Colgate's 2-Stage DC

(All figures, except per share numbers, are in Rs million)

(Figures in "red" are entered figures. Rest is all calculati
3-Year Avg. FCF
Years:
Growth Rate:
Terminal Growth Rate:
Discount Rate:
Shares Outstanding (Nos.):
Net Debt Level:
Year
1
2
3
4
5
6
7
8
9
10

Terminal Year CF:

PV of Year 1-10 Cash Flows:
Terminal Value:
Total PV of Cash Flows:
Intrinsic Value per Share (IV):

's 2-Stage DCF Calculation

mbers, are in Rs million)

res. Rest is all calculation)
3,090,000,000
1-5
10%
2%
12%
135,992,817
(2,850,000,000)
FCF
3,399,000,000
3,738,900,000
4,112,790,000
4,524,069,000
4,976,475,900
5,374,593,972
5,804,561,490
6,268,926,409
6,770,440,522
7,312,075,763

6-10
8%

Growth
10%
10%
10%
10%
10%
8%
8%
8%
8%
8%

7,458,317,279
27,318,087,077
24,013,785,537
51,331,872,615
398

ulation

Net Debt = Long Term Borrowings - Cash

Present Value (PV)
3,034,821,429
2,980,628,189
2,927,402,685
2,875,127,637
2,823,786,072
2,722,936,570
2,625,688,835
2,531,914,234
2,441,488,726
2,354,292,700

PV = Present Value

gs - Cash