.93

137.65 143.92 120.11 125.66 126.79
164.41 181.84 151.45 157.27 158.48

8.97 9.45 51.26 15.70 16.13

4.10 2.00 2.00 0.61 0.63
45.7% 21.2% 3.9% 3.9% 3.9%
54.3% 78.8% 96.1% 96.1% 96.1%
10.0% 13.2% 10.9% 17.8% 17.1%
6.7% 9.6% 7.5% 13.7% 12.8%
5.3% 7.1% 5.4% 9.6% 9.0%

21.07 18.13 3.39 0.00 0.00

76.64 86.10 124.99 140.08 155.58
2.47 1.99 1.39 0.00 0.00
170.25 121.88 150.46 163.77 179.73
1.11 1.41 1.16 0.00 0.00

14799.18 12839.25 14089.55 -1728.10 -2210.68

0.02 0.01 0.01 #DIV/0! #DIV/0!

11.7% 11.0% 41.0% 11.2% 10.4%

6581.64 7456.90 10833.18 12115.66 13433.38

0.17 0.14 0.09 0.16 0.15
0.03 0.03 0.31 0.09 0.08
 0.01 0.02 0.02 0.02 0.02
11.29 31.56 16.77 30.36 30.00
Exide Industries Limited
Valuation Based on Forward multiples
(in INR Crores)
Date MPS EPS Forward PE
09/15/2022 173.3 15.70 11.04
09/14/2022 173.1 15.70 11.03
09/13/2022 175.45 15.70 11.17 Intrinsic Price 197.97
12/9/2022 174.35 15.70 11.10 Estimated EPS 16.13
9/9/2022 171.2 15.70 10.90 Average PE 12.27
8/9/2022 169.8 15.70 10.82
7/9/2022 171.15 15.70 10.90
6/9/2022 173.95 15.70 11.08
5/9/2022 172.4 15.70 10.98
2/9/2022 159.4 15.70 10.15
1/9/2022 159.75 15.70 10.17
08/30/2022 160.55 15.70 10.23
08/29/2022 159.7 15.70 10.17
08/26/2022 160.9 15.70 10.25
08/25/2022 158.05 15.70 10.07
08/24/2022 157.8 15.70 10.05
08/23/2022 156.3 15.70 9.96
08/22/2022 154.3 15.70 9.83
08/19/2022 160.2 15.70 10.20
08/18/2022 164.2 15.70 10.46
08/17/2022 163.25 15.70 10.40
08/16/2022 164.25 15.70 10.46
12/8/2022 159.2 15.70 10.14
11/8/2022 159.15 15.70 10.14
10/8/2022 157.05 15.70 10.00
8/8/2022 158 15.70 10.06
5/8/2022 156.4 15.70 9.96
4/8/2022 156.5 15.70 9.97
3/8/2022 157.4 15.70 10.03
2/8/2022 158.25 15.70 10.08
1/8/2022 158.2 15.70 10.08
07/29/2022 158.5 15.70 10.10
07/28/2022 156 15.70 9.94
07/27/2022 156.1 15.70 9.94
07/26/2022 150.1 15.70 9.56
07/25/2022 150.8 15.70 9.60
07/22/2022 150.85 15.70 9.61
07/21/2022 152 15.70 9.68
07/20/2022 150.35 15.70 9.58
07/19/2022 150.65 15.70 9.60
07/18/2022 149.3 15.70 9.51
07/15/2022 149.45 15.70 9.52
07/14/2022 148.8 15.70 9.48
07/13/2022 150.35 15.70 9.58
12/7/2022 151.3 15.70 9.64
11/7/2022 151.7 15.70 9.66
 8/7/2022 145.15 15.70 9.25
7/7/2022 144.75 15.70 9.22
6/7/2022 141.8 15.70 9.03
5/7/2022 140.75 15.70 8.96
4/7/2022 142.8 15.70 9.10
1/7/2022 141.4 15.70 9.01
06/30/2022 137.8 15.70 8.78
06/29/2022 139.35 15.70 8.88
06/28/2022 140.25 15.70 8.93
06/27/2022 139.05 15.70 8.86
06/24/2022 137.1 15.70 8.73
06/23/2022 136.2 15.70 8.67
06/22/2022 134.35 15.70 8.56
06/21/2022 136.4 15.70 8.69
06/20/2022 131.85 15.70 8.40
06/17/2022 136.1 15.70 8.67
06/16/2022 138.4 15.70 8.82
06/15/2022 141.2 15.70 8.99
06/14/2022 140.25 15.70 8.93
06/13/2022 141.05 15.70 8.98
10/6/2022 146.8 15.70 9.35
9/6/2022 147.85 15.70 9.42
8/6/2022 148.3 15.70 9.45
7/6/2022 148.25 15.70 9.44
6/6/2022 146.55 15.70 9.33
3/6/2022 147.3 15.70 9.38
2/6/2022 147.3 15.70 9.38
1/6/2022 147.15 15.70 9.37
05/31/2022 146.45 15.70 9.33
05/30/2022 147.55 15.70 9.40
05/27/2022 144.85 15.70 9.23
05/26/2022 142.6 15.70 9.08
05/25/2022 138.1 15.70 8.80
05/24/2022 140.95 15.70 8.98
05/23/2022 143.3 15.70 9.13
05/20/2022 144.1 15.70 9.18
05/19/2022 141.65 15.70 9.02
05/18/2022 144.75 15.70 9.22
05/17/2022 144.95 15.70 9.23
05/16/2022 142.95 15.70 9.10
05/13/2022 142.15 15.70 9.05
12/5/2022 141 15.70 8.98
11/5/2022 144.2 15.70 9.18
10/5/2022 145.7 15.70 9.28
9/5/2022 148.4 15.70 9.45
6/5/2022 146.25 15.70 9.32
5/5/2022 148.9 15.70 9.48
4/5/2022 152.3 15.70 9.70
2/5/2022 151.55 15.70 9.65
04/29/2022 153.2 15.70 9.76
04/28/2022 153.65 15.70 9.79
04/27/2022 152.85 15.70 9.74
04/26/2022 154.3 15.70 9.83
04/25/2022 151.6 15.70 9.66
04/22/2022 156.4 15.70 9.96
04/21/2022 156.45 15.70 9.96
04/20/2022 154.5 15.70 9.84
04/19/2022 152.7 15.70 9.73
04/18/2022 154.95 15.70 9.87
04/13/2022 156.95 15.70 10.00
12/4/2022 156.4 15.70 9.96
11/4/2022 160.85 15.70 10.25
8/4/2022 162.05 15.70 10.32
7/4/2022 160.35 15.70 10.21
6/4/2022 159.25 15.70 10.14
5/4/2022 159.75 15.70 10.17
4/4/2022 158.95 15.70 10.12
1/4/2022 156.9 15.70 9.99
03/31/2022 151.1 51.26 2.95
03/30/2022 152.5 51.26 2.98
03/29/2022 151.45 51.26 2.95
03/28/2022 151.85 51.26 2.96
03/25/2022 153.45 51.26 2.99
03/24/2022 154.2 51.26 3.01
03/23/2022 154.45 51.26 3.01
03/22/2022 154.85 51.26 3.02
03/21/2022 154.85 51.26 3.02
03/17/2022 156.3 51.26 3.05
03/16/2022 156.3 51.26 3.05
03/15/2022 154 51.26 3.00
03/14/2022 154.65 51.26 3.02
11/3/2022 153.65 51.26 3.00
10/3/2022 151.2 51.26 2.95
9/3/2022 147.95 51.26 2.89
8/3/2022 145 51.26 2.83
7/3/2022 141.3 51.26 2.76
4/3/2022 144.9 51.26 2.83
3/3/2022 148.35 51.26 2.89
2/3/2022 148.4 51.26 2.90
02/28/2022 149.05 51.26 2.91
02/25/2022 149 51.26 2.91
02/24/2022 141.4 51.26 2.76
02/23/2022 152.95 51.26 2.98
02/22/2022 151.1 51.26 2.95
02/21/2022 154.25 51.26 3.01
02/18/2022 156.45 51.26 3.05
02/17/2022 158.05 51.26 3.08
02/16/2022 159.5 51.26 3.11
02/15/2022 159.45 51.26 3.11
02/14/2022 156.2 51.26 3.05
11/2/2022 163.75 51.26 3.19
10/2/2022 166.3 51.26 3.24
9/2/2022 167.25 51.26 3.26
8/2/2022 166.55 51.26 3.25
7/2/2022 167 51.26 3.26
4/2/2022 171.15 51.26 3.34
3/2/2022 173.55 51.26 3.39
2/2/2022 175.05 51.26 3.42
1/2/2022 175.05 51.26 3.42
01/31/2022 173.65 51.26 3.39
01/28/2022 175.35 51.26 3.42
01/27/2022 173.65 51.26 3.39
01/25/2022 175.15 51.26 3.42
01/24/2022 173 51.26 3.38
01/21/2022 176.1 51.26 3.44
01/20/2022 177.7 51.26 3.47
01/19/2022 179.95 51.26 3.51
01/18/2022 179 51.26 3.49
01/17/2022 182.5 51.26 3.56
01/14/2022 173.9 51.26 3.39
01/13/2022 172.05 51.26 3.36
12/1/2022 171.8 51.26 3.35
11/1/2022 170.2 51.26 3.32
10/1/2022 171.35 51.26 3.34
7/1/2022 169.65 51.26 3.31
6/1/2022 170.95 51.26 3.34
5/1/2022 170.5 51.26 3.33
4/1/2022 170.05 51.26 3.32
3/1/2022 170.35 51.26 3.32
12/31/2021 168.35 51.26 3.28
12/30/2021 165.15 51.26 3.22
12/29/2021 166.95 51.26 3.26
12/28/2021 168.45 51.26 3.29
12/27/2021 163.55 51.26 3.19
12/24/2021 162.6 51.26 3.17
12/23/2021 164.45 51.26 3.21
12/22/2021 159.05 51.26 3.10
12/21/2021 156.5 51.26 3.05
12/20/2021 155.25 51.26 3.03
12/17/2021 159.8 51.26 3.12
12/16/2021 162.95 51.26 3.18
12/15/2021 165.65 51.26 3.23
12/14/2021 167.65 51.26 3.27
12/13/2021 167.35 51.26 3.26
10/12/2021 168.7 51.26 3.29
9/12/2021 168.4 51.26 3.29
8/12/2021 167.35 51.26 3.26
7/12/2021 164.45 51.26 3.21
6/12/2021 162.45 51.26 3.17
3/12/2021 164.95 51.26 3.22
2/12/2021 166.25 51.26 3.24
1/12/2021 163.15 51.26 3.18
11/30/2021 162.8 51.26 3.18
11/29/2021 163.7 51.26 3.19
11/26/2021 165.7 51.26 3.23
11/25/2021 170.1 51.26 3.32
11/24/2021 171.35 51.26 3.34
11/23/2021 171.55 51.26 3.35
11/22/2021 169.6 51.26 3.31
11/18/2021 176.05 51.26 3.43
11/17/2021 177.5 51.26 3.46
11/16/2021 180.5 51.26 3.52
11/15/2021 181.05 51.26 3.53
12/11/2021 181.35 51.26 3.54
11/11/2021 181.2 51.26 3.54
10/11/2021 183.1 51.26 3.57
9/11/2021 184.05 51.26 3.59
8/11/2021 183.3 51.26 3.58
4/11/2021 179.85 51.26 3.51
3/11/2021 178.55 51.26 3.48
2/11/2021 179.3 51.26 3.50
1/11/2021 178.6 51.26 3.48
10/29/2021 172.9 51.26 3.37
10/28/2021 172 51.26 3.36
10/27/2021 176.35 51.26 3.44
10/26/2021 176.65 51.26 3.45
10/25/2021 175.6 51.26 3.43
10/22/2021 178.65 51.26 3.49
10/21/2021 182 51.26 3.55
10/20/2021 180.4 51.26 3.52
10/19/2021 183.1 51.26 3.57
10/18/2021 185.65 51.26 3.62
10/14/2021 186 51.26 3.63
10/13/2021 187.55 51.26 3.66
12/10/2021 187.8 51.26 3.66
11/10/2021 187.05 51.26 3.65
8/10/2021 184.8 51.26 3.61
7/10/2021 184.2 51.26 3.59
6/10/2021 179.35 51.26 3.50
5/10/2021 181 51.26 3.53
4/10/2021 179.95 51.26 3.51
1/10/2021 178.85 51.26 3.49
09/30/2021 178.25 51.26 3.48
09/29/2021 180.4 51.26 3.52
09/28/2021 179.9 51.26 3.51
09/27/2021 181.8 51.26 3.55
09/24/2021 179.2 51.26 3.50
09/23/2021 181.75 51.26 3.55
09/22/2021 182.5 51.26 3.56
09/21/2021 178.4 51.26 3.48
09/20/2021 180.1 51.26 3.51
09/17/2021 184.45 51.26 3.60
09/16/2021 182.85 51.26 3.57
09/15/2021 182.95 51.26 3.57
09/14/2021 182.6 51.26 3.56
09/13/2021 184.05 51.26 3.59
9/9/2021 182 51.26 3.55
8/9/2021 183 51.26 3.57
7/9/2021 185.85 51.26 3.63
6/9/2021 188.6 51.26 3.68
3/9/2021 189.65 51.26 3.70
2/9/2021 178.2 51.26 3.48
1/9/2021 170.05 51.26 3.32
08/31/2021 161.15 51.26 3.14
08/30/2021 161.55 51.26 3.15
08/27/2021 157.6 51.26 3.07
08/26/2021 157.3 51.26 3.07
08/25/2021 159.8 51.26 3.12
08/24/2021 159.35 51.26 3.11
08/23/2021 158.4 51.26 3.09
08/20/2021 160.25 51.26 3.13
08/18/2021 162.95 51.26 3.18
08/17/2021 163.25 51.26 3.18
08/16/2021 163.65 51.26 3.19
08/13/2021 166.25 51.26 3.24
12/8/2021 167.8 51.26 3.27
11/8/2021 169.15 51.26 3.30
10/8/2021 167.2 51.26 3.26
9/8/2021 168.9 51.26 3.30
6/8/2021 171.95 51.26 3.35
5/8/2021 171.75 51.26 3.35
4/8/2021 172.85 51.26 3.37
3/8/2021 173 51.26 3.38
2/8/2021 176 51.26 3.43
07/30/2021 178.65 51.26 3.49
07/29/2021 174.2 51.26 3.40
07/28/2021 176.5 51.26 3.44
07/27/2021 177.4 51.26 3.46
07/26/2021 178.2 51.26 3.48
07/23/2021 178.7 51.26 3.49
07/22/2021 179.2 51.26 3.50
07/20/2021 178.35 51.26 3.48
07/19/2021 181.7 51.26 3.54
07/16/2021 184.05 51.26 3.59
07/15/2021 182.8 51.26 3.57
07/14/2021 184.15 51.26 3.59
07/13/2021 183.8 51.26 3.59
12/7/2021 183.25 51.26 3.58
9/7/2021 182.05 51.26 3.55
8/7/2021 183.55 51.26 3.58
 7/7/2021 183.05 51.26 3.57
6/7/2021 182.95 51.26 3.57
5/7/2021 185.4 51.26 3.62
2/7/2021 182.45 51.26 3.56
1/7/2021 181.9 51.26 3.55
06/30/2021 182.35 51.26 3.56
06/29/2021 182.85 51.26 3.57
06/28/2021 183.4 51.26 3.58
06/25/2021 182.75 51.26 3.57
06/24/2021 181.9 51.26 3.55
06/23/2021 184.7 51.26 3.60
06/22/2021 185.85 51.26 3.63
06/21/2021 185.5 51.26 3.62
06/18/2021 184.9 51.26 3.61
06/17/2021 187.75 51.26 3.66
06/16/2021 191.05 51.26 3.73
06/15/2021 193.3 51.26 3.77
06/14/2021 191.2 51.26 3.73
11/6/2021 191.55 51.26 3.74
10/6/2021 192.25 51.26 3.75
9/6/2021 194 51.26 3.78
8/6/2021 196.7 51.26 3.84
7/6/2021 196.9 51.26 3.84
4/6/2021 193.55 51.26 3.78
3/6/2021 192.85 51.26 3.76
2/6/2021 193.15 51.26 3.77
1/6/2021 190 51.26 3.71
05/31/2021 191.3 51.26 3.73
05/28/2021 191.9 51.26 3.74
05/27/2021 188.85 51.26 3.68
05/26/2021 190.2 51.26 3.71
05/25/2021 190.45 51.26 3.72
05/24/2021 192.8 51.26 3.76
05/21/2021 187.15 51.26 3.65
05/20/2021 186.95 51.26 3.65
05/19/2021 187.25 51.26 3.65
05/18/2021 187.35 51.26 3.66
05/17/2021 183.85 51.26 3.59
05/14/2021 181.35 51.26 3.54
12/5/2021 186.35 51.26 3.64
11/5/2021 186.6 51.26 3.64
10/5/2021 185.5 51.26 3.62
7/5/2021 183.4 51.26 3.58
6/5/2021 182.8 51.26 3.57
5/5/2021 182.8 51.26 3.57
4/5/2021 181.45 51.26 3.54
3/5/2021 181.7 51.26 3.54
04/30/2021 177.95 51.26 3.47
04/29/2021 178.2 51.26 3.48
04/28/2021 176.8 51.26 3.45
04/27/2021 173.1 51.26 3.38
04/26/2021 171.55 51.26 3.35
04/23/2021 171.1 51.26 3.34
04/22/2021 171.85 51.26 3.35
04/20/2021 173.45 51.26 3.38
04/19/2021 173.05 51.26 3.38
04/16/2021 177.5 51.26 3.46
04/15/2021 177.65 51.26 3.47
04/13/2021 179.45 51.26 3.50
12/4/2021 176.3 51.26 3.44
9/4/2021 186.25 51.26 3.63
8/4/2021 186.3 51.26 3.63
7/4/2021 185.55 51.26 3.62
6/4/2021 183.6 51.26 3.58
5/4/2021 182.65 51.26 3.56
1/4/2021 185.8 51.26 3.62
03/31/2021 183.6 9.45 19.43
03/30/2021 186.2 9.45 19.71
03/26/2021 182.4 9.45 19.31
03/25/2021 181.1 9.45 19.17
03/24/2021 183.55 9.45 19.43
03/23/2021 189.5 9.45 20.06
03/22/2021 189.4 9.45 20.05
03/19/2021 187.2 9.45 19.81
03/18/2021 188.4 9.45 19.94
03/17/2021 192.5 9.45 20.37
03/16/2021 197.6 9.45 20.91
03/15/2021 199.8 9.45 21.15
12/3/2021 201.45 9.45 21.32
10/3/2021 202.8 9.45 21.46
9/3/2021 203.1 9.45 21.50
8/3/2021 204.9 9.45 21.69
5/3/2021 204.1 9.45 21.60
4/3/2021 209.3 9.45 22.15
3/3/2021 207.5 9.45 21.96
2/3/2021 208.75 9.45 22.09
1/3/2021 206.55 9.45 21.86
02/26/2021 202.7 9.45 21.45
02/25/2021 207.95 9.45 22.01
02/24/2021 203.6 9.45 21.55
02/23/2021 200.6 9.45 21.23
02/22/2021 202.4 9.45 21.42
02/19/2021 204.45 9.45 21.64
02/18/2021 210.2 9.45 22.25
02/17/2021 209.5 9.45 22.17
02/16/2021 211.4 9.45 22.37
02/15/2021 212.2 9.45 22.46
12/2/2021 211.35 9.45 22.37
11/2/2021 212.25 9.45 22.46
10/2/2021 214.5 9.45 22.70
 9/2/2021 211.45 9.45 22.38
8/2/2021 214.55 9.45 22.71
5/2/2021 203.75 9.45 21.56
4/2/2021 203.35 9.45 21.52
3/2/2021 204.5 9.45 21.64
2/2/2021 201.4 9.45 21.32
1/2/2021 194.65 9.45 20.60
01/29/2021 193.5 9.45 20.48
01/28/2021 198.1 9.45 20.97
01/27/2021 196.85 9.45 20.83
01/25/2021 199.85 9.45 21.15
01/22/2021 200.65 9.45 21.24
01/21/2021 197.6 9.45 20.91
01/20/2021 200.25 9.45 21.19
01/19/2021 199.3 9.45 21.09
01/18/2021 194.65 9.45 20.60
01/15/2021 200.3 9.45 21.20
01/14/2021 202.95 9.45 21.48
01/13/2021 200.95 9.45 21.27
12/1/2021 204.3 9.45 21.62
11/1/2021 198.75 9.45 21.04
8/1/2021 198.35 9.45 20.99
7/1/2021 197.05 9.45 20.86
6/1/2021 193.8 9.45 20.51
5/1/2021 196.1 9.45 20.76
4/1/2021 196.35 9.45 20.78
1/1/2021 191.35 9.45 20.25
12/31/2020 191.25 9.45 20.24
12/30/2020 191.35 9.45 20.25
12/29/2020 191.35 9.45 20.25
12/28/2020 186.35 9.45 19.72
12/24/2020 183.4 9.45 19.41
12/23/2020 185.5 9.45 19.63
12/22/2020 184.3 9.45 19.51
12/21/2020 181.55 9.45 19.22
12/18/2020 190.35 9.45 20.15
12/17/2020 191.65 9.45 20.28
12/16/2020 192.95 9.45 20.42
12/15/2020 193.55 9.45 20.49
12/14/2020 193.65 9.45 20.50
11/12/2020 193.7 9.45 20.50
10/12/2020 191.3 9.45 20.25
9/12/2020 192.75 9.45 20.40
8/12/2020 191.85 9.45 20.31
7/12/2020 188.9 9.45 19.99
4/12/2020 186.85 9.45 19.78
3/12/2020 183.8 9.45 19.45
2/12/2020 183.7 9.45 19.44
1/12/2020 183.85 9.45 19.46
11/27/2020 184.85 9.45 19.56
11/26/2020 172.65 9.45 18.27
11/25/2020 171.35 9.45 18.14
11/24/2020 174.85 9.45 18.51
11/23/2020 173.95 9.45 18.41
11/20/2020 171.8 9.45 18.18
11/19/2020 170.3 9.45 18.02
11/18/2020 170.4 9.45 18.04
11/17/2020 170.35 9.45 18.03
11/14/2020 169.4 9.45 17.93
11/13/2020 168.75 9.45 17.86
12/11/2020 170.15 9.45 18.01
11/11/2020 163.5 9.45 17.30
10/11/2020 162.3 9.45 17.18
9/11/2020 166.25 9.45 17.60
6/11/2020 164.2 9.45 17.38
5/11/2020 163 9.45 17.25
4/11/2020 163 9.45 17.25
3/11/2020 160.15 9.45 16.95
2/11/2020 159.3 9.45 16.86
10/30/2020 159.05 9.45 16.83
10/29/2020 157.05 9.45 16.62
10/28/2020 158.85 9.45 16.81
10/27/2020 162.35 9.45 17.18
10/26/2020 159.55 9.45 16.89
10/23/2020 162.05 9.45 17.15
10/22/2020 160.55 9.45 16.99
10/21/2020 157.4 9.45 16.66
10/20/2020 158.4 9.45 16.77
10/19/2020 158.95 9.45 16.82
10/16/2020 159.8 9.45 16.91
10/15/2020 156.45 9.45 16.56
10/14/2020 160.8 9.45 17.02
10/13/2020 160.65 9.45 17.00
12/10/2020 160.9 9.45 17.03
9/10/2020 164.35 9.45 17.39
8/10/2020 166.15 9.45 17.59
7/10/2020 163.8 9.45 17.34
6/10/2020 164.3 9.45 17.39
5/10/2020 166.05 9.45 17.57
1/10/2020 163 9.45 17.25
09/30/2020 164.9 9.45 17.45
09/29/2020 164.25 9.45 17.38
09/28/2020 164.15 9.45 17.37
09/25/2020 161.1 9.45 17.05
09/24/2020 154.75 9.45 16.38
09/23/2020 157.45 9.45 16.66
09/22/2020 156.75 9.45 16.59
09/21/2020 159.85 9.45 16.92
09/18/2020 167.25 9.45 17.70
09/17/2020 167.35 9.45 17.71
09/16/2020 166.1 9.45 17.58
09/15/2020 163.15 9.45 17.27
09/14/2020 160.25 9.45 16.96
11/9/2020 155.65 9.45 16.47
10/9/2020 156.2 9.45 16.53
9/9/2020 155.75 9.45 16.48
8/9/2020 157.95 9.45 16.72
7/9/2020 161.25 9.45 17.07
4/9/2020 163.65 9.45 17.32
3/9/2020 164.8 9.45 17.44
2/9/2020 166.6 9.45 17.63
1/9/2020 164.9 9.45 17.45
08/31/2020 164.05 9.45 17.36
08/28/2020 172.35 9.45 18.24
08/27/2020 174.35 9.45 18.45
08/26/2020 169.85 9.45 17.98
08/25/2020 171 9.45 18.10
08/24/2020 173.5 9.45 18.36
08/21/2020 170.7 9.45 18.07
08/20/2020 169.85 9.45 17.98
08/19/2020 166.3 9.45 17.60
08/18/2020 168.95 9.45 17.88
08/17/2020 164.3 9.45 17.39
08/14/2020 162.9 9.45 17.24
08/13/2020 166.15 9.45 17.59
12/8/2020 167.85 9.45 17.77
11/8/2020 162.9 9.45 17.24
10/8/2020 163.05 9.45 17.26
7/8/2020 161.9 9.45 17.14
6/8/2020 157.35 9.45 16.65
5/8/2020 154.45 9.45 16.35
4/8/2020 155.65 9.45 16.47
3/8/2020 154.55 9.45 16.36
07/31/2020 155.65 9.45 16.47
07/30/2020 153.95 9.45 16.29
07/29/2020 153.8 9.45 16.28
07/28/2020 154.1 9.45 16.31
07/27/2020 153.5 9.45 16.25
07/24/2020 158.15 9.45 16.74
07/23/2020 159.1 9.45 16.84
07/22/2020 158.65 9.45 16.79
07/21/2020 160.65 9.45 17.00
07/20/2020 158.45 9.45 16.77
07/17/2020 159.45 9.45 16.88
07/16/2020 155.35 9.45 16.44
07/15/2020 155.25 9.45 16.43
07/14/2020 153.45 9.45 16.24
07/13/2020 156.2 9.45 16.53
10/7/2020 154.65 9.45 16.37
9/7/2020 156.5 9.45 16.56
 8/7/2020 154.95 9.45 16.40
7/7/2020 155.25 9.45 16.43
6/7/2020 157.65 9.45 16.69
3/7/2020 153.3 9.45 16.23
2/7/2020 153.05 9.45 16.20
1/7/2020 148.75 9.45 15.74
06/30/2020 148.2 9.45 15.69
06/29/2020 147.25 9.45 15.58
06/26/2020 148.9 9.45 15.76
06/25/2020 150.1 9.45 15.89
06/24/2020 149.55 9.45 15.83
06/23/2020 154.4 9.45 16.34
06/22/2020 154.2 9.45 16.32
06/19/2020 152 9.45 16.09
06/18/2020 148.2 9.45 15.69
06/17/2020 147.95 9.45 15.66
06/16/2020 151 9.45 15.98
06/15/2020 149.7 9.45 15.84
12/6/2020 154.55 9.45 16.36
11/6/2020 151.25 9.45 16.01
10/6/2020 158.3 9.45 16.75
9/6/2020 158.7 9.45 16.80
8/6/2020 158.7 9.45 16.80
5/6/2020 173.15 9.45 18.33
4/6/2020 171.35 9.45 18.14
3/6/2020 169 9.45 17.89
2/6/2020 170.65 9.45 18.06
1/6/2020 173.85 9.45 18.40
05/29/2020 162.9 9.45 17.24
05/28/2020 158.7 9.45 16.80
05/27/2020 156 9.45 16.51
05/26/2020 159.5 9.45 16.88
05/22/2020 154.1 9.45 16.31
05/21/2020 155.05 9.45 16.41
05/20/2020 149.4 9.45 15.81
05/19/2020 149.9 9.45 15.87
05/18/2020 151.25 9.45 16.01
05/15/2020 154.8 9.45 16.38
05/14/2020 150.9 9.45 15.97
05/13/2020 152.9 9.45 16.18
12/5/2020 152.35 9.45 16.12
11/5/2020 148.3 9.45 15.70
8/5/2020 146.7 9.45 15.53
7/5/2020 147.05 9.45 15.56
6/5/2020 147.4 9.45 15.60
5/5/2020 147.05 9.45 15.56
4/5/2020 147.25 9.45 15.58
04/30/2020 157.25 9.45 16.64
04/29/2020 155.25 9.45 16.43
04/28/2020 146.1 9.45 15.46
04/27/2020 148 9.45 15.66
04/24/2020 148.45 9.45 15.71
04/23/2020 149.5 9.45 15.82
04/22/2020 147.2 9.45 15.58
04/21/2020 141.15 9.45 14.94
04/20/2020 149.75 9.45 15.85
04/17/2020 146.2 9.45 15.47
04/16/2020 142.6 9.45 15.09
04/15/2020 140.45 9.45 14.87
04/13/2020 142.85 9.45 15.12
9/4/2020 148 9.45 15.66
8/4/2020 139.85 9.45 14.80
7/4/2020 139.5 9.45 14.76
3/4/2020 128.55 9.45 13.61
1/4/2020 131.75 9.45 13.94
03/31/2020 131.6 9.45 13.93
03/30/2020 126.9 9.45 13.43
03/27/2020 130.6 9.45 13.82
03/26/2020 126.8 9.45 13.42
03/25/2020 132.15 9.45 13.99
03/24/2020 136.05 9.45 14.40
03/23/2020 132.5 9.45 14.02
03/20/2020 147.5 9.45 15.61
03/19/2020 139.75 9.45 14.79
03/18/2020 133.3 9.45 14.11
03/17/2020 140.45 9.45 14.87
03/16/2020 141.25 9.45 14.95
03/13/2020 148.75 9.45 15.74
12/3/2020 143.3 9.45 15.17
11/3/2020 153.05 9.45 16.20
9/3/2020 154.85 9.45 16.39
6/3/2020 159.3 9.45 16.86
5/3/2020 161.85 9.45 17.13
4/3/2020 161.8 9.45 17.12
3/3/2020 161.7 9.45 17.11
2/3/2020 159.9 9.45 16.92
02/28/2020 164.35 8.97 18.32
02/27/2020 171.15 8.97 19.08
02/26/2020 170.1 8.97 18.96
02/25/2020 173.65 8.97 19.36
02/24/2020 173.55 8.97 19.35
02/20/2020 178.05 8.97 19.85
02/19/2020 178.25 8.97 19.87
02/18/2020 177.55 8.97 19.79
02/17/2020 177.25 8.97 19.76
02/14/2020 179.05 8.97 19.96
02/13/2020 181.05 8.97 20.18
12/2/2020 180.4 8.97 20.11
11/2/2020 177.75 8.97 19.82
10/2/2020 178.5 8.97 19.90
 7/2/2020 182.05 8.97 20.29
6/2/2020 182.95 8.97 20.39
5/2/2020 185.65 8.97 20.70
4/2/2020 188.35 8.97 21.00
3/2/2020 195.4 8.97 21.78
1/2/2020 192.15 8.97 21.42
01/31/2020 197.15 8.97 21.98
01/30/2020 199.7 8.97 22.26
01/29/2020 202.75 8.97 22.60
01/28/2020 202.95 8.97 22.62
01/27/2020 202.75 8.97 22.60
01/24/2020 204.65 8.97 22.81
01/23/2020 199.35 8.97 22.22
01/22/2020 197.8 8.97 22.05
01/21/2020 194.05 8.97 21.63
01/20/2020 195.05 8.97 21.74
01/17/2020 196.55 8.97 21.91
01/16/2020 195.1 8.97 21.75
01/15/2020 194 8.97 21.63
01/14/2020 190.75 8.97 21.26
01/13/2020 184.9 8.97 20.61
10/1/2020 185.8 8.97 20.71
9/1/2020 186.15 8.97 20.75
8/1/2020 180.65 8.97 20.14
7/1/2020 182.65 8.97 20.36
6/1/2020 181.65 8.97 20.25
3/1/2020 184.1 8.97 20.52
2/1/2020 189.1 8.97 21.08
1/1/2020 186 8.97 20.73
12/31/2019 186.5 8.97 20.79
12/30/2019 185.25 8.97 20.65
12/27/2019 184.5 8.97 20.57
12/26/2019 178.05 8.97 19.85
12/24/2019 176.65 8.97 19.69
12/23/2019 178.4 8.97 19.89
12/20/2019 177.95 8.97 19.84
12/19/2019 181.05 8.97 20.18
12/18/2019 183.2 8.97 20.42
12/17/2019 184.6 8.97 20.58
12/16/2019 184 8.97 20.51
12/13/2019 185.8 8.97 20.71
12/12/2019 184.25 8.97 20.54
11/12/2019 180.1 8.97 20.08
10/12/2019 177.95 8.97 19.84
9/12/2019 181.6 8.97 20.24
6/12/2019 182.4 8.97 20.33
5/12/2019 187 8.97 20.85
4/12/2019 187.9 8.97 20.95
3/12/2019 191.7 8.97 21.37
2/12/2019 193.5 8.97 21.57
11/29/2019 195.05 8.97 21.74
11/28/2019 194.2 8.97 21.65
11/27/2019 192.2 8.97 21.43
11/26/2019 193.45 8.97 21.57
11/25/2019 197.75 8.97 22.04
11/22/2019 193.1 8.97 21.53
11/21/2019 187.75 8.97 20.93
11/20/2019 188.7 8.97 21.04
11/19/2019 190.05 8.97 21.19
11/18/2019 189.8 8.97 21.16
11/15/2019 190.2 8.97 21.20
11/14/2019 190.7 8.97 21.26
11/13/2019 187.35 8.97 20.89
11/11/2019 190.6 8.97 21.25
8/11/2019 186.55 8.97 20.80
7/11/2019 188.7 8.97 21.04
6/11/2019 186.45 8.97 20.79
5/11/2019 188.7 8.97 21.04
4/11/2019 187.5 8.97 20.90
1/11/2019 195.5 8.97 21.79
10/31/2019 193.1 8.97 21.53
10/30/2019 181.5 8.97 20.23
10/29/2019 183.3 8.97 20.43
10/27/2019 177.65 8.97 19.80
10/25/2019 176.6 8.97 19.69
10/24/2019 175.85 8.97 19.60
10/23/2019 179.65 8.97 20.03
10/22/2019 180.2 8.97 20.09
10/18/2019 183 8.97 20.40
10/17/2019 177.75 8.97 19.82
10/16/2019 182.85 8.97 20.38
10/15/2019 187.45 8.97 20.90
10/14/2019 184.65 8.97 20.58
11/10/2019 183.45 8.97 20.45
10/10/2019 184.05 8.97 20.52
9/10/2019 190.8 8.97 21.27
7/10/2019 186.2 8.97 20.76
4/10/2019 190.05 8.97 21.19
3/10/2019 196.25 8.97 21.88
1/10/2019 193.1 8.97 21.53
09/30/2019 195.2 8.97 21.76
09/27/2019 194.15 8.97 21.64
09/26/2019 195.6 8.97 21.81
09/25/2019 189.95 8.97 21.18
09/24/2019 197.25 8.97 21.99
09/23/2019 198.25 8.97 22.10
09/20/2019 181.6 8.97 20.24
09/19/2019 168.95 8.97 18.83
09/18/2019 174.2 8.97 19.42
09/17/2019 174.95 8.97 19.50
09/16/2019 180.55 8.97 20.13
Current Price as on 15-09-2022 173.3
Analyst View Overvalued
Buy/Sell Call Sell
Hindustan Unilever Limited
Relative Valuation
(in INR Crores)
Company Name Net Profit Margin Operating Profit Margin Revenue Growth ROE

Exide Industries Ltd. 5.4% 10.9% 23.5% 41.0%

Amra Raja Batt 5.89% 8.12% 21.7% 11.25%
HBL Power 7.50% 9.56% 35.50% 10.84%
Eveready Industries 3.96% 8.10% -3.40% 16.02%
 PE
1,248
3.39 1,206 -3.4%
17.87
18.93%
52.43%
Hindustan Unilever Limited
Financial quarterly results
(in INR Crores)
CAPM-Capital Asset Pricing Model
ke (Cost of capital) Eri 13.6%
Rf (Risk free rate 7.24%
Beta 0.99
Rp (Risk Premium + (Erm-Rf) 6.42%

g(f) 9.96%
g(h) -96.26%
g(gdp) 4.10%

GGM FY23 FY24

dividend 170.00 170.00 5148.01
Year 1 2 2
DCF 193.11 219.37 6643.00
Value of equity 7055.48 6862.36 6643.00
Target price 83.01 80.73 78.15
Current price as on 26-08-22 173.3
Analyst View Undervalued
Buy/Sell Call Buy

FCFE FY23 FY24

PAT 1334.53 1371.20
depriciation 594.08 685.68
Chane in WC -137.77 474.02
Capex 987.53 1046.79
New Debt Taken 0.00 0.00
FCFE 1078.85 536.06 16233.18
Year 1 2 2
DCF 1225.53 691.73 20947.31
Value of Equity 22864.56 21639.04 20947.31
Target price 268.99 254.58 246.44
Current Price as on 15-09-22 173.3
Analyst View Overvalued
Buy/Sell Call Sell