ANALYSIS OF JET AIR

Beta
(i) Long term Beta
(ii) Daily- One Month Range
(iii) Daily- Three Month Range
(iv) Weekly- One Year Range
(i) & (ii) Daily beta for long term and for one m
1,8 market so there is more risk in the company
falls by 1% then the share of Jet airways w
1.74 respectively
2.99 (iii) & (iv) Beta is very high which means th
2.81 company and the share price will fall by 2.99%
every 1% decline in the

Valuation Ratios
(i) Enterprise Value (Cr.) 13967.66 11657.62
(ii) EV/Net Operating Revenue (X) 0.66 0.54
(iii) EV/EBITDA (X) 4.72 3.88
(iv) MarketCap/Net Operating Revenue (X) 0.29 0.28
(vi) Price/Net Operating Revenue 0.29 0.28
(vii) Earnings Yield 0.19 0.25

Profitabiltiy Ratios
(i) PBDIT Margin (%) 13.97 13.93
(ii) PBIT Margin (%) 9.27 10.82
(iii) PBT Margin (%) 5.54 6.87
(iv) Return on Networth / Equity (%) -35.24 -22.89
(v) Return on Capital Employed (%) 26.45 156.98
(vi) Return on Assets (%) 6.12 11.72
(vii) Total Debt/Equity (X) -2.77 -1.11
(viii) Asset Turnover Ratio (%) 110.46 170.39

Profits
(i) PBDIT 260.38 264.46
(ii) PBIT 172.78 205.41
(iii) PBT 103.31 130.49

Particulars Jet Airways (Mar-2018) IndiGo (Mar-2018)

High 884 1359
Low 436 1005
EPS -56 58.3
DPS 0 6
Book Value per share -628.4 184.1
Divident Yield 0 0.5
Price to Sales Ratio 0.3 2
P/E Ratio -11.8 20.3
Price to Book Value Ratio -1 6.4
Average Market Capitalization 74959 454373
Current Ratio 0.5 2.4
Interest Coverage Ratio 0.1 10.2
Debt to Equity Ratio -0.7 0.3
Sales to Asset Ratio 1.9 1.1
Return on Assets 1.6 12.2
Return on Equity 8.9 31.7
Return on Capital -10.3 37.2
Net working capital to sales ratio -29.4 37
Current Share Price 40.9 1578.2
NALYSIS OF JET AIRWAYS

JET AIRWAYS Balance Sheet Analysis

The company's current liabilities during FY18 stood at Rs 145
billion as compared to Rs 119 billion in FY17, thereby witnessing
an increase of 21.5%.

Long-term debt down at Rs 51 billion as compared to Rs 70

billion during FY17, a fall of 27.0%.

Current assets rose 34% and stood at Rs 73 billion, while fixed

assets fell 35% and stood at Rs 36 billion in FY18.

Overall, the total assets and liabilities for FY18 stood at Rs 130
billion as against Rs 129 billion during FY17, thereby witnessing
a growth of 1%.

The Trailing twelve months EPS of the company stands at Rs.

-56 a decline from the EPS of Rs. 131.9 recorded last year
The P/E Ratio, at the current price of Rs. 281.8 stands at -4.2
times its trailing twelve months earnings.
The Price to book value ratio at current price level stands at -1.0
times while the price to sales ratio stands at 0.3 times
The company's price to cash flow ratio stood at -30.8 times its
end of year operating cash flow earnings.

Return on Equity (ROE): The ROE for the company improved

and stood at 8.9% during FY18, from -23.0% during FY18. The
ROE measures the ability of a firm to generate profits from its
shareholders capital in the company.

Return on Assets (ROA): The ROA of the company declined and

down at 1.6% during FY18, from 18.3% during FY17. The ROA
measures how efficiently the company uses its assets to
generate earnings.

Return on Capital Employed (ROCE): The ROCE for the

company declined and down at -10.3% during FY18, from
509.4% during FY17. The ROCE measures the ability of a
firm to generate profits from its total capital (shareholder
capital plus debt capital) employed in the company.
Daily beta for long term and for one month is more than the beta of
so there is more risk in the company than in the market. If market
by 1% then the share of Jet airways will fall by 1.8% and 1.74%
respectively
(iv) Beta is very high which means that huge risk involved in the
y and the share price will fall by 2.99% and 2.81% respectively for
every 1% decline in the market.

10858.6
0.47 (ii)The ratio is decreasing over the years.
15.61 This ratio tells us that whether the
0.3 companies value is undervalued or
0.3 overvalued. The lower the better. Here it is
-0.11 undervalued

2.98
0.32 Profitability ratio has also been declined
-3.29 over the given years due to huge losses,
10.59 which also means that profit of Jet
45.47 Airways has also decreased and
-6.14 eventually, It has to temporarily shut down
its operation.
-0.73
186.27

Here profit of Jet Airways has shown an increament in 2017

61.25 because Etihad shown an interest of investing in Jet Airways by
6.62 keeping some conditions but it shown a huge decline in 2018
-67.57 because Etihad refused to invest in the Jet Airways.

SpiceJet (Mar-2018)
156
90
9.3
0
-0.9
0
0.9
13.3
-132.2
73912
0.3
-5
-11.6
1.9
11.3
-996.4
78.1
-27.4
143.4
 Analysis
FY18 stood at Rs 145
17, thereby witnessing
.

compared to Rs 70
27.0%.

73 billion, while fixed

billion in FY18.

FY18 stood at Rs 130

7, thereby witnessing

mpany stands at Rs.

recorded last year
281.8 stands at -4.2
s earnings.
ice level stands at -1.0
ands at 0.3 times
ood at -30.8 times its
w earnings.

company improved
0% during FY18. The
erate profits from its
ompany.

ompany declined and

uring FY17. The ROA
y uses its assets to

he ROCE for the

% during FY18, from
sures the ability of a
apital (shareholder
in the company.
 YES BANK ANALYSIS
Financial Ratios Year
1. EPS Mar-16 Mar-17 Mar-18 Mar-19
(i) Basic 60.62 15.78 18.43 7.45
(ii) Diluted 59.31 15.35 18.06 7.38

2.Dividend per share 10 12 2.7 2

3. Net Profit 60.39 72.95 18.34 7.34
4. Net Profit Margin (%) 18.76% 20.27% 20.84% 5.84%
5. Return on Assets (%) 1.53% 1.54% 1.35% 0.45%
6. Return on Equity (%) 18.49% 15.09% 16.40% 6.39%
7. Net Interest Margin (%) 2.76% 2.69% 2.47% 2.57%
8. Valuation Ratios
Enterprise Value 173959.41 245242.68 334423.4 388912
(i) EV per net sales 12.85 14.93 16.5 13.13
(ii) Price to book value 2.64 3.21 2.73 2.37
(iii) Price to sales 2.69 4.31 3.46 2.15
(iv) Retention Ratio 83.44% 100% 87% 100%
(v) Earning Yield 0.07 0.05 0.06 0.03

6. Beta
(i) Long term Beta 1.74
Interpretation: (i) & (iii)Yes bank has high long term beta w
(ii) Daily- One Month Range 0.347 in yes bank share for every 1% change in Market. So long te
(iii) Daily- Three Month Range 1.5 the market. (ii) & (iv) but if we talk about one month or on
(iv) Weekly- One Year Range 0.166 less risk in the company as c

Particulars Yes Bank Axis Bank HDFC Bank ICICI Bank

High 404 789 2327 400
Low 147 478 1880 259
P/E Ratio 34.9 37 26.4 77.9
Price to Book Value Ratio 0.7 2.5 3.8 2.3
Dividend Yield 2.3 0.1 0.7 0.2
EPS 36.9 19.6 82 6.6
DPS 2 1 15 1
Book Value per Share 580.7 263.7 564.3 177.7
Average Market Capitalization 127513 1627983 5758891 2118987
Debt/Equity Ratio 12.5 10.5 7 7.8
Return on Assets 0.4 0.6 1.7 0.3
Return on Equity 6.4 7.4 14.5 3.7
Capital Adequacy Ratio 16.5 15.8 17.1 16.9
Net NPAs 1.9 2.1 0.4 2.3
Credit/Deposit Ratio 106.1 92 94.2 95
K ANALYSIS

EPS tells us that how much a company is earning on each share. Here we can see a huge
decline in earning per share.

(i)The ratio is decreasing over the years. This ratio tells us that whether the
companies value is undervalued or overvalued. The lower the better. Here it is
overvalued
(ii) This ratio tells us that how much an investor pays for each rupee of book
value. Here we can see that investor has to pay Rs. 2-3 to every Rupee of
book value that yes bank has.

Yes bank has high long term beta which means that there will be 1.74% and 1.5% change
ry 1% change in Market. So long term beta is showing that yes bank has more risk than in
ut if we talk about one month or one year than the beta is very low which means there is
less risk in the company as compared to the marekt.

Kotak Bank
1424
1002
37.2
4.7
0.1
37.7
0.8
305.3
2315600
5
1.8
12.4
17.9
0.8
108.3